How to start trading Forex

Forex Trading Nigeria

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Posted by on Saturday August 13, 2011 14:37:49:

"How do I start trading Forex" is the question a lot of jjc or newbie forex traders would like to get answered. Forex is a new thing and not a lot of people really know how it works. What is a new forex trader expected to do first when he barely knows anything about the business?

Personally, I was a bit skeptical too about the whole idea of forex or if it is really a safe or reliable business. First and foremeost, if you've never traded forex before, just don't rely on it totally, keep doing your job or business but only take your progress gradually until you are well grounded with it. As a baby trader, you would need to first and foremost, get adequate training.

Here is what you need to get started with forex trading in Nigeria

1. Adequate training:
This may be in form of attending teaching sessions at workshops, schools or from tutorial websites and video blogs on the internet. A site like babypips.com is cool. You can also try marketiva's help and faq pages to learn some of the forex terms and tips for making a trade.

2. Internet access:
You would need to have your own personal internet connection. You can even subscribe to those daily internet plans offered by local gsm firms for day browsing at about $1 a day for 10mb. Getting unlimited internet would be good if you are a full day trader and want to make multiple trades. If using limited internet service like on bytes, you may just analyze your data and use the set and stop strategy for making entries and exits at specific prices

3. A forex account:
You can just open a free account with any brokerage company on the internet. Marketiva is a good start and you can begin from there and download the trading software called Streamser. You get a free $5 in your account and I can only bet that you might not be able to turn that into $100.

4. Practical trading:
Once you have an account, you can start logging in with your streamster interface and with it you will learn how to buy sell and set exit stops and starts. Stops are necessary if you want to limit your losses and this involves a bit of mathematics. If you are not good at calculating, it may be hard to be a good forex trader