Forex newbie questions - Aussie Stock Forums

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  1. #1

    Default Forex newbie questions

    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?



  2. #2

    Default Re: Forex newbie questions

    Yeah profits are treated as income.

  3. #3

    Default Re: Forex newbie questions

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

  4. #4

    Default Re: Forex newbie questions

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

  5. #5
    CanOz's Avatar
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    Default Re: Forex newbie questions

    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.


    "Dump everything aggressively. Take the price to a place where it trades" - Michael Platt - Hedge Fund Market Wizards

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