When I was surfing through the Internet trying to find information on how to earn money, I understood that the best way is currency trading. Next 5 months I was reading a lot of books, forums, blogs and etc. It helped me a lot to set a base knowledge. The main principle of currency trading is to exchange one currency to another with the prediction that the price will go up in value. It’s very exciting and you can have lot of fun. The value of currencies is always quoted in pairs such as EUR/USD or USD/GBP. It’s because you’re buying one and selling another. To have some practice in currency trading without spending any money you may open a “demo” account where you can buy and sell currencies in training mode. But it’s better to keep in mind that to trade on “Demo” account is not that thing as to trade on Real one. Not all brokers’ conditions of trading on “Demo” accounts coincide with Real trading.
I have been practicing on “Demo” account not for a long of time. Quite fast I’ve opened a trading account. My broker choice was based on opinions of professional traders from various resources.
Here are step-by-step instructions on how to open a Real trading account (on the example of the broker where I’m trading).
1. Follow the link to the broker’s site
2. Press the button
Account type: different accounts = different trading conditions and initial deposit.
You may start from Micro account with only $5 deposit. This type of account is available only on Metatrader 4 platform here. Information about other accounts you can read on the broker’s site.
Leverage it’s like a credit, when you are able to work not only with the amount that you have, but 100 times bigger (if 1:100).
The larger size of the leverage, the greater opportunity to earn/lose a lot of money.
Leverage 1:100 is usually used for a quiet trading.
Leverage 1:300 – for aggressive trading.
But the best side of this “credit”,that you don’t have to return it. Even if you get a loss, you will lose only the money you have invested but nothing more.
First and last name fill in the form only with real data because you should be able to confirm it.
E-mail Enter your real e-mail address, access to your account will be sent there.
Country, City, Address, Phone also should be filled in with real information
Auto-submit prevention enter numbers from capcha and tick the checkbox (don’t forget to look through the Client Agreement before trading).
Congratulation! Now you have a real trading account! :))))
4. Next page will show you all details of your account. Don’t forget to save them to your computer. It’s also sent to your e-mail.
1. You can download trading platform from homepage or in member’s area. Note: for Micro account you can use only Metatrader 4.
2. After you have downloaded the platform you may Log into your account (information about Login, Password and Server type you received by e-mail after opening account).
3. If everything ok after several seconds you will see your account here.
6. Now, when you have money on your account, you can begin trading. Don’t forget about Stop Loss and Take Profit levels. They will help you not to lose money.
I hope this manual can help you to make first steps in exciting world of currency trading.
You just need some practice 🙂
P.S. The most important thing I have realized that it’s better to use Expert Advisors (EAs). Advisor is a computer program based on a set of forex trading signals. There is a aplenty of different EAs in Internet, free and paid. About one of them I’ll tell you next time.