As an entrepreneur, the chances are that you’re unafraid of risk. You have to make big decisions every day, and a lot of the time those choices will pose as much danger to your enterprise as they do opportunity.
The same mindset that allows you to make these gambles day after day also makes you ideally suited to the world of forex. The currency markets are tempestuous, volatile, and often high risk, yet they also offer a world of opportunity for those that are willing to chance them.
If you’re looking to top up your tally and give forex trading a go, then here are three top tips to help you get started…
Step One: Choose Your Currency Pairs
The first step for any would-be forex broker is to choose your currency pairs. There are hundreds of combinations to pick from, which can make this a highly complex task. However, if you make the right decision, your future could be set. The best way to narrow things down is by talking to some experienced brokers, and doing as much research as you can. You’ll soon discover that different combinations suit different personality types, risk thresholds, trading styles, and so on to varying degrees, and once you have a better understanding of this, you’ll be able to find the perfect pairing for you.
Step Two: Choose a Forex Broker
The next step is to choose a forex broker. A good brokerage firm, like OANDA, can make or break your success, so it’s important to find a company that can offer you exactly what you need. The two most important things for you to think about will be whether they offer your currency pairs, and whether they can provide the level of support you require. Assessing the former will be simple, but deciding upon the latter will necessitate an in-depth understanding of your needs, and a realistic evaluation of whether you would be best served by an execution-only, advisory, or discretionary broker.
Step Three: Choose a Trading Platform
Your third and final consideration will be the trading platform you choose. The foreign exchange has no central trading forum, and this means that the platform you select will act as your conduit to the markets. In order to take full advantage of it, it will need to perfectly meet your needs, so it’s important to identify exactly what these are. Once you have a list of relevant factors, be sure to trial any platforms before making a final decision, so that you can find a solution that ticks all of your boxes.
Trade today with these three top tips.