What if you are completely new to Forex or anyother market...What do you do? What is some advice?

Question

I'm just very confused about this because, if you are trading on Forex, where do your profits go? A bank account? And where is a good place you can learn what all the Forex Lingo is...

It's really tough if you don't know what the h3ll you are even looking at..HELP!

Answer 1

If you don't have enough education about trading forex I would suggest getting a financial consultant. Here is mine.

http://www.plateofgold.com/partnerfund

Answer 2

It's not hard at all as long you buy a PROVEN system that has a well backed knowledgeable team of advisors.  You can ask them as many questions as you want and get step by step advice.  I recommend Forex Funnel.  

The people there know what they're talking about and they're all about helping their clients.

http://allforexeveryday.wordpress.com

Good luck!  Check out Forex Funnel on the forex review site I just linked you to.

Answer 3

Non of those people know what they are talking about. 1st off your profits go into your account where you opened it. Tthere are numerous retail traders on-line. I use FXCM. They have a great educational center. Tons of free stuff. Daily webinars (for Free)and a beginners 8-day course for $20. Who ever you choose, open a demo account and practice. Buy a book or two and educate yourself about what your doing. Give it a couple months maybe 6 before you open a live account. If you don't know something ask

Patience and discipline.

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

Answer 4

My advice is DO NOT go into Forex trading without at least a few years working in a financial institution.  Forex is one of the more high risk financial instruments and you can quickly lose your shirt if you don't have a very good understanding of macro economics.  

In the meantime, stick to trading some of the lower risk equities (blue chips, funds) on etrade, scottrade, etc.

Answer 5

I'll try to answer your questions one by one.

If you want to learn how to trade forex, first you open a demo account with an online broker of your choice. To find which broker has the best ratings, look up OANDA in this thread http://elitetrader.com/br

Soon as you have a demo account, trade that demo account as much as you can. What you want to achieve is to learn when to trade and when not to trade. This is going to be your trading method.

Fine tune your trading method by trading as much as you can sticking to your method. When you can trade and show profits three months in a row with that demo account, then it's time for you to open a live account.

The reason I asked you to open with OANDA.com is because you can open a live trading account for only $10.

You then trade that $10 exclusively using your trading method. You will find out that trading a live account is way different from trading a demo account. See if you can fine tune your method some more and master your ego and emotions trading this live account. They key, you will learn, is to live to trade another day.

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

You will learn that all the profits that you will make trading forex goes into your account. With OANDA, to withdraw funds from your account, first you need to fill out a form from their website. OANDA will give you several options to choose from to withdraw funds from your account. You can either withdraw your funds:

- using your paypal account.

- OANDA can wire transfer your funds to your designated bank.

- send you a check.

If you wish to learn more about the terms used in this business, you can check out http://investopedia.com or http://wikipedia.org

It's usually challenging learning how to trade, just keep at it. If you need more information on this matter, feel free to contact me through my website http://jsforex.blogspot.com

Hope this helps!

- Jim

Answer 6

If you wish to learn more about forex trading, you can find a lot of free information online about forex as well as buy some forex trading course (like Peter Bain's).

All your dealings are handled by forex broker. When you open an account with broker, you deposit sum of money you wish to trade with. Any profits you make are deposited in your broker account. There are many options to withdraw money depending on broker. Most brokers offer payouts through PayPal, or transfer the money directly to your bank account.