The number one reason new traders fail? No trade plan.
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.
Without a mentor or a coach or a properly supportive work environment, "trading" is almost impossible for the individual. You're underfunded, and the pros know how to seek you out. Forex just heaps impossible on top of impossible, because it is mostly unregulated by any agency. The banks police themselves, uh-huh. It's real easy to get ripped off in forex, and nobody to turn to for help. There are hundreds of pitfalls that await, but the newbie thinks " it's actually a great idea," because they have no way to know. Trading is not something you just "try." It's a ton of work, long hours, and still you might not be cut out to be a trader any more than you're a musician, but you'll eventually find out in a year or three. Most traders go broke several times, because chance, random movements appear to have patterns and it appears to work. Lots of things work in hindsight and backtesting.
Read the book by Nicholas Taleb, Fooled by Randomness. He's a quant trader, with a Phd in physics.
Hoards of people make money investing in stocks. There are not "hoards of people" making money trading, or trading forex.
Develop a trade plan, determine your time frame and risk level, develop a strategy, and test it on a simulator for many months using good money management techniques (not a million dollars play money hitting buttons at random). Read the book, Rules of the Trade, by David Nassar.
Most newbies are allured to forex for the incredible leverage, like lambs to slaughter. Leveraging ignorance and inability is not a good plan; forex is silly for almost all beginners.
But if you really want to trade currencies, trade the currency etf's without leverage until you get your bearings and become consistent.
? 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;...
I put together a site about Forex trading and Forex and other trading strategies that work http://www.myforexdot.org.uk/trading-str...
Forex trading is very, very difficult. It is a zero sum game. You winnings in the foreign exchange market come from someone else's losses and that means that, just like in a giant game of poker for example, the majority will always lose money and a few highly skilled players will walk away with everyone else's money. In the FX market this manifests it's self as the market doing whatever it takes to make the majority of traders wrong most of the time.
In my opinion trading indexes is easier. If you live in the USA though you won't be able to spread bet or trade CFDs and can only trade futures off an actual exchange, the positive side of this is that you'll always be trading the actual 'real' market, but the downside is that minimum position sizes can be quite large.
Also, best piece of advice I can give you, never trade with money that you can't afford to lose.
Its a good start that you are asking questions. Forex trading is not for the faint hearted. It's important to start off small or even better to trade a demo account before committing real money. I started with financial spread betting - you can usually set up a demo account on these. If you are in the USA financial spread betting is not available, so a forex broker would be your next port of call.
Read books on trading, and check out some forums (but be cautious on these - you may not get good advice).
Good luck.
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well, there is always forex.com; haven't looked at it in years though but the basics should still be the same.
just be aware that forex trading can break you HARD.
I suggest you to start with personal coaching on forex trading. http://columbusstockcoach.com/ Good luck!
you can start here
http://fx-courses.blogspot.com/
you will finde all famous trading course for free
price action elliot waves and harmonic trading
and trader like nail fueller hector jason stapelton albrooks and many others
I've been into stocks for the last 3 years, but I recently started reading an article about forex. I think it's actually a great idea to learn about and try forex trading out. Where can I learn how to trade forex? And is there a place to look at forex charts?
