If you are interested in forex trading but want to know more before opening the live forex account, then follow this five-step guide to find out more.

1. 5 Things You Need Before Opening
Forex Account

2. Index
1. Opening Forex Account
1. 5 Things You Need Before Opening Forex
Account
1. Reputable Forex Broker
2. Set a Demo Forex Account
3. Study the Market
4. Choose Your Trading Account
5. Create a Trading Plan

3. Opening Forex Account
 Forex trading is an appealing activity that
presents the excellent opportunity to make a profit
even if you possess limited experience.
 The important thing is having enough knowledge
and understanding if this industry helps you to
become an accomplished, long-term trader.

4.  When you are ready to open a live forex account,
you have to choose which type of forex trading
account you want: a personal account or a
business account.
 If you are interested in forex trading but want to
know more before opening the live forex account,
then follow this five-step guide to find out more.

5. 5 Things You Need Before
Opening Forex Account

6. 1. Reputable Forex Broker
 There are countless forex brokers to choose from,
which is why it’s necessary that you find one with
a state-of-the-art trading system, a solid
reputation and customer support team.
 Your selected broker must offer a wide selection
of trading tools to provide you with most
comprehensive trading opportunities.
 Ultimately, it is essential that they are fully
licensed and regulated.

7. 2. Set a Demo Forex Account
 Next step is to open a demo forex account.
 Use the opportunity to learn the ins and outs of
trading platform, from where all the features are
settled right down to how to close a trade.
 Also, you should use this as a chance to get to
know your chosen forex broker and leverage their
customer support.

8.  It will give you a good impression of the type of
support they will offer once you have opened a
live forex account.

9. 3. Study The Market
 Before you start trading it is essential that you
understand the markets thoroughly.
 Learn to perform market analysis, whether your
chosen method of analysis is fundamental
analysis or technical analysis or a combination of
the both.
 The type of analysis you perform depends on
what type of trading you plan to perform.

10.  Example: If you are a long-term trader it’s
suggested to perform fundamental analysis
primarily, however, if you are a day trader and
looking for short-term trends, then it is suggested
to primarily perform technical analysis as this is a
flexible and much faster form of analysis.

11. 4. Choose Your Trading
Account
 Most of the forex brokers offer a choice of trading
accounts, from micro accounts to managed
accounts.
 Due to this reason, it is necessary to do your
research and open a trading account that
matches your investment requirements.
 Factors that effect while opening trading accounts
such as minimum deposit requirement and
currency pair options will influence which trading

12. 5. Create a Trading Plan
 You cannot expect trading success without a
proper plan as a trading plan is what allows you
to become a consistently profitable trader.
 Establish factors such as when you plan to trade,
what sort of trading approach you plan to use and
as a trader what your expectations are of
yourself.
 From here, you will be able to establish a useful
entry and exit strategy that you follow without
question.

13. Thank You