Going Live
So you have
played for some weeks with demo accounts, you are very familiar with how
everything works, you have your documents ready, you have some money reserved
for your first investment and you feel comfortable with the broker of you
picked. What comes next?
During the
registration process you’ll be asked to pick between micro, standard or
professional (or any names they use), I believe there is a nano account somewhere.
And the difference they have rely on the size of the lots you can trade, if
you’re a beginner it’s better to start with the most basic type of account.
The second
thing you’ll be choosing is the leverage, (if you don’t know what it is check
my first post) it can go from 1:1 to 1:1000 I believe, of course again if
you’re just starting don’t get too crazy picking a high leverage try to choose
a low leverage. Of course those things can be changed later once you gain more
experience.
Also
depending on your broker, you may be required to make a minimum deposit or not,
so you can even start with few dollars but of course don’t expect to gain a lot
of money with 5 bucks, but as practice anything would be fine.
Finally you
may encounter something called Islamic Account which
refers to what is known as the Shariah law;
this basically means that there won’t be any interest paid. In Forex trading
this usually happens when there is a rollover,
i.e. if you have an opened position from one day to another you’ll see that the
amount of swap will change. It’s
something that usually happens around 00:00 GMT when the markets close and
reopen again so all opened positions are moved from one day to another and
there is an interest rate for that operation. When you have an Islamic account,
there is no swap; however brokers deal with this by widening the spreads so if
you chose that option you’ll also have to analyze which broker offers you the
best solution.
Once
everything is set, you’ll have to upload the scans of your documents and wait
some days until your account is verified, once that is done or if there is a
problem or doubt you’ll be contacted by phone or email with some instructions
to download the trading platform, your user id, etc. and you’ll just have to
make your first deposit and start dealing with real money.