Where can i papertrade the forex market?

KenLong answered 2 years ago …

Chaos,

There are no pattern day trader rules in Forex trading. You can day trade a mini account if you want to. I wrote to my brokerage to check.

You can day trade Forex anywhere you can get an account. Its a very common practice.

FXCM and GFT will both give you a demo account for free. No need to fund a real account. Just kick the tires and practice.

Many regular brokerages offer Forex now. They all offer demo accounts to paper trade. Some have better analytical tools than others, and they all offer different spreads to make their profits. Shop around.

Some things to consider:

Forex has an unlimited gain and loss, you can lose more than you have in your account!!! Always use a stop!
Stops do not show in the market, the way they do in the stock market. They are held by your broker.
The spread is tight and there is virtually no slipage, no matter how large your order is.
Forex is extremely liquid, and responds very well to technical analysis.
Trends tend to be long lasting and stable. Still maintain a stop. Just dont forget the power of a trend.
Interest is calculated every night. Either for you or from you. If you hold a trend be aware of the interest carry.
And of course, different markets are active at different times. Asia in the evening, Europe over night.

A good book to read:

Day Trading the Currency Market
Technical and Fundamental Strategies to Profit from Market Swings
Kathy Lien, Chief Currency Strategist, FXCM

This is like the bible of currency trading