To begin your Forex career, you have to be ready to consider many things before you can see your first trade. Step number one is finding a broker you can trust. The broker you choose is very important, given that this is the person that will be in charge of all your trading activities.  To begin with, they are all different.

Some have been in the game a long time. Some are just starting out. Moreover, there are so many to pick from that your head might start spinning. In making your decision, here are a couple of considerations to keep in mind in order to find the one that works for you:

First off, you want a low spread.  Think in terms of “pips,” which is the difference in the price of the currency when it is purchased and when it is sold at any given time. You want to find a broker that offers a low spread. This is how they make their salaries. They don’t, for instance, charge you a commission.

You want to find a good broker. This is about quality of service.  Just because you are being offered services cheaply, doesn’t mean you will end up working well together. In this market, your broker is likely working for a bank or another type of financial organization. You want to make sure that you are working with a FCM registered broker, and look into whether or not your broker is regulated by the CFTC. If not, find a new one.

Different brokers provide you with different services. Their methods of trading vary, and you need to find one that is in line with your particular personality. Some provide you with real-time graphs, highly advanced technical speculation tools, software, data,  breaking news, and customer support. You are looking for a broker that can give you what you need at a fair price. Not everyone needs the same type of service.

What you want is leverage. That is the key to successful trading. This is because deviations in currencies can be as small as 1/100 of one USD penny. You basically have to buy on margin. You give your broker a deposit, and based on his lending ratio, he gives you more money to work with. You want a broker that will give you a lot. For instance, if you give $1,000 there are brokers that will lend you $100,000 to work with. Be careful though. If the currency takes a turn in the wrong direction, this leverage will come back to haunt you.

There are also various types of accounts you can work with. Some brokers provide more than one alternative.  You can start with a small account with only $500. You will also be required to have a minimum amount of start-up capital, ranging from $1,500 to over $20,000.

Lastly, if you have the money, take advantage of the many special accounts that offer incredible leverage, tools and support.