Forex - Funding Your Trading Account

You have refined your trading strategy after diligently rehearsing the steps of trading in the foreign exchange (FOREX) market through your demo account. Now, you would like to open a live account for trading real money. You have identified a source for your risk capital, but are unsure of what to do next. This article will guide you through that process.

Choosing A Broker
First, you must decide on which broker you will use for your live account. This may or may not be the same broker which hosted your demo account. Ideally, you will have tried several brokers' demo platform so as to familiarize yourself with the pros and cons of each. Just because a platform may be user friendly does not mean that the sponsoring broker is the overall best for parking your living account. Has the broker been around for a while? Is the broker financially strong? Does the broker have a reputation for honesty and fairness? Are your orders likely to get filled to your satisfaction, including times of volatility? Are the spreads reasonable in comparison to others? Does the broker take positions opposite yours, creating possible conflicts of interest? Is the broker responsive to problems and complaints? Is there good technical support for the platform?