If you have recently gotten interested in the idea of making money with forex currency trading, first off let me say welcome to the forex community! Foreign exchange trading is a global market operating in all time zones and you could be almost anywhere in the world and be a successful forex trader.
The first thing you are likely to want to know is how to get started fast with forex currency trading. Most of us, once we are ready to do something, we do not want to wait around. We want to jump right in, get our feet wet and start finding out what it is like to be a real trader. The first few days, weeks or even months you probably cannot hardly wait to get the computer switched on in the morning. That’s a great feeling!
Now pretty much everybody is going to tell you to hold on, have a little patience and take a little time to find your way around first, because the foreign exchange (a.k.a. forex) market is a pretty complex affair in many ways. From one point of view that may be true, but in fact there is a way you can get started fast and that is by using a demo account.
This is about the best way to begin forex trading because it allows you to get involved in the real time forex market, test out systems and hone your trading skills without ever risking any real money. For people who like to learn by experience it is the perfect solution. You can get up and running in no time.
So where do you get a demo account? Well, first you need to understand that no individual trader has direct access to the forex market. We all have to work through a broker. These days everything is handled online and you can control your own trades and your own account, but you are still operating through the broker’s software platform which is the interface between you and the live forex market. You enter the trades that you want to make and your broker’s software automatically finds you a match, that is somebody who wants to trade with you.
Remember, forex is always a matter of exchanging one currency for another so for every trade there has to be someone willing to take the other position. However, the currency market is huge, bigger than the sum total of all of the world’s stock markets in terms of the dollar value of daily transactions. This makes it a very active and liquid market. So there are always plenty of people and institutions wanting to trade and you will almost never have trouble finding a match.
With the amount of online trading that is going on these days, you can probably guess there is a lot of competition between the brokers. This is great for you and me because it means they have to offer more and more facilities to get our business. They offer charts and pricing information to help you see which way the prices are trending, plus tutorials to help you see how to use their software.
But most importantly for you wanting to get started fast, they offer demo or practice accounts where you can start real time trading without ever risking any of your money. This is vital if you want to jump right into foreign exchange trading without losing your shirt in the first few days. So do not miss out on your opportunity to find out how it feels to trade the forex market with no risk. This way, even if you have no experience at all, you can get started with forex currency trading today.
The Forex Dude