AbleForex answers:

Like everyone else has said you need to take your time when deciding to trade the Forex market. That being said, if you are willing to learn how to trade it properly and are patient you can make money even with a small ($5000) account.

You will need to set strict money management rules, that is how much to place on each trade, how much you are willing to lose on each trade and how much profit you are happy to take on each trade.

Greed can do funny things and a winning trade can end up a loosing trade.

Follow these 10 steps

1. Get access to and read as much free information as possible

2. Download free Forex Charts

3. Take some Forex courses

4. Test and trial a couple of different forex strategies to determine which is best for your personality. Don’t rush this stage as you will really get to know yourself, how you react to loss, greed, fear and you will come to an understanding of how much time you really want to commit to your trading.

5. Open a demo account with an online forex broker, and start with a conservative amount in your account between $5000 and $10,000.

6. Simulator trade for between about 3 months

7. Open a Mini-Forex Account and fund with a conservative amount of money, between $300 – $2000.

8. Build your confidence by taking small amounts from the market consistently.

9. Throughout this whole process develop a trading plan that will consist of
a. What size your real trading account will be
b. How much you will trade each time
c. What timeframes you will trade
d. How much you will risk each trade

10. Trading for Real – Start trading a real account and continue to monitor and track your progress, recognising that you are a continual learner.

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AbleForex answers:

If you want to trade forex, you need to trade futures. If you don’t have enough money you need to save the money while doing something else while learning more about forex and then trade futures. Once you are able to trade futures you could add options on futures if you wanted but you do not need to do that. Generally speaking successful option trading is more difficult than than trading futures or stocks. Options are never simple vanilla.

AbleForex answers:

I have an FXCM Micro account for demo purposes.

As far as I understand it you can withdraw your money as often as you like but keep in mind that there may be administrative fees associated with each withdrawal. So be mindful of your withdrawal frequency.

I enjoy the Micro account. The platform is intuitive and very easy to use. I would recommend FXCM for anyone looking for a Micro account.

As far as making a living goes I personally don’t withdraw money from my trading account as my trading methods dictate that my profits be “reinvested”.

AbleForex answers:

I’ve posted this before, but I think this applies here.

Choosing a great trading platform is an important step in Forex Trading. A good one should offer the following:

Easy to Use
The software you use should be easy to understand and it shouldn’t take a long time work-You should be able to trade right away. If it’s too complicated to even start, how will you be able to use it to trade regularly!?

Real Time Quotes
Because Forex Trading is done 24 hours a day, and you need to have live quotes. Live quotes give you control of your money and you can check on it whenever.

Trading Rates
The software should have a freeze option when you decide to buy or sell.

Your Part
Do not be greedy! Before you start, figure out how much money you want to invest, and stick to it-Do Not Go Over!
Trading is not a ‘get rich quick’ deal. Just like starting any new job, trading takes time to learn and involves risk and loss, but can potentially be a great source of income-once it’s mastered.

I would recommend:

http://www.bmfn.com.au

AbleForex answers:

“Tight spreads” are certainly a consideration, but not the primary one. It’s like “stock” brokers, they’re all pretty much the same.

What you should be concentrating on are the resources that will make you money. You want the best trading platform, best executions, best help money can buy. If you can make money trading, the spreads aren’t going to matter. I would gladly pay double the spread if I can make twice as much money.

Don’t do this on the cheap. If you can’t afford the spread, don’t trade. This is typical of a novice; asking all the wrong questions.

Like any vocation, it takes hard work, lots of study, and the testing of your theories, learning what makes you tick, learning your own particular time and stress levels, and fighting the emotions of fear, greed, and loss of hope.

Most traders spend their entire time looking for the Holy Grail of indicators. Your success or failure lies within you, not some indicator, or how tight the spreads are or how cheaply it can be done.

If you have $3,000 for the trading software, PremiereTrade is a great place to start because of all of the training sessions, Message Board, Live Trader Commentary, chat rooms and the ability to actually talk to their traders. I’ve never seen these kinds of resources elsewhere.

You want to give yourself the best chance of success, not hog tie yourself to some cheap, limited, and disadvantaged setup. Do yourself a favor and put the odds in your favor.

http://www.bmfn.com.au

Http://www.premieretradeai.com/

http://www.forextv.com/FT/Video.jsp?channel=41

http://umgarticles.atspace.com/forex-trading.htm

http://www.fxstreet.com/rates-charts/usdollar-index/

http://forex.tradingcharts.com/

http://www.dailyfx.com

http://www.forexbastards.com

http://www.forex-options.com/

http://4xcampus.com/