I Want to Get Started with Forex Trading

[ShawnRocks 10]

Hi

 

I want to get started with Forex Trading. I am new to forex trading and I want learn about how to trade in Forex. My email ID is shawn.wells1214@hotmail.com please email me with some helpful tools and tips.

 

Thanks,

Shawn Wells

[henryduncan12 10]

Shawn, there are number of good forex websites which are packed with great forex info. In this row, first name come of Babypips School, investopedia, DailyFX and Traderslaboratory. Visit these websites to learn forex trading.

[forexlady101 10]

Shawn, there are a LOT of websites that can help you to get started in Forex. There is a lot of information that you can use to learn. You can use this forum, and others, so you can keep up with other traders and learn with them.

[Obsidian 10]

Hi

 

I want to get started with Forex Trading. I am new to forex trading and I want learn about how to trade in Forex. My email ID is shawn.wells1214@hotmail.com please email me with some helpful tools and tips.

 

Thanks,

Shawn Wells

 

There are plenty of threads which could be very helpful both in beginners and forex sections..you can also check technical analysis section.

[samuel23 10]

Great to see people who are interested in trading Forex nowadays. I wish you long success in this field. I have sent some useful tips concerning Forex trading by your email. If still you have any questions, do not hesitate to ask as we will surely be happy to help you in the Forex Industry

[Landser 10]

I also would like to recommend BabyPips school since it contains tons of useful information. Almost all my friends and colleagues started trading with that school.

[Savant 10]

The problem is there is just so many material and is hard to say what is worth reading/listening/watching

[samuel23 10]

I also would like to recommend BabyPips school since it contains tons of useful information. Almost all my friends and colleagues started trading with that school.

 

Ya indeed, you make me remember my first days when i started learning Forex. Babypips was one of my first site where i started learning and i was very happy learning there as it provides very simple examples.

[Obsidian 10]

since there are many of them, it is easier to find a good one by eliminating the dangerous ones.

for example if a broker is offering me 400:1 leverage, i simply don't open an account with them...

if they use imaginary "real people" on their advertisement, i just run away them :rofl:

[bobcollett 10]

Hi Shawn,

When you learned to drive a car, which book did you read ? Or maybe you went to CAR magazine website for some help?

Rubbish!! Somebody showed you how. Somebody held your hand while you changed gears.

To learn to trade AND make money you must find somebody to hold your hand.

Otherwize you will just be a statistic........ a 95% loser.

Trading is not that difficult.Liken it to flying a small aeroplane.

Would you make a solo flight after reading "Learn to fly in 40 hours"?

I rest my case

kind regards

bobc

[straddle 10]

Great to see people who are interested in trading Forex nowadays. I wish you long success in this field. I have sent some useful tips concerning Forex trading by your email. If still you have any questions, do not hesitate to ask as we will surely be happy to help you in the Forex Industry

 

 

Can you share this info with the forum??

[samuel23 10]

since there are many of them, it is easier to find a good one by eliminating the dangerous ones.

for example if a broker is offering me 400:1 leverage, i simply don't open an account with them...

if they use imaginary "real people" on their advertisement, i just run away them :rofl:

 

This is important as we should know with whom we are trading. As when we invest our money, we always have our mind on it and we must trust our broker also. Well i think reliable and flexible broker will be most welcome and indeed we should make sure we are not trading with Robots!!

[samuel23 10]

Can you share this info with the forum??

 

Here are the tips that i have shared with Shawn. I hope that it can help you also and if ever you have any question, do not hesitate to ask. Good luck

 

Trade pairs, not currencies — Like any relationship, you have to know both sides. Success or failure in forex trading depends upon being right about both currencies and how they impact one another, not just one.

 

Knowledge is Power — When starting out trading forex online, it is essential that you understand the basics of this market if you want to make the most of your investments.

 

The main forex influencer is global news and events. For example, say an ECB statement is released on European interest rates which typically will cause a flurry of activity. Most newcomers react violently to news like this and close their positions and subsequently miss out on some of the best trading opportunities by waiting until the market calms down. The potential in the forex market is in the volatility, not in its tranquility.

 

Unambitious trading — Many new traders will place very tight orders in order to take very small profits. This is not a sustainable approach because although you may be profitable in the short run (if you are lucky), you risk losing in the longer term as you have to recover the difference between the bid and the ask price before you can make any profit and this is much more difficult when you make small trades than when you make larger ones.

 

Over-cautious trading — Like the trader who tries to take small incremental profits all the time, the trader who places tight stop losses with a retail forex broker is doomed. As we stated above, you have to give your position a fair chance to demonstrate its ability to produce. If you don't place reasonable stop losses that allow your trade to do so, you will always end up undercutting yourself and losing a small piece of your deposit with every trade.

 

Independence — If you are new to forex, you will either decide to trade your own money or to have a broker trade it for you. So far, so good. But your risk of losing increases exponentially if you either of these two things:

 

Interfere with what your broker is doing on your behalf (as his strategy might require a long gestation period);

 

Seek advice from too many sources — multiple input will only result in multiple losses. Take a position, ride with it and then analyse the outcome — by yourself, for yourself.

 

Tiny margins — Margin trading is one of the biggest advantages in trading forex as it allows you to trade amounts far larger than the total of your deposits. However, it can also be dangerous to novice traders as it can appeal to the greed factor that destroys many forex traders. The best guideline is to increase your leverage in line with your experience and success.

[tradeforever 10]

The important tip I want to give you in trading:

- Always set Stop Loss each your trade.

 

The rest you can visit babypips to know how to get started trading

[samuel23 10]

Well this is a good advice mate i will not say tips and this advice is one of the greatest one in the Forex Industry. I would also give this to all traders around in order to trade more prudently and avoid big loss. Always set Stop Loss. Have a nice trading :haha:

[Angelnish 10]

:helloooo: To actually start trading you will need a minimum deposit and its some where between 1-50 dollars but it is very time consuming, its not a one way highway to becoming a millionaire, it takes time to learn and play with demo accounts or practice accounts, learn the charts, study the market, but if you ask me its way better that poker, you can actually make a living out of trading forex, but for your first year you should keep it safe and small. you can combine both since practicing forex won't need any money to it, you can read online at babypips or forex factory, you can even ask the folks here about it and best of luck

[obradovicmilica 10]

The problem is there is just so many material and is hard to say what is worth reading/listening/watching.Its tru,but the knowledge is the kay

[samuel23 10]

The problem is there is just so many material and is hard to say what is worth reading/listening/watching.Its tru,but the knowledge is the kay

 

:haha: Ya when you think of that many things you have to learn about Forex, you may something think whether it is worth it?? Well i know that but i was devoted and wanted to learn. From my part i can say that not being lazy helps!-!

[jiken 10]

Read some e-books, watch the training videos and practice with demo account. This will help you to start trading.

[Jack Francisco 10]

Read some e-books, watch the training videos and practice with demo account. This will help you to start trading.

 

Forex includes not a lot of stuff to remember and cram as it includes some basic information to start but after taking a start there would be a lot of new strategies and different behaviors of market that is to understand and implement

[samuel23 10]

Forex is a something that we need to learn well as it really demands concentration and hardwork. We should know that if we want to get money out of it we will need to be very good.