how do i get started with currency trading? are there any online courses anyone could recommend? has anyone a success story to share? what are the main points i need to know? do i have to invest more than 1000 pounds to get started? any help appreciated… thanks.
You pretty much need to understand the amount of worth, to whatever you plan to exchange it to. Easy as that. Then you need to follow, how much it changes.
You buy foreign currency, while it is low. You hold on to that, till it jumps in price. Enough till you make a profit. It's up to you, to figure out how much to buy. Depends on how much you are willing to lose, and how long you are willing to wait.
I would try it, with a few different currencies, that way you can up your chances. If the currency you chose, does not raise in price, hold on to it longer. If after a year, you see no change, get your money back. If within that year, it has a slow, but constant raise, hold on to it. If you see a dramatic raise, sell it off for profit.
After a while, you will get the hang of it, and you should see a profit within a few months, if you are lucky.
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I am trying to get into the forex market, I would like too know the best site for news and tips.
I am going to be trading GBP.USD.
Jonoeckley,
I think you have chosen the perfect pair to get started trading in the Forex market. The GBP/USD is more consistent and predictable than many of the other pairs. With the right strategy, knowledge, money management, and attitude you should be fine. It is true that Forex is not for the faint of heart but you CAN be successful trading Forex.
As for good sites for tips, news, analysis:
I use bloomberg for my economic news. Keep in mind – I trade a longer term strategy that is not significantly affected by intraday news releases so Bloomberg works for me. If you plan to scalp you will need a source to give up to the second news as well as an “economic calendar”. I recommend forexfactory but there are plenty of others. Just google forex economic calendar.
As for analysis, I like fxstreet. It is free and has decent content. However, what you will quickly learn is to not give into the hype. You will find that one analyst will say one thing and another will entirely contradict the first. Read with an open mind and then use your own knowledge to choose how you react.
And for where to find good tips…that is a hard one. Most tips are trading system specific and may not be right for you. However, probably the best way to get trading tips is by joining a free Forex traders forum. I like forexfactory, fxfisherman, or babypip’s forum. Just google any of those three.
Good luck! Don’t let the naysayers get you down. Forex is not easy and many DO lose their money. But it sounds like you are taking the proper time to learn and become a successful trader.
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Hola,
I've been trading Forex in a demo account for over 2 months now. I've lost everything once in the process, made over $1,000 some days, etc. But I would like to research forex trading more to get more expert opinions. I've read the whole beginner's guide on www.babypips.com (good resource for people brand new to Forex!)
Anyway I was just wondering…… are there any people out there famous for trading Forex full-time and being successful at it? Are there any widely-acclaimed books or articles or schools of thought? Keep in mind I'm not referring to "systems" you have to pay for, ie. scam artists.
My forex blog:
www.yarcofin.wordpress.com
I don't trade forex full time, but I have alot of experience trading other markets. I guess if you're trading technicals then you can use those no matter what the market.
One thing I've noticed about forex is that if I pick a direction and enter when volatility is shrinking usually end up with a winning trade.
As for resources, I think the best teacher is going to be experience. Just trade as small as you can while you learn.
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I want to know what is the best company which provides FX trading,,, I've heared that there is alot of companies fooles alot of peoples, I want to know how does the big companies or the banks work in FX trading or through who? I want trusted broker or companies. and what about RealTrader company is it trusted?
Most Forex brokers are lousy. Simply go to http://www.forextopten.com/forex-broker.html and http://www.forexpeacearmy.com/public/forex_broker_reviews and check brokers reviews. Most of them have terrible feedback from their customers.
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I'm interested in doing forex trading in India, because I think the capital market there is pretty stable and people have good discretionary income. However, my understanding is that RBI strongly regulates the forex market partially because it is afraid of possible currency manipulations by large institutions. And since it is possible to have a very high leverage in this market, people could lose a lot of money without enough prudence, and the government is aware of this, trying to control the forex market to a certain extent. So my question is, how much does the Indian government want to control the forex market, and what kind of rules and regulations regarding the forex trading and the relevant market are put forth by RBI? Are there any available websites or documents pertinent to the foreign exchange market in India I can take a look at?
I am trading in Forex market in India with http://www.finexo.com/, which is a business partner of Denmark's Saxo Bank, with its headquarters located in Düsseldorf, Germany.
Here you can open a mini account with $100 and can start trading with it. the leverage provided by finexo is 1:200. You can deposit money using VISA, MASTERCARD and DINERS. They charge the spread (depending on the currency pair, and account type: mini: 5 pips, classic: 3 pips, VIP: 2 pips,). which is very low compared to other dealers.
I earn 11.5% monthly return and my portfolio is managed by the Best in industry.
I am providing various links which contain rules and regulations issued by RBI. Find the best which suits you.
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I really should get more educated before I decide if I would like to do this. Basically if you could give me a brief overview of currencty trading. Also, how much would I need to have in my forex account to actually make it worth the time and effort of trading and to be able to make any money? I'm a college student so a couple hundred bucks is probably all I could put in adn that's even stretching it a little.
Currency trading is risky business, but you can make money with it. You just need to trade smart.
Before you start trading, you should learn as much about forex as you can to prepare adequately. Many websites will advise you to trade with leverage to increase your profit. Leverage is ratio between lended capital and invested capital. For example if brokers offers you leverage of 100:1, it means that if you invest $100 you will be able to trade with $10.000. While leverage can bring you higher profits, you can also lose all your invested money very quickly.
Most brokers have automated systems that can issue a stop order to some trades to protect their interests, so you can never lose more than what you invested, but it is also possible that some brokers don't have these systems and in that case you can be responsible for losses that outweight your investment. That is why you should always read brokers margin agreement.
My advise is that you ALWAYS trade with leverage 1:1 and NEVER trade beyond 10:1, no matter how good you become at trades. People who make money with forex never trade with more leverage than 10:1.
Also as a beginner, you can use some trading platform like Metatrader 4 that offers demo account with virtual money. It allows you to try out forex trading without any risk and that way you can see whether you can make money on forex or not.
Just remember greed is your enemy No.1. Also don't expect high profits with forex. People who make money on forex are doing it slowly. If you expect a return of 200% within a week, or month, than forget it and try something else.
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