Forex | FX Operator | Currency Trading

There are two ways to learn how to trade currencies: The cheap way and the expensive way. If you’re new to FX, let me recommend that you seriously consider the former and let the latter go until you’ve got at least the basics figured out.

Obviously, the expensive way to learn how to trade the forex is to open an account with a broker, deposit several thousand dollars, and then go wading into the market with no idea what you’re doing. If you have more money then sense, then you might enjoy the ride.

The cheap way to learn how to trade forex is by not using real money. You are going to be amazed at how many bad trades you make when you’re first getting your feet wet. Those bad trades will wipe out your cash before you even know what happened.

It’s not just picking the wrong currency pairs that will trip you up in the beginning; it’s also your susceptibility to making the same common trading mistakes that so many new traders make including:

And that’s just the small list of common FX trading mistakes.

When you paper-trade, you risk nothing. Your education is free and you preserve your investment bankroll until you’re ready to go live. And that’s the smart thing to do.

Many FX brokers provide demo accounts where you can simulate trading strategies without risking your capital. Some of these offerings are pretty sophisticated in that they actually allow you to place simulated trades in a real-time environment where you can watch your orders being filled and see everything that an actual trader sees.

These advanced simulated trading accounts often work like this:

This is the best way to get a “Master’s Degree” in forex without going broke doing it.

Another option that many new FX traders use, as well as pro’s who want to test new strategies or sharpen their trading skills, is a product called PriceMotion FX. This is actually an FX trading “game”, but don’t let the word “game” fool you. It’s no toy. The product sells for $79 and it runs on your PC. Installation is quick and easy.

The software provides a number of features that allow you to simulate actual market conditions and scenarios including:

But perhaps one of the most interesting feature of this software is the ability to roll-back trading decisions and re-execute them using different strategies. This allows you to test “what if” strategies and see how the results differ each time using the exact same market data for every test.

Many users find that PriceMotion FX is more valuable to them than a free trading account with their broker because of the lessons it is possible to learn using all of the simulation features.

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3.21 Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved."

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