Forex trading accounts allow anyone to enter the world of Forex and start earning top dollar by trading currencies. The best news is that now you can do it from home by having an account with an online brokerage. All the information you need to trade is beamed directly to your PC via trading software like Metatrader 4.
Forex trading accounts come in three flavors: demo, mini and standard. Demo accounts are great for beginners; they allow traders to make hypothetical trades against genuine market data in order to see how they would have turned out. For some beginners a micro account is more appealing; these require a small deposit to open and enable small trades (usually under $1000). Many traders prefer to begin with a micro account because the small amounts being staked add an element of motivation that demo Forex trading accounts lack.
Real traders have standard accounts, these often require relatively large deposits to open and allow a trader to make large trades. Typical deposits range from $1,000 – $10,000. With a standard account traders take real risks so it’s important that they do their homework.
Forex trading accounts are a means to an end. In order to turn a profit from your trades you need to understand the complex economic and political systems that determine the value of currencies. This requires long hours of studying analysis and economic theory, as well acquiring contacts with insight into the workings of the market.
The ultimate goal of the developing trader is to be able to correctly predict the rises and falls of different currencies. Typical signals to look out for include economic booms or downturns, growing political instability or violent conflicts, and environmental problems such as diminishing resources or the threat of natural disasters. If you think you’ve got what it takes why not call a Forex broker today?