Currencies Tutorial Home >Internet >Online services >Online Investing >Expanding Your Skills >Currencies   Step 1:  Currencies Intro In trading foreign currencies, you profit from price moves between one currency in relation to another—such as the US dollar in relation to the Japanese yen, British pound, German mark, and so on. As with all advanced investing techniques, trading currencies is high-risk/high-reward. Currency trading is highly leveraged, which means that you can use margin to magnify your profits (or losses).   Step 2:  Learn All Your Can In additional to reading all you can about currency trading, you should also research information available on the Internet. You'll find a wealth of information about exchange rates, trading techniques, currency tools, and other resources online.   Step 3:  The Currency $ite The Currency $ite (www.oanda.com) offers news, tools, converters, and forecasts for the sophisticated investor. You can also sign up for a free trial of their advanced currency forecasting system.   Step 4:  Forex TRC The Forex TRC, Foreign Currency Trading Resource Center (www.forex-trc.com), offers detailed information about currency trading, trading software, and related books.   Step 5:  Test it Out First Before you actually trade currencies, you should try a simulation first. One to consider: the International Currency Trading Challenge (www.globalcontest.com), where you can actually win real money if you discover you have a talent for currency trading and are the site's monthly winner. Another simulation to try is FX Trading Simulation (www.forextrading.com/members/tradegame).