Regardless of what you may have read or heard about forex trading until now, to start forex trading from home is easier than you can imagine. While, of course, there are certain “ifs” and “buts” to it, strictly from the technical point of view you don’t need more than 15 mins to start in forex.
Free Trading Account
First things first, you need a trading account that will allow you to perform your trading activities.
To register a trading account in your name, you need to sign up with traderXlab. Be sure to provide your real details, otherwise you may have issues going through the KYC process later on. By default when you register with traderXlab, you get access to a demo account. TraderXlab demo account – or practice account – is one of the best forex demo accounts as it has all the features of a real account except for the ability to trade with real money.
Live Forex Trading Account
In order to make real money you need to trade with real money.
So far, you could see PRACTICE ACCOUNT in your dashboard, and your profile page was showing your verification status as pending.
To switch from practice to live (real) account, you need to click on the Verify button, which will take you to the KYC application page. The KYC (Know Your Customer) is a mandatory standard procedure. Remember when we said you should only provide real information upon registration? To prevent fraudulent and unauthorized activity that will be performed from your account, we need to verify your identity. At this point, you need to submit a digital version of the original document (ID card or Passport, Utility bill, etc.).
Once your account has been verified, the status will change accordingly and you’ll be contacted by your account manager.
Deposit Money in Trading Account
This is, without a doubt, the most important step before you embark on your trading journey. TraderXlab offers 5 account types, suitable for different trading styles. Most traders choose Silver Account for a very practical reason – the future trajectory and probable positive traction depend on the amount of your initial deposit. Besides, Silver account holders and up are granted free access to monthly webinars.
Another reason to upgrade your Standard account is that you can get up to 100% of your deposit in bonus. That said, a $250 deposit will add another $250 to your trading balance. Whereas, if you double your $5,000 initial deposit, you can start trading forex with a capital of $10,000. How to make this work and other ways you could be making extra money while trading we researched in How To Make Money With Forex For Free.
Knowledge Is The Best Weapon
Knowing what to trade, when and how – these are the major components of successful trading. Today, to receive the valuable education in forex and stock trading, you don’t need to enroll at a university or college. At traderXlab, from day one we decided that our traders will have unlimited access to comprehensive educational materials free of charge. We have set up this high standard in an attempt to erase the borders of inequality and provide traders of various backgrounds and nationalities with realistic and attainable opportunities.
Besides being one of the most advanced trading platforms, traderXlab has also created its own Educational Lab. One of the main rules top traders follow is the more of the latest and most relevant information you possess, the greater power you have at predicting the next profitable market move.
Educational Lab gives you instant access to everything you need before, during and after a trading session.
- a wide selection of trading calculators that will help you translate your guesswork into real numbers;
- keep an eye on the most important financial events that have a direct impact on the market with the economic calendar;
- trading signals are designed to help you make rational decisions and save time on tedious research;
- stay up-to-date and advance your knowledge with free webinars, held by practicing financial experts;
- eBooks and live web tv to satisfy your thirst for knowledge along the way;
Seek Expert Opinion
TraderXlab has invested a lot of time and resources in hiring some of the best financial advisors, from a subjective viewpoint.
Our financial advisors are well-versed and have years of experience in the industry, each with their unique trading style.
Speak with your traderXlab financial advisor about the trades you want to open or close. Sometimes, getting a second opinion from a professional can open new horizons of opportunities or save your account from a potential loss.
Finally, you are ready for the most exciting part – trading forex with real money. But before you start putting theory into practice, we’d like to remind you of the golden rules, following or ignoring which can make or break your trading experience.
- Never risk more than you can afford.
- Take your time to learn and cross-check information.
- Always use a Stop-Loss.
- A loss is a part of trading, no one can make correct decisions all the time.
- Know when to stop trading.