Online Forex Trading have become a popular online business over the years for millions of people over the world. With Individuals & companies participating in this Trillion dollar industry.
Forex Trading involves buying and selling of foreign currencies of various countries all over the world. These currencies are traded in pairs symbol such as EUR/USD, GBP/USD, AUD/USD, USD/CAD e.t.c. All a Forex trader needs to do is place buy or sell orders on any of these pairs once proper analysis have been carried out.
To start trading on the forex market, a trader need proper Forex education. This training may be basic/advanced and can last up to 3 – 6 months depending on the training provider.
Trading on Forex could be very risky for a beginner, therefore adequate training is highly recommended before starting a forex trading career. You would have to open a Live trading account with a reputable forex broker.
Forex Brokers are regulated financial institutions who acts as the interface between the forex trader and the market.
Once you have opened an account, your broker would provide you with a link to download the metatrader (MT4) software. The MT4 terminal provides the platform for Live currency quotes and trades can be placed on your account via the platform connected to your broker account.
Before a trader begins trading fores with his/her hard earned money, it is advisable and recommended he/she practise forex trading on a demo account for a good amount of time.
A Demo/practice account provide an option for the trader to practise actual trading with a virtual money in order to fully understand and gain proper experience of the forex market. Once successful trading experience has been achieved when trading on a demo account, the trader can then move into trading with his real money on a Live Account.