FX Trade Online – Best Practices

Forex trading existed even before we were born. Yes, trading been there for ages now but imagine a time when they had no calculators and no computers. Imagine, dealing with numbers with your paper and a pencil and wouldn’t that take ages to trade?

So glad we have computers, so glad we have internet and so glad that we now have FX trade online. Not just the brokers, we also have the real banks to trade with. We open the trading accounts online in just no time, we deposit via credit cards in just no time and we are there, ready to trade, FX trade online.

So how do you trade or take your first step towards trading?  First of all, you need some basic education that you find on multiple websites. There are some very good ones like Baby pips where you will find not just the good educational material but also good notes by experienced traders who actually make a living by FX trade online.

Your next step is to find a broker who will take your orders and maintain your account. Make sure you find a broker who is registered with the regulatory bodies of its country as internet is full of fake companies with all kinds of malpractices. A regulated broker is safe to trade with in terms of safety of your deposits and withdrawal.

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Now you have to start your career in FX trade online but you need to know that buying and selling currencies require decision making based on market analysis. You have two options here, first, to learn to analyze the market on your own. For this, your broker will facilitate you with charting application where you can apply your technical indicators and start trading on your own.  You may also decide to use fundamental indicators rather. The good news is that the brokers also send you regular updates on all major news happening around the world. What more can you ask for when you get all the news on your desktop, the moment it happens, all the time?

Your second option is to find a good and reputed signal provider who analyses the market and gives you the right trade recommendation. Even better is to find a few hubs like Zulu trade or collective2 where you can find all the major signal providers listed with their performance history on multiple parameters. You can decide who you want to go with and thereon, its simple. Subscribe to him and just follow his trades.

However, FX trade online has now taken a new dimension with the now available API configuration systems and Auto trading.  Under these, you can just connect your trading account to good trader that you may know or find on Zulu trade. Once you have connected to him, his real time trades are automatically mirrored onto your account also, hence keeping your trading hands free. This concept is called mirror trading and has the major advantage of keeping you free from analyzing the markets and making decisions on your own. This concept now is on the rise and you too should take advantage of this mechanism as this is easy money.

But remember before you start FX trade online; put only that money to the markets which you can afford to lose. Never ever trade with borrowed money as forex trading has a lot to do with Human Psychology and that takes a toll on your trading  decisions the moment you realize that the money on the line is borrowed, not yours. Always invest only your own money and only what you can afford to lose.

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