I have watched some tutorials on the Forex site. But I am getting nervous because of all the risk I keep reading online concerning Forex and currency exchange. I will continue watching the videos and take notes as well as set up a practice account. Does anyone have any advice on the subject? What is the best way to start, can you be successful, do you lose more often than you gain? Anything is appreciated.

Answer
Your most important mission is to set up a practice account and make a zillion mistakes over whatever period of time this process may take you (generally speaking expect it to be as long as a year or even more, but of course it could be different)

You would greatly benefit from keeping a careful record of everything pertaining to the trades you're making. What you want to know about your trading is primarily covered by asking yourself this question: Why did I enter that trade? This question will become increasingly easier to answer and "second nature" to you ONLY after you gain experience; that's why this process is so important.

The truth is that you should strive to work with and thoroughly understand the workings of timeframes, chart patterns, support/resistance levels, identifying market trends/direction, entry/exit points, money management, using of leverage, fundamentals effect on the market, etc, to really be equipped enough to trade profitably. Add to that the vital importance of learning to control your emotions as to avoid non-objective/knee-jerk reactive trading.

Ideally and through a process of elimination, you should arrive to a personal system/strategy that proves successful over time. Regardless of what you hear from the naysayers, this is doable, but as you're probably tired of hearing this is certainly NOT EASY... it takes time and dedicated effort like ANYTHING worth accomplishing in life. You will be tested and will be tempted to quit from being frustrated, discouraged, and/or even worse, from excusing your lack of profits by joining the club of those who claim the whole thing is just a scam. (Yes, there are marketeer scammers all over the net who prowl on the naive and uninformed, but be assured that the Forex market is 100% legitimate. You can find successful -professional and private- documented trading records all over the net too.)

Last but not least, it is not true at all that you'll need special "super" computers or equipment to "compete with the pros" as some misguided people here constantly post. A solid platform provided by a reputable broker as well as access to fundamental analysis/quality data is all you'll ever need. But I insist and can't stress enough the fact that knowledge and experience are your best allies and where your time will be best invested. Without these ingredients, your chances at arriving at a working system/strategy are basically null.

Hope that helps and Best of Luck.

How much do I need to get started trading in forex?

How much money does it take to get started trading in the forex market?

Answer
There are many places online where you can get started for as little as $100. There are also places online where you need a significant sum to get started.

Here is what I suggest. Find a site that offers a demo account you can try out that doesn't charge you anything to get started. A lot of the junk out there says they will give you a demo account to get started with after you buy there product. That means they want your money before they show you anything. That sets off a few alarms on my end.

If the system is good and quality then you should be able to try it out without buying anything first. That is how I found the system I use now and I am very happy with the service, support and money I am making.

I hope this helps with your search.