Consider the Currency Markets in 2009

Do you have any other advice for investors who may want to trade in the currency markets?

BD: Investors that want to get into the currency markets need to do their homework first. They need to understand money management and risk management. They also need to spend some time on a practice account to experience activity in the foreign exchange market without really risking any money.

It is also important to note that there is a difference between investing and speculating. Much of the activity in the currency market is based on short-term speculation - it's much more of trading as an enterprise as opposed to buying shares of Google (GOOG Quote) (Stock Quote: GOOG) or Citigroup (C Quote) (Stock Quote: C) and holding them for the next 15 years.

Is there any way to access currency markets if you are not an active trader?

BD: Exchange traded funds for currencies have become very popular and that's another way that's easily accessible for retail investors.