Who Can Trade Forex?
Forex trading was once reserved for large financial institutions like banks and large corporations that were able to put up millions of dollars to get started. However, the advent of the Internet and online Forex trading has opened doors for smaller institutions and part time investors to get into Forex trading. There are now only a few requirements for traders looking to get into Forex.
For starters, if you are interested in getting into the Forex market it is important that you have a computer with a high speed Internet connection. This is because most Forex trading these days takes place through online Forex brokers. You’ll want a reliable computer and Internet connection so that you can go online at any time throughout the day and night to check on exchange rates and get ready to buy or sell at a moment’s notice.
You’ll also need money to trade on the Forex market. You don’t need the millions of dollars that were once necessary, but a little extra cash is a must. You can open a micro account with as little as a few hundred dollars, though we recommend starting with at least $1,000. For a mini account we recommend starting with at least $10,000. It is important to note that you should not treat Forex as a hobby or as a savior when you are in a cash crunch. Never trade borrowed money on the Forex market and never trade money that you are not willing to lose. After all, your goal is to gain money but you can never predict the future.
People all over the world can trade Forex, online or off. However, the largest percentage of Forex traders are currently located in the United States and Great Britain, with 86% of trades including the US Dollar (USD) and 37% of trades including the British Pound (GBP).
If you are thinking about getting into Forex trading keep in mind that anyone with the right resources can do it, but research and planning is involved. If you are prepared you can have an exciting and successful experience with Forex, whether you open a micro or mini account or have a lot of money to invest.
