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Chapter 38, Part II. Things to Think About. Page 6

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 28, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

    Aug 28, 2009
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    Money transfer

    Now it is common for brokers offer to transfer money to and from you in different ways – by bank wire, card or electronically. Here you have to look at some issues. First, try to find out what the broker’s bank is, what kind of reputation it has, where it is and in general what the bank is. If this is an unknown bank in some emerging country, then you can have some suspicions about the safety of your money, at least the possibility to have problems, if something will go wrong are significant.

    Second, take a note that all banks will demand a fee for your bank transfer – both your own bank and the broker’s bank. Usually this fee is 0.5-2% of the transferred sum. Terms of wire execution also could be different, but usually, it takes no more than 2-3 business days.

    Third, some countries could have laws restricting money transfer to some other countries, as well as maximum transfer sum and currency.

    Activation of account and start of trading

    When you will finish with the preliminary routine, you finally will get an e-mail with your login and password anddetailed instructions how to activate your account. Also you have to get your exemplar of papers – contract, terms and conditions and others. Many brokers also provide some kind of private room for clients on their website. There you have access to deposit/withdrawal operations, statistic, your personal data and so on. So, pretty easy, right?

    Still as we’ve said earlier we strongly recommend you to trade on demo first, at least for 6-12 months. This is free and extremely useful. The point is that trading with real money is specific. Even success on a demo account will not guarantee the success on a live account. What we can say if you can not become successful with demo? When you deal with real money – you feel it. You have no such feeling on demo, despite how you try to develop the same responsibility. Think about it.

    P.S. This lesson was written by Sive Morten, who has been working for a large European Bank since April of 2000, and is currently a supervisor of the bank's risk assessment department. Sive's knowledge of forex market and banking industry is vast and quite complete. If you have any specific questions about forex, banking industry, or any other financial instruments, please post them on the next page and Sive should answer soon.

    Note: FPA ranks are earned in the battles against scam, not in the classroom.
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