Choosing the right broker for your trading needs can be a challenge. The first thing to check is that you’re dealing with a registered broker with a strong security policy. Look for a registered brokerage with Comodo SSL protocols and segregated accounts.
Use the ForexPortals checklist:
Check that the brokerage is registered
Research the account types and minimum deposit
Is there high leverage on most assets?
Are you able to open small trades?
If you want bonuses, check that they are available
Are deposits and withdrawals convenient and free?
Be sure about the type of trading methods that are allowed
Trader education is vital for newcomers and remains important even for expert traders. It’s important to understand the markets, how assets perform and how the platform tools work. If you want to succeed as a trader, you will never stop learning.
Set Realistic Goals
Trading is like any other skill that has to be learned. Set realistic goals and aim for steady improvement. Decide where you want to be in 3 months, six months and so on.
Scalping is a popular forex strategy that uses a fast in and out approach to trading. It works by opening short term positions that yield a quick profit. A scalping trade might only run for a few minutes, or possibly a few hours if the market is suitable. If you can sucessfuly use leverage, scalping gains can be worth the effort of continually opening and closing positions.
A good demo account is exactly the same as a real trading account, except that it uses virtual money. Use a demo account to master the platform tools, explore trading strategies, and develop disciplined trading habits. We recommend using Trading Reports to analyse your trading performance and learn from your mistakes and identify chances to improve.
Start Trading Gradually
Open the type of account that suits your budget and expectations. It’s better to spend more time making smaller trades when you’re just getting started. The basic rule is don’t invest more than you can comfortably afford to lose. As you earn more, you can risk more.
If the market conditions aren’t right, don’t be impatient and trade anyway. If you wait, the markets may move in your favour. If they don’t, consider trying a different asset class. Successful traders are the ones who have learned to be patient with the markets and not to trade impulsively.