Without a doubt, the most significant impact to have occurred on the foreign
exchange market in the past 20 years has had little or nothing to do with foreign
currencies themselves – it has been the advent of first computer technology and
then the Internet. Prior to both these technological breakthroughs, profit taking
from currency trading was the sole realm of large institutional investors. Today,
thanks to both of these online currency trading means everyone has the chance
to make a profit from FOREX trading.
Hardware needed to start online trading
If you are interested in taking advantage of the opportunity to make some profits
from online FOREX trading, then you will need to have access to either a
desktop computer or a laptop computer. You will also need to have access to the
Internet. Ideally your access to the internet should be broadband. Once you
have these in place you're almost ready to start.
Software needed to start online trading
As well as having access to either a desktop or laptop computer, you will also
need to have access to software programs that can hep you to analyse your
current investment strategy. Here you can either decide to have your software
program via the access to the Internet, or you can elect to download a software
program to your computer so that you can have access to it and work 'off-line'.
Either way, although it possible to currency trade online without a software
program in place, it is not a recommended course of action to take.
Opening an online brokerage account
Once you have your hardware in place, you can also open an online FOREX
brokerage account by which to transact your foreign currency trades. Some
things you need to bear in mind when opening an online account include: (i)
whether or not the software program will be provided to you for free; (ii) whether
or not you'll be paying a commission on trades or whether the broker will be
making their money through their 'spread' (if not both); and (iii) whether or not
you can leverage trade using your online broker.
You are now in a position to start trading foreign currencies. However, before
you execute your first online trade, it is highly recommended that you spend
some time educating how online trades work by taking the opportunity to learn
foreign exchange trading using a dummy FOREX trading account. Once you feel
you have sufficiently mastered your way around all of these, you are ready to
start online currency trading.
Article Written By J. Foley
Article Written By J. Foley
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