Getting started in forex, If you are new to Forex trading, there are several key pieces of information
you need to know:
- How and where to open a Forex trading account
- Demo trading and when to go “live”
- Essential reading material for your growth as a trader
- Money management and leverage, stop losses and targets
- How to read a candlestick chart
We will go through these items for the benefit of new traders. If you are an experienced trader already, please skip these pages and go straight to the page headed “G7 System”
How and where to open a Forex trading account This depends a lot on how much capital you have to start with your trading. We highly recommend that all new traders “demo” trade for at least 1-3 months before committing real money to the account. There are now literally 100’s of Forex brokers available to the retail trader, but we must warn you that not all of them are “above board” We have had experience with several brokers and can recommend the following: (Please note that our recommendation does not in anyway endorse these brokers, only that we
have had good experience with them in the past) www.oanda.com This broker allows traders with smaller accounts to trade extremely small lot sizes thereby minimizing the risk of losses for beginners. They allow micro-lots which move about $0.10 per pip www.fxcm.com FXCM is one of the largest brokers and allows mini lots which move about $1.00 per pip. More information on Forex trading in general can be obtained from the two websites above and from other sites such as www.forexnews.com and www.fxstreet.com
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