If You are New to Forex Trading, Limit Leverage Limit Your Exposure While Trading Forex

One Suggestion on Accounting for Taxes in Forex Trading

Some FX traders may generate as many as 1,000 trades in a year. A platform that reconciles all those trades into an easy-to-understand, end-of-year income statement, breaking down all profits and expenses, can be invaluable. Reporting, though hardly the glamorous part of FX trading, is a crucial part of a trader's personal record keeping and can have significant tax ramifications.
Source: http://www.investopedia.com/articles/forex/05/DemoTrade.asp