Over three trillion dollars each day is exchanging hands on the foreign exchange market. Banks and pension fund managers plough billions of dollars every day into the Forex market, the world's largest financial trading platform. The Forex market is responsible for the exchange rate of currencies around the world, the price of gold in the high street, and the price of oil in our automobiles, in fact there is virtually nothing which is not affected by the Forex markets. The Forex market is simple in its complexity, it allows people to buy and sell money.
Forex brokers are traders who will allow anybody to get a slice of this market. They will buy and sell currencies at the touch of a button on a traders behalf. Opening an account with an online Forex broker can take approximately ten minutes, there is only a simple online registration form to fill in, and anybody can begin to trade within a few minutes of completing the form, and with as little as $50.
Many online brokers have different deposit requirements for opening an account, it is up to the trader to decide on how much to start with. To choose a Forex broker, there are several key elements which need to be addressed before an account should be opened with them. The best Forex broker will offer all new traders a demo account, so the trader can practice trading without the loss of any money, a one to one online chat system should be in place in case any problems arise, and the trading software needs to be user friendly with all account matters visible at the touch of a button.
Forex brokers should also be able to offer real time prices and not delayed prices, if a broker is offering delayed prices, the trader can lose money without knowing it. The trading software should allow the trader to be able to see instantly the profit or loss each trade is performing at, and allow the trader to have the ability to pre-order buy or sell commands.
Market graphs are a must for a good Forex broker, most graphs can show the movement of any currency virtually every second, and this will really count if there is a lot of money involved in a single trade. Some brokers will have a limit on the amount of time a trade can be held for, and will simply close an order after 30 days, without consulting the trader. Always read the terms and conditions of trading from a broker.
By [http://ezinearticles.com/?expert=Alan_Rennison]Alan Rennison
Article Source: [http://EzineArticles.com/?A-Forex-Guide-for-the-Newbie&id=6486603] A Forex Guide for the Newbie
Forex brokers are traders who will allow anybody to get a slice of this market. They will buy and sell currencies at the touch of a button on a traders behalf. Opening an account with an online Forex broker can take approximately ten minutes, there is only a simple online registration form to fill in, and anybody can begin to trade within a few minutes of completing the form, and with as little as $50.
Many online brokers have different deposit requirements for opening an account, it is up to the trader to decide on how much to start with. To choose a Forex broker, there are several key elements which need to be addressed before an account should be opened with them. The best Forex broker will offer all new traders a demo account, so the trader can practice trading without the loss of any money, a one to one online chat system should be in place in case any problems arise, and the trading software needs to be user friendly with all account matters visible at the touch of a button.
Forex brokers should also be able to offer real time prices and not delayed prices, if a broker is offering delayed prices, the trader can lose money without knowing it. The trading software should allow the trader to be able to see instantly the profit or loss each trade is performing at, and allow the trader to have the ability to pre-order buy or sell commands.
Market graphs are a must for a good Forex broker, most graphs can show the movement of any currency virtually every second, and this will really count if there is a lot of money involved in a single trade. Some brokers will have a limit on the amount of time a trade can be held for, and will simply close an order after 30 days, without consulting the trader. Always read the terms and conditions of trading from a broker.
By [http://ezinearticles.com/?expert=Alan_Rennison]Alan Rennison
Article Source: [http://EzineArticles.com/?A-Forex-Guide-for-the-Newbie&id=6486603] A Forex Guide for the Newbie
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