Choosing A Trading Platform & Opening An Account

If you want to get started with online forex trading after knowing that you need strict discipline to be a profitable forex trader, you’re going to need to open a forex trading account.

There are literally hundreds of brokers out there and many different trading platforms that you can choose from if you want to start trading forex. While there is little difference between the actual platforms (in general), I believe that there are a few things that you need from a trading platform and broker:

1. You want your money to be safe, especially if you are depositing thousands of dollars. Make sure that the broker you choose to open an account with has been in the business for many years, has a good reputation and has segregate accounts for client deposits.
   
2. Low costs and small spreads between currency pairs.
   
3. Good-looking software that is easy to use and has all the technical analysis tools and indicators that you need to trade.

I’m personally using eToro for Forex Habits and highly recommend them as they have proven to be reliable and with great customer service.

Among the reasons why I prefer and recommend eToro are:

• They have been around for over 5 years
• Their costs and spreads are low (as low as 2 pips)
• Their platform is functional and web-based so it’s accessible from any computer. No need for your own laptop with trading software installed.
• They have great service and help if you need any
• There is up to $1000 bonus if you open a new account with eToro

Before you deposit any money, I recommend you download a demo account from eToro first to see if you like the platform and to get used to trading the forex markets. You can test out your strategies without risking your own money:

Good luck!

Remember to ALWAYS, ALWAYS use a stop loss and never risk more than 3-5% of your account on a single trade.