Learn the basic vocabulary of Forex: Although this is not a proper step to invest and is not essential, is more than advisable to know the terms used to operate in the currency market, would you invest in a market you know?, that would be or In uncertainty, so the risk is greater.
Decide which currencies you intend to operate: it is impossible to be an expert in handling all currency pairs, it is more, is not recommended, as is said in good Chilean “who much grabs little encompasses.” Therefore it is important to consider some variables (can be more).
- Learn how to make economic predictions.
- Investigate the net exports of each country.
- Analyze political events.
- Read the economic analysis.
Learn how to calculate earnings: you need to know how much you are gaining or losing, depending on the level of leverage, the results can increase or decrease.
Investigate the broker to select: The broker is a topic no less to investigate, see the time it is working (it is advisable an experienced broker), see the products that operates in the broker, read reviews on specialized pages of that broker, analyze the Transaction costs, and most importantly, investigate whether the broker you want to evaluate, is voluntarily regulated by an international agency, this situation demonstrates a degree of transparency and seriousness. Some serious organizations are the following:
- National Futures Association (NFA) y la Commodity Futures Trading Commission (CFTC)
- Financial Services Authority (FSA)
- Australian Securities and Investment Commission (ASIC)
Choose how to operate the account: In many brokers you can choose between a personal account, that is to say that you the opera, or else, a managed account, where paying commissions, another person will handle your account.
Fill out all the relevant documents: it is important to read and fill all the documents you should receive, sometimes the commissions and conditions are not attractive.