The First Steps To Opening A Real Forex Account

March 21st, 2022 by admin Leave a reply »

It is time to move on to create a real forex account. You used the demo Forex account, you have your strategy and you trading in a disciplined manner. You are also sure that you can finally start making those first steps in the real world of forex trading. A few important questions you might have are which type of account should I choose to begin, with which broker and will I manage to make this work?

There are several kinds of trading accounts to be considered and these vary depending on the amount of money that the forex trader wishes to invest. Aside from the regular account, traders with limited funds may choose to open a mini account. For these accounts, most Forex brokers require only a minimum deposit of $100 to $500. These are real forex accounts, but you can trade in fractions of pips. A standard account will also allow you to trade mini pips, but you are not limited only there. In all cases, you should keep a comfortable margin in the account.

Briefly, the type of account you open is determined by the amount of money you want to deposit. Remember that it is real as it is said in “The Wizard of Oz”, you’re not in Kansas anymore, Dorothy. If you take big risks on your demo because you knew it was not your money you were risking, do not forget that your real Forex account is with your actual hard earned money.

Discipline is the Key Word

You must have a trading strategy and stick to it and always be sure to have a safety margin. Traders with fear and dread, because they do not have enough money, will only lead themselves to disaster. There will be times in your career where you are at the brink, these things happen. It is in these moments, when trading that you must remember that your account is actually a real forex account.

How to Choose a Forex Broker

A trader forex does not have to choose forex broker with whom he has a demo account, but this choice is certainly more convenient. Indeed, it enables the forex trader to come and go without difficulty between the demo account and the real forex account. However a trader should always choose a broker based on the services that are offered and that suit him best. Very often traders change forex brokers along the way. After all, this is no life commitment.

In conclusion you always need to keep in mind that the opening of a real forex account is similar to opening a new business. It is exciting yet scary at the same time. However, with proper preparation, it is not difficult. This is your business, and you must treat it as such. A real Forex account is the beginning of a long process. Handled properly, it will be very profitable.


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