What Are Currency Trading Online Demo Accounts?

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Currency trading online demo accounts allow investors to practice trading foreign currency before putting actual money into an investment. Discuss currency trading with an experienced brokerage firm using tips from an insurance and financial adviser in this free video on currency trading.

Part of the Video Series: Currency Trading Tips
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Video Transcript

My name is Bill Rae. I'm with Alumni Financial Services. I've been in the finance and the business world for well over 20 years. Today, we're going to talk about online currency trading demo accounts -- what are they? Well, first of all, what is currency trading? Currency trading, basically, is a betting, if you will, that one country's monetary system or value will rise or fall against another's. For instance, is the U.S. dollar stronger than the Euro dollar? Is the Euro dollar stronger than the yen? Which one will rise or fall is what currency trading is all about. There are numerous factors that play in to why a currency rises or falls, and that's what you need the online demos for. What I can tell you is there are many brokerages out there -- very good ones -- that have online tutorials, if you will. I urge you to go to them, use them, talk to a licensed broker if you're going to get into currency day trading. It is a high risk, high reward type of investing, so know what you're doing before you do. I've often been told that day trading or currency trading is kind of like ski-jumping on steroids for a living. You never know where you're going to end, but it's guaranteed to be exciting. My name is Bill Rae. I'm with Alumni Financial Services, and as always, seek good, sound advice, and we're here to help you build wealth.

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