20 October, 2014
The first step to successful Forex trading lies in understanding the Forex market structure with its advantages and disadvantages, appreciating its reefs, studying analysis methods, market predicting and trading principles and creating personal Forex trading strategies.
A brief excursus into the Foreign Exchange market - Forex, as well as a description of trading principles, analysis and predicting methods can be found on our site, in the pages: Introduction to Forex, Understanding Forex, Forex Techniques, Forex Glossary, Forex Trading FAQ. Unfortunately, the information you find on our site is only a small portion of the vast volume of information available nowadays. But this information will help you get started.
The second step is implementing the acquired knowledge in practice - studying and using the Forex trading platform, placing, deleting and modifying orders, opening and closing positions and so on.
At this stage you need to practice on a Forex Demo Account. A demo account lets you develop your skills without financial risk as you do not need to invest. Demo accounts are free. Instructions for opening Forex demo accounts can be found on the page "Open Demo Account".
After the first positive results, many forex traders enter the real Forex trading market and do not succeed. That's why you need to get positive results that are stable first. The knowledge you gain, through correct trading with your own system, following your rules, developing steel logic and psychological stability, in absence of greed and following a money management system will all be determinant at this stage.
To assist traders in accomplishing this difficult task, our company has prepared two special types of accounts - LITE and REAL.
LITE accounts offer Forex beginners the possibility of starting real trading on Forex with real deposits. But keep in mind that profits and losses on this account will be minimal. Even stable profits cannot cover your Internet expenses.
A small starting deposit, which any Forex trader could lose absolutely painlessly, will help you overcome the very complex transitional stage of going from a demo account to a live account.
Since all LITEForex group accounts are in cents, Forex traders will practice working with amounts that have more and more zeros, like in US dollars. This helps prepare traders for the future and escape psychological pressure when trading on professional accounts.
Moreover, the LITEForex Forex account can be used by skilled Forex traders for testing different mechanical trading systems.
REAL type accounts belong to the "professional" category and are aimed for skilled forex traders, working with big amounts of money. All operations on this account type are made in US dollars; maximal deposit is unlimited.