Below is the checklist of every beginner in forex trading:

1. Computer
2. Fast internet connection
3. Basic computer knowledge
4. Amount to invest (starting from $1 and up)
5. Payment method (for funding and withdrawal)
6. Forex broker
7. Forex resources (news, articles, blogs, forums, and of course ForexVote.com!)
8. Lots of patience, practice and learning!

That’s about it. If you are serious enough to treat forex trading as a profession, this checklist is all you need to become your own boss and work from home.

The earning potential in forex is endless and a skilled trader can make thousands of dollars every month, week or day. However, it also means that with the lack of knowledge and proper practice forex trader may suffer undesirable losses. So, here is a reminder – BE SERIOUS about forex trading.

If you google up online Forex broker thousands of websites will pop up. There are tones of forex brokers available, so how to choose the right one?

1. Customer Service

Forex is a 24-hour market, so 24-hour support is a must! Can you contact the firm by phone, email, chat, etc.? Do the reps seem knowledgeable? The quality of support can vary drastically from broker to broker, so be sure to check them out before opening an account.

TIP: choose several online brokers and contact their help desks. Seeing how quickly

they respond to your questions can be key in gauging how they will respond to your needs. If you don't get a speedy reply and a satisfactory answer to your question, you certainly wouldn't want to trust them with your business. Just be aware that as in other types of businesses, pre-sales service might be better than post-sales service. Read more...

As a new forex broker your first challenge is to choose the right forex broker. It isn’t as easy as it sounds and the whole searching process might leave you breathless. Due to enormous competition between forex brokers, they offer different features, exciting capabilities and outstanding advantages. However, along with the exceptional features you might find a potential weakness.

The weakness I am talking about here is whether your forex broker is a regulated entity. Forex brokers can be naughty and you might find it difficult to withdraw your profits if your forex broker is not under some kind of authority supervision.  Read more...

1. No hidden fees or commissions
Aren't you exhausted of all these "pay upfront" deals? Almost everywhere you have to pay to join, pay to be trained, pay to make a transaction. There is no commission fee, exchange fee or trading fee. What about the broker? Your broker makes their money by taking the difference in price between the ask price and bid price for the currency being traded. In short, you won't be asked a penny for any FOREX services.

2. No middlemen

Forex doesn't have and doesn't need middlemen, unlike for example equity exchanges. This gives you opportunity to access market maker directly. In simple words, you buy or sell directly from the entity that has put a price on a certain currency pair and, therefore, gain a quick access to trades. Read more...

Well, honestly, there is no straight answer to this question. There are many factors that make each trader different from one another – diverse strategies and approaches, different financial background, unique trading characteristics etc. Some trade aggressively, using wide stop loss settings and win big time. Some cannot afford to take such risks and work their way up slowly. Many are influenced by too much greed, therefore act irrationally and loose their money fast.

What you should realize that the most important thing in forex trading is the right perspective. When a trader stops seeking to profit as quickly as possible and sets the long term plan the greed is taken over the common sense and therefore the trader makes much less mistakes. By giving it enough time and training even an average trader can become profitable.

Don't think of trading as something you can do overnight. This is possibly one of the hardest 'professions' to 'qualify' for. Be ready for some sweat and tears because when forex starts to work for you it is the most satisfying profession in the whole universe!