Choosing a Forex Online Trading System or Forex Trading Platform is a lot like Finding the Perfect New Car...
Choosing a Forex online trading system, or Forex trading platform is likely to involve taking a few test drives. Lucky for you, most Brokers offer free demo trading accounts, so you can "try before you buy."
The Setup
Once you sign up for a demo account, you download and install the trading platform software on your computer. Depending on the choices you make when you sign up, your account will be loaded with "virtual money" to practice trading with.
You should request a demo setup which will most resemble what your actual Forex online trading system account would be, should you decide to open one. That is, if you only plan to open a "real money" trading account with $10,000 in it, avoid opening a demo account with $100,000 of virtual money in it. The learning value of a demo account is greatly increased if closely matches your real-life situation.
I highly recommend test-driving as many Forex online trading system demo accounts as possible. The longer you can practice trading, the more of a feel you will get for how the prices move.
Price movements are especially important to understand when we discuss leverage and volatility and how they affect your trading.
Account Size
The competition for your trading dollars between brokers is fierce. Some offer to open a live account with as little as $25.
Once you understand how volatile Forex can be, you'll realize you can likely consider such a small account a "donation" to the market, as it will likely be gone before you can blink.
Probably the most important thing to consider when funding your trading account is how much you can afford to lose. I know this doesn't sound very encouraging, but there is a very real risk you may lose the entire value of your account.
Never trade with money you cannot afford to lose.
How you trade will determine the profitability of any account. Be very careful of the traps brokers use to get you to over-trade. Every trade you take is actually a trade against your broker and they usually put their interest ahead of yours, so beware.
