Forex trading account
If you already practiced enough on demo accounts and you want to make the important step and trade online with real money, you have to open a forex live account.
After you carefuly selected your forex broker you now need to decide how much money you will invest first.If you are a novice trader we suggest you to open a micro or mini account because the risk of loosing all the money it's bery high at the begining.No matter how many pips you earned on your demo accounts you must know that when you trade on REAL money many things can hapen.I am talking about your trader pshychology and about that strong feelings we have :FEAR AND GREED wich are stronger when in stake are real and no virtual money.Therefore if you are not an experienced trader with lots of money on your bank account you should firstly bankrupt a few mini accounts until you will get familiarized with trading real money.
Opening a new online trading account with a Forex broker can be done in 3 simple steps:
- Select you account type
- Registration
- Activating your account
Account types
You need to decide if you will open the account under your personal name or under a business name.After this,depending on your experience on forex market,you will open a micro or mini account(if you are an novice and you want to risk a small amount of capital) or a standard or premium account(if you are an experienced trader).
Registration
In this stept you will have to submit the paperwork to your broker.They are usualy provided in PDF format so you can easily read and print using Adobe Acrobat Reader.
Account activation
Once your broker has received all the necessary papers from you, they should sent you an e-mail with instructions on completing your account activation.After you complete all the steps from that e-mail you should receive a final e-mail from your broker with your username,password and instructions on how to fund your account.
Congratulations, now you have created a valid trading account and all you need to do is to login and start trading!
GOOD LUCK!
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