Today, online trading is in vogue. Over 15 million people around the world partake in the activity, and their community is growing. This is hardly surprising, given the sheer profit potential. On Forex, you are free to set your own goals and use your favourite strategies. Every trader has their own road map to success. But where to get started?

There is no shortage of information online, so you can just Google the subject. However, not all sources are equally trustworthy. Follow our guide to master Forex and turn it into a lucrative career. Trading can be a hobby or a full-time job. It offers maximised flexibility. 

 1.    Find Reliable Brokerage 

Brokers are the middlemen between traders and the global market. You cannot connect to the foreign exchange directly: without an account, trading software is useless. Therefore, it is important to choose a firm that will meet your expectations (at the very least). Account registration is always free. 

Brokers share educational content on their official websites. They have support centres which are ready to assist you 24/7. Clients may also be provided with links to recommended sources of trading wisdom. So, how should you choose a broker in India? 

Residents may pick a local or international provider based on their needs. Always look for licensed operators which are authorised by respectable authorities. These could include the FCA in the United Kingdom, the FCSA in South Africa, the CySEC in Cyprus, etc. They are industry watchdogs which monitor the quality of services. Compliant organisations like ForexTime adhere to such norms as protection of clients' investment, negative balance protection, etc. 

2.    Find Suitable Software

You cannot learn to trade Forex without a trading terminal. Every broker recommends particular software. These systems may function as desktop platforms, mobile apps, or web-based systems. The latter work without downloads: they may be opened in any popular browser. 

The most popular examples like MetaTrader 4 and MetaTrader 5 have all three versions. Users may easily switch devices during their trading day, as data is shared via clouds. The earlier version is geared towards currency pairs, while the fifth edition is best for diverse portfolio management.  When you are only learning the basics, a sophisticated interface may only confuse you. 

3.    Learn Theory and Practice

If you rely on theory alone, you are bound to fail in the live market. Start with a demo account (aka practice account). It is a priceless opportunity to hone skills before venturing into the real currency exchange. 

Remember that you will work in a gigantic market. In fact, it is the largest in the world. 
Every single day, close to $6 trillion is exchanged between its participants: institutions and individuals. Until the 1990s, Forex welcomed only large-scale players like hedge funds, major banks, and businesses. Today, it is classified as over-the-counter, which means that everything is done online.

So, the purpose of the demo mode is practical learning. You can test-drive your system without risk. Get familiar with the controls and explore analytical tools. You need to know how to initiate, manage and finalise a trade, what parameters must be set, etc. Any theoretical insight must be applied to virtual positions first. 

Opening a Demo Account

To register a demo, fill in a simple form on your brokerage site. Typically, it includes only basic contact details like full name, email address, country of residence, and phone number. Submit it and check your inbox: usually, credentials are generated and emailed almost immediately. You can enter them on the terminal straight away. 

Other Sources

Since the 1990s, countless books and articles have detailed popular Forex strategies. Today, you can also find podcasts, video tutorials, and webinars on the subject. YouTube has dozens of channels created by expert traders. For example, check out Warrior Trading.

Choosing a Style

Try common styles in the practice mode to see which one suits you. Some strategies require more time than others. For instance, swing trades can last for days or even weeks. Meanwhile, scalpers dip in and out of the market several times per day. For day traders, Forex is a full-time job. 

Switch to a live account when you are confident in your knowledge. Do not rush it: the longer you practise — the better your actual results. Remember that real trading always feels different, as you manage your own money.