I agree that Forex is quite risky and you need to have a good strategy that you stick to to be successful. It is essential to have clear entry, exit and profit points for each trade. Don't try and force trades and use stop losses. If you don't stick to your own rules you will fail in the long run.
Forex trading is interesting and dynamic, but also very risky. I echo the comments about making sure that you receive proper training and that you use a demo account until you are able to consistently make money on the demo account. What makes Forex trading risky is that you can easily stretch yourself too thin very quickly and suffer big losses. Clear entry and exit points, a solid strategy and the self discipline needed to stick to your strategy are non-negotiable if you want to succeed.
Investopedia has been mentioned a few times here on Bull Market Board and so I thought I'd check on their simulator. I signed up for the stock simulator just to take a look at it. And then I did a search on their site to find that they had a new FX Markets trader. A few of you above have asked about that so here you go. Let me know what you think of both (or either) of the tools. http://www.investopedia.com/fxtrader
Regarding the risk aspect, one way to limit your losses is to use forex options, although it does take a bit of getting use to(picking the right strike price, expiry etc). This is of course more relevant on the higher time frames, where it is often possible to find options with small premiums. Trading off the daily chart often involves very large stop losses if you're trading the market directly.
I do a simulator every week on with Forex to see if I've got what it takes. The high stop-losses are probably the best way to do it. I have to say, though, it's gotten me pretty rough a few times.
I just started a demo account on forex and I had no luck at all, I think I lack technical analyse skills and experience. any suggestions other than keep losing my fake money?
I don't know much about Forex trading or if it is even the same as binary trading? But I know that when I tried to get involved with the trading currency, first I did real well and then I lost it all. So it was more like a gambling game, you never know what your going to get. I am not saying that people shouldn't do it, by all means if you know what your doing then go for it. But in my case I had no clue as to what I was doing and that was probably what factored me loosing it all. So trading is not for me. Although I wish I could trade because I think it could really pay off if you know how to do it.
I would suggest the old rule of the thumb; never put all eggs in one basket. There are many offers in the foreign currency exchange market and when it comes to start trading with a demo account, you don't lose anything trying different brokers because it couldn't be your lack of experience or skills but a complex setting. Keep in mind that is not just about the fake money you can lose, but the real one if you are doing transactions in a non-intuitive environments. Opening a demo account with different Forex brokers will let you see if it's the account setup what is making hard get the right market analysis or is really that you need to develop further ability to invest in this market. In addition you will be able to compare among the different brokerage services and make an educate decision for the best one.
Forex trading is not for me either. I am not good at analyzing Forex charts. Also I can not handle the stress of worrying about losing everything. Isn't Forex trading riskier than stock trading?
I have been a trader since 1998 and I started with commodities futures. Coincidentally, this was the same year that the Foreign Exchange market was opened to the general public. Before this point banks were the only entities that participated in this market. People would always allude to banks investing their money in the past, and this was just one of the ways banks would leverage the money held in their institutions by account holders. It switched from commodities to FX when I found out that my techniques would just as easily apply to the FX market as they did for the futures market. You can trade at anytime day or night on the weekdays, and you can monitor the markets around the world, giving you a wide array of options to trade. I much prefer FX to stocks or any other form of trading.
