While it is possible to make a profit with forex, it is important to learn about it first. That’s where the demo account comes in. Use your demo account wisely to prepare yourself for every possible scenario that might happen once you begin trading for real. Use the following tips to give you the advantage in Forex trading.

Pay close attention to the financial news, especially in countries where you have purchased currency. Current events can have both negative and positive effects on currency rates. Set up alerts to your e-mail and internet browser, as well as text message alerts, that will update you on what is going on with the markets you follow.

One trading account isn’t enough when trading Forex. You need two! One account is your live trading account using real money, and the other is your demo account to be used as a testing ground for …