Virtually anyone who has a credit card or a bank account can open a Forex Trading Account with just about any Forex Broker. Brokers don't care about your credit rating, or whether you're an expert Trader. There is almost NO risk of applying to open an account and being turned down. As long as you're at least 18 years old and have a mechanism in place to fund your account with at least $250 US, you can trade foreign currencies.
Virtually anyone who has a credit card or a bank account can open a Forex Trading Account with just about any Forex Broker. Brokers don't care about your credit rating, or whether you're an expert Trader. There is almost NO risk of applying to open an account and being turned down. As long as you're at least 18 years old and have a mechanism in place to fund your account with at least $250 US, you can trade foreign currencies.
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Virtually anyone who has a credit card or a bank account can open a Forex Trading Account with just about any Forex Broker. Brokers don't care about your credit rating, or whether you're an expert Trader. There is almost NO risk of applying to open an account and being turned down. As long as you're at least 18 years old and have a mechanism in place to fund your account with at least $250 US, you can trade foreign currencies.
Virtually anyone who has a credit card or a bank account can open a Forex Trading Account with just about any Forex Broker. Brokers don't care about your credit rating, or whether you're an expert Trader. There is almost NO risk of applying to open an account and being turned down. As long as you're at least 18 years old and have a mechanism in place to fund your account with at least $250 US, you can trade foreign currencies.
The Foreign Currency Exchange market (also known as Forex or FX for short) exists wherever one currency is traded for another, and where money is sold and bought freely. It is not an actual exchange in of itself. It is simply a network of banks that trade with each other one currency for another. It is by far the largest financial market in the world, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. The average daily trade in the global forex market currently is over US$ 3 trillion, making it the biggest liquid financial market. Transactions are conducted all over the world via telecommunications 24 hours a day from 00:00 GMT on Monday to 10:00 pm GMT on Friday. Our 145 page book that you will receive at no charge when you become a member goes into detail, along with numerous other items, exactly what the market is and why!
You do not risk bankruptcy if you open an account and get into a trade that causes you to lose money. Forex Brokers structure every trade so that if you lose all the funds in your account, your trades are automatically closed so that you cannot lose any more money than what is in your trading account.
Not to be compared to the stock market that is open about 1/3 of a day, Monday through Friday. The Forex Markets are open from 5:00 p.m. Eastern Sunday to 4:00 p.m. Eastern on Friday, continuously! This gives traders around the world the chance to trade during "normal" hours, before, during or after work. So just about everyone, everywhere has "the time" to trade the Forex Markets.
Unlike the stock market, at any given point in time there is demand from traders to both buy and sell particular currency pairs. That means at any time while the market is open, you can buy or sell a currency pair at the market price. An hour later, four hours later, or days later, you can reverse your decision and find someone willing to buy or sell your contract, again at the market price. Contrast that with certain low cap stocks, where you could buy today and for a variety of reasons not find one person to buy your stocks from you tomorrow, the next day, next week., or even next month . This won't happen in Forex.
This question probably should be number one on the list! You could do a number of things, probably like most do. First you get an email for some EA, you look into it, sounds great, you buy it and sign up with the first broker that sounds good to you! Fund the account, and like most...go broke very soon! DO NOT DO THAT! How do you start? Find a place (yes, like FxTender.com) that lays out the pros and cons of the market. Like, what type of trading do you want to do? Do you even know how many types there are? O.K., now which broker should I go with? NO, not all are the same. You need a plan! You need methodology! You need a source of signals OR come up with your own ??? If you don't want to sign up with us, than we suggest you search and research everything about Forex you can! Read all, believe some, good luck with the rest. After that, get an account (we're not real big on demos, they serve a purpose that we disclose in the members area) and 'go to it'. GOOD LUCK, because without proper planning, that is what you'll need!
Risks can be large which is why it's imperative that a person gains a solid understanding of how to trade. This may be accomplished in a number of ways. Self taught (quite a few trade using this method). You need to gain enough information so that it actually makes sense. Not just on what it is but also how to do it and why it works? Without a decent, knowledgeable education, it's not too dissimilar to gambling.? A number of party's and individuals do not to hear, read, or use that phrase...but if you don't know what your doing, than you decide on what to call it!
Should you decide to receive 'formal' training , make sure the person who instructs you also trades. There are many training companies out there that only "sell" you a system along with the 'training'. Although that in and of itself isn't a flag you should take time and see if either the training methodology will work with other formats or if the' trading system' only works with 'their training'! There are a lot, and I mean a lot, of 'systems that are in the $5,000 plus range. Are they good or bad? That's really up to you to decide BUT you owe yourself enough to do the homework!
Although FxTender does not touch any money of your own for trading we still think you should know the tax obligations, as we understand it. Forex profits are generally taxed as 60% long-term capital gains and 40% short-term capital gains, however, there are many exceptions in the complicated tax regulations (see sections 1256 and 988 of the Internal Revenue Code). We are not tax experts and cannot offer tax advice. Please consult your local tax professional for answers on your individual situation. Again, we are trying to provide as much accurate information as possible and your results may differ significantly. Just like the risks involved with trading (please see Terms & Conditions , you should have a complete picture before you begin your 'new' Forex career!
A "pip" is one tick or movement in the exchange rate. For example, The EUR/USD currency pair is trading at 1.2360 which means that for every Euro it takes $1.2360 US dollars. NOTE that we trade on fractions of cents and use leverage (15:1) to extrapolate the movement. One pip up would move the price to 1.2361. If we were long on the Euro we would have made a one pip profit which means on a $20,000 investment trading one lot/contract we would have made $10. See "Glossary" in the free manual received once you join FxTender.com. (This is over 100 pages and has a value of at least $100.00)!
The non-farm payroll report is by far the most important economic data. It is issued every first Friday of the month and it's impact on the forex market is BIG! A 200 pip movement of the major pairs within two hours from its release is not uncommon.
1. Non-Farm Payroll (NFP) (by far, the most important)
2. Federal Open Market Committee interest rate change announcement
3. Retail Sales
4. Consumer Confidence
5. ISM Manufacturing Index
6. Gross Domestic Production (GDP)
7. International Trade/Current Account
8. Philadelphia Fed Survey
9. Durable Goods
10. Beige Book
Minimum transaction size for mini accounts is 1/10th standard sized lot, or 10,000 of the base currency, with a minimum margin deposit of 0.5% (200:1 leverage). For example, a US$10,000 position would require an initial margin deposit of US$50.
DEFINITIONS WILL VERY BY BROKER, PLEASE READ CAREFULLY THEIR RELATED INFORMATION.
Standard Accounts: Minimum transaction size for standard accounts is 1 lot, or 100,000 of the base currency, with a minimum margin deposit of 1% (100:1 leverage). For example, a US$100,000 position would require an initial margin deposit of US$1,000. his is the answer to the question.
DEFINITIONS WILL VERY BY BROKER, PLEASE READ CAREFULLY THEIR RELATED INFORMATION.
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