The FOREX (Foreign exchange) markets are the most traded markets in the world. With an estimated traded daily volume of more than $3.2 trillion dollars it’s no wonder most people want a piece of the action.
You can make, and lose, a lot of money trading FOREX very quickly. Me personally I have dipped my toe into the FOREX trading pool once or twice and have paid the price. As a beginner to spread betting I think trading FOREX is dangerous. Therefore I would recommend you learn more about FOREX and what strategy you are going to trade before you start.
I know some people make a lot of money trading FOREX but the thing you have to remember is for every FOREX winner there is a FOREX loser. If you are tempted by FOREX trading then I would suggest proceed with caution!
I don’t really have much experience with FOREX except for the few times I’ve mentioned previously. If you want to learn more about the FOREX markets I would suggest read, read and read some more. I don’t know of any good books but below are a few books that I’ve found on Amazon. I have no idea what they are like but if there is one FOREX book you would recommend above the rest please let me know for the benefit of other people.
I think a lot of the same principles that apply to spread betting equities apply to spread betting FOREX. Keep your risk small, 1% or less. Position size appropriately, cut losses and let winners run. Reading my beginners guide to spread betting may help you understand position sizing more.
Pretty much all the spread betting firms offer FOREX trading. Some have tighter spreads than others. All that you need to do is choose the right spread betting company that suits your needs.
How can I trade Forex?
Almost all the spread betting firms such as ISE Spreads offer forex trading but the spreads can vary so check with each spread betting company for their latest spreads. All you need to do is open a spread betting account with one of them and you can trade forex as soon as your account is open.