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Home >> Stock Forums >> How to start in forex?

How to start in forex?

monann said: "Hi,everyone I'm Monann.Who can teach me about how to start in forex trading? Please advice me. very thank you :whacky011:"

Rbreb13 said: "I don't think there are very many Forex traders here. Mostly stock players and some Options."

trickynick said: "I've done enough of it to give you these three pieces of advice and even though I could say more I won't. I'll explain in a second why not. [b]1)[/b] Follow world markets (that is equities, fixed income, commodities and currency) fucking RELIGIOUSLY. Devote every free moment you have to following the economic and business news. And I don't mean the website of some punk in his mom's basement I mean widely financial and non-financial news sources. The esoteric stuff and even some of the more esoteric stuff like the academic journals are good too as long as it is solid stuff. [b]2)[/b] Don't use a lot of leverage. The dealers that advertise 100 to 1, 200 to 1 and other ridiculous leverage levels are just looking to take your money. All you are doing by leveraging your trades that much is making your trading into gambling, you are better off playing video poker. At any moment a bank can sell a few hundred million USD equivallent units of currency and move the market several pips in one direction for some period of time however short-lived. No technical or other such indicator can predict that sort of event and if you have ridiculous leverage you have no ability to cope with it when it happens. Stick to no more than 20 to 1 and even that is pushing it in my opinion. [b]3)[/b] Form your own opinions and trust your own observations of the world. This last one is so important I am going to write the entire thing in bold caps... [b]4) STAY THE FUCK AWAY FROM INTERNET MESSAGE BOARDS ABOUT FOREX, COURSES ON FOREX TRADING AND ANY OTHER MARKETING HYPE ABOUT TRADING IN THE FOREX MARKET!!![/b] The FOREX market is truely zero-sum. For every dollar won, a dollar is lost. Anyone making money trading FOREX isn't telling other people how to do it for ANY amount of money. Instead, they are too busy making money hand over fist trading FOREX. This ties into my #3 as well. The cold hard fact is if you want to do this you are [i]totally[/i] on your own. You can't rely on anyone else to show you the way or else you will end up just hearing a bunch of advice which good or bad will stick in your head and you may find yourself reacting to it at some point. I will write no more lest I violate my own advice on the subject. Good luck."

mbongwe said: "Are forex signals good idea for a starter? Certainly I know that most successful traders won't share their secrets. But a signal service which at least doesn't lose should be good for a beginner to learn, shouldn't it?"

Pb3190 said: "Good luck finding a 100% winning signal service... Learning anything takes time, effort and practice. Relying on a computer program to do everything for you is not learning, just hoping the computer will be right."

ratAphooey said: "yeah. if programs really worked then programmers would all be rich from investing. and they aint!"

sjerar said: "[QUOTE=ratAphooey]yeah. if programs really worked then programmers would all be rich from investing. and they aint![/QUOTE] Problem is that programmers are not investors."

greenrun said: ""For every dollar won, a dollar is lost." === not correct, it is big myth, actually the money come to Forex from import/export deals!"

rcajht said: "I would say, go to your local library, and grap a Forex Book first."

AlfredSokol said: "[QUOTE=zenoni;60323]I sometimes trade in Forex. It's very complicated to be successful in Forex. I implemented a fibonacci trading style and I only trade when I really see an opportunity good odds. I quite ofenly demo trade in forex and then you see how hard is to make money inf Forex.[/QUOTE] You confirmed what I have suspected. With so many big players in Forex, it has to be tough."

Airelon said: "[QUOTE=AlfredSokol;60413]You confirmed what I have suspected. With so many big players in Forex, it has to be tough.[/QUOTE] It's just one of those things that I can't seem to wrap my head around. Don't ask me why. I can play with Black-Scholes Greeks and numbers no problem. I try examining the Forex and my head starts to spin. I suspect that it has something to do with the fact that when speculating (trading) I am not used to such 'immediate' speculation."

sjerar said: "[QUOTE=AlfredSokol;60413]You confirmed what I have suspected. With so many big players in Forex, it has to be tough.[/QUOTE] It's not that difficult, try to understand what the "big players" are doing and just do the same."

maxorelaxo said: "Great advice from a lot of people, I'm new to forex trading too but not new to trading in general. I'm a professional options trader at a market making firm on the CBOE, so I've been around the block. I don't have the time to dedicate to forex in my personal life, so I rely on automated systems. You have to be careful with which ones you choose, as there are many out there that promise a lot but generally get very bad reviews from their customers. I've been using the Avonko automated EA trading system for a while now and have seen very promising returns. I would feel comfortable recommending it to a newbie. It is a commercial EA however, so I'm not allowed to give it away here. I'm always looking for more though, and I backtest and demo test religiously before I recommend an EA or put it into use for my own live account. If I come across any valuable free EAs I will be sure to post all about them here. Best Regards MAX PS for great updates on forex news and a very active community check out forex factory"

lifepro said: "Hi, I'm new and need someone to give me some good advice... I'm supposed to invest $198 in the program called "Forex Power Strategy" by Jason Steele... Anyone heard of him and his program? It's supposed to re-open on Friday, February 22, to only 500, and he claims it's practically sold out! Don't know if I should promote this program and get into Forex trading this way or not... Please answer me ASAP... Thanks, Eva The ContactThem Network"

bigmike said: "I went and looked at the course and it sounds like all the other courses out in the market right now...a hoax. It would help you a lot more to just go and do your own research and learn on your own because a course is really only good in certain market conditions where if you have your own strategy, you can adapt it for the market conditions that you will face for years to come. I am not telling you to not do it, but I would not invest into his program since I believe in hard work and dedication and not in short cuts. Just my two cents...take it or leave it, it doesn't matter to me"

lifepro said: "Wise words... coming from a -year old... lol Thanks anyway... I appreciate the quick response... Eva The ContactThem Network"

lifepro said: "That was supposed to read... "a seventeen-year old...""

e-made-china said: "[QUOTE=greenrun;59236]"For every dollar won, a dollar is lost." === not correct, it is big myth, actually the money come to Forex from import/export deals![/QUOTE] very classical,really..."

sean12 said: "Go to daily forex and get all the info you need."

chahinemm said: "for starting in forex i would recommend first understanding the different major news that exist, discover your style of trading short or long term style and read as much about it from the net and this forum as possible after try to paper trade it to understand the correlation that exist between currency pairs and then trade live with micro account to see what your strategy gives you as results and then if it works go to higher capital, or else refine your strategy a bit further. chahine"

lil dickie said: "[QUOTE=chahinemm;67208]for starting in forex i would recommend first understanding the different major news that exist, discover your style of trading short or long term style and read as much about it from the net and this forum as possible after try to paper trade it to understand the correlation that exist between currency pairs and then trade live with micro account to see what your strategy gives you as results and then if it works go to higher capital, or else refine your strategy a bit further. chahine[/QUOTE] These are all good points. I would also make sure you understand the terms of your brokerage account as well as all technical details."

ratAphooey said: "You better know current events. The news effects the prices of all currencies."