Getting Started in Forex

Discussion in 'Forex' started by newbeeinvestor, Jan 25, 2006.

  1. I have recently come across some information that has sparked my interest in forex trading. I know there are some "marketing guru's" out there trying to get you to come to a hotel and sell you software. Ok...I admit I went, but I didn't buy.

    I wanted to know the best yet most cost effective way to get started, even if it is with a mini account. I visited but I am wanting to know if there are other sites/companies that will provide you all the information you need at a reasonable rate if not free in order to do business and trade through them.

    I am also looking for someone good resourse/training material.
  2. Spend 1-3 months reading books on Forex and getting to know the currency market

    1) Open up a demo account with FXCM (One of the best firms in the business), learn and become comfortable with the software

    2) Open a mini account

    3) Profit??

  3. You might want to spend a little more time with the education aspect of this my friend. I do not speak for everyone, but I am sure the people who are profitable have spent years learning.

    I am a Forex trader, and so far a decent one. I still have SO MUCH to learn before I can call my self a great forex trader.

    Start small...Read some books then read some more books. If you think right now that It's quite possible to trade forex as a career, and you think it's only a matter of time, then STOP!

    Read up on it. Read some posts here on ET. Buy some good books on Forex/economics/finance/famous traders/TA or/and FA.
    (Not all at once of course)
    Watch the market and understand how it moves and WHY it moves. Figure out how everything that has to do with FOREX works. I would start making contacts with people who trade forex, and if your nice, they might help you out.

    Then, open up a Demo Account. Test out systems that you have learned.

    Good luck my friend...It's a LONG, HARD road :)
  4. Not sure how your response is any different than mine but ok......
  5. Might not be...Just thought I would tell him to spend more than 3 months learning FOREX!
  6. qqqq


    It's the same............but with filler.
  7. Chood


    Your interest and your request are reasonable. Here are some helpful steps:

    1. Find one or more trading systems that you feel confident in after reading posts from other traders who profit from systems trading. The best systems utilize close-in stops that limit your risk. A mini-account will last longer as a result. The longer you last, the greater the chance you’ll enjoy of learning a trading system that is right for you. Remember, Rome wasn’t built in a day, so be prepared to spend several weeks at becoming successful.

    2. ET is not the best board for finding posts on successful trading systems. No knock on ET, but I suggest Moneytec. Alternatively, if as a newbie you find it difficult to understand the trading systems you read about -- special words and terms are often used -- find a trading mentor whose advice you are willing to follow. A mentor is a huge advantage because, among other things, he can help you find and understand the right system. Moneytec has several regular posters who can help you find a mentor, or who are mentors themselves.

    3. You’ll need to find the right broker and the right karma. As said many times on board like Moneytec, negative vibes do in more new traders than anything else. The broker is important because you want to trade with one that does not operate a dealing desk. In the past, new traders were told – incorrectly, I add – that a dealing desk was an advantage to the customer because the customer could ask the desk for help in selecting profitable trades. That’s not true: while news about international deal flows and other data of that kind can be important, dealing desk personnel usually won't cut a new customer into that kind of inside information until it is too late for the customer to profit from it. Instead, you want a broker who sends quotes to your PC that come directly from the broker’s interbank liquidity providers. The critical question is whether as a customer you are able to, directly on your PC, click on what are called “dealable” or “tradeable” quotes.

    4. Quit your job.

    5. Use the extra time you have to purse each element of items #1, #2, and #3.
  8. Chood


    About the above steps, some disclaiming is in order. I don’t know if they'll will work, and I don’t plan to use them myself.

    Sedgwick: Well, let me have it, mate.
    Danny: Ia vas liubliu.
    Sedgwick: Ia ia vas...
    Danny: Liubliu.
    Sedgwick: Liubliu? Ia vas liubliu. Ia vas liubliu. What's it mean?
    Danny: I love you.
    Sedgwick: "Love you." What bloody good is that?
    Danny: I don't know, I wasn't going to use it myself.
  9. toby400


    Check out Oanda. Great broker.
  10. Education in Forex trading and personal experience.
    and plenty of time to invest:) :confused: :)
    #10     Jan 29, 2006