What is Forex?

The Foreign Exchange market, also referred to as the "FOREX" or "Forex" or "Retail Forex" or "FX" or "Spot FX" or just "Spot" is the largest financial market in the world, with a volume of over $2 trillion a day. If you compare that to the $25 billion a day volume that the New York Stock Exchange trades, you can easily see how enormous the Foreign Exchange really is. It actually equates to more than three times the total amount of the stocks and futures markets combined!

Do I need any past experience to trade the Forex?

If you go it alone, then yes, you need experience and understanding of how the markets operate and the jargon that goes with it. Today there are Forex software programs and bots that make the decisions for you and can prove to be very lucrative indeed. These have now become very popular as you don't need to invest hours yourself watching the markets, you can set it up and let it do the work for you.

What Tools Do I Need to Start Trading Forex?

A computer with an internet connection or virtual private server [VPS] for remote trading is all that is needed to begin trading currencies. No Forex exchange knowledge is needed.

You will need to open an account with a Forex broker to buy and sell the currency. There are many brokers around offering different spreads and various services, so it's best to shop around and see which is suitable for you. We mainly use Alpari as our broker of choice.

For Internet trading you will need a trading platform. Meta Trader 4 is currently the most popular and offers a very good platform to trade from with excellent features.

What different strategies are there for trading?

There are many. Robots such as FAP Turbo use two different strategies. One is short term scalping where the aim is to 'scalp' a small level of pip profit from the quickly changing currency pair prices. The second is long term trading where you may open a trade one day and wait to close the trade in maybe a weeks time. Both require that you understand which way the market is moving, however with the many expert advisors on the market, they do this for you.

What are the best Forex robots/Expert Advisors on the market?

Well you will have to decide for yourself. We mainly use FAP Turbo - The past results are not backdated and are real results also they are updated on their site automatically every 15 minutes if there are trades. However, a quick look around this site will give you informed facts about each of the most popular robots so decide for yourself which will suit you best.

Can I practice trading without using real money?

Yes. You can set up a 'demo' account with most brokers and trade as would normally, except the money is not real. In other words you are 'paper-trading'. This is a great way to see if a particular robot or strategy works before risking your own real money and is very much a recommended practice even if you are a hardened trader trying something new for the first time.