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If you have a computer and a fast Internet connection, you have the tools to do online Forex trading. In the old days, you had to wait to speak directly to a broker before trading. Internet technology has provided many platforms that allow you to trade instantly, and access your account 24/7.
FXClub.com has Forex trading software to choose from, and most offer complete research capabilities, as well.
One of the best platforms for beginners is Oanda's FXTrade. It is 100 percent automated and offers transparent "real-time executable pricing" with no trade minimums. Interest is paid continuously, and the company is committed to tight spreads.
There are no monthly fees, no commissions and no charges for stop or limit orders.
You can also transfer funds to and from your Paypal account.
The Internet is full of salesy sites promising you millions if you buy their Forex course or trading system - and not all of them are legitimate, so it is wise to be careful.
Some trading systems and courses that have good reviews include Peter Bain's Forex Seminar Video Course that starts from the beginning and details systems for winning and The Day Trade Forex System, which teaches fractal trading techniques.
For more advanced traders, FXSol is often cited as a great platform due to its enhanced hedging features. This sophisticated platform allows you to place up to five stops, limits and trailing stops on each trade to manage your risk.
It also provides mobile alerts or email alerts, a view with two currency pairs at a time, a ticker view, and pip and margin calculators.