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Official Site. Visit Broker. Please take these seriously. Forex is a difficult business for beginners. It tends to eat them for dinner if they aren't careful. There are more losers than winners on average. The broker is required to remind you of the forex risks. Once you've turned in all of your information to be processed, the broker will verify it and typically ask you to send in some verification documents such as a government-issued ID, and maybe a utility statement to verify your name and address.
The back and forth process can slow down the process by a day or two, but it's nothing to concern you. Once your information is verified, you can fund your account and begin trading.
Open an Account
One piece of advice that I like to give to all new traders is not to put any money in the account that you cannot afford to lose. It seems like obvious advice, but some people start off feeling like they know more than they do, and take unnecessary risks. Start with a fair amount of money and trade small. Nothing can prepare you for the emotions that you feel when your money is truly at risk, so go slow in the beginning.
Forex seems very exciting, but in reality, it should be boring and cut and dried. If you feel a great deal of anxiety when making trades, be careful.
It's common to either get too wound up from your winning trades or become a destructive trader from your losing trades. Learning to make trades using research and systematic logic will serve you much more than relying on emotion to guide your trading. Forex should feel like simple, methodical decision-making with precautionary steps in case of failure. While that might sound boring to you, you will survive much longer if you approach that market that way. If you find yourself feeling like you are making common forex mistakes and just generally feeling frustrated, stop trading, and review the basics again.
Forex trading is one of those industries where occasionally you have to re-evaluate your methods to make sure you are achieving your goals. Try not to get too frustrated and keep your approach scientific and unemotional.
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