May 31, 2011

Forex Trading How do I get started?

By Planet Wealth

I am a newbie in forex. I will like to know how to get started or where I can get materials to use.

Topics: trading tips | 7 Comments »

7 Responses to “Forex Trading How do I get started?”

  1. kocht Says:
    May 31st, 2011 at 7:57 am

    Forex currency trading is gaining popularity day by day. The main reason for that trend is that anyone can invest relatively small amount of money on this market using a lot of leverage. Another reason is that you can trade from every corner on the planet without even a PC since most forex companies provide platforms for mobile phones. But, if you want to trade in the forex market and generate a lucrative income, you must have knowledge of forex currency trading and be able to know both fundamental and technical analysis. Fortunately, you don’t need to have a degree in Economics to know about them since you can find a huge quantity of information about forex trading in various sources.

    Here Are Some Of Them

    1. You can find books related to principles of forex currency trading in bookshops close to your house and then read one or more books.

    2. A second way to gain knowledge of forex trading is to get e-books relevant to forex trading simply by searching the internet. This is an simple way to get information, and you can find free or paid e-books.

    3. Another way is to join an online currency trading, training course that you can find in various forex and stock related websites. Some charge you an amount of money monthly while others can be really free.

    4. An simple way to gain knowledge is by watching on-line videos that you can find in many video sharing websites like YouTube. Of course, you should be careful because there are a lot junk videos from people who know nothing and simply want to promote their products, but there are many others with valuable information.

    5. For people who want to become professionals traders the best way is by attending in live seminars or courses or even webinars organized by reputable companies and organizations. This is for sure the most expensive way to learn about forex, but it will give you the best chances to succeed in forex trading, not only because of the knowledge you will gain, but mostly from the tips and the insights that experienced and successful traders will provide you in person.

    Next you will need to start observing the currency markets on a daily basis in order to become familiar with the way markets function and how they react in news announcements and at key technical levels.

    Soon after obtaining enough understanding about currency markets, you should open a free demo account of online forex trading with a forex broker of your choice. This will give you a nice example of the profits or losses you would make in a real situation and not in paper, but of course without risking your own money.

    The next step is to start trading with your own money. Even if you made a lot virtual profits in your demo account, you should never risk a lot of money or money you cannot afford to lose especially in your first trades.

    You should remember never to let your enthusiasm make you take unreasonable risks and accept losses and wins the same way as both are part of the game.

  2. Common Sense Says:
    May 31st, 2011 at 7:57 am

    Forex trading takes three skills;
    Technical Analysis
    Trading Money Management (risk control)
    Trader Psychology (yours & the market)

    It generally takes 3-5 years to learn how to become consistently profitable (year to year). On average 95% of those that try fail in a matter of months. It may be wiser to learn to trade something simpler, like stocks.

    There are many books written for day & swing trading. There are books on Forex Trading… but I’d suggest reading basic trading books first.

    Here’s a fantastic book to start with, written by two well-known Forex traders;
    http://www.amazon.com/Millionaire-Traders-Everyday-People-Beating/dp/0470452544/ref=sr_1_1?s=books&ie=UTF8&qid=1306260138&sr=1-1

    excellent luck

  3. BIll Q Says:
    May 31st, 2011 at 7:57 am

    Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.

    Forex is similar to what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

    Really Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

    There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. But, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

    Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap,com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a excellent number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

    I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

    Read the warnings in the links below:

  4. Aaron Brown Says:
    May 31st, 2011 at 7:57 am

    1) 8000+ free Forex strats: http://comefollowme.zulutrade.com/Performance.aspx (bookmark it)
    2) FXCM’s form to use above strategies: http://www.fxcm.com/zulutrade-fss-lod.jsp
    (or http://www.fxcm.co.uk/zulutrade-lod-form.jsp for the UK)
    3) An alternative, broker + strategies: http://www.etoro.com/B66_A29675_TClick.aspx
    4) The largest Forex forum, is: http://www.forexfactory.com (bookmark it)

  5. Benjamin M Says:
    May 31st, 2011 at 7:57 am

    Trading forex requires skill which need to be developed. You have to invest your time and money in acquiring the skills if you truly want to be a successful forex trader. There are no two way about it.

    As a newbie, I will suggest you checkout the website below for materials to get you started.

    Wishing you a pleased learning and a successful trading.

  6. misho Says:
    May 31st, 2011 at 7:57 am

    try this broker: http://www.liteforex.com/?fid=590686 and start trading with 1$ investment, youll trade in cents and get much experience without huge losses

  7. ? Says:
    May 31st, 2011 at 7:57 am

    Hi there. You can check out sites like forex factory or babypips but if you want more reliable source of information, you can check http://www.winnersedgetrading.com

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