Forex beginner

leahciM

Hi Gang,

Hope you're well.

I'm looking to break into the scarily leveraged world of forex trading, probably the EU/USD and/or GBP/USD.

I've been looking around for some free accounts to do some practicing because the leverage element. Can anyone who has been trading in forex for some time point me in the direction of a good guide, a book is fine but would prefer online, this is MSE after all

If anyones got guides, tips, good platforms, anything at all really, then I'd great appreciate it.

tradetime

Have a look through this site, you should be able to get all the answers you need on their forums. There are a lot of Spot Forex brokers around which is probably the best way to go if you're new to it, sorry I can't really help much with them as I trade the futures not spot

leahciM

I'm looking to trade spot - thanks very much tradetime it's really appreciated

Anyone else got anything to add?

darkpool

is forex not a zero sum game? unless you have inside info on future world events i doubt you will make money from it.

the only forex i've ever traded is down was down at thomas cook.

smeagold

Good luck with the trading, personally I wouldn't risk any money until you've spent at least 6 mths on practice accounts, get a demo on one site and then get a demo on another (play with ficticious money) etc until you can consistently make monthly profits. 95% of retail traders get burned, don't be one of them. fxcm has a months free trial with pretend money. decent platform, a place to start perhaps. Best of luck, its a savage learning curve, expect many sleepless nights and a whole ton of stress, but once mastered it can be a liberating way to make a living. At the end of the day all you need is sheer determination and a little intelligence. wish you all the best.:)

smeagold

darkpool wrote: »

is forex not a zero sum game? unless you have inside info on future world events i doubt you will make money from it.

the only forex i've ever traded is down was down at thomas cook.

Commonly held misconception. If the spreads are tight the only reason you lose is when you misread the markets direction, if you can learn to read your target market you can make money. Ask any trader in any market, its not the spread or the cost per trade it's your ability to read those markets and judge the way they move that counts. Anyone can make money(or lose it) trading. I do not doubt you can make money, but its a serious game, not a hobby, treat it that way. it's a learning curve, your succes will be directly proportionate to the time you put in to learn and your inteligence level:)

leahciM

Thanks Smeagold! - tbh I'm looking to practice a lot beforehand. I have my positions in s+s and my fairly large safety hedge in cash and gilts, so I'm looking for something with more upside (and yes, much more potential downside) to make my heart beat quicker

As far as inside information comes, I'm fortunate enough to be in a profession where I generally get, and set, the inside information as quick as the 'real' pros or very soon after.


Arrogant sounding much? of course! but you show me one successful FX trader who isn't just a little arrogant.

darkpool

forex is still a zero sum game - for everyone that makes money from it someone has lost a corresponding amount.

i personally don't believe it's the type of market where an amateur can make consistent profits.

I've met people who have made money in the stock market and property development, but i've never met anyone who got rich trading cable.

smeagold

leahciM wrote: »

Arrogant sounding much? of course! but you show me one successful FX trader who isn't just a little arrogant.

:rotfl:yeah I get accused of that as well. made me laugh. Trading live markets can be, at times, extremely exhilirating but it can also be extremly boring and stressful, especially when you got your money on the line and it's in the red. but thats just part of the learning curve. The only way to learn how to trade is to trade, forget reading tech books just open an account and get stuck in and learn as you go along. Just use ficticious money while your doing that and once your confident put up real money. I remember the first time I risked real money I made £50 in my first trade and was exstatic, but within three days I was down £300!! but I clawed it back and in over 2 years of full time trading I've never failed to make money on a monthly basis. It can be done but you gotta work at it, good luck. Nothing ventured nothing gained:)

smeagold

darkpool wrote: »

i personally don't believe it's the type of market where an amateur can make consistent profits.

Then don't be an amateur. you wanna be sucessful trading your target market? then learn everything about it, everything, every report, every economic release, every geopolitical/economic event, every driver, every bit of tech anlaysis, every opinion and counter opinion, everything that might have an influence on the market your trading and watch them constantly.

Amateurs treat it like a hobby, miss all the signals and get fleeced. professionals miss nothing, we watch everything, all the time, and miss nothing. all you gotta do is get that mental frame and be determined and miss nothing. Full time job. but thats just the way it is.

darkpool

smeagold wrote: »

forget reading tech books just open an account and get stuck in and learn as you go along.

I'll be the first to admit that I'm not a forex expert. But in one post you say forget reading tech books, then in the very next post you say learn everything about it? Does the second post not completely contradict the first?

I do suspect that the majority of amateurs that trade forex give up after a few months because they are not making money. I also expect there is a tendency for amateur traders to only remember trades where they have done well and not the ones where they have lost money.