I am very new to forex trading.

Discussion in 'Newbie Questions' started by durgamadhu, Jul 24, 2010.

  1. durgamadhu

    durgamadhu Active Trader

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    Sir,

    I am very new to forex trading. Before doing the trading what are the information I should have and what are the books that I should read and who can be my broker and how much time will it take for me to understand FOREX before trading. Kindly let me know. Thanks in advance.
     
    Propiotr11 likes this.
  2. Enivid

    Enivid Administrator Staff Member

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    You can find the lists of good newbie Forex books and brokers here:
    http://www.earnforex.com/forex-for-dummies

    As for your question about time. It depends on the person. Maybe you'll be able to start trading the same day, maybe you'll require several months to understand it all.
     
  3. norhisham

    norhisham Active Trader

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    Hi there.

    Yeah right, in terms of information, there's a lot that you can get online. What important is to understand yourself, your true self first. While reading/exploring for information,. bear this in mind - money management and psychology.
     
  4. The Tramp

    The Tramp Active Trader

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    buzzfxbroker likes this.
  5. cheeseweasel

    cheeseweasel Active Trader

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    Yep, the babypips school of pipsology is great for learning the fundamentals.

    As far as books go, I'm currently reading Van Tharp's Trade Your Way to Financial Freedom, and it's fantastic.

    Also Forex Patterns and Probabilities by Ed Ponsi is good.
     
  6. forexbio

    forexbio Active Trader

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    get yourself a great book by kath lien
     
  7. turanboi2010

    turanboi2010 Trader

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    Hi everyone,
    thanks for the advised forex books above, have you got more info about where to find the best forex eBooks?

    Thanks in advance!
     
  8. jmathers

    jmathers Trader

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    barnes & nobles or borders.com have alot of good ebook versions that you might be looking for. There's another site that is usually included in the back of the books (can't remember it right now) but the monthly fee is about $7-$10 and you get unlimited reads from all the books available.
     
  9. ForexRouteOne

    ForexRouteOne Trader

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    Hello,

    My first thread on this forum and I thought I'd talk about starting out in Forex. I remember when I first started out. It's very exciting and there are many ways of making extra income with Forex trading. My only problem when I started out was the amount of sales clutter on the net. There are too many people out there, trying to part newbies with their hard earned cash, in exchange for a Forex bot, or magic formula system. They misguide people with sales tactics and cover the truth with persuasive language. This is why I started my own site which helps people get on the right track in Forex. I'm always transparent with the methods I use. I don't promote unrealistic approaches and I simply give newbies and novice traders real honest methods of trading. I don't intend to be promoting my site endlessly on Forums such as this. But being my first thread, I thought I'd tell people what I do etc. I enjoy Forex and if learnt properly it can provide an income stream for life. It's never smooth, there are always peaks and dips but it's an exciting career nonetheless. I encourage anybody struggling to find their way to visit my site and request the free resources available. I really enjoy hearing back from people as I like to feel like I did help them along the journey to success. Anyway that is my brief introduction. If you are SERIOUS about Forex trading, then at least make your first steps in the RIGHT direction.

    David
     
  10. DonnaMag

    DonnaMag Trader

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    Thanks for the great book suggestions! Does anyone have any good blogs to recommend which they read daily?
     
  11. DonForex

    DonForex Trader

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    Hey there, for a newbie like myself would people suggest an online course like babypips first or to start first with reading the books?
     
  12. Eva.HantecFx

    Eva.HantecFx Trader

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    Hello,
    I would suggest that you read the books, follow the news and at the same time request a demo account to practice. Of course it differs from person to person how one learns, I suggest a demo is also one way to learn to operate well platform and to use all of its features. Of course you also need to be aware of news, which you find online. You may also have a look on youtube and search for tutorials for example.
     
  13. jennypeters

    jennypeters Trader

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    Hello all, I am also new to this forum and I am happy to join you. My request is that please share the financial knowledge with each other. Thanks in advance and nice to meet you.
     
  14. FXeria

    FXeria Banned

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    You can also try the demo with zulutrade. Choose your providers wisely based on win % performance, dd %, how long they have been trading for, pairs differentiation and last but not least the systems ranking - sos number expressing past trading behavior - combines the risk appetite, losses/ profits, and drawdown easy way to know who is worth following! :) once you fix your strategy, go life;)
     
  15. lm26172

    lm26172 Banned

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    Zulutrade is upgrading – live accounts are getting daily reports; providers are analyzed deeper with three new performance indications – weekly best/worst trade; ranking history chart and max open trades :)
     
  16. Enivid

    Enivid Administrator Staff Member

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    lm26172, how long have you been trading with Zulutrade? What are your results?
     
  17. FXeria

    FXeria Banned

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    I also saw a new update concerning the open positions.Above the number pops up a window with info on the amount of daily profit with the corresponding date and number of open trades. The stat goes back from the beginning of the trading history of the provider showing each time the provider opened a trade :)
     
  18. lm26172

    lm26172 Banned

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    Also there is email notification every time a provider has worsen his trading history, or when stopped trading at all with Zulutrade ;)
     
  19. Matthew

    Matthew Trader

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    I always find the best way to learn is to actually do. After reading into the basics you should find a demo account or trade with a very small amount of capital and wait until you experience some consistent success - be it small or large.

    Then consider moving onto trading with money (or more money) and build up your capital.

    It's all in my opinion of course, but I feel real experience is far more valuable than reading hundreds of websites, tutorials and books. Good luck.
     
  20. James Hallow

    James Hallow Newbie

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    According to me, experience plays an important & larger role than mere studying the theory. So, I would recommend you to open a demo trading account with few different brokers and check for the various services offered by them.

    Once you are comfortable, you can definitely opt for the best broker with best trading conditions. This will also help you find a good broker with good trading conditions & you will learn more about the Forex market through demo account.
     

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