Your Question About Forex Trading
Charles asks…
Forex trading?
What are the risk of trading currency with Forex trading? I live in China, but wants to try trading currency with Forex. One of the operator asked me to send the money across to them in USA and start trading in minutes time. I don’t know much about currency trading but they said they will offer me a course to get me started. Do I engage in this business?
AbleForex answers:
Like everyone else has said you need to take your time when deciding to trade the Forex market. That being said, if you are willing to learn how to trade it properly and are patient you can make money even with a small ($5000) account.
You will need to set strict money management rules, that is how much to place on each trade, how much you are willing to lose on each trade and how much profit you are happy to take on each trade.
Greed can do funny things and a winning trade can end up a loosing trade.
Follow these 10 steps
1. Get access to and read as much free information as possible
2. Download free Forex Charts
3. Take some Forex courses
4. Test and trial a couple of different forex strategies to determine which is best for your personality. Don’t rush this stage as you will really get to know yourself, how you react to loss, greed, fear and you will come to an understanding of how much time you really want to commit to your trading.
5. Open a demo account with an online forex broker, and start with a conservative amount in your account between $5000 and $10,000.
6. Simulator trade for between about 3 months
7. Open a Mini-Forex Account and fund with a conservative amount of money, between $300 – $2000.
8. Build your confidence by taking small amounts from the market consistently.
9. Throughout this whole process develop a trading plan that will consist of
a. What size your real trading account will be
b. How much you will trade each time
c. What timeframes you will trade
d. How much you will risk each trade
10. Trading for Real – Start trading a real account and continue to monitor and track your progress, recognising that you are a continual learner.
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Your Questions About Margin Fx Brokers
Margin Fx Brokers
Charles asks…
which fx brokers have the tightest spread?
i am looking at this oanda site they have 1.5 pip spread for eur/usd which is great but i dont recognize them, and their margin is limited to 2%… is this a good broker? and who else compares (tight spreads)?
AbleForex answers:
“Tight spreads” are certainly a consideration, but not the primary one. It’s like “stock” brokers, they’re all pretty much the same.
What you should be concentrating on are the resources that will make you money. You want the best trading platform, best executions, best help money can buy. If you can make money trading, the spreads aren’t going to matter. I would gladly pay double the spread if I can make twice as much money.
Don’t do this on the cheap. If you can’t afford the spread, don’t trade. This is typical of a novice; asking all the wrong questions.
Like any vocation, it takes hard work, lots of study, and the testing of your theories, learning what makes you tick, learning your own particular time and stress levels, and fighting the emotions of fear, greed, and loss of hope.
Most traders spend their entire time looking for the Holy Grail of indicators. Your success or failure lies within you, not some indicator, or how tight the spreads are or how cheaply it can be done.
If you have $3,000 for the trading software, PremiereTrade is a great place to start because of all of the training sessions, Message Board, Live Trader Commentary, chat rooms and the ability to actually talk to their traders. I’ve never seen these kinds of resources elsewhere.
You want to give yourself the best chance of success, not hog tie yourself to some cheap, limited, and disadvantaged setup. Do yourself a favor and put the odds in your favor.
http://www.bmfn.com.au
Http://www.premieretradeai.com/
http://www.forextv.com/FT/Video.jsp?channel=41
http://umgarticles.atspace.com/forex-trading.htm
http://www.fxstreet.com/rates-charts/usdollar-index/
http://forex.tradingcharts.com/
http://www.dailyfx.com
http://www.forexbastards.com
http://www.forex-options.com/
http://4xcampus.com/
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Margin Fx Brokers
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