How to become a Forex trader?

[Jordan Maddison]

Hello. How does one become a Forex trader?
 

[Mila Radivojevic]

Hi,

In order to become a successful Forex trader, it is important to keep notice of some key things. First of all, it is important to pick low spreads, which refer to the difference between the buying and selling price of a currency, and it usually represents the commission for brokers.

Next, it is important to arm yourself with precise research tools as they can make a great difference between successful and unsuccessful trading.

Choosing your broker is another important thing when engaging in trading. A reliable, professional broker will recognize good opportunities and utilize your capital in the best possible way.

When choosing your broker it is important to take notice of their previous actions and trading engagements. You should also avoid brokers which have engaged in Snipping or Hunting, which refers to prematurely trading near preset points.

Strict margin rules are also crucial. In other words, your broker should respect the amount that you have dedicated to trading, and margins beyond which you are not willing to go, but since your money is at their discretion, they can respect your rules or not.