Hello to all, I would like to start trading online and have been reading about forex for a couple of days. Can somebody recommend me a good book for a newbie like me? I don't know anything about forex. I would like to understand the basics and read more about it, and hopefully in 2-3 months time start making profit.
http://www.forexfraud.com/ http://en.wikipedia.org/wiki/Forex_Scam You might consider starting with the above. c
- I don't know anything about forex. I would like to understand the basics and read more about it, and hopefully in 2-3 months time start making profit.- uh oh .... :eek:
I don't know anything about golf. I would like to understand how to swing each of the clubs in different situations and read more about it, and hopefully in 2-3 months time start making money on the PGA tour.
Forex is a scam. Save your money until you can trade equities, learn as much as you can in the mean time. Option has a pretty accurate take on things too.
Brooklyn, Some folks would like to climb Everest in 2 to 3 hours too ! "Paper trade" on a practice platform from one of the brokers - for 3 months. Then if you are making consistant profits - then and only then go with real money ! Don't trade real money until you can successfully paper trade. You're main job is to NOT LOSE your money! If you are paper trading you won't lose your money ! Sounds boring - but it's good advice. Disbelieve me at your great risk!
Brooklyn, there is a sh*t load of money that can be made trading forex, but you have to learn how the animal works. Fundamentals and especially technicals play a significant role in price movement, and unless you are somewhat well versed in chart reading, your chances of success decreases. Take your time and learn the market. Research the brokers. Check out the forex thread section below and google forex forums and you will be presented with numerous reading choices. Most of what you will read is negative. Why? Because most people who trade forex lose money for a variety of reasons, primarily great expectations and low funding (people opening mini accounts using their credit cards) If you have the patience to learn the fx marketplace and don't create such expectations, you may have a chance. Don't think you will retire in a year with all the money you made because it won't happen. I have been trading fx for more than 3 years and it took me over a year of losses and demo trading to figure it out. Take your time and it will come. Your time frame is unrealistic and not practical, based on experience. But hey, you never know! Good luck trading.