Opening Your First Forex Account

You can open a new account online in these simple three steps:

First, choose the type of your account.

Second, register online.

And third, activate your registered account online.

Before you actually trade your money in the Forex market, think about opening a free account first. This will help you choose the right broker for you.

Online you can find a lot of brokers that offer free demo account for new comers to Forex trading industry. Select which one is good for you and have a feel to the real trading business.

Types of Accounts:

Online you have different choices of opening which type of account you would like. Your Forex trading business can be put under your name as an individual or as a company's name. The next thing that you can decide is the type of your account; it can be the standard account, the mini account of the micro account.

New traders often chooses the small type of account, this is get a hold of how the trading business works. Often they choose to open a mini account while the more experienced traders open a standard account.

Read the fine print:

There are broker that have a "managed account". This is an option that you will notice in their applications. This kind of brokers can trade in your position. The typical amount of a "managed account" has a minimum deposit of $25,000 or even higher.

Make sure that you read a "Forex Spot Account" instead of the "forwards account" or not even the "futures account".

The second step is Registration:

The future traders have to submit paperwork to open an account. These forms will vary from one broker to another. These forms are usually in the PDF format.

Next, activate your account:

After the broker has verified your paperwork an email will be sent to you with an instruction to complete your account and to activate your account as well.

After you have followed the instructions in your email, finally, you will receive your username and password and then you can now follow the instructions on how you can deposit cash in your account.

However, before you actually make your first deposit you should consider a lot of things first. First, you must be sure that you are knowledgeable enough about the Forex industry. And you must be educated about the Pipsology of the Forex market.

Because if you don't know anything about the Forex industry you will end up losing all your money, so, it is best to learn the "School of Pipsology" first.

The school of pipsology is the education for beginners at trading business. The following are the topics you will learn from the school of pipsology:

1. Forex Basics 2. Types of Charts 3. Japanese Candesticks 4. Support and Resistance, Channels and Trend Lines 5. Fibonacci 6. Moving Average 7. Common Chart Indicators: MACD, Bollinger Bands, RSI, Parabolic SAR and Stochastics 8. Momentum Indicators and Oscillators 9. Important Chart Patterns 10. Forex Pivot Points 11. Multiple Timeframes 12. Elliot Wave Theory 13. Create you own trading system 14. Market Hours-know when is the right time to trade 15. Money Management 16. Plan your trade and trade your plan 17. Multiple Trading Personality Disorder 18. Trading News 19. Market Sentiment 20. U.S. Dollar Index 21. Carry Trade 22. The Lazy Forex Trader's Way to Riches 23. Be a Forex trader, and not a Forex Sucker 24. The Number one cause of death for Forex traders