Professionals all over the world are taking the plunge and adding ‘Forex trader’ to their résumés in record numbers. Why the sudden influx of renaissance men? The simple answer is that advances in computers, internet connections and computer education mean that many professionals are now adept at managing a number of careers from the comfort of their own offices. However even those enterprising individuals who take the plunge still need guidance and a connection to the Forex market, and that means they need a good Forex broker to help them on their way.
When you approach a Forex broker about trading currencies they’ll offer you a selection of account types. A practice account is often a good idea for beginners, it basically let’s you make hypothetical trades against real Forex information so you can see how they would have worked out with real money. This is important as new traders often begin trading on the assumption that they’ve identified some kind of pattern or market behaviour that in fact does not exist.
A Forex standard account is what you need to make real trades. Your Forex broker will require an initial deposit before you can start trading, usually between $1000 and $10000. With a standard account you’ll be risking real money so take your time with your early trades, be especially careful of algorithmic trading – don’t automate your early trades!
A Forex broker is also a great source of information about the market, let them teach you and you’ll start making successful trades a lot more quickly. Another advantage is the prestige you earn by aligning yourself with a trusted Forex broker. This will help you make contacts and establish a presence in the market. Your broker will also offer the use of normally costly trading software and other services. The bottom line is that if you want to have a successful trading career the first thing you need to do is find the right broker!