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

One Suggestion on Accounting for Taxes in Forex Trading

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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