How to Enter Forex
- 1). Learn as much as you can about the Forex market. Read books on the subject, preferably written by star foreign exchange traders or investors. For information that is more up-to-date, access business news agencies such as Bloomberg or Reuters. Specialized financial publications such as The Wall Street Journal or The Financial Times can provide story backgrounds, in-depth analysis and commentary.
- 2). Open a demonstration (demo) account with an online brokerage firm. A demo account is in all respects a real trading account, but the money is not real. Most online Forex brokers allow anybody to open a demo account, providing potential clients a chance to become familiar with their trading platforms. Trade on the demo account as you would on a real one. When you lose virtual money, analyze your mistakes and try to develop guidelines designed to avoid repeating them. If you feel confident enough to try entering Forex with real money, proceed to the next step.
- 3). Open a live trading account, deposit funds and start trading. Opening an account can be accomplished online and usually takes less than 10 minutes. Work with established retail Forex brokers, such as Oanda or Saxo Bank. You can deposit funds into your trading account through a bank wire transfer, which typically takes up to four business days. When trading, remember that exchange rates can vary.
Source...