Opening a forex account is similar to getting an equity account. However, in a forex account, you will need to sign a margin agreement. This agreement states that if you are trading with money that has been borrowed, the brokerage has a right to interfere with the trade in a bid to protect its right.
Before getting started in forex, there are various steps that you will need to take. You will need to choose a broker. When choosing one, you should look for a broker who has low spreads, quality institutions, extensive tools and research as well as a wide range of leverage options. The spread is usually the difference between the buying price and the selling price of the currency. When you get lower spreads, you are likely to save money. Avoid brokers who do hunting or sniping. This involves prematurely selling or buying near preset points. You should also avoid a broker with strict margin rules.
As a beginner in forex, you will need to define a forex strategy. Fundamental analysis and technical analysis are the two basic genres. Fundamental analysis is usually complex and used to predict long term trends. Technical analysis on the other trend on the other hand analyzes price trends. Many successful traders tend to develop a strategy which they perfect with time.
One site that is a leader in forex trading is http://forexdirectory.net/ as they have the best features in forex trading such as one-on-one help, personal service and live. Every individual is provided with an Account Service Manager who acts as their mentor, consultant and trading partner. They answer all your questions through email, phone or chat. They also offer a tailor-made account that is meant to suit your needs such as leverage ratios, mobile-phone alerts and spreads.
Demo trading is the best way to go when deciding on how much to invest in forex trading as you do not have to make some costly mistakes. Many investors agree that it is important to preserve capital rather than throw things away. But when you decide to invest real money, you should have at least $1,000, though some may feel that this is not enough.
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