How can i learn Currency trading??? (Forex)?
Wednesday, June 30th, 2010 at
5:02 pm
i would really like to learn the fundementals of trading in the forex market. i wanna know if there is a place to learn or if anyone does trading can teach me some basics…and is it a profitable form of practice???? thank you. you can e-mail me if there is not enouh room my e-mail adress is metalic09@yahoo.com thats Zero nine.
Tagged with: e mail adress • forex market • fundementals • yahoo
Filed under: Learn Forex
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Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.
Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty.
I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
Go through http://www.xe.com
Or there are many sites guide for currency trading
only thing currency needed: good luck
FX is dangerous. Very few people succeed at FX. It’s fun. Challenging. The Forex community is filled with deception and lies.
It’s going to take a lot of hard work to get this right. The odds are against you. Your best bet is to take a year to learn the basics and to start learning technical analysis.
Most people blow their first account. I did. It’s now two years later and I’ve started up again. Trading stocks has helped me in my approach to FX.
What I know now;
It takes disipline, money management skills and an understanding of market psychology… as well as your psychology, to make money trading.
You should dedicate this year to reading as much as you can.
Here’s an intesting book to help you understand what needs to be done;
Millionaire Traders, Kathy Lien & Boris Schlossberg
Good Luck
FX trading is extremely difficult. 95%+ don’t make money. The key reason (in my opinion) is due to money management and the psychology of trading. In terms of trading strategy, you only need a simple one with an edge.
Send me an email re: your experience in trading stocks and your years of experience. If you are starting absolutely at ground zero, then it may be more difficult to help, but if you have some specific questions, perhaps I can help.
Good Luck and Happy Trading
Forex is a good market if you work consistently. The best investment is always the investment on your brain. Without a doubt, Forex trading needs much more than just a few guidelines or tips to be successful. Experience, knowledge, capital, fortitude, and even some help of luck are all crucial in one’s success in the FX market. if you lose in a trade, do not lose the experience in it. Learn from your mistakes and regain your position in the next trade.
there are various tutorials available online free of cost look for such which are easy in language and you can gain more from them. Some of them are:
http://www.finexo.com/infoCenter/tutorials
http://www.finexo.com/infoCenter/5553
http://www.finexo.com/infoCenter/5548