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For newcomers to currency trading, the best way to get a handle on what currency trading is all about is to open a practice account at any of the online forex brokers. Most online forex brokers offer practice accounts to allow you to experience the real-life price action of the forex market. Practice accounts are funded with "virtual" money, so you're able to make trades with no real money at stake and gain experience in how margin trading works.

Practice accounts give you a great chance to experience the minute-to-minute price movements of the forex market. You'll be able to see how price change at different times of the day, as well as how various currency pairs may differ from each other. Be sure to check out the action when major news and economic data is released, so you can get a sense of how the forex market reacts to new information.

In addition to witnessing how the forex market really moves, you can

• Start trading in real market conditions without any fear of losing money

• Experiment with different trading strategies to see how they work

• Gain experience using different orders and managing open positions

• Improve your understanding of how margin trading and leverage work

• Start analyzing charts and floowing technical indicators

You can open practice accounts with a few different forex brokers, because each trading platform has varying capabilities and functionalities. In addition, different brokers have different trading policies, charting packages, and research offerings. Also, try to get a feel for the level of customer support you'll receive as a client.