August 24, 2010
what are the things that you need to know before learning forex trading?
By Planet Wealth
I mean what do I need to learn? I’ve searched up on websites like forex for noobs or baby forex (a site for forex newbie like myself..) but I failed to know what the heck they’re talking about so basically I figured out that I’m missing something what do I need to learn before learning forex trading?
Topics: trading tips | 7 Comments »
7 Responses to “what are the things that you need to know before learning forex trading?”
Comments
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August 24th, 2010 at 10:25 pm
First you need to learn before learning forex trading, about:
Market participants in Forex: Banks, Commercial companies, Central banks, Hedge funds as speculators, Investment management firms, Retail foreign exchange brokers, Non-bank Foreign Exchange Companies, Money Transfer / Remittance Companies.
Forex trading characteristics
Determinants of Forex Rates
Economic factors:
Economic policy comprises government fiscal policy and monetary policy.
Economic conditions include:
* Government budget deficits or surpluses
* Balance of trade levels and trends
* Inflation levels and trends
* Economic growth and health
* Productivity of an economy
Political conditions: Internal, regional, and international political conditions and events can have a profound effect on currency markets.
Market psychology: Flights to quality, Long-term trends, "Buy the rumor, sell the fact", Economic numbers.
Financial instruments: Spot, Forward, Future, Swap, Option, Exchange-Traded Fund.
….and more…..
August 24th, 2010 at 10:25 pm
No worries on this.
i know what you mean. What is small? What is long?
What the heck is a spread?
This is a long yet fulfilling journey. Allow me to give you one of the best advice around.
Learn about money management.
This is very vital.
Well i write articles on forex at my blog for newbies. These subjects were stuff i was confused too previously!
Hope it helps.
August 24th, 2010 at 10:25 pm
visit this site maybe it could help you..
http://www.currency-trading-tutorial.net/
hope it help you..goodluck..
August 24th, 2010 at 10:25 pm
You need to spend your money and time to know…
what if your money made you 1 – 10% or 10% to 200% per month
with no risk at all,what if you dont need to work and just delight in life
what if you can watch your wealth growing while you are having fun
visit
myfxfunds.com
hsfxasset.com
hgnfx.com
forexearocks.yolasite.com
August 24th, 2010 at 10:25 pm
As a forex trader myself, you should be playing attention more on the trade management and risk management. The trading strategies-wise can be researched from books or internet. Discipline is the key towards being successful in forex. You should also learn fundamental and technical analysis in forex trading.
August 24th, 2010 at 10:25 pm
Take up a basic course on forex trading. There are some excellent ones around. Especially those that have a lot of videos.
August 24th, 2010 at 10:25 pm
DailyFX has a section on the site on the basics for forext trading http://www.dailyfx.com/how_to_trade_forex/learn_forex/ .
If you want more detailed descriptions of specific words in relation to forex trading such as spread, pip, long, small, the website http://www.fxwords.com has definitions.