If you have decided to take the plunge into the world of forex trading, there are some who will argue that your timing could be better.
While the GBP may have rebounded for a 31-year low in the wake of the Brexit vote, for example, it continues to lose traction against the EUR and the USD despite the nation’s public sector net borrowing report showing a surplus of £1.47 million.
This underlines the volatile nature of the market, while challenging traders to refine their strategies in order to optimise their returns.
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3 Crucial things to consider when opening a Trading Account
With these real-time economic and market challenges in mind, let’s take a look at three of the key considerations that must drive your selection of an online trading account. Consider the following: –
Look out for a Demo Account Option
No matter how much theoretical learning you have behind you, it is difficult to apply this practically in the live marketplace.
This is why it is crucial that you select a platform which offers a demo account option, as this is a feature that enables you to test and refine your strategy in a simulated market environment.
It is recommended that you use such a feature for a minimum of three months as a novice trader, as this enables you to make mistakes and build a wealth of practical knowledge without risking your hard-earned capital.
Select a Trading Account that utilises the best Platforms
There are different types of software that drive online trading accounts, and it is your duty to select an option that affords you the very best chance of success.
For forex traders, it is the MetaTrader 4 software that is considered to be among the most comprehensive options, thanks to its sheer wealth of analytical tools and features.
Available through providers such as Axitrader, this software delivers the type of assistance that novice and inexperienced traders often come to rely on.
Keep an eye on the Newsroom
While it is important to consider accessibility and the analytical tools that are available through your proposed trading account, you will also need to thinks about the supporting and news and blog features.
Live news bulletins and real-time trend analysis have become integral features of the modern trading platform, as this helps users to effectively tailor their strategies in line with the wider economic climate.
By partnering with an online brokerage platform that connects you to live news as it breaks, you can ensure that your account activity is driven by informed decision making at all times.
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