Absolute newbie

Discussion in 'Forex' started by WallstYouth, Dec 27, 2005.

  1. I'm a real newbie when it comes to currency trading, and i'm a little confused about the whole concept, how exactly does one make money trading, buying and selling currency in lamens term can someone please give me a very easy run down, also please cover in detail what exactly a PiP is, i've bought a book but it wont arrive for a few days.

  2. Beware the snake oil.
  3. Read the book, then ask questions here! You will get a much better response when you have a little more knowledge of this racket.

    PM me if you have any questions.

    Take care
  4. If you are daytrading and going for smaller moves I recommend currency futures. If swing trading short term & longer term using daily or weekly charts then forex is fine.
  5. In my opinion, Forex is one of the worst marketplaces in which to risk money.

    Because it is largely unregulated, you are MORE LIKELY to have problems with fills, re-quotes, stop failures, and accounting irregularities.

    If you want to trade currency, try the exchanges and approach it in a professional manner. Otherwise, it is just a matter of time before your account is bled to death by scam artists.

    For my own accounts, I have transacted directly with Bundesbank and through the CME (Chicago Mercantile Exchange). Over a 12 year period, I have NEVER had a problem with either venue.

    I suggest that new traders take the time to learn the business properly.

    Good luck.