Can anyone help point me in the right direction to learn how to trade Forex, books, websites, etc... How does it compare to trading stocks, i.e, profits, difficulty, leverage, hours to trade, etc...I am a total newbie to this so any help or advice from some of the more knowledgeble members would be greatly appreciated. Thanks
Best thing is to trade a paper account, and write and develop your plan (the key) as you go. And read the posts here related to your current issues, problems. Its like learning to play tennis - a long learning process and you can always get better. Just have a plan you develop.
Also check sKaLpZ Currency Trading For Beginners Thread: http://www.elitetrader.com/vb/showthread.php?threadid=48539 There might be something of value for you there. -Skog
You can also check out our Forex chat room everyone is real helpful its free and we are in there about 8:30 am est. www.stockstoshop.com/trades.htm
Joey, I am also beginning to study Forex trading. I would recommend you register for a few demo accounts with some of the brokers, and get their demo application so you can play with it. This gives a good feel of what you are up against. Some links. A quick summary of Forex http://www.tradingmarkets.com/.site/AboutTM/general/comingtw/12312003-36206.cfm?psrc=forexdropdown A good Java based demo account http://www.realtimeforex.com/ FX Trading Station demo account http://www.fxcm.com/ Global Trading Systems (GTS) demo account http://www.fxsol.com/ Hope it helps, good luck.
A further comment on demos... I've found that some brokers' demos are different than their real trading platform. If you download a demo, use it, feel comfortable with its features, and decide to open a live trading account, suddenly you find out that the live platform is DIFFERENT than what you experienced on their demo, if it is a negative experience I'd suggest you close your live account, drop that broker and move on to another broker. I had this experience with a broker I won't mention by name. The shortened version: Traded off their chart in which they claimed you could simply click the rate shown on their chart, either buy or sell, and it was a done deal right at that rate. THAT was their claim. And, indeed, it worked like magic... on their demo. On their live account trading platform it was a whole 'nother story. Suddenly there were requotes, denial of requotes, I was told it "was a hassle" for the quoter to actually GET UP from their seat and "walk over to another screen" get a quote from their dealer... then mosey back over to me, maybe a stop and chat at the water-cooler and a quick refill on coffee before they'd give me the requote. By the second time I tried to "click and deal" the requote simply came back "Denied" as were the next couple other requests for quotes. I guess getting up out of that chair was way too much effort for them - after all, I was just another rumdumb forex trader wannabe. Once I actually did get the trade executed it was over 100-pips off their chart "click and deal" rate, then the trade close slammed back another 100+ off market rate. Their excuse was, "you're LUCKY to have been dealing with US!" Yeah, right. Dropped the account and moved on to a broker recommended and have been with them ever since. By the way, this new broker's demo is IDENTICAL to their live account - with NO requotes or lag time, ever. Sam
Good comment. Say, what is a "requote"? Also, do you mind mentioning the name of the good broker, or what is the name of the platform they use?
If using Moneytec, see its "Due Diligence" forum and the posts there about FX dealers. You have to register at Moneytec and be logged in as a member to access to that forum. I'll note that, in my opinion, Elite Trader has a membership with substantially more experience in trading than the posters at Moneytec. That's not a criticism of Moneytec, only a recognition of the greater experience evident in the posts on this board.