While many traders in the foreign exchange (forex) trading markets work for larger trading companies, the majority of successful day traders operate independently. By working out of a home office, you can keep overhead low, be available at all times of the day and night to hit foreign market peaks and enjoy a flexible lifestyle. Training and continuing educational programs are readily available online for very little investment.
Things You'll Need
- Currency training High-speed connection Internet broker account
Start an online course that provides integrated online trading techniques with basic currency education. ForexTrading.com offers students a free demo of their forex training programs, covering topics that include how to analyze forex markets, the fundamentals of trading and how to control risk.
Open an account through the same website where you trained, and begin making small trades, also known as mini trades. Other popular sites that offer forex training and trade portals geared toward newcomers to the industry include the Forex Club and FX Bootcamp.
Register with an online broker, such as Forex Booker, to avoid having to download software platforms, deposit advances into trading accounts and keep a filing system of all your trades. Brokers provide these services for a commission or a straight account maintenance fee. Forex brokers can act as technical advisers and administrators for your business, leaving you free to study the markets and make trade decisions.
Participate in forex blogs and forums, such as Babypips.com and Forex Blog.org, to keep up with news affecting foreign currency and political climates that affect trade. Subscribe to a variety of information feeds and newsletters to stay updated on movement in the international currency markets, Wall Street reactions to political activity and financial reports from banking and financial institutions.
Continue with your online education to gain a solid understanding of foreign markets, international trends and financial accounting practices. An undergraduate degree in finance or Master of Business Administration (MBA) can increase your odds of success in forex trading.
Tips & Warnings
- Check reviews and ratings about Internet forex brokers before signing up with a service. Look at blogs, forums and websites that collect reviews, such as Best Online Forex Brokers. Because markets are open 24 hours a day, it can be difficult to separate your work from your home life. Build in time when you shut down the computer and walk away from the shift in news cycles to maintain a balanced lifestyle.
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