Forex Morning Trade System

3 Setting up the system

In this section I will take you step by step through everything you need to set up so that you can start using the system.

It is important to note that Forex Morning Trade System and its indicators have been designed to work with the MetaTrader 4 trading platform. MetaTrader is widely used trading software, and you can download it for FREE from your broker. You'll see how to install it in the following sections.

3.1 Opening an account

I'm assuming here that you have never traded Forex and don't have an account with Forex broker. If you already have an account, you can skip this point.

One of the best advantages of Forex compared to other financial instruments is that you don't need to have big capital to start trading.

You can start for free on the demo, or with as little as $500 on live account, trading with micro lots. This is ideal for the beginners to practice and learn.

If you want to invest less than $1000 to your account, you should find a broker that supports trading in microlots (0.01 of standard lot).

If you'll invest less than $10,000, your broker should support trading with minilots (0.1 of standard lot).

You can find a number of Forex brokers that use MetaTrader at http://www.everythingforex.net

Every broker allows you to download MetaTrader from their website for free, if you'll open demo or live account with them.

The MetaTrader is essentially the same for all brokers, the main difference is the time zone in which the prices are shown, for example ODL MetaTrader is based on GMT, and Alpari is based on GMT 2.

We'll always use GMT time zone times in this book, and I'll show you later what to change if you use broker with different time zone.

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