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Getting Started
To get started in Forex Trading, you may do so initially with a free Demo account that may either be online or offline via a desktop application. There are several brokers that offer free demo accounts that will include the workings of a “real” account - live market rates, access to real-time market analysis, and the ability to execute trades off streaming prices. These Demo Accounts give you the ability to learn about the forex markets and test your trading skills without any risk.
For a “Prudent FOREX Investor Trading Plan”, always remember
the following:
Follow a trading plan that includes your
entry and exit points. Practice sound money management that
includes the utilization of stop / loss points. Leave your emotions outside of the
trading floor. Realize the importance of capital
preservation – we suggest not risking more than 2-5% of your account at one
time / trade. Know when to get out of a trade,
even at a loss by following the aforementioned plan. Be an informed trader and assess the
markets before making a trade. Keep a trading journal that will
assist you in analyzing your trades and more importantly why and how they were
made. THE TREND IS YOUR FRIEND – do not
try and override the market.
From a risk / reward position, the Forex (FX) market
provides for a viable portfolio diversification alternative.
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As in any investment, it is prudent to assess the online forex trading brokers prior to opening an account. Below you will find the regulating bodies that oversee the industry:
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