Word of the Week: Scam

Word of the Week: Scam
Other words for Scam: Swindle, Con, Fraud, Bunco, Diddle, FlimFlam, Gyp, Racket, Sting, Hustle

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Fake Check Scam - Fake Check in the Mail

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Forex Play Money to Burn

The vast majority of people don't have money to burn, but if you make use of a free forex demo account, you'll be able to do just that - burn money! If you plan to trade currency you'll absolutely want to begin by using a demo account, or numerous demo accounts to test your trading skills, and to determine which forex trading software will work for you, and which broker will be best for you.

Before you get too excited about jumping into trading currency, you must be aware that like anything else that involves an investment of capital, you can lose a great deal of money if you're not careful. The upside of course is that you can also make a great deal of money by trading currency on the forex. Volatility is a word that should come to mind as you determine if it's right for you. In my first post about the forex, I mentioned some things I'll be sharing with you about the forex, so let's get started!

First off, I'm by all means no expert, but that's the advantage here for you if you're not either, because I'll be explaining things in an easy-to-understand manner for the beginner. I've found much information online about trading on the forex, but some is written in a too well advanced manner if you're a beginner like myself.

To begin your forex journey, you'll want to determine which brokers you may consider. The first thing you need to keep in mind is that you will need to select a broker where you reside, not in another Country. Therefore, you should only select a demo account from a broker you would possibly consider.

Once you select a forex brokers demo account, the fun with play money begins! Keep in mind that the play money forex demo account will enable you to trade large amounts of units, which may far exceed the working capital you will actually have if you should decide to jump into the live currency exchange market!

Be conservative with your approach even while using the demo software. In other words, trade currency in the number of units that would be realistic for what your amount of capital will allow you to trade. That way when you suffer a loss you'll know a realistic amount for the profit loss, and when you profit you'll know a realistic amount that you would profit. Make sense?

Secondly, remember that your goal of using a forex demo account is to enable you to learn to trade, and that what you earn or lose is not the important factor, but instead learning to trade! Of course you'll want to learn to become proficient with your trading, but the point I'm making is that the forex demo account is where you need to learn from your mistakes! So, have fun with it and don't get too hung up on how much money you lose, or how much you gain. Instead let your focus be on what strategies enabled you to win, or caused you to lose.

Trading currency on the forex is not something that a normal person can learn overnight, but rather over weeks, and most likely months, depending on your aptitude and time you have to invest in learning. Therefore, be patient and don't be anxious to switch from a forex demo account to a real live trading account! It will take time to learn!

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