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Your quick start guide to trading forex

by , 28 August 2015

If you want to start trading forex, there are a few things you need to do before you can get started.

Trading forex is all about speculating on the value of one currency rising or falling against the value of another currency. Currencies always trade in pairs.

So if you're eager to get started trading forex, read on…

Deciding what currencies you want to trade

If you want to trade forex, you need to decide what currencies you want to trade. This will determine what type of forex trading account you need to open.

Many forex traders stick to trading the major currencies of the world. These are the US dollar, the pound, the euro, the yen, the Swiss franc, the Canadian dollar and the Australian dollar.

To cut down your research and to get the tightest spreads, it’s best to decide on a few different major currency pairs to trade.

Decide what forex trading strategy to follow

Technical analysis works very well with forex trading as currencies tend to follow trends. But as well as finding the right technical analysis tools for the job, you also need to keep abreast of economic announcements.

When data like inflation and decisions on interest rates come out, it can move the market. So once you know what currencies you’re trading, make sure you know when important announcements are due out too.

Opening a forex trading account

If you decide to trade the rand against major currencies, you’ll need to open an account for trading currency futures with your stock broker. Your existing stock broker may be able to offer this type of account for you.

If you want to trade the world’s majors, then you can open a forex trading account using spread trading or contracts for difference (CFDs).

Whichever account you decide to open involves completing an application form, supplying FICA documentation and depositing funds.

Then you’re ready to start trading forex.

So there you have it. Your quick start guide to trading forex.

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Your quick start guide to trading forex
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