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sKaLpZ
 

Registered: Apr 2005
Posts: 1371

 

04-25-05 12:51 AM

Cyber ink is cheap. So is getting published on the Internet - especially here on Elite Trader.

I figured why not get published and teach currency trading to beginners at the same time.

Hence, I present to you... eh, this guide? tutorial? lesson book?

I present to you, er rather, herein that is, in this section of the Internet... you will read sKaLpZ Currency Trading For Beginners.

I'm sKaLpZ. I've already gotten over 13,000,000 inquiries asking what my name means.

Actually, wait... not quite that many... 1000s of inquiries... hm... well, 100s more likely.

Wait, now that I actually count the number of inquiries it's probably less than 100. Uh, no, no, let's see, it IS less a 100, yes.

Yes, yes, well, make that less than 10.

Really I haven't gotten any inquiries YET but I am sure someone has at least thought about it.

Okey-Dokey... moving right along...

Why write a book, or whatever this is, on currency trading for beginners?

Because I think there are lots of people interested in trading money but don't have the first clue where to turn or how to start.

In the entries following you will learn exactly how to trade money online.

Even if you never have heard of a "currency pair" or can conceive of buying and selling money.

This will be an easy, step by step, manual(?) on getting you right up and running, short order.

When you're done taking this free course you'll be trading currencies in the open forex market right along with bankers, institutional fund managers and super-wealthy private traders.

I'll be updating this section often inbetween my own trading activities.

If you have any questions about how to trade currencies please post them.

Note: This is not for those already trading currencies who want to advance or question my particular, specific trading methods or systems.

This section is for those beginning forex only. No advanced trading tactics will be discussed. Questions of that nature will not be addressed.

This will just be a place to go for people who are interested in forex but who lack perspective.

I welcome all comments/questions/emails and inquiries asking what my name means. [Note from moderator: to send email click sKaLpZ's name in the upper left, then "Click here to email sKaLpZ"]

Kindest regards,

sKaLpZ

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makosgu
 

Registered: Aug 2004
Posts: 1209

 

04-25-05 02:10 AM

EXCELLENT! This will be both interesting and positive. I hope to learn two things from this journal and your efforts. 1. How to begin my own journal for beginners and non beginners for the markets in general and 2. understand currency pairs and how it behaves as a market entity. I appreciate your willingness to begin this journal and your efforts will no doubt be appreciated by many.

Kindest Regards,
G33M4k (non-BEginner)

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jem
 

Registered: Sep 2001
Posts: 6039

 

04-25-05 03:20 AM

o.k. here is a very simple question. How can I consistently make money in forex without too much risk or drawdown?

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sKaLpZ
 

Registered: Apr 2005
Posts: 1371

 

04-25-05 08:39 AM


Quote from jem:

o.k. here is a very simple question. How can I consistently make money in forex without too much risk or drawdown?

Jem, that question is outside the scope of this series on how to correctly set up a forex trading platform and begin making trades in currencies.

Minor info about forex in general may be addressed but that is a ways down the road.

It's a good question, though, one you may want to post in the Forex forum.

sKaLpZ

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sKaLpZ
 

Registered: Apr 2005
Posts: 1371

 

04-25-05 09:27 AM

1:32AM PST (I'm actually awake now?? Oh, God....)

FOREX? WFT?? WHERE DO I START???

Right here.

There are a couple things you need to realize about trading forex before you start. I'll go into them briefly.

You, and most people, when you've ever done anything with money besides want it or look at how little of it you have, there is something in between your money and what you exchange it for.

$500 can buy a couch. $50 can buy a cool knife. $3,000 can buy rent for another month. $750 can make your monthly car payment on that flunky Ford.

You're exchanging money just like it gets exchanged in the forex, only, your exchanging it for something.

In some places $50 can be exchanged for a really good massage. *ahem* I won't go further into that.

$5 can get you a meal.

That's what you're used to dealing with. Even if you exchange $1,000,000 you can get a house.

If you were a real estate agent you'd draw a commission on that transaction. Still there was something tangible that was involved for you to make money.

Your paycheck is money you earn by exchanging your hours of hard labor.

Let's enter in the markets of the world where stocks and other things get traded.

You may have heard of Microsoft. Well, Microsoft has stock you can buy or sell. Guess what - there is someone buying every share of MSFT stock you're selling and visa-versa.

Something is in between you and the other traders, in this case Microsoft stock.

Now let's take a quick foray into the global currency market where all the money of the world gets exchanged back and forth.

There's nothing in between.

If you are buying one currency and I am on the other side selling it to you (or visa-versa) there is no tangible material, item or service being exchanged.

We are directly exchanging money.

To be successful trading currencies, this is a concept you need to drill into your head.

Guys who come from trading just about every instrument under the sun enter the forex and get bagged in short order.

Why? For one thing they fail to recognize that there is nothing in between traders who open and close trades in currencies.

In forex it's just money. Only money.

In forex you must trade money to make money.

Can you do it?

Absolutely.

That brings us to the next entry titled, "What Do I Do Now?"

What you're going to do is, you're going to think about one thing you may not have considered yet that will be covered in my next series post.

Till then.

Peace out,

sKaLpZ

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illiquid
 

Registered: May 2002
Posts: 3326

 

04-25-05 12:12 PM

What's new coinz? Long time no see.

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