Trading basics

New comment
 

Hi

I would like to enter the forex market in small way and I need some assistance. Can some one help?

Thanks in advance

Phil

 

How To Begin?

 

A good place to start is at the beginning

Say to yourself 100 times. "This is not some great big interactive internet game - It is a BUSINESS and I will treat it as a business. I am up against some of the best and brightest and I must be prepared. I am responsible for all my actions and everything that happens to me."

Next:

Go to the website Forex Education, Forex Training, Currency Trading, Beginner's Guide to Forex Trading, Learn Forex, Foreign Exchange - BabyPips.com. It is a great tutorial site and will answer many basic questions.

Next:

Download and evaluate several diff platforms. Get familiar with how they work. Do not limit yourself to just those w/ charts. In other words get familiar with the tools that are available to you as a trader.

Next:

Once you have made a decision on which to use - learn everything you can about it and the broker you have chosen. There are no excuses for not understanding your tools. No one cares cause 'your broker screwed you over' no - you did this yourself.

If at this point you start getting anxious and excited about the prospect of opening an acct and making millions - Repeat the mantra in step one 1000 times.

Read and Read somemore.

If you are not familiar with the following basic tenets - GET Familiar!!!

PLAN, BELIEVE, BEGIN, CONTINUE, FINISH

Welcome to the best business in the world.

Note: Apologies if this sounds harsh - But its nothing compared to what the market can and will do to you.

 

When u said in a small way u mean a small account? Do u wanna invest not a big amount of money? Because you need to start with a demo and get a real account, don’t u think??

 

I think what phillip wanted to say in that post, was about a shot explanation of how to start in this world, but let me tell you phillip, there is not a unique way or short way, I can tell you so much about that, but there is going to be another person saying another thing, but her I come

Read about what forex is

When you have the idea, get a demo, there are thousand places to get it

Trade as much as you can, after months you are going to know the market so well to decide if you want to stay in there or just get out.

 

Definitely it is very important to get experience on the business to be able to take decisions and comparisons. I insist this is not an easy business, it requires discipline, time, and loads of knowledge.

 

I like what duvacris said, it good to know how to use a demo, for me was the best part of learning fx, I was reading too much, but sometimes I got so boring because I couldn’t get any experience and develop your knowledge all the time

 

would recommend to start with the basics. From that point move on to the more advanced features. So basically start reading about candlesticks and patterns (Steve Nissons has some great books) followed by trendlines and fibonacci. With the tools described above you can already trade succesfull. Also spend some time on moneymanagement while a few bad trades can ruin 100 succesfull trades.

 
philip_cv:
HiI would like to enter the forex market in small way and I need some assistance. Can some one help?Thanks in advance Phil

What you need to do first is to read about the Forex market and currencies trading at the same time you can download a demo version from a platform so you can start trading non real money and check you strategies

 

Why don't start downloading a demo version from one of the many brokers you can find at google! it's perhaps the easyest way to lern trading without risking your money. now once you learn you can get into the real business

 

trade using demo account first for couple months before you put your money and if you found your trading style then go live

123
New comment