Trading from a demo account is a great way to learn but personally I prefer learning to trade with real money as you have that psychological barrier you need to overcome. One book I would recommend is Trading in the Zone by Mark Douglas - great read! Remember the market is 90% psychological.
You are not alone as I am new to this. I'm just fortunate in the fact that I have a few friends who are professional day traders and make a living from this. Be proud of yourself mate, not many 18 year olds I know are interested in this stuff.
Take a read of my first blog post here: http://thebirthofarookietrader.blogspot....
I try and make a new post each week on my progress.
If I were you, I would check out babypips.com. They have a whole free course for beginners.
The first item to read is the warning link from the US regulator below.
Retail forex has more frauds than any other part of investing; forex robots, expert advisors, signal services, binary options. All scams.
Forex is a huge and legitimate global market. It is dominated by experts who have huge advantages in data, news, systems, and experience. Most retail players lose. All novices lose.
You are several years away from becoming a trader, before you can legitimately choose a market, before you can call yourself a trader or find out that this was the worst decision you've made this decade.
From one mentor:
Most traders we speak with have learning curves that have cost them between $15,000 and $70,000 and up to two years in time.
If you focus on profits like most beginners, you will lose like most beginners. Fully 85% of new traders fail. That should tell you something. Bad decision to even start or play against those odds.
If you try to learn trading in a leveraged market like forex or commodities and futures and options, you will not stick around long enough to learn anything and will fail. Leveraging ignorance is just stupid.
Forex is the highest leverage of any market. Leverage is the killer of newbies, not their savior.
Don't know what leverage is? Define your terms at Investopedia or Wiki.
Definition of 'Leverage'
The use of various financial instruments or borrowed capital, such as margin, to increase the potential return of an investment.
http://www.investopedia.com/terms/l/leve...
http://www.investopedia.com/forex/news/d...
http://www.investopedia.com/articles/for...
http://www.investopedia.com/articles/inv...
If you really want to trade currencies, start out without the leverage trading the currency ETF's. They trade in a standard stock account, just like stocks. These ETFs are just as good as trading spot forex. The only difference is that the ETFs are not leveraged (but you can leverage them on margin).
? FXA - Australian dollar
? FXB - British pound
? FXC - Canadian dollar
? FXE - euro
? FXY - Japanese yen
? FXF - Swiss franc
Currency ETF List
http://etf.stock-encyclopedia.com/catego...
TRAITS OF SUCCESSFUL TRADERS: a four part guide
http://www.fxcm.com/docs_pdfs/fxcm-trait...
My advice on trading forex:
http://answers.yahoo.com/question/index;...
Hello, My name is Chris, I am 18 y.o. and I am from Greece.
I want to start trading with FOREX but I do not have any experience at all.
Exchanging is in my blood...
I learned about forex 2 week ago and I dont want to start trading with real money until i learn it good. What I have to learn? What kind of books to purchase?
