It is quite easy to become a forex trader. All you need to do is to submit a few legal documents (ID document, and a proof of address) and open an account with a trusted broker. The hard part is becoming a profitable trader, as many novice traders lose money when they first start trading.
To open an account with a forex broker, first, ensure that the broker is regulated by an official entity such as the Financial Conduct Authority (FCA). The license number should be found on the broker’s website. Once you find the number check the regulator’s register of licensed brokers and ensure you find the broker there. This ensures that you are protected against potential fraud or malicious activity from some unscrupulous brokers.
It is worth noting that finding the license of the broker valid at the FCA’s website is a good but not a foolproof sign. Some unscrupulous brokers, although licensed, open accounts for traders at different entities under their name but outside of the jurisdiction of the regulator. In effect, this removes any protection you may have because of the license, and you may be unable to withdraw your funds. We strongly advise to read unbiased traders reviews on ForexPeaceArmy.com before sending your money to any forex service.
Despite the ease of opening an account with a broker, becoming a successful forex trader is a process that takes time. For many, it can take months or years before they can see consistently positive results.
To achieve a good outcome as a trader, you need to invest in yourself and learn how to trade proficiently. More importantly, you need to hone your risk management skills. Often, you will find that the best traders are excellent risk managers. Thus, there is no way around learning and perfecting that particular skill. ForexPeaceArmy.com Forex Military School is a great free resource to start learning forex trading.
The times it takes you to learn depends on your capacity to learn and your ability to master your own emotions. Trading is not only about your ability to analyze and predict where the market is heading. It requires a tremendous amount of patience and self-control, especially in the beginning when you are still learning the basics and faced with a lot of uncertainty.