How I Got Started In Forex Trading
I remember it wasn't too long ago in the month of January 2005 that I went for a course to pick up options trading. Following the course, I paper or demo traded options for quite a few months. Was profitable overall but somehow or rather, I was led into the world of forex trading within a few months of my options trading course.
Within a very short time, I fell in love with the forex market because it made a lot more sense than options trading (at least to me). On top of that, the market is a whole lot more liquid and it's a lot more macro than options. That was enough for me to drop whatever experience I'd with options trading and for me to get started with forex trading.
NEW YORK--(BUSINESS WIRE)--FXCM Inc. (NYSE:FXCM), a leading online provider of foreign exchange trading and related services worldwide, today announced that its US subsidiary Forex Capital Markets LLC ("FXCM US") has introduced a new retail FX pricing model. FXCM US platforms will now display raw spreads and mark-ups previously included in the spread will be separately displayed as a commission*. As part of this introduction, FXCM also reduced client trading costs.
“We are excited to offer raw spreads with no mark-ups on all currency pairs as it will provide clients with a superior and transparent Forex trading experience,” said Drew Niv, CEO of FXCM Inc. “As part of FXCM’s commitment to its clients, we are taking pricing and broker service transparency to a new level and bringing greater opportunities to clients.”
The FXCM platforms will now display raw spreads from one of our 15 different liquidity providers streaming prices into the FXCM no dealing desk execution system. “On average we reduced trading cost on the top 14 currency pairs by 50%,” added Mr. Niv.
Before long, I opened an account with Oanda and I remember funding my first deposit with a measly $ 50. Amazing huh? It was on the same day that I traded my first live forex trade. If you need to know, my first 3 trades were on the June 2005 trading on the non-farm payroll event. Those 3 trades lasted all of 30 minutes and I made a grand total of 32 pips. don't ask me how much they're drawn to in real dollars. It's a joke to say the least.
Following that positive first trading session, I was even more pumped up and started studying charts like how Albert Einstein would be doing his experiments and tests. I never looked back from then on right till today. I've made a lot of contacts and friends in this field and till today, I'm still learning and am still very much on this journey and path of discovery.
If you've been wanting to trade forex, get started with a demo account just to get acquainted but don't take too long to get started with the real thing because it's with live trading that you learn the most. Till we meet again, take care and blessings!