There are many steps in Forex trading. Determine your goals, complete research, open a Forex trading account, fund the account and commence trading.
Forex or FX means foreign exchange. Foreign exchange trading is purchasing one currency for another and later selling it. The foreign exchange market works round the clock as almost all the currencies of the world are traded. It is not only done by traders, but is also performed by banks, firms, investment banks, businesses, hedge funds etc., Forex is generally traded in pairs, example, Canadian Dollars and US dollars, Indian Rupees and US dollars or, say UK pounds and Canadian dollars, etc.,
You must have a device and an internet connection. It could be a mobile, desktop, laptop or a tab.
You must determine how much funds you are going to invest in this trading.
Make research currency pairs and choose the ones you wish to trade in.
You can do technical and fundamental analysis of the currency pairs.
You must complete research on the various online forex brokers available in Canada. You must check the fees, minimum balance, investment industry regulatory organisation of Canada (IIROC) approval, average spread etc., and narrow down to one broker that is suitable for your needs.
Open your Forex Trading Account and fund your account from your bank account. It could also be a margin account where the broker loans out money for your trading activity.
Place your first trade. Before doing the real trade, some platforms offer you to do trial trading with virtual money. You can test your strategies using this demo account.
Forex trading in Canada is fully automated and is easily accessible. The money you put in is highly liquid as the market is global. However, it is prone to volatility, market risk and economic risk. You require a huge amount of money to make a considerable profit. In addition, you require knowledge and must spend time in devising strategies to be successful.