If you have been trading in the foreign exchange market for some time, you may consider the possibility of specialization. Be it a broker or a CPO (commodity pool operator) or create a small business that manages small customer accounts. Proposing their foreign exchange accounts to customers or running them is simple. There are several ways to solve this problem.
Many forex traders begin by recruiting customers they know. It can be friends, family, colleagues, or acquaintances. This is the easiest way to get experience with other types of accounts compared to your own account, and it is also a way to start building your reputation. Of course, if you make any forex trading mistakes, you lose their money with this shortcoming. However, this is a good way to start using the foreign exchange industry.
A broker can be very experienced in the foreign exchange market and have a good reputation, or they can be registered members of the CFTC (Commodity Futures Trading Commission). Since foreign exchange trading is considered private investment, there is no need to report earnings. This also means that there is no special diploma or certificate. As a registered member of CFTC and NFA (United States Futures Association), it has added strength and legitimacy to becoming a professional foreign exchange dealer. You are registered as a CPO.
What do you decide to become a professional foreign exchange trader? You need to hire a legal advisor who specializes in the foreign exchange market. They will not only advise you but will also provide you with any documents and documents that need to be official.
Changing your forex trading from supplementary income to full-time work may be a fairly simple transition. Deciding on the direction you want to enter the professional foreign exchange market and establishing a trustworthy reputation takes longer.
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Orignal From: Specializing in foreign exchange trading
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