Length : 3.00 Minutes
What You Need to Start Your Trading Journey?
Starting your forex trading journey can be super exciting, BUT first you need to know in and out of the Forex market to succeed. We have all the information that you need to know here. We strongly recommend you to read all the topics provided here till the END before considering to trade. We have tried our best to cut the history and the boring parts, and provide you with all the necessary information from A-Z that you need to know as a trader.
If you have read from the start, by now you must have completed the "Beginner" section, which we covered the basics of forex, and now you are almost at the end of "Intermediate" section, which we covered the technical terms and practical aspects of trading. In the "Advance" section we are going to cover trading strategies, forex indicators, risk management and a complete guidance on choosing a broker.
Now it is a good time to know what you need to start your trading journey and start familiarizing yourself with the trading platform and trading as a whole by applying what you have learnt so far.
Now you can go ahead and gather everything you need for trading, however, once again we recommend you to read the last section "Advance" where we cover different trading strategies, forex indicators, risk management and a complete guidance on choosing a right broker before start trading with a real account.
Once you are done with all the topics, then pretty much all you need is a computer with internet, an account with a broker, and a platform that a broker will provide to you.
First, you need to open an account with a forex broker that is regulated and have a good reputation. There are plenty of fraudulent and scam brokers out there. We understand the process of finding a good one is frustrating since you have to trust them with your hard earned money.
But do not worry, a genuine regulated broker has no incentive or even reasons to not give your money back. In fact, these brokers make money by having a good reputation and satisfied clients as they always want you to come back and trade with them and pay the commissions.
That’s why we have listed for you the best regulated brokers that have good customer reputation and track record to avoid all the frustration at the beginning.
In fact, we have used or currently using these brokers ourselves to trade, and we have shared our experience and trading conditions with them for you.
As a rule of thumb, never open an account with a broker that is not regulated. After all, there must be some reasons behind the fact that they are not regulated. Always make sure the broker you trade with is regulated.
However, that does not mean that all the regulated brokers are great, in fact some of the regulated ones have pretty bad reputations and provide terrible trading conditions. But at least you know a regulator is watching them to some extent!
(For more details on the type of brokers and regulations read the “ Brokers” topic in the next section.)
Once you are done with the account opening stuff, and your account is verified, you need to download the trading platform that your broker offers in order to be able to trade. Most of the brokers offer Metatrader 4 or/and Metatrader 5 as a trading platform.