| So you want to be a part time, or even a full time | | | | to open a demo account at no charge; it is in their |
| Forex trader? The prospect of making money in | | | | interests for you to become comfortable with the |
| your pajamas while sipping coffee sounds good to | | | | platform and with trading the market. The longer you |
| you? You can see yourself as an online trader, | | | | stay with them trading, the more profitable they are. |
| making buckets of money and being able to chase | | | | Why a demo account? It is imperative you get the |
| your dreams? | | | | feel for opening and closing trades, reading prices, |
| Well, there are definitely many professional traders | | | | watching the ebb and flow of the forex market |
| who have been able to accomplish just that. But let's | | | | movements, and plotting indicators on the charts to |
| back up. Before you buy that yacht or new house, | | | | learn price movement prediction. |
| there are some basic tools and resources you will | | | | 4. Books and education. Don't cut corners on this one. |
| need to get you started on your "road to riches". | | | | It will only hurt your own wallet! |
| Let's take a look at a short list of what you will need | | | | Become a student of the markets, and never stop |
| to start. This is a very basic list, but certainly as you | | | | learning. Books on technical and fundamental analysis |
| become a more proficient trader, you will be adding | | | | are a must. |
| to it. | | | | Take advantage of the webinars and tutorials that |
| 1. Reliable Computer and Internet Connection: The | | | | your broker provides to all their clients. Professional |
| computer needs to run the trading platform from the | | | | traders never stop learning, and you shouldn't either. |
| particular broker, and the internet connection should | | | | 5. Proper mindset. This could fill up many books, but |
| be broadband. | | | | in it's simplest form, you need to approach online |
| 2. Reliable Broker and trading platform. Choose a | | | | forex trading as a long-term business. Go slow, risk |
| broker in the US that is NFA and CFTC regulated, | | | | very little per trade, and remember that Rome |
| and has a track record of satisfied customers. | | | | wasn't built in a day. |
| Outside the US, check each country's regulatory | | | | These are just some of the basic tools and |
| agencies for reliable company recommendations. | | | | resources you will need to get started trading forex |
| The broker's trading platform may either reside on | | | | online. Your long term success in the forex market |
| your PC, or be web-based. Whichever you choose, it | | | | will be in direct proportion to the amount of effort |
| will have real-time price feeds, and should be able to | | | | and time you put in to learn and become proficient. It |
| plot many of the technical indicators you will be using | | | | is an exciting business to be in, and can be very |
| to analyze the market. | | | | rewarding. |
| 3. Demo account. Most brokers today will allow you | | | | |