So you’ve decided on a single forex broker after demo trading on at least three different platforms?
You can open a forex trading account in three easy steps after you’ve found the right broker for you:
- Selecting an account type
- Activating your account
This is something that deserves to be said again, so it will be said again. Open two or three demo accounts before risking any of your hard-earned money.
What’s to stop you? It’s all completely free! Be sure to “kick the tires” of a few different brokers to get a sense of which one is right for you.
Choosing an Account Type
When you’re ready to open a live account, you’ll need to decide whether you want a personal or a company (also known as corporate) account.
When opening a forex trading account in the past, you had to decide whether you wanted a “standard” account, a “mini” account, or a “micro” account.
Now, because most brokers allow you to trade custom lots, this isn’t much of an issue.
This is ideal for newbie and novice traders with a limited capital account.
This gives you a lot of freedom because you won’t have to trade anything bigger than you’re happy with.
Often, note to always, always, always read the fine print.
In some brokers‘ application forms, there is a “managed account” option. You can choose this option if you want the broker to exchange your account for you.
But is this really what you want? After all, you didn’t study the entire School of Pipsology so that anyone else could trade for you!
Furthermore, opening a controlled account necessitates a sizable minimum deposit, usually in the range of $25,000 or more. In addition, the boss would take a share of any gains.
Finally, make sure you open a spot forex account rather than a forwards or futures account.
To open an account, you’ll need to fill out paperwork, which may vary from broker to broker.
They are usually issued in PDF format, which can be displayed and printed with Adobe Acrobat Reader.
Often, make sure you are aware of all related expenses, such as the fee charged by your bank for a bank wire transfer. You’d be shocked by how much these really cost, and they could eat up a sizable chunk of your trading capital.
You should receive an email with guidance on how to complete your account activation once the broker has received all of the requisite paperwork.
You will receive a final email with your username, password, and instructions on how to fund your account after you have completed these measures.
All that’s left for you to do now is log in and begin trading. Isn’t it simple?
Now is the time to log in, open those maps, and get trading!
But wait just one minute!
We strongly advise you DEMO trade first
There’s no shame in demo trading. Everyone has to start somewhere.
If you have been demo trading for at LEAST a month, then maybe you can dip your feet into live trading. Even then, we suggest you go in the shallow end and consider how much you want to risk.
Trading in real time is a completely different animal. It’s the equivalent of sparring with your younger brother (or sister) versus battling Manny Pacquiao.
This is what normally happens when you start trading live without any prior demo trading experience:
However, no amount of demo trading success can compare to the feeling of getting real money on the line.
And once you’ve started trading on a live account, never get too comfortable. Always remain vigilant and use proper risk management.
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