For a while now I have been contemplating being an online forex trader. I am working and studying CFA but I want to try my hand at online forex trading to put some of what I have learnt from the CFA program to practise since my work is not in investment management and also to boost my income. Does anyone know the best trading platforms I could consider? Since I am totally green in forex trading which trading platforms offers the best training and induction into the industry. I know that to be a forex trader one does not need to have a background in finance but does one’s involvement in the CFA program allow one to better understand the intricacies of forex markets vis’-a-vis online forex trading?
Economically speaking, I would say the CFA program absolutely allows you to understand the FX markets better. Personally, I use Think or Swim - you can trade equities, options, FX, and futures all under one account. In the past however, for FX I’ve also used GFT (& also Refco!). GFT actually has, in my opinion, a really nice platform. My suggestion to you is to go onto these different websites and open a demo account and download their platforms. That way you can get an idea of 1) if you really want to trade FX, 2) which platform you like best, and 3) who has the best spreads for the ccy’s you want to trade.
forex is definetly not something a novice trader should get involved with, there are wayyyyyyyyy too many factors involved with currency exchange rates. CFA curriculum will help you understand the basics of forex but the intricacies of forex is def something you would have to learn over time by following the region that you are trying to trade in.
NP1989, there are many factors that move currencies, but reading and fully understanding the L2 material (especially the Econ) seriously helps with your ability to digest and interpret the economic data that makes the FX market so volatile. lol… and Let me reiterate my suggestion… open a demo account first.
lol yeh didnt see that part of your post i agree 100% with the demo account suggestion. I haven’t begun the level 2 material just yet so i guess i shouldnt speak to that just yet.
I trade with OANDA. They are the best in the industry in terms of platform, spreads and execution. No complaints so far.
you can try, but L2 curriculum is not going to help you much. the theory of it is far far away from practice. I personally do not believe in forex as an investment tool. but if you can beat S&P500 with online forex trading, by all means go for it.
CFA is more usefull for equity valuation. I wouldn’t even try forex due to small moves in the currency markets unless I had atleast a million dollar in equity or I could leverage heavily. For me shorting penny stocks much better 
and again CFA doesn’t have to do anything wih this here.