FOREX Trading. A good starting point

Mishomeister

Just wondering if anyone has any info on where to obtain the all necessary info(ideally in one place or a minimal number of places) that would allow to get some basic understanding sufficient to start currency trading on FOREX.
I have been to one of the Learn To Trade seminars in London recently and although it did get me interested in trying the currency trading in general, the fact they wanted to charge £2400 for a training course made me unwilling to have any business wit htsuch company. So I though that there surely shiuld be some companies who would train you much cheaper.

AnotherJoe

This is one of those classic "if you need to ask you shouldn't do it" questions.

Mishomeister

AnotherJoe wrote: »

This is one of those classic "if you need to ask you shouldn't do it" questions.

So your logic is ...? Unless you are already born with a knowledge you should make no attempts to gain this knowledge as you are deemed to fail.

bigfreddiel

I'll give you a tip, DON'T DO IT!

If you can't afford a couple of "bags of sand", you can't afford to even start trading

Let us all know how you get on tho' fj

SailorSam

I've had regular emails offering to teach me how to earn a fortune. As soon as i've got to the bit that says, ............ and it will only cost you. .... I've deleted it.

Mishomeister

SailorSam wrote: »

I've had regular emails offering to teach me how to earn a fortune. As soon as i've got to the bit that says, ............ and it will only cost you. .... I've deleted it.

Hence is the point of my post. To find out if there are any reasonably priced learning alternatives

ciscosurplus

Mishomeister wrote: »

Just wondering if anyone has any info on where to obtain the all necessary info(ideally in one place or a minimal number of places) that would allow to get some basic understanding sufficient to start currency trading on FOREX.
I have been to one of the Learn To Trade seminars in London recently and although it did get me interested in trying the currency trading in general, the fact they wanted to charge £2400 for a training course made me unwilling to have any business wit htsuch company. So I though that there surely shiuld be some companies who would train you much cheaper.

If you want to learn about it babypips is a free and good website for it, I used to dabble a few years ago, if you have big sums of money to put in and aren't afraid of losing it, fine otherwise it's fairly unregulated, and volatile at best. I managed to lose £2k in 7 minutes once, also made some good games, overall I decided it's not that different from gambling.

AnotherJoe

Mishomeister wrote: »

So your logic is ...? Unless you are already born with a knowledge you should make no attempts to gain this knowledge as you are deemed to fail.

No,the logic is that as an outsider and someone whose read a couple of books or been on a two week course, you are doomed if you try this particular activity, same as if you tried to practice brain surgery in this fashion. I did say "this is one of those questions" - not all questions are like this. But this one is.

If you want to trade Forex, unless you have a wish to to lose your money, go to university, get a job in a financial institution , work your way up on the trading floor trading other people's money and if you discover you are any good at it, you'll be making so much you won't need to gamble your own money anyway.

Don't read a book on it and then get stuck in, any more than you shouldn't read a book on brain surgery and then pop round to your neighbour with a scalpel.

bigfreddiel

Now Joe is right, you don't read a book on brain surgery and then go and try it out. You train for ten plus years then you assist the consultant surgeon.

Similarly professionals like Warren Buffet, the zbank of England governor doesn't do FOREX trading. Why not? Because it's all rigged, and ultimately it's gambling.

Surely those people selling courses in how to do FOREX trading would be better of just doing it themselves! Cheers fj

Gadfium

Mishomeister wrote: »

Hence is the point of my post. To find out if there are any reasonably priced learning alternatives

Ask yourself why they are charging that much money? If the skill is easily learned and there's lots of money to be made then why would they be wasting their time training people? Surely they'd be off making themselves filthy rich, or be lazing on their private Caribbean island having made themselves filthy rich?

Could it possibly be that taking money of mugs who want to get rich quick could be easier and more profitable than gambling on Forex?

TCA

ciscosurplus wrote: »

If you want to learn about it babypips is a free and good website for it

I'd second the above. Babypips is a good free resource to build up your knowledge. Forex4Noobs is also good should you wish to learn price action: http://www.forex4noobs.com

Most platforms have demo accounts so you can trade with practice money. It's the best way to test different strategies and see how quickly your account balance can move!

Trading forex is far from easy, although it's very easy to lose your shirt. There is no magic system or get-rich-quick solution and it's very high risk so be careful.