What Beginners Must Do to Get Started After Demo Trading?

After finishing training on a Forex demo account, there are a few steps that a beginner needs to take to have his live account opened and funded. In this article, we’re going to be discussing what a novice must do to get his trading game set-up and started. 

Identifying a broker

The first step you must take is deciding which broker to engage with. The broker is your conduit to the trading realm, and controls your live account. The broker you hire for live trading may or may not be the one which gave you your practice account. The ideal beginner usually has a try with multiple brokers’ demo environments to get familiar with the advantages and drawbacks of each. One must keep in mind that if a brokers’ Forex demo platform is not as ideal as needed, it is not to be automatically taken that the same would happen with a live account as well. 

There are a few questions one must ask when finding a Forex broker in Vietnam. 

1) Does the broker have experience and credibility? 

2) Does the broker’s financial capacity suffice for your trading needs? 

3) Does the broker appear honest and trustworthy? 

4) Does the broker have an established support system that you can depend on during turbulent periods in the trading day? 

5) Does the broker offer leverage and spread capacity that satisfies you? 

These are some of the basic questions that one needs to ask himself when evaluating a particular broker. After choosing your broker, you would need to complete some basic formalities, including filling a form and submitting your identification. 

Depositing money in the account

After completing the formalities, the brokerage would assign you an account with a username and password. You would be given basic instructions regarding the usage and various options that exist for the account. There are different ways one can transfer money into the account, with credit/debit cards being perhaps the easiest mediums. After having your initial amount deposited, adding further levels of funds into the account can be done in the same manner. 

Beginning your trading

Usually, the broker would notify you after having received the minimum fund deposit. It could be through email or other means. After this, you can begin trading in the live stage immediately. An important thing to remember at this point is to withdraw money from your account. The broker would provide instructions on how this is done, and a client could read this from his website. 

If you need further assistance with the tenets of online trading, then get in touch with a leading brokerage in Vietnam. WesternFX has been in this scene for quite some time now, with clients across the continents. We can improve your performance, make more room for profits, and add value to the business of Forex trading.