new to FOREX

i am new to the forex market. can anyone rec books, educational resources, etc for a newbie ??

forex seems to be an interesting market to test my macro econ theorys, but i know little to nothing about how it works.

thanks !!

surfer

 

Read anything by Cornelius Luca. He is the Warren Buffet of currency.

 

i'm looking into it as well. I think there is the possibility of going the "prop" route in that field, since their are no markups or commissions per se, so it can't be all just about churning.

 

You are right about "no commissions", But the spread is killer. 5 pips = $50. I have traded currency and NEVER got filled at the bid or offer. You can bet the dealer you trade though is making that spread when you take the bid or offer.

 

thanks for the info. does the forex market follow traditional equity type TA or is it totally news driven ??

surfer

 

TA is TA, right?

 

not sure if these markets(FX) exhibit apparent trending characteristics.

surfer

 

When I first got interested in Forex I went to three different sites (one a month) and downloaded the free 30 day trials. Most of them will give you 50k in play money with charts and the actual trading platform. Check out GFT forex, there charts are pretty good. '
They also have new features like trading directly from the chart and trailing stops. They also guarantee a fill at your stop/stop limit price. At least thats what the ad in TA of stocks and commodities said last month.

 

If scalping is alive anywhere its probably in the FOREX.

 

I just checked out a forex firm and they said the guaranteed spreads in FOREX are less than the spreads in futures markets. A futures spread typically is equivalent to 7 pips.