How can I start Forex trading

This is a part of Forex trading for beginners tutorial. You can Download the whole tutorial as pdf here (right click and save as).

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Ok, you want to become a currency trader. You’ve read about pips, leverage and all that Forex trading. It is time to start practice. You are in luck, today it is very easy to start Forex trading.

Select a Forex Broker

To start trading forex, you need a Forex broker. There are many brokers and for new trader it may be hard to choose the best one. Remember, most of them offer a demo account, where you can test their trading platform. You can start with our Forex brokers section.

Usually, registration is quick, you need only some recent bills to prove your address is valid. That’s it.

If you look at Forex broker offer, make sure that he allows to trade with lower sizes such as nano or at least micro.

Install trading software

OK, with selected broker you need to install trading software. This will be MetaTrader4 platform or other custom platform from broker.

Some brokers use their own trading platform like eTorro. Of course every custom platform is best in the world ;). There are brokers who only have their own platform and they do not offer Metatrader platform. I don’t know why, but some very well-known brans miss MT4 in offer.

The big advantage of Metatrader is that you have many custom indicators, expert advisors. It is a good platform overall and I recommend brokers who offer MT4.

Trading Forex from Mac OS X (Macbook Pro and others)

MetaTrader is a Windows application. If you have a Mac computer with Mac OS X system, then you must use software like Wine to run MetaTrader 4. Some brokers like XM or HotForex offer Metatrader for Mac Os X and they work very good. You don’t need wine, setup is very quick. I tested Metatrader platforms from XM and HotForex on my Mac and they worked fine.

Below screen of demo MT4 platform from XM, running on MAC OS X:

mt4-demo-on-macosx

It’s all the same as on Windows machine.

Fund your Forex account

When you have registered an account, you can add funds. It is very easy. You can start with few hundred dollars on mini account. Minimum amount is different for each broker.

Test platform on demo

Before you decide to open real account, test a platform on demo (especially if you are new to Forex trading). You will have some virtual 10k or 100k to play with on demo. Test how order placing works, how to place stop loss etc. You do not want to learn these things with your real cash.

Menu for Forex trading for beginners tutorial

Part 1. Introduction to Forex trading Part 2. Trading tools Part 3. Money and position management in Forex