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Forex broker involvement optional
To trade on the forex market, the largest financial market on the planet, one must use a forex broker. Not unlike a stock broker, a forex broker can also makes suggestions about which moves to make when exchanging foreign currency. Some forex...
Gold-MiningStocks.com Reports – Industry Expert Forecasts for Gold Stock Investment Strategies
Gold-MiningStocks.com Reports – Industry Expert Forecasts for Gold Stock Investment Strategies
Economic Indicators for Gold Stock Investors to Consider: Currency Fluctuation, Production Costs, and Exploration Activity
POINT ROBERTS, WA,...
Investing in FOREX or investing in Stocks? Understand the benefits and risks of each Market
So, you have the money to invest, but you don’t know whether to buy Stocks or try something new, like FOREX for example.
Stocks
Before we describe what are the benefits of FOREX, lets remember what are Stocks. Stocks have been a popular...
The New World Currency
Do you ever consider the possibility that the money you work so hard for could be gone from your pocketbook in the next few years?
Quicker then you might think, currency as we know it, is changing. Necessity for efficiency is transforming the flow...
When Is The Best Time TO Take Your Company Public?
When Is The Best Time TO Take Your Company Public?
CEO's often call and ask me what the revenues and net profit
should be before going public, they seem to think that there is
a magic number that qualifies a private company into becoming...
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Learn By Hands On Forex Trading: Demo Accounts Vs Mini Accounts
If you are new to Forex, you are likely overwhelmed by the sheer
amount of information you are finding about currency trading.
Although the concept of trading the currency markets is simple
to understand, the actual trading methodologies and
understanding of how, why and when trades are executed can be
hard concepts to grasp and fully understand. If you aren't aware
by now, forex trading is not without substanial risks.
There are several schools of thought on how a new trader should
progress from learning to actual live trading. In this article
we will discuss the best ways for a new trader to learn how to
trade the forex and make their first live trades.
To start out, I can not stress enough the need for hands on
trading. This is why you will often hear it recommended that new
traders start trading with a demo account. What is a demo
account? Many online forex brokers offer something known as a
"demo account" which is a fake account that you can trade until
you feel comfortable trading your own funds. Demo accounts
behave just like real accounts, the only difference is that the
money you are trading is not real and no actual trades are ever
executed.
The purpose of using a demo account if you are new to Forex
trading is to get you comfortable making trades and to help you
become familiar with the brokers trading platform. You can cut
your proverbial teeth so to speak without risking any of your
own funds. This makes demo accounts good for a brand new trader
who just wants to see how trading works. There are some
drawbacks however to using demo accounts to learn Forex trading.
The biggest downside to using a demo account is that you will
likely only be able to trade standard size accounts with a demo
account. If you intend to trade mini accounts, as many beginning
forex traders do, a standard size demo account is going to
behave differently than a mini account. Your margins are very
different for a standard account versus a mini account. If you
become accustomed to trading a standard size account, your
trading methodologies will show it. This is because the larger
margins offered on standard size accounts allow you to take
greater profits from smaller movements in currency prices.
The other major downside to trading with a demo account for
learning forex is that as a trader, you need to carefully manage
the emotional aspects of trading real money. Since a demo
account is fake money, detachment is easy to come by. Once you
start trading your actual funds, you might just find that your
tolerance for risk is much more conservative.
Ideally, as you
are learning to trade you are also learning how to manage your
risks most effectively.
So what is a beginning trader to do? What is the best way to
learn to trade the Forex, hands on?
Once you have read, studied, and completed any courses on Forex
trading that you may be taking, you are ready for probationary
live trading. The single best way to trade the Forex is to just
Do it. Now, this does not mean to jump in and trade a full size
account with real money, this would be an enormous risk for a
new trader and not a very smart move indeed. What you can do is
to find a broker that offers mini accounts. Mini accounts
typically start at $200 and typically give you 100:1 leverage.
That said, as of this writing, there is one broker (Easy-Forex)
that allows you to trade a live mini account for as little as
$25.
For less than you paid for any of your books, courses or
training materials, you can actually try live trading. You will
be amazed at how after just a few trades, the stubborn concepts
seem to start making sense and you begin to understand Forex
trading.
Now, if you do decide to begin your trading with one of these
tiny mini accounts, you should start by making several very
small trades. You should also be trading with the same system or
methodology that you are trying to perfect. Your profits will
likely only be a few dollars since you are trading on a small
margin. This is good, however because the reverse is true as
well, you are only ever risking a few real dollars. If you
happen to have a series of loosing trades and wipe out the funds
in your demo account, you can consider it the least expensive
education you could possibly get in actual forex trading. Much
better than loosing large sums of funds, and more realistic than
trading a demo account. Just learn from the experience, and
consider it a good deal on a valuable lesson.
Once you are comfortable trading your mini account, you can
always have it converted to a regular account (with an
additional deposit) if you choose. Overall, it cant be stressed
enough, the best way to learn the Forex is to have experience
with live hands on trading. This article showed you ways that
you can do this at a minimal cost and with the smallest amount
of risk.
About the author:
New to Forex? Check out Our Free Forex Training or read
these Forex
Articles. Looking for an easier way? Learn More about a Managed Forex
Account
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| OANDA FXGame - Currency Trading Demo Platform |
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| FOREX.com - THE site for forex trading. 24hr commission-free currency trading w/ real time execution and guaranteed fills. Forex mini accounts from $250, ... |
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| Currency Trading News, Forex Trading News, FX News, Forex News |
| Currency Trading News, Forex Trading News, FX News, Forex News - Daily FX. |
| www.dailyfx.com |
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| Currencies - Currency Converter & Latest Rates at CNNMoney.com |
| Dec 6 1:18pm ET †, US $, UK £, Japan ¥, Euro €. US $, 0.5079, 115.05, 0.7517. UK £, 1.969, 226.50, 1.4798. Japan ¥, 0.008692, 0.004415, 0.006533 ... |
| money.cnn.com |
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| FOREX Advisory |
| The CFTC urges you to be skeptical when promoters of foreign currency trading claim that their services or account management will earn high profits with ... |
| www.cftc.gov |
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| Forex Trading: Online Currency Trading from Global Forex Trading |
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| Amazon.com: Foreign Currency Trading: From the Fundamentals to the ... |
| Amazon.com: Foreign Currency Trading: From the Fundamentals to the Fine Points: Books: Russell Wasendorf by Russell Wasendorf. |
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| Forex, Online Currency Trading, FX, Foreign Exchange | ACM Forex |
| Forex Trading with The Forex Broker. ACM offers online currency trading, commission-free, tax-free, lowest forex spreads on the market, guaranteed fills, ... |
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| Forex-Day-Trading.com - Currency Trading with FREE Training |
| Learn how to day trade currencies with our free training. Try a free forex trading demo for 30 days. |
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| Forex Online Currency Trading: Welcome to Global Forex |
| Global Forex offers online currency forex trading at inter-bank FOREX rates. Try our FREE online forex demo trading system. |
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| Forex trading - Realtime Forex online currency trading |
| Realtime Forex offers commission-free online currency trading on live foreign exchange prices. Realtime Forex’s currency trading service also includes free ... |
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| Forex Blog |
| Forex news blog with daily commentary. Has a good beginner's article. |
| www.forexblog.org |
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| Common Questions About Currency Trading |
| Whether you're puzzled by pips or curious about carry trades, your queries are answered here. |
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| OANDA FXTrade - Currency Trading Basics |
| Currency Trading Basics. Exchange Rates and Spreads: ... In currency trading, these codes are often used to express which specific currencies make up a ... |
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| Currency trading, free forex charts, news and analysis |
| Online currency trading with technical analysis, charts and forex news. |
| www.gfforex.com |
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| Finance - Currency-Trading Ezine Articles |
| EzineArticles.com allows ezine or email list publishers to upload or download free expert content that can be used within email newsletters or websites. |
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