I love trading currency, I’ve been doing it for about the last 4 years give or take. I’ve had mixed success with my results. I have walked away from it for months at a time, but I always come back to it. If you trade properly, you can make a nice part time income or even replace your income, don’t be mistaken, its a high risk, high return, online activity. I get a lot of people asking me about how to set up a FOREX trading account, so I thought I would explain the simple process.
The Wikipedia technical definition of FOREX is
The foreign exchange market (forex, FX, or currency market) is a form of exchange for the global decentralized trading of international currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. EBS and Reuters’ dealing 3000 are two main interbank FX trading platforms. The foreign exchange market determines the relative values of different currencies.
In layman’s terms, FOREX is the trading of one countries currencies against another, either buying or selling one against the other, and hopefully taking a profit on the transaction. I started FOREX trading in 2007, I had been share trading in the Australia market for years, and had recently started trading news events on the Australian stock market. One weekend I bought a trading magazine, which had a Lifestyle Trader promo DVD on it. I watched it twice and was hooked, the next day I contacted the local rep for Lifestyle trader and bought their charting software for $8500 AUD. I opened a Easy Forex trading account , and got busy with it.
After about 18 months I stopped using Lifestyle trader, and went on to learn a lot more about Currencies through other avenues, but I always kept a Easy Forex account. I have always found them to be brilliant, they treat you like they actually care. They provide you in depth marketing analysis, they ring you to talk about potential trades, you get the picture. I have recommended them time and time again to friends that were interested in FOREX trading.
So instead of having to explain it over and over, here’s a simple How to open a Easy Forex Trading Account.
Open you browser and got to Http://easy-forex.com, go to Open An Account
Fill in your personal details in Step 1
Go to Step 2
- Choose your trading currency – It needs to be what ever currency that you will be transferring your money into your Easy Forex Account.
- Pick your trading account. Nb: Its sized as per your deposit, keep in mind that you can always upgrade, if you want to start with a mini account.
- Choose your platform – Pick both Easy-forex trading platforms and the MT4 options. (it will save you a bit of time later on down the road)
Fill in your personal details in Step 3
Its pretty straight forward, make sure you tick the terms and conditions and the PDS and FSG options. Click FINISH, and away you go. Now under Australian regulation, before you can start trading FOREX you first need to complete a short suitability test. You can take the test after completing your registration or anytime later before you start trading. Once you do that, the only thing left to do is deposit your money.
Things to know
1. Make sure you choose the account your happy to have money withdrawn and deposited from. It might pay to even set up a separate banking account that you can link to your trading account.
2. You can also trade commodities, indices and options through Easy Forex
So that’s it, now from here you can use their MT4 platform or their Web based platform, as well as their mobile platform. I tend to trade per-domintely of their MT4 account, I find the charting functions to be pretty good. So good luck in the markets… Let me know how you go…