I used to trade forex a few years ago, it is EXTREMELY volatile but you can still make some good money off it. You need to be very disciplined though and be very selective of the broker you go through as some are fly by night companies and disappear when you want to withdraw funds.
Go through the training at Babypips.com first, then run a demo account. Trade it as if it is your own money and after you have doubled it, put in money. It is very risky, but overall I ended up making a nice profit over a year or so.
secondly, open a demo account with a broker, anyone does not matter, just get used to the feel of it…(but avoid the local brokers, you will get better value with a European based i.e better spreads, charges), you can always use a european based vps if you are worried about speed.
thirdly, divorce yourself from any emotion if you intend trading. It helps, you cant fall apart when you lose money, you will make rash decisions trying to earn it back, and then lose even more in the process.
and, finally only trade money you are willing to lose.
Would recommend BabyPips, found that quite informative. Have also traded a demo account, but didn’t do too well for the short period I had it. But did enjoy it.
OP, try thinkorswim paper money. Fairly easy platform to get used to. They will let you have free access for, I think, two months and you can reset the platform when you lose all your paper money. Remember the emotion when you are down $10k in paper money, then multiply that feeling by 1000+ when you lose real money.
Forex is heavily leveraged. 50:1 and up. And like that wild girlfriend you had at ‘varsity, when she’s on she’s astonishing and when she’s not she’s downright diabolical. Forex trading is NOT for amateurs. Repeat NOT. Refer to FXCM from earlier in Jan after the EURCHF debacle.
Best thing for retail investors is to stick to standard investing in stalwarts like AAPL, GILD, BRK.B etc. The key elements I got of it was as follows:
- Don’t trade on emotion
- Only trade with what you can afford to lose
Do that, and you will be fine… or throw your wallet into the Harties!