Ok guys, any help or insite you can provide would be great. I'm interested in getting started in forex trading, and I was wondering where can I go to learn to read charts relevant to forex. Also, is there any sites which would provide info. for beginners (forex)? Thanks in advance.
Good starting sites dedicated just to FOREX forexfactory.com moneytec.com Checkout the forums a lot of materials, ebooks, tutorials and faq
Have you traded before? What is your reason for wanting to give Fx a try? Go to Oanda and set up a demo account. What ever you learn in terms of charting and so on, apply it to a demo. Create a strategy and play with it on the demo. ET has some good Fx traders, so if you ask nice some of them might help you out. But please, learn this racket a little more before you ask questions. Good luck to you my friend... -Kastro
Thanks for the input so far. Kastro, yes I have traded before, equities and options mostly. I want to learn fx b'c on the surface at least it appears less volitile than futures, and there are no issues such as time decay as with options. I want to learn as much as possible before going live. I have a demo acct. open now, but down have any type of strategies or techinques to test. Thats what I want to learn. What tech. indicators are mostly used with FX, and why. Moreover, what signals (buy/sell) can be learned from them...etc..etc.. thanks.
Rcmcfe, Kastro_316 is right. It is much better - and you will be further ahead - if you clearly differentiate, distinguish and determine what your goals are. Example: Do you want to make 5% a year on your forex trading port? Or 50%? Those right there are very different pursuits, requiring different strategies. The clearer your particular interests and goals are layed and mapped out, the easier it will be for you to achieve them. Good luck and have fun! The X
And just to add to Exchange's post, I'd say -- know yourself well. What kind of personality do you have? Do you need instant gratification, or can you watch price action on the sidelines and not get too frustrated in seeing your unrealized P/L move like crazy... Base your strategy off of your personality since 80% of this game is mental.
Excellent advice from Sirpangolin! Your own temperament is reflected in the forex.... This is market reality. Ex
Listen to Kastro! He has become the most dangerous placer in the shortest time since he started trading than anyone I know. His words are gold. Great trader, going to get even better! x