Forex Trading could be as simple as it is advertised, but before you venture into online forex trading, kindly demo trade by downloading the trading platform from any reputable Forex broker's website.
I highly recommend that you only open an account with a registered broker. Having said that, most forex brokers provide ''free of charge'', an online forex trading platform that is integrated, with decent charting software. I believe you can consider the data reliable and the order of execution proper as long as you are dealing with a registered broker. However, some forex trading platforms and charting software are more intuitive and easier to use than others. So, in selecting a broker, you want to open a demo account first and get a feel of that broker's platform to see if it is comfortable for you. You will be able to determine this with a little paper trading over a few days and weeks. Also, you want to be sure that your broker's charting software is able to plot the indicators that your trading methods call for. Most will be able to do this, but not all.
Warning! Do not open a live forex account when you are demo-trading because you could be tempted to trade live without adequate knowledge.
Select the pair of currencies with which you wish to make a forex deal.
Determine the volume (the amount of the deal).
Deposit the "margin" {collateral} needed to facilitate the deal. Usually, this is only a very small portion of the whole deal, say: 1% or 1:100. Before you finally activate the deal, you can still "freeze" it for a few seconds. That enables you to either change the terms, or accept them as they are, or all together, regret the whole deal.
When your forex deal is running, you can monitor its status and check scenarios online whenever you wish. You may change some terms in the deal or close it. Ultimately, you remain in control and only you can decide when the tune is right to cash in your profit. Some forex brokers will even let you determine a "take profit" rate, with which the deal will close automatically for you.
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