Money, computer and an internet connection are the raw materials you will need to become a Forex trader. However, to become a successful Forex trader, you will need to invest some time to learn the basics of Forex trading. Probably, you may have come across various lucrative advertisements about Forex trading. So, the first lesson is that Forex is not gambling and the trader need a considerable amount of experience to make profit. It requires time and patience.
One of the best parts of Forex trading is that, the trader does not need to invest a big capital to begin the trade. The capital amount varies depending upon the Forex account and broker. Some broker website allow traders to open an account with just 10$ and some other requires a minimum of 250$. There are three kinds of Forex accounts. They are macro, mini and standard. For a beginner, the better option is to open a macro or mini account. So the three simple ways to open a Forex account is to choose the type of online Forex account, register online and activate it.
Before trading with real money, one can open a demo account to practice currency trading. Normally, a practice account will expire within 30 days. However, if you are interested in currency business, then you can learn the basis of Forex trading within three weeks. Forex business is not about profit, ups and downs are usual, but the success actually depends upon how you handle the market conditions.