Forex for beginners
I must admit, the answer to this question is not straightforward. Indeed, the reality is that there are literally thousands of ways to trade Forex.
But most of them aren’t efficient.
In my opinion, it is therefore more important to learn what NOT to do as a beginner rather than learning what to do.
Learning what NOT to do will not only help you avoid bad practices but also focus on what to do!
Here are my 5 best tips for Forex beginners…
1. Do NOT open a live account
As a beginner, the first thing you need NOT to do is to open a live account.
You don’t know how to trade Forex, why would you even risk your capital?
Are you a gambler?
Open a demo account instead.
If you don’t know what a demo account is, it simply is a virtual Forex trading account, using real market data but fictional money.
The demo account is an amazing tool for beginners. Really!
(if you don’t have one yet, simply Google “Forex demo account” and open one)
2. Do NOT believe there is an magic solution to Forex trading
A lot of Forex scams have arisen around the Internet, giving the industry a very bad name. So much that some people believe Forex trading is just a giant scam and doesn’t even exist!
Source: Surfing The Pips
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Infomercials2005-11-08 13:02:33 by optioncoach
Are so ridiculous. I am amazaed that they have infomericals for option trading and forex, two quite complex securities, and they market their products to beginners! I cannot believe that a company actual believes that they can teach forex to someone who has never traded anything before in their lives and pass it off as a get rich quick scheme.
I believe in caveat emptor and most people who signup for those $1,000s of dollars in courses and software get what they deserve, but I still feel sorry for those who do.
Holy cow!2005-12-23 06:23:59 by five_ten
Interesting selection of suggestions you got here!
my questions to you:
do you have any debt? if so, pay it off NOW.
do you have an emergency fund? if not, this is it. put is somewhere safe like the HSBC account mentioned. or, perhaps put half there and half in I-bonds (do a search to find out about I-bonds).
when you you plan on needing this money? if it is in a couple years, go save like my suggestion for the emergency fund above. if not for a long time, consider opening a ROTH and investing for your retirement.
without knowing more about you and your situation, it is hard to make suggestions. but, i can make un-suggestions - mainly, avoid forex and the stock market. if you are a newbie, you need to start out slow. go to a book store, grab a stack of...
I want to know2006-10-13 22:21:38 by Chile222
What people's experiences are with forex trading? I have a friend who has been trying to talk me into trading with him. I tried to do some research but most of the sites I found wanted me to setup up an account so I don't know how legit the info on the site is. Basically right now I want to know where I can go to get some info for beginners
Currency trading is very different from stocks,2008-03-05 23:44:29 by bobov
So you need to thoroughly familiarize yourself before you risk your own money. You'll need to open an account with a foreign exchange (forex) broker. Many offer free practice accounts, so you can trade virtual money until you get comfortable. Here are some sites for beginners:
Likely _is_ a scam2007-11-04 08:43:11 by livn_prosper
Do yourself a favor on this or any other controversial opportunity.
Do a Google search of the process in question along with the word scam and read what comes up. I just got almost 2 million hits doing this for "forex" and "scam".
If you trade by yourself, however that it would be done, it would merely be a bad investment idea. However, most people purchase expensive software and use intermediaries, who charge commissions, to conduct their trades.
Forex, unlike stock investments, doesn't rely upon an underlying productive asset to make money from, meaning that you can only make your money by outwitting other traders. Of course, you will also pay for commissions. The rhetorical question here should be: whom to you expect to outwit if you are new to this game?
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Easy Forex currency trader Tony Darvall said the local unit is caught in a range as traders wait for next week's interest rate decision by the RBA. ''I think we were talking earlier in the week about being caught in that range, we've had expectations …
$A higher ahead of RBA rates decision — Sky News Australia
Easy Forex currency trader Tony Darvall said the local unit is caught in a range as traders wait for next week's interest rate decision by the Reserve Bank of Australia (RBA) A rate cut to 4.0 per cent from 4.25 per cent is widely expected after March …
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