Hi there... I am intrigued with forex trading, but I want 2 know the best approach 2 learn it. Can any of you recommend me some very good books to read for beginners, ways to start , classes to attend? I know the risk is high, that's why I need guidance on this. Thank you so much. I really appreciate it for any of your feedback. I'm not trying 2 hit a home run with forex, just enough to pay my bills. I choose forex b/c it's less regulated and 24-hr market; it fits my schedule. Thx guys.
If I were you I wouldn't set any bill paying goals. Try it first then see if you have what it takes to become consistenly profitable. By the way, less regulation is a two-edged sword.
I hate when someone with first post ask for advice and then the "another" guy also with first post answers him by advertising himself
Good luck with your journey! There are three main components you need to be aware of when evaluating FX trading systems. 1. Buy low, Sell high This commonly quoted but often neglected principle is paramount. Any trading system must tell you whether you're in a buy zone or a sell zone. A system that helps with this is the pivot system. This will tell you if you should buy dips or sell rallies. Buying low and selling high will increase your profits and decrease your losses. In some cases even when you're wrong you can make money. A good system will have a confluence of indicators to identify the entry level. This may comprise of moving averages, fib levels, daily high/lows, trendlines and candlestick patterns to mention but a few. 2. Money management You will live or die in markets depending on how well you manage your equity. Look for a course that teaches about leverage, trade size and trade risk. Leverage is the quick route to poverty in FX trading. Learn about it and avoid highly-leveraged positions. Your stop is intimately related to money management. 3. Trade management Having identified the entry level, a system also needs to tell you where to put your stop since this, coupled with money management, dictates your lot size. Scaling out of positions is important: it is a way intraday traders can convert part of their intraday trade to a position trade. Always enter a position with the market coming at you i.e. if you are looking to go long do so when the price is going down conversely sell when price is going up. Best regards Morty
I am familiar with stocks trading since I've been trading the instruments for quite sometime, but forex, unfortunately I just started using the demo. Do you think the fxcm course is a good course to take? Any other good course to take. Thanks beforehand.
Thus far Im profitable and I didnt read a single book about forex, except a couple of questions to the live support section over at forex.com, on how the platform works. Im just looking at graphs and reading other analyses,news,economic releases,forums and comments so I suggest you should do the same. However, I started with demotrading for one week, but lost 50% of my account balance in one day and then I stopped and opened a live account with 1000 dollar.I knew it was because I didnt put enough effort into researching and analysing, as there was just fake money. I do however have previous experience with stock trading, where I made 40% return in 3 months on a simulator without reading any books,but forex got my attention because of its liquidness and the leverage. I find Forex however harder to predict as I get the feeling that the market do everything it can to make you panic and always seems to behave in a way that goes against your common sense, in contrast to stock trading. For instance, USD/CHF decreased today so much, that probably made most traders who acted too emotionally to close their position on this currency pair, only to tipple increase within the next couple of minutes.. Even though currencies trend best, they do so in a decievful manner, that always try to shake off traders before a profitable move. After you have been looking at the platform and researching like me 15 hours a day, you will soon get the feeling on how the currencies behave, and you will learn from your mistakes rapidly, or so ive. Ive only been live trading for 1.5 week, so I might just be a lucky bastard on his way to doom...but I hope not Demotading is very bad, as it might give a false picture, and you might act to rectlessly and dont invest enought time to research and you end up blowing your account and then say goodbye to forex trading.If it is a live account with your money at the stake and it gets serious and not something you play around with,you will be more careful and research more, and thus be able to make better decisions.
"Demotading is very bad...." oh my gawhd I think I'm gonna throw up! Baron, I know what I said about severely limiting my posts and staying in my own little part of Hell but THIS post (I'm quoting)... I just can't take it. First of all, I'm Zoinz, no, wait a minute my keyboard stuck again. I am Coinz! the best mother*in' currency trader in this whole *in' WORLD! and I want two of you boys, Korekupinget and Drasfs, to step up in line right now in front of me and WRITE me out a check equal to roughly 85% of your account balances! Account it as what you're gonna LOSE trading within the next 12 months, if you even make it that long. Why, you ask? I'll tell ya why. First, I been trading your quaint little "forex" market for 18,000 brutal hours (apart from sleep... that varied depending on who I was sleeping with..) and I'm gonna tell ya how to have the best chance of avoiding the Grim Currency Reaper (me) trading in the Live forex market. I have a main (live) trading account with at least 6 Sub-accounts - with open currency pair trades going every which way including up the a** of the wicked witch of the North (wait, maybe she was the hot one.. eh, I'll get into her a** later...). OK... Besides those Live accounts, in which some of them are running live tester trades with an extremely small amount of money committed to them, I have at least a DOZEN "demo" accounts that I use to run my main currency trading experiments - WELL before I ever graduate a trading structure to any live trading environments. I've saved MORE money by blowing up demo accounts than both of you will EVER have in ANY of your live accounts and I don't care who you are! *pants* So, lesson: Korekupinget, if you want to someday be a bad a** "forex trader" (like me ), spend your first 6 months on a demo, then never, I repeat NEVER stop using demos to experiment with various trading strategies even after you begin trading a live account. Listen to what my friend Mortysill says especially about properly handing Money and Trade management. My friend Kastro also makes great points. Best to all, The Coin