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Simple Guide to Setting Up a Forex Trading Account

Getting into Forex Trading can be daunting due to the thought of it being complex and confusing however setting up an account and starting to get your head around where to find quality tools and information is simpler than most think.

The first step is to set up an account with a Broker. There are many to chose from and I personally use an AvaTrade account due to the selection of tools available and the competitive spreads.

To set-up an account with AvaTrade download the app and follow the simple set-up guidance from the link below:

Then make your initial deposit and you are good to go!

To start trading, you need to download the Meta Trader 4 Application and link your account to get access to the full range of Forex Markets.

In order to link these accounts:

  1. Log in to your Ava Trade account.

  2. Go to MY ACCOUNT and locate your MT4 Login Details.

  3. Open the Meta Trader 4 app and select the following:

    1. Settings

    2. New Account

    3. Login to Existing Account

    4. Search for Ava-Real 1

    5. Log In with your account details

Once your accounts are linked you are ready to trade with access to all the major Forex Markets.

To support with your money management and chart analysis I would advise utilising the following trading tools:

The Stinu App

This is a money management application that helps to calculate the correct position size in seconds to control your risk before entering a trade.

The fastest way to follow markets. TradingView gives you access to live charts on all different timeframes and styles to discover investment ideas. The charts come with a host of tools to complete your technical analysis on individual and multiple charts concurrently. You can also write and share your technical analysis indicators and strategies with the TradingView community.

Now you have all the tools to start your Forex journey check out my article on a Beginners Guide To Forex Trading to get started!

I hope this has been helpful and happy trading!

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