How can I learn to trade Forex?

Monday, December 30, 2013 , Posted by Ryanita at 8:59 PM

forex trading for dummies
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theahole


I don't know much about finance etc. I downloaded a demo/ practice account so I can try and learn to trade forex, Its always something I have been interested in, kind of like gambling. I expect to lose my money, I view it as payment for having a little fun. I have no idea what im doing and the interface may as well be in Chinese, how do I learn how to trade? Even the "forex for dummies book starts assuming you have basic fundamental knowledge. Are there any instructions for people who are totally and completely ignorant to the way this all works?


Answer
3 Basic Forex Trading Strategies - Richard Krivo (YouTube VIDEO)

http://www.youtube.com/watch?v=880UGOQyK40

This video is about BASIC FOREX TRADING STRATEGIES that can be implemented in a variety of forex market conditions. I like this guy, easy to understand and learn from.

How do I get started on trading online?




Katie


I'm not new to investing, I have done risky stuff as well as some mutual funds. Since I understand tech. analysis and have practiced it (for fun not with real money) for many years, I can tell I do know something about trading.
How would I go about starting doing it online with $13,000 and little experience? Should I trade stocks, forex or something else?
Is there a way to start slow and grow? Mistakes to avoid?
Thanx to everybody.



Answer
As usual "Common Sense" has given good sound advice, while "David" is totally off the wall - It's almost impossible for any trader to use Sharebuilders, Kramer is a nightmare,

Let me add my suggestions for you
To be a trader you must first learn how to invest. You must know the products and the markets in which they trade and more importantly you must know the rules that govern those products and markets. So you must know what youâre doing, why youâre doing it, and how to do it. You should start by reading âInvesting for Dummiesâ by Eric Tyson.

Then hereâs a list of books you should consider, at least read half of them
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered, by Gallea
How to Trade in Stocks, Jesse Livermore
Millionaire Traders, Lein & Schlosberg
One Up on Wall Street by Peter Lynch
Reminiscences of a Stock Operator, Edwin Lefevre
The Disciplined Trader, Mark Douglas
Trader Vic-Methods of a Wall Street Master, Victor Sperandeo
Trader Vic II-Principles of Professional Speculation, Victor Sperandeo
Trading for a Living, by Alexander Elder
Trading in the Zone, Mark Douglas

And when you think you want to trade, try some paper trading to test your skills without spending you money http://simulatorinvestopedia.com/ http://www.moneyworks4me.com/
and/or http://www.tradingsimulation.com/

Before you enter your first order you need to address four major policies and have very strong discipline to follow them
1 - You need a written sound trading/investment plan with rules that will not only help you but more importantly protect you, mostly from yourself. Always use stops either to protect you on the down side or to lock in profits on the up side. Never trade on emotions, when emotions get involved walk away. Donât try to out-smart the market, youâll loose but if you always take what the market is willing to give you, youâll be successful. Other words, you donât trade against the trend since the market is always right. And NEVER trade on emotions, once you let emotions in your trades you will loose
2 - A written money management program is essential. Remember never invest 100% of your capital into any one security and never have 100% of your capital invested. Never go into a trade without knowing when and where you are going to get out of it. Never let a loss on a trade get greater than 8%-10%, always take you loss and walk away - don't loose more than you need to and don't be afraid to take the loss. Remember you never can get hurt taking a profit. Never average down, but you can average up.
3 - You must have sufficient trading/investment capital. Use your own money, thereâs no need to go into debt so that you can trade and/or invest. Margin can be used but only with restraints, never let the account wall below 45% equity. Unless you fully understand margins you should not use it.
4 â A full and complete understanding of the rules & regulations of the industry. If your going to play in the game be sure you know the rules of the game and always follow them.

Unless you are willing to study and follow the above you will never make it as a trader. To be successful as a trader it takes work and constant study of the markets and the products traded in those markets, there is no easy way.




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