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Forex, or foreign exchange currency trading is a highly volatile, risky and lucrative business. This certainly isn’t a market or investment strategy for beginners, however thousands of newbies delve into the world of Forex every day. Did you know that over 95% of new investors lose money? If you’re planning to trade currency, it’s best to learn the ropes simulating actual trading.

With an automated forex trading software, you’ll be able to practice making trades without any risk at all, and when you’re comfortable with the decisions you’re making and start to see a positive cash return, only then will you be ready for the real thing. It’s much less painful to make beginner mistakes when you don’t have hundreds or thousands of your hard earned dollars on the line.

OK, so you’re convinced and you need a simulated trading program. Well, you’re in luck – the Internet is your friend. Online brokers are salivating for your business; with most of them offering beginner tips, resources and practice accounts to lure you in. In many cases practice accounts aren’t free, though often Forex brokers waive the fees once you switch to a real accounts. Smart folks these brokers are. The fee, whether you pay it or not, is well worth it considering the amount of money you could save making even one bad trade. It’s much easier to suffer loses when you’re playing with virtual money.

The forex practice program you’ll learn on will probably be very similar and nearly identical to the software you’ll be using when you finally setup your real currency trading account. This familiarity is crucial, as being comfortable in the tools and information available to you is really the key to being successful with anything, and stocks and currency is no different. If you can focus on the task at hand, in this case the trade, you’ll be confident in making the tough decisions that come with laying it all on the line.

With that being said, make sure you choose a good program. Read online reviews, talk with other investors and ask for second opinions. Try a few different automated trading software programs before you fully commit to one, you’ll never know if yours is the best for you unless you’ve tried others. Some are desktop programs, which are usually more robust; while some are “in the cloud” so to speak, and online. Internet based software is still very nice, and might suit your needs better depending on your lifestyle. While not as pretty as some desktop programs, the information is usually similar.

Remember, before settling down with a particular automated Forex trading software program, make sure you can have a demo account to learn the ropes before putting your real money on the line. Even if you have stock market experience, Forex is much more risky. The odds are stacked against you as a beginner, and beginners account for much of the money the experienced traders make. You’re either the shark, or the bait, as they say in the Forex market. Best of luck.

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