Looking to start FX currency trading? You need to begin with a solid understanding of the basics. Also, you will need find and master the trading tools of the wealthy traders. This is actually quite easy to do.
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So what is the best currency trading tool? It is education. Yes, start your currency trading hobby by educating yourself how to trade currencies. What moves the currency markets? What is fundamental analysis? What is technical analysis? What is the best forex trading strategy? What is the best forex trading system? What is the best times to trade forex?
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However for you to achieve all this, you will be well advised to practice using a demo forex account for at least 6 months, but preferably for a one year, before you start trading live. You will also have to discipline yourself to treat the money in your account as if it was real money in order for you to truly learn. If you treat the virtual cash as just that, virtual cash, then you will be sloppy in your trades and will never really know if the strategies you are developing will truly be profitable. This can cause you to lose your money when you start trading live.
Download a demo trading software. Before you begin risking your own money on Forex, you need to practice working with your charting software. Most brokers will allow you to begin trading on a Demo Account, one which allows you to trade virtual money without risk. This is crucial at the early stages to become proficient at trading before you put some real money on the line.
Amongst many such robots are FAP Turbo, Forex Megadroid and Ivybot which are rated as top Forex robots. FAP Turbo in particular has been rated top two in a recent e-poll. Forex Megadroid can trade with a capital of just one dollar. FAP Turbo can trade even while you are sleeping or when the computer is switch off. This is possible as it employs VPS – Virtual Private Server: can be activated with a little extra charge for hoisting. Ivybot on the other hand can trade in four different currency pairs. This is possible because Ivybot is not made of a single robot but a combination of four robots which trade one currency pair each. This is the only robot that can trade in four different currency pairs.
Forex trading online doesn’t mean turning your investment decisions over to someone else or to a robot trader. You can set up and use a practice account in real time with virtual money. Then, when you feel more confident about what you are doing, switch to a real account easily and enjoy the opportunity to profit from your trading decisions.