Learning about Forex can anyone give me some tips?

Question

I would like to start trading currency. I am just going to start with a small amount and see how it goes. This is all new to me so any tips would be greatly appreciated.

Thanks :-)

Answer 1

Learn by doing.

- open a demo trading account with http://fxtrade.oanda.com

- buy and sell currencies as much as you can with that demo account. You do this to know when to trade, and when not to trade. This defines your trading method.

- After you know how your trading method goes, trade some more to fine tune.

- When you can trade using your methods and show profits three months in a row, open a live trading account with only $10. (This is the reason why I asked you to trade with oanda. With other brokers, minimum is $100.) This way, if you do not do well trading live, you only risk $10.

- Trade the live account using your newly defined trading method. You will find out that trading demo account vs a live account is as different as day and night.

- When you can trade your live account and show profits three months in a row, add more funds to your account.

Good luck!

Jim Syyap - Managed Forex Accounts

http://jsforex.blogspot.com

Answer 2

Learn and read as much as you can.  Then open an account and just do paper trades or mini trades until you are really knowledgeable and confident.

Read the free ebook below if you are really starting at beginning.

Answer 3

Forex trading-http://tradingsforex.info/

Answer 4

You will need to spend a good deal of time learning about yourself as relates to the type of currency trading best fits your own personality.  Too many times people don't take enough time to truly learn about the kind of trading that fits them.  I am a full time day trader with currencies.  My longest trades on average last about 15 minutes at most.  This is what fits my personality.  There are other very successful traders whose average trade last several days... others several months. If you are truly a beginner check out the following: www.babypips.com (free website). One of the BEST bargains for your money for learning is www.forexmentor.com.  There is a vast library of recordings to watch.  Best of luck with your adventure...  

Answer 5

Hi we have a group that diccuss forex , Always start trading play money for a  month. Keep a joural of all trades and why you traded the pair. This will help you will see why in time.

Answer 6

Hello,

You can start forex trading once you go through all the forex trading concepts and tips. Try some demos like the one i started with Finexo. You should be well prepared before you start Live Forex trading:

a. Clear all the concepts, terminology and basics

b. Learn technicalities like tech. analysis and fundamental analysis.

c. Choose a right broker like the one who is real, charges less spread, better functionality and user friendly platform.

d. Collect sources from where you will get market updates and past data of the currencies.

e. Capital. Invest only a small amount initially and then gradually increase based on your performance.

I think these are sufficient for starting. Choose right pairs and deciding entry and exit points in forex is very important, so take care of that too.

Answer 7

You should look into an automated system that helps you decide how to trade.

here is the one i use

http://forex.lem4.com

Answer 8

For me I have been trading for some years part time but recently a few months ago I had a jump in my profits when I started using Forex Killer.  I use it help me find entry and exit points.  I don't use it for autopilot forex trading.

Answer 9

ill give u direct mentoring,just add my yahoo messenger. [e-mail]

Answer 10

The 1st tip is to open a Demo account and practice. Buy a book or 2 and read everything you can. Ask lots of questions. There are tons of sites out there and I believe most all of them have demo accounts.

Crawl, Walk, Run.  Sen. Clay Davis - The Wire

Answer 11

you can  check your option in this site. one thing is for sure, the forex market is so volatile nothing beats the advice you can get from a real live person. for a minimum deposit of $100 they will provide you an Account Service Manager (ASM) who is actually an expert in the field of forex trading to be your mentor, adviser, friend and trading partner.   your ASM can give expert advises, tricks and strategies to become successful in your trading activities based on actual, real experiences and years of trading.   He/she will even trade with you until you become familiar with the system and you can then trade on your own.  And you can always interact with other expert forex traders in their chat room.

Start by Registering and Downloading a Free Forex Ebook.  Being a newbie you are, you need to read a lot to learn the trade.