Before getting a live Forex trading account (also known as foreign currency exchange or fx trading account) where you trade with your own real money, you must be aware of the risk and understand how the foreign exchange market works and behaves. You must be properly educated first about the background and techniques of successful currency trading.
To ensure a successful and long term career in currency trading, you must be able to develop the ability to analyze the fx trends and the fluctuating conditions in the Forex market. You need to develop a proven winning trading system that you can execute in the market for consistent profits.
Practising on a free demo Forex trading account would get you acquainted with the necessary charting and trading tools that you need for successful online trading. Most fx brokers would provide free demo accounts for their customers, or potential customers as an added service, or as an incentive for you to get familiar with their trading platform, and eventually open a live foreign exchange trading account with them.
The free demo accounts would let you do trading simulations with real time quotes. You can test out your strategies here with “play money”, and see if they work out well. If you are familiar and comfortable with the demo account, it would ease your transition to a trade on a live trading account using real money.
A good Forex trading course or a Forex coach can help you learn how you can maximize your earning potentials as well as minimize your trading risk to preserve your account balance. An intelligent money management system is crucial to your long term survival as a currency trader. Your Forex coach would be experienced enough to advice you on which Forex broker to trade with, which would suit your trading style and needs.