| Trying to decide whether or not you should use | | | | 1) Check |
| Forex managed accounts or do trades on your own? | | | | 2) Bank wire |
| There are pros and cons to both. | | | | 3) Money order |
| Forex accounts that are managed have traders that | | | | 4) Credit card |
| buy and sell currency pairs with your money. They | | | | 5) PayPal (only a few use this option) |
| make money by the spread between the buy and | | | | Once your application and funds are received, you |
| sell points, a percentage of your profits and | | | | are ready to have trades started. If you want to |
| sometimes an additional fee per transaction. | | | | make a withdrawal, you'll need to contact your |
| When you trade by yourself, the most you pay is | | | | broker unless you are using a discount account. Then |
| the spread between the bid and ask prices. A broker | | | | it's just a transfer into your bank account through |
| that manages your trades will take around 30% of | | | | the trading platform. |
| your profits. | | | | Taxes on your profits need to be considered. You |
| If you go with a managed Forex account, you need | | | | are responsible for paying your own taxes as no |
| to fill out an application. This covers their customer | | | | broker will remit it on your behalf. |
| agreement and other legal details that allow them to | | | | Trading in the Forex market can be far more |
| access your funds and make trades. | | | | profitable than trading the stock market. You can |
| Most of the top managed accounts will require very | | | | make money if the market is trending up or down. |
| large deposits. You'll need to be prepared to deposit | | | | It's easier to do as there are only 6 currency pairs |
| up to $25,000 to even be considered. Personally, I | | | | that should be traded. With stocks, there are |
| would never turn over that kind of money to a | | | | thousands you could be watching. |
| complete stranger. When you do your own trades | | | | Now that you are armed with this information, you |
| through a discount broker, $250 to $500 is all you | | | | can make a better decision on whether or not you |
| need. This is more than enough to get started. | | | | should use a Forex managed account or a discount |
| To fund either a managed or discount trading | | | | broker. I use a discount broker because I found an |
| account, you can do it by: | | | | easy way to trade. |