Forex newbie questions

[Rob_A]

Hi Guys

Have recently become interested in Forex. I work full-time during the day and have an investment property. Thinking of having a go at this. Am I able to start with an account of say about $200 and see how I go?

I have been playing with a demo of FXCM Trading station. Is there any others I should look at ?

Also how do I go with Tax on this, is it counted as income?

Thanks

Rob

 

[BrightGreenGlow]

Yeah profits are treated as income.

 

[BobMa]

It will probably be considered capital gains but always always try demo account and never buy any commercial junk

 

[cogs]

Sure, open an account with $200 and see how you go. Make sure it's $200 you can afford to lose.

 

[CanOz]

A small account is fine as long as you can take micro positions. Otherwise, if they are letting you take larger positions using leverage then you'll wipe out before you can learn anything.

An account size that small is a training account, so try and learn something, get an edge.

Cheers,


CanOz