Important Tips to Keep in Mind before Starting Foreign Exchange Online Trading
The internet has certainly helped make foreign exchange trading more popular than it ever was. You can find plenty of information on how to get started in foreign exchange trading online. If this is your first time in this industry, you need to make sure that you have a trustworthy source. Here are important tips to keep in mind to make sure that you can get started with forex online trading the right way.
- Pick a broker whose personality matches yours. Your choice of broker is one of the biggest factors to affect your foreign exchange trading experience, so make sure that it is someone to whom you are comfortable asking questions to, no matter how silly those may be. If you are a risk-taker, choose a broker who is willing to take risks, too. Learn more about the broker's policies and investing style.
- Start with low leverage and small sums. It may be tempting to go big right away and chase quick returns, but it is wiser to start slow and small. Get used to forex trading first to gain the experience that you need. This way, you can somehow prevent big losses as a beginner.
- Examine and understand your financial position. You are trading on foreign exchange markets, so you are taking risks. Avoid using money that you should be using for your daily living expenses. Otherwise, you will have difficulty removing the element of emotion from trading.
- Greed can prevent you from making rational and sensible decisions so do not let it influence your decisions when trading. Use logic. It might be tempting to keep holding on to rising investment, but if all other indicators signal that you should pull out, it may not be wise to hang on much longer.
- You will be trading on the internet, so be sure that you choose an online broker who is an expert in ECN forex. A reputable ECN forex broker in Australia is trusted for its ability to help traders transact online on institutional grade liquidity from the best dark pool liquidity execution venues and investment banks.
- Make sure that the online forex brokerage service is regulated by the ASIC (Australian Securities and Investments Commission), and that it segregates client funds and accounts with Australian banks like Westpac and NAB.
- Choose an online forex service that can provide you with a regulated broker, a multilingual support team, and multiple funding methods.
About IC Markets
Headquartered in Sydney, International Capital Markets Pty Ltd is a provider of online forex trading services, offering individual traders, money managers and institutional customers proprietary technology, tools and education to trade online. IC Markets has distinguished itself among industry leaders with its unique True ECN forex technology, proprietary tools and services, and remarkable focus on customer service. IC Markets is regulated by the Australian Securities and Investments Commission in Australia.