How to Start Trading Forex

There are a lot of early steps that every Forex trader has to take before getting started in successfully trading the Forex markets. The first and most obvious step is to actually open a Forex account so you have access to the market. This is necessary so you can determine which Forex software and which online Forex platform you prefer, which are necessary to even open a “play money” or free trading account (always recommended for the beginner Forex trader).

The good news is that opening a Forex account is not difficult. In a way, there are only three basic steps to opening up an online Forex trading account:
1. Select an account type
2. Register your account
3. Activate your account

If these three steps don’t bring a lot of clarity, don’t worry, I’m about to go through them one by one to make this process as easy and painless as possible.

Select an Account Type
There are different types of Forex accounts and different ways of opening them. These accounts can be opened either in your name, or the name of your business. You will be given choices between standard accounts or micro/mini accounts. Occasionally you might even see the offer of a managed account. Figure out which account type fits your needs and select that one.

Depending on the Forex trading platform that you have chosen to do your trading with, the registration instructions will follow and guide you through step by step. As this is occurring, you will eventually be shown a page of the Broker’s policies, which brings us to step two:

Read the Broker’s Policies
I can’t stress this enough. Don’t just gloss over it, but pay particular attention to the fine print. You may sign a contract to a broker with policies you don’t want to follow. Different brokers have different rules, so it is particularly important to make sure you’re getting a deal you can live with.

Once you’ve read and agreed to the policies, you can register. Once that’s done, you can create a username and password for your account. Right there you’re activated. While it’s not necessary to practice first, I always strongly recommend using a practice account until you get used to the tools and start consistently making profits in practice. Then you’ll be able to trade the real money with confidence.

And now I would like to offer you free access to a Forex trading system that is 89.1% accurate, so you can literally start trading the Forex today. You can access it now by going to: http://www.foreximpact.com/reports/89percent/

From Jason Fielder: Founder, ForexImpact.com

Is Forex Managed Money a Good Idea?

Managed Money is a much more common phenomenon in other areas of investing than Forex, but some companies offer this service, as well. Managed money is any means of investment where the investor decides to place their money in an investment fund that is handled by a professional or professional company instead of making their own choices in investments. In theory, by having a professional handle the account you are more likely to see better profits result.

One of the best examples of managed money is a mutual fund. While managed money is much less common in the Forex, some professional firms still offer it. Most of the time the firm will have an account in your name, and then they will make all the trades for you. They can do this through various agreements, basically a limited power of attorney that lets them trade that money in that account for you.

The investment firm makes a small amount of money on the bid/ask spread (this is normal for managed Forex accounts) and then most take a certain percentage of the profit made at the end of each month, anywhere from 15-40%. This does give the company incentive to make sure you do well, since the more profit you make, the bigger a cut they get. The reverse is also true: if you don’t make any profit, neither do they.

Most of these firms will have their own policies and paperwork to fill out in order to set up a Forex managed money account.  Accounts should be available via Internet so the investor can see what trades are being made and what the results and account balance is. You should also receive the traditional paper statements via snail mail. All accounts should also have some sort of stop loss to make sure that even if they take a beating, you’re not in danger of losing all your money.

If you decide to use a Forex managed money account, you will not be able to trade yourself off that account. The entire point of having your money managed is trusting professionals to make the right transactions in order to gain you a larger profit than you would be capable of managing on your own.

Most of these accounts will have a minimum amount of deposit, often times at the $10,000 range or even higher. You will have to check out each individual investment firm to figure out what the minimum amounts are.

Managed money is one way to go, but it’s still no guarantee of profit. If this is the direction you want to go, make sure to do your homework to end up with a reputable investing firm you can trust. Otherwise, look for a trading system that works and see if you can do it yourself. Everyone who trades profitably needs a successful system, so if they’re just following a system—why not do it yourself?

Then you can keep that extra 30% profit, not too shabby at all!

And now I would like to offer you free access to a Forex trading system that is 89.1% accurate, so you can literally start trading the Forex today. You can access it now by going to: http://www.foreximpact.com/reports/89percent/

From Jason Fielder – Founder, ForexImpact.com