Forex is the international currency exchange market. Trading Forex is a great way to make money and in the last years is becoming more and more popular among investors, traders and even regular people without experience. Having online access to your account is a very convenient feature of online Forex trading platforms. You can trade anywhere in the world, from the comfort of your home, hotel room or anywhere you can get wireless internet connection for your laptop. Starting Forex trading is much easier now that it was in the past. Nowadays many small individual investors have the opportunity to get into the picture, thanks to the Internet and online trading platforms.
There are many advantages for the Forex traders. But trading Forex is not an easy task. You need a good knowledge of the currency market and good proven trading strategies. For the new trader the chances to be successful over the long run are scarce. You may lose money when you trade. Statistics show that 95% of forex traders lose money. Every new trader has to make sure that he is doing the right thing to place himself in the group of those 5% that makes money. For that reason, if you don’t have experience in trading Forex, it is wise to choose one of the many professional Forex brokers who would offer advice on how to trade or would trade your account for you. It is very important for a novice Forex trader to get assistance from experts. These experts are the professional Forex brokers. They assist their clients and help them to succeed in forex trading by providing professional advice and accurate information.
The Forex broker is the intermediary between the vendor and the purchaser of the currencies exchanged on the Forex market, the link between the trader and the market. Many of the professional Forex brokers have a good reputation, and properly planned businesses. The majority of the professional Forex brokers is closely associate with well reputed institutions. They usually have a professional license regulated by the government or by the proper financial organizations and professional associations. A Forex broker can be an individual or an association of persons, a brokerage company.
The first step in creating a Forex trading account is choosing the trading platform, the software that intermediates the exchange of information between a trader and a broker. The trading platform provides many useful information for the trader. It shows quotes and charts, and always includes an interface for entering orders to be executed by the broker. The trading platform software comes in more varieties. It can be locally based, meaning it was installed on the trader’s computer and can be used with Windows, Mac and Linux systems. Or the trading platform can be a software that is web based. These online platforms often run using Java, a dynamic web language. The main advantage of online based trading platforms is that they can be used from anywhere in the world, by almost any computer having internet access. Most of the trading platforms are offered free-of-charge. Some professional Forex brokers provide platforms that have a higher functionality for a fee. Other brokers provide different platforms with higher levels of functionality for most active traders.
Some professional Forex brokers allow the new traders to open a demo account prior to funding a full account. Being new to Forex trading means you have many things to learn before risking your real money on the market. That’s why it is wise to open first a demo account and keep practicing on it until you gain experience, test your trading strategies and become more confident in your skills as a trader. You may also want to try out each broker’s software on their trading platform during their trial periods. By doing that first you will become more familiar with different trading platforms, you will be able to evaluate the differences between them and choose the Forex trading software that fits your trading style best.
In order to choose your broker wisely among the many professional Forex brokers, you need to do your homework well. You need to research the historical financial track of the broker, his trading performance, feedback and reviews from previous customers. You need to make a general assessment and to estimate the trustworthiness of your broker. Not all the brokers are reliable and trustworthy, not all of them are having a professional attitude. There are some brokers that are not reliable to trade with because they may leave you when you need them most.