After completing all the 3 steps listed, you are now ready to open a live account. But before you decide to open a live account, do a check on your broker reputation by reading reviews posted by the other traders. You may uncover stuff and information which you have never been aware of. There can be surprises happening in live trading, but not during trading on demo platform.
It is also important to understand how your broker works regarding funding/withdrawing capital to/from your account. The method of funding is essentially through bank wire transfer. However some brokers may accept other methods of funding, such as through the use of Paypal services. Thus, make a wise choice by determining which method of funding is the most beneficial to choose to. A hint here would be to look at the transfer fees that is going to be incurred. Likewise, take note on how you can withdraw your earnings too.
One last important note you should look out for is whether your broker charges any fee on triggering a trade. The fee has a direct impact on whether you are in a winning or losing postion, when your trade closes. If you think that the fee imposed might lead to a high chance of being at a disadvantage position for every trade you trigger, you may wish to consider using another online broker, that doesn't impose a fee on triggering of trades.
Last but not least, do not invest all your savings in forex, or large amount for the first time! Remember, this is an investment, and risks of losing all your invested capital can happen. Also you will be experiencing feelings which are totally different when trading live, compared to previous few months when you are trading on demo.
your blog is more better than my blog but i have one question.
ReplyDeletewhen you have labels why do you use blog archive to tell it you still can use labels to make link right ?
What broker do you recommend with a MT4? I'm getting mixed reviews all the time.
ReplyDelete