If you have not heard of currency trading or the FOREX market before, then you might be surprised to learn what you may have been missing. The FOREX is the largest financial market in the world with over $3 Trillion traded each day. That is at least 10 times the amount of all the stock markets combined.

Foreign exchange trading have more than doubled since 2001, and increased by 38% between April 2005 and April 2006 according to International Financial Services (Oct. 2006). While a handful of big banks accounted for over 70% of the trading, the number of smaller retail traders joining the FOREX action has increased over the years. There are many advantages and benefits of currency trading compared to the stock market.

• Because of its size and trading volume, the FOREX provides infinite liquidity and flexibility to the traders.
• The FOREX market is open 24hrs a day, 6 days a week allowing traders to choose when they want to trade – night or day.
• There are no bull or bear market. The currencies trade in pairs, meaning one currency is moving in relation to another. You can profit in either direction.
• Unlike the stock market where each market may contain thousands of stocks, there are only a handful of major currency pairs that contributes to 90% of all the trades.
• High leverage, up to 200:1 through some brokers.
• Because the FOREX trades over the counter, your trades are free and consist of low transaction fees based on the spread.

While there are many advantages to trading the FOREX, it is not easy for the average person to master. The majority of beginners often lose their money for lack of experience and using too much leverage starting out. Just like trading stocks or options, by using proper risk management, an experienced trader can minimize losses and make money.

If you decide to trade currency on your own, I recommend reading some good books on the subject beforehand. There are a few highly rated FOREX books to be found on Amazon.com. Next, open up a FOREX account with a broker that offers demo accounts. You can take your time to get comfortable with the trading platform and practice your trading strategies. Once you master the strategies and are successful in turning a profit with your demo account, you can then start to trade with a live account.

On the other hand, if you are like me, I prefer to let the professionals do the trading with a managed account. A managed FOREX account is the way to go if you do not have the desire to learn how to trade and just want to make some money as an investor. There are some pitfalls and things you should be aware of when seeking the services of a professional trader for a managed account.

1. There are many FOREX scams out there. Make sure you are using a reputable trader or company. Use one that is established, licensed and registered or transparent with their credentials.
2. Unless you know a trader personally, never send money directly to one that you found online through a website or news forum without doing a background check. The best arrangement is one in which you open up a personal account at a licensed FOREX broker and then provide a limited power of attorney to the trader to manage your account.
3. Make sure their past performance results are from live trading and not back tested results. Back testing is applying a trade strategy to historical data which can be highly inaccurate.
4. While a professional FOREX trader can give you outstanding results, be aware of their fees and commission structure. Average industry performance fees are usually 20-25% of monthly profits. It can go as high as 40% for traders who have a proven record of getting high returns.
5. Be aware of traders that charges commissions and fees without a “high water mark” policy. Meaning they should not charge you any fees for a losing month until a new account high is achieved in the following month.
6. Most traders will have different trading strategies as options for managed accounts; some riskier than others with higher draw downs. Choose the one that fits your style and risk assessment.

This should be enough to cover the basics and get you started in the foreign exchange market. Trading currency or having a managed FOREX account is just another additional way to complement and diversify your overall investment portfolio. Though the returns can be potentially great, there are always risks. Remember that past performance is not indicative of future results. Do your due diligence when checking out a managed account service.

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