Hi there,

I'm 20, and have always been interested in the sudden changes, the software, trading, and dual monitors of stock trading, but don't really know the ins and outs.

If one was to start out small, wanting to buy and sell stocks for profit, can one have any advice of where to start, what books to read, and how to prepare? I am very much successful at NFL betting, and wondered how this differed, (sports betting) to normal day trading through forex and indicies.

Josh

Answer
DO NOT READ "INVESTING IN STOCKS FOR DUMMIES" AND "THE INTELLIGENT INVESTOR". Especially the intelligent investor because over half of it is about bonds and its 500+ pages of BORINGNESS and you'll probably give up on investing after 100 pages. I would recommend "technical analysis by Dr.Kirkpatric 2nd edition" because it tells/shows you how to interpret stock charts. By the end of the book you'll be able to make trades simply off of good looking charts and timing the entry with indicators for stock charts and even play a breakout. You probly wont be profitable just reading this book, but chart reading and analyzing them is a huge factor and stocks that have good stock charts usually have good fundamentals. If you wanna get into fundamentals I would recommend FIRE YOUR STOCK ANALYST.

forex trading dummy accounts?

hi suzane i like your ans on Forex trading but may i know the sites in which i can open dummy accounts and practice forex trading
.
appriciate your quick response.

Answer
there are thousands of broker which make it more difficult to select one among them. it would be better if you can read some reviews about different broker on dailyforex.com here you will find the facility and features of different brokers and about the things they don't have.

Answer
Hi,

perhaps you can be more specific in your question?

forex trading software as in the trading platform? ( for eg MT4 )
forex trading software as in a trading signal service? ( for eg ZuluTrade )
forex trading software as in automated trading? ( for eg One of the many Expert Advisers out there )

i need to know the best of "automated forex trading software"?

hi there
i am a forex trader but i am very busy at the same time
i want to use an automated trading software
selling or buying itself while i am working or sleeping
but unfortunately i dont have one and i need to get
can you please advise me a good one which is easy to use and good for me
thank you all

Answer
Since I started using some of these forex trading software, my profits have improved. Before I was trading myself during my spare time but now I can trade even when sleeping or at work.

What you need to do is to test them out until you can understand the strength of each forex automated software. Then do actual trades. That way you minimize risk but have potential for long term profit.

I have tried Forex Autopilot, Forex Assassin, Forex Tracer and now I'm trying Forex Loophole. I do conversative trades and so far none of them have given me a loss on a monthly basis.

1) Where can you trade currency without actually going to the airport/bank? 2) What is the cost? Is there a certain fee like for trading stocks? I want to trade between US dollar and couple of European countries.

Answer
Any Forex broker

Forex simulator:
http://fxtrader.investopedia.com/Registration/Register4.aspx

Free Charts
http://www.dailyfx.com

Blogs
http://the-forex-trading.blogspot.com/

List of Forex Platforms and software

NinjaTrader platform
http://ampfutures.com/

http://forexplatformslist.com

http://www.marketiva.com/index.ncre?gid=3371
for beginners

http://softwareforexreviews.blogspot.com/2009/10/forex-software-project.html#comments


Compare Forex Brokers
http://www.goforex.net/forex-broker-comparison.htm

http://compare-forex.com/blog/

http://www.fxmaster.net/broker.html

who would be a recommended foreign exchange broker.?

Answer
FXCM.com with dailyfx.com

Compare Forex Brokers
http://www.goforex.net/forex-broker-comparison.htm

http://compare-forex.com/blog/

http://www.fxmaster.net/broker.html

http://www.setupaccount.zulutrade.com

Books:
Bird Watching in Lion Country by Dirk Dutoit
reviewed here: http://www.financial-spread-betting.com/Bird-watching-in-lion-country-review.html

Currency ETF's and their options are the better way, with higher probability of success, greater managability, especially of leverage, ability to lower cost basis, better rules and regulation and better commissions than cash/spot FX market.

Currency ETFs are a way to play any dollar-related trades.
â¢FXA - Australian dollar
â¢FXB - British pound
â¢FXC - Canadian dollar
â¢FXE - euro
â¢FXY - Japanese yen
â¢FXF - Swiss franc

Currency ETF List
http://etf.stock-encyclopedia.com/category/currency-etfs.html

Hey, I am hebby for forex trade. I concentrate on EURUSD and using IFX markets as my platform. I am wondering which websites have the latest news? And what do those wallstreet guys do, which website they surf the most?

Answer
Forex is the biggest market in existence, with the greatest number of advanced professional traders and the lowest probability of success for newbies. It's a losing proposition.

Most newbies are looking for a get-rich-quick scheme, and the high leverage of forex seems just right. Forget it. Leverage is the killer of the newbie, and you'll likely blow out before learning anything.

If you insist on trading currencies, trade the currency etf's without leverage until you develop consistency, then add leverage later.

â¢FXA - Australian dollar
â¢FXB - British pound
â¢FXC - Canadian dollar
â¢FXE - euro
â¢FXY - Japanese yen
â¢FXF - Swiss franc
Currency ETF List
http://etf.stock-encyclopedia.com/category/currency-etfs.html

TRAITS OF SUCCESSFUL TRADERS: a four part guide
http://www.fxcm.com/docs_pdfs/fxcm-traits-of-successful-traders-guide.pdf

My advice on trading forex:
http://answers.yahoo.com/question/index;_ylt=AqT3VpsJyXSkmJbqt3fKci7ty6IX;_ylv=3?qid=20120503085134AAuPSy2

http://www.dailyfx.com/
http://www.fxstreet.com/
http://www.babypips.com/school/market_hours.html
http://news.tradingcharts.com/forex/headlines/Forex.html
http://forex-trading.bluecollarnews.com...
http://www.forex-learning.com/forex-trading-technical-analysis/forex-trading-technical-analysis

Forex Walkthrough
http://www.investopedia.com/walkthrough/forex/beginner/level3/trading-currencies.aspx

How fast does Forex Megadroid trader make money?

Ive read that using this robot will "quadruple" your money, well how long does it take for it to quadruple your money
Because quadrupling your money in 10 years, and in 1 month would be a very different thing

Answer
The Federal government warns there are a lot of Forex frauds out there, and these Forex robots like Forex Megadroid appear to be one type of these scams. If these robots really worked, there would be scads of articles about them in the Wall Street Journal and other financial publications talking about them. When I do a web search, I can not find a single reputable news article encouraging the use of Forex robots. The link below is a Federal website warning you about Forex fraud.

There are a lot of people on the Internet claiming they have done very well using Forex robots. These appear to be of two types. One is the outright liars. For instance, you might meet a person called "Zboy227" who says "I made a lot of money using ScamRobot2000, go to their website at ScamRobot .com/Zboy227." The "/Zboy227" tells the website that Zboy227 has referred you. If you buy the product, Zboy227 gets a commission. He is only lying to you to get a commission.

There is a lot of luck in Forex. Sometimes you will run into people on the web who have tried a robot for a few days and have had some beginner's luck with it. They start bragging about how well they have done. Later, they start to lose money, but they rarely get back on the web and talk about how much money they lost. People like to brag about their successes, but rarely talk about their losses. The result is that much of the feedback about these Forex robots is positive.

I may point out that websites that sell Forex robots admit there are a lot of scams out there. Of course they claim the other guy's robot is a scam, but their robot works. If you do a web search on the words "forex robot" and "scam" you will find a lot of sites saying their competitors are scams.

I will admit I have not personally tested every robot out there, and I can not prove they are all scams. But I would be very hesitant to spend a lot of money on a robot without clear proof it really works.

I have $5000 and I'm interested in trading forex. What are the best brokers on the internet?
Also when they say minimum trade size micro unit (1k) does that mean I have to buy at least 1000 units which is for instance for a currency (1.05) $1005?
Also what is the lot size? Is that the range of profit/loss? Like instead of gaining $1 for 1 pip gain $10 if I change the lot size?

Thanks

Answer
Wow... you're on your way to an unbelievable surprise.

There are no good Forex Brokers... there are only Forex Brokers that are not as bad as most.

The first thing you want to consider is where is the corporate headquarters (what country?). Assuming you're from the USA... make sure they are licensed in the USA. Do not, for any reason, deal with a Forex Broker not licensed in your home country.

The next thing is to compare the "spread" charges. All these brokers advertise "no commissions".You'd actually be better off with a commission charge than the way they charge (by the spread). Make sure that the pairs that you'll be trading have comparatively smaller spreads than the competition.

No matter what you see on the web (especially from the brokers)... understand that it will take, on average 3-5 years to be profitable in any type of trading. Forex traders usually destroy their account in days, weeks or months.

The free "classes" taught by the brokers are a joke. They concentrate on the least important aspect of trading, which is Technical Analysis. The two fields of study, significantly more important are;
A. Psychology (yours and the markets).
B. Risk Management.

Read 6-12 books on trading and another 2-3 books on Forex Trading before you open a Forex brokerage account.

Good luck!

how much does it cost to trade forex?

Lets say the EUR/USD is at 1.40000 and i want to buy 100,000 of that currency, would i multiply 1.40000 times 100,000 to get me the price of how much i would have to pay? because if that is true i would need $140,000 to trade this currency and that is way more than what my margin is. can someone explain please.

Answer
No, because with the Forex you get leverage. USA brokers will give you 20:1 leverage I believe. Other countries will give you 200:1 or more leverage. This means you can knock down your estimation by about 200 times. But if that's still too much for your margin, then at that point you simply reduce your Lot size. You don't have to buy 100,000, you can buy 10,000 (which is called a mini lot) or even 1,000 which is a micro lot. If your account balance is $1500 or less, you should deal with micro lots. If your balance is up to 15,000 you should deal with mini lots. Above that you might consider standard lots, which are 100,000.

To be successful with the Forex, you need two things strategy-wise...
1) You need a strategy. They are NOT as hard to come by as people suggest, in fact, you can select from a list of 8000 of them right here: http://tinyurl.com/3tcla4v
2) Then you need good money management. Even with the best strategy, if you trade too large of lots, or you do poor money management (aka impatience, greed, etc) you'll blow your account.

I suggest that you open a demo account at the above link, and add ALL of the top 20 strategies to it, and let the demo run for a month or so. If it does well after a month, you can then weed out any of the strategies that didn't do so well at that point. I suggest following multiple strategies rather than just one, because more strategies = more stability. Any strategy can go bad at any time, no matter how good it's done in the past. But following multiple good strategies means that if several go bad, you're still in the green.

If it does well after a month or two and you are ready to go live, then I highly advise you to NOT put a large amount of money in to start. If you have a lot of money, put it in gradually. Start with around $2000, and then let that go for a month or more. IF it is in the green after a month, then add more money if you wish, and gradually increase the lot sizes as you gradually add more money. Never add money in if it has lost money. In other words, never add money to make up for a loss. If the account has a loss, it must make that loss back on it's OWN, not by YOU adding your own money in! And that takes a lot of patience because some times it can take it a while to make it back, and during that time, you have to wait. So patience is key. But For example, if you have a hundred thousand dollars to put into the Forex, I would say it should take you 6 months to a year to get it all uploaded into the Forex. Because you start with 2k, then let than run a month. And if it does well, then you double it, and let that run another month. And if that also does well, then you double it again, etc. It's much safer that way, because if you do some horrible miscalculation, most likely you'll have the loss early when your account is just $2000, rather than lose your whole $100,000!

Also, be sure to go with a no dealing desk broker, like FXCM. I hope all this info helps. If you have any questions, you are always welcome to private message me anytime. :-)

I Know NOTHING at all about Forex and would like to learn starting with the VERY basics is there a good book or website I can read up. Basically all I know about Forex is that it has to do with currency trading....

Answer
If you want to learn about Foreign Exchange markets, you should begin by watching television. Bloomberg, CNBC, or other financial television networks can be a good source.

Essentially, FOREX is very straightfoward. Exchange rates are just units of home currency expressed in terms of a foreign currency. The relative values of currency are set according to supplies and demands of foreign currencies. The demand for foreign currencies is largely established by the demand of a nations exports. The more a nations exports are demanded, the greater value its currency. Hence, a strong Pound, a strong Dollar, a strong Euro.

Further, a nations' currency supply is typically set according to a nations monetary policy. A loose monetary policy, that is large amounts of currency in circulation, tend to decrease a currencies value. A tight monetary policy, that is to say smaller amounts of a currency in circulation, tend to increase a currencies value.

However, FOREX markets are highly volatile and the information I just presented to you is very basic and abstracted. Lots of other factors affect currency values. For instance, government intervention. China's currency should be far more valuable than it is now, but Chinese policies affect its extraordinarily low value.

You now know all the basics about FOREX! Stay tuned to Bloomberg to learn more. Also, if you're planning on going into the FOREX trading business, it's very difficult and markets are highly volatile. Hope you have good contacts.

What is a Forex and how can I make money using it?

I am clueless on Forexes and would like to know how they work.

Answer
FOREX - the foreign exchange market or currency market or Forex is the market where one currency is traded for another. It is one of the largest markets in the world.

Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates.