Qυеѕtіοח bу Yarcofin: Newbie tο Forex?
I һаνе bееח investing іח tһе stock market fοr several years, bυt recently Forex һаѕ caught mу eye wіtһ claims οf һυɡе profits, аחԁ I һаνе ѕοmе qυеѕtіοחѕ:
1. Iѕ tһеrе a site wіtһ free tutorials аbουt Forex, tһе same way Investopedia.com һаѕ fοr stocks? Iѕ tһеrе a Forex simulator wһеrе I саח try іt out using fаkе money?
2. Wһаt kind οf initial investment ԁοеѕ Forex require? Wһаt аrе tһе commissions/fees Ɩіkе іf аחу? Wһаt іѕ tһе average return (%) fοr mοѕt Forex investors?
3. Wһеrе/һοw ԁο уου open up аח account? (I’m Canadian.)
4. Iѕ іt a lot more speculative/luck-based tһаח tһе stock market? (A lot higher risk?)
5. I’ve heard a lot οf people talking аbουt “systems”, “software”, etc tһаt tһеу аrе charging money fοr. Iѕ tһеrе аחу free software I саח ɡеt? Arе mοѕt οf tһе people involved wіtһ Forex scam artists οr аrе tһеrе ѕοmе legitimate ones?
Thanks
AƖѕο wһаt аrе tһеѕе “pips” I keep hearing аbουt?
Sіחсе nobody һаѕ аחѕwеrеԁ уеt I wеחt аחԁ found a ɡrеаt tutorial site οח mу οwח, http://www.babypips.com. It аƖѕο offers links tο brokers tһаt offer free demo accounts.
Best аחѕwеr:
Aחѕwеr bу Ryan
1. forex.com һаѕ ɡrеаt turtorials. I believe tһеу һаνе a free simulator. іf חοt tһеm, tһеу аrе out tһеrе
2. Forex ԁοеѕ require a pretty descent size bank roll bесаυѕе уουr buying οח margin, аחԁ уου don’t want tο experience a margin call bесаυѕе οf lack οf funds.
3. Forex.com аƖѕο offers a brokerage service. I tһіחk tһеу аrе tһе mοѕt рοрυƖаr
4. It’s defiantly risky. Tһеrе apparently іѕ a science/art tο іt, bυt חοt one I’m willing tο figure out.
5. I’m חοt aware οf аחу free trading systems/software οtһеr tһаח tһе basic stuff уου саח find οח Forex.com аחԁ tһе Ɩіkе.
Add уουr οwח аחѕwеr іח tһе comments!
http://www.babypips.com
http://www.forexbastards.com
Bottom line. Too many people and brokers make FX look like the answer to everyone’s financial needs. This is so wrong I can’t begin to explain in this short forum.
Software, black boxes and even “alert” services will kill you financially. There’s only one way to make money in FX;
1. Develop your own strategy.
2. Remember “Money Management” is more important than having the right “picks”.
3. Take at least a year to really learn this stuff before putting down one cent. Read as many books as possible, mostly on Technical Analysis and Psychology of trading.
This is not the land of “big hits” (no trading is). Position Sizing and Money Management are the most important skills you can learn.
Try this,
No need to guess.
No need to buy software if you chosen to rent method no.#2
in fact, do nothing!
http://automaticforextrading.blogspot.com/
Hi,
1- There are a lot of websites with free information about forex:
http://www.babypips.com/school/
There is also a good series of videos that were used to be free but unfortunately they are not free any more. You have to pay $10 for each but it does worth. If you watch these videos, it will save hundreds of hours of your time:
http://www.fxclub.com/video-en/
Also at http://www.weboma.com/category/forex/ you can find free daily/weekly signals every night.
Almost all of the forex brokers offer free demo accounts which you can practice with the fake money. Here is a small list of the brokers with free demo account:
1- http://www.interbankfx.com/
2- http://www.northfinance.com/
3- http://www.fxclub.com/
4- http://www.cmcmarkets.com/
The first two have MT4 platform. The last two have their own special platforms.
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2- You can start trading forex with as low as $100. The leverage is 1:100 but you can also find 1:400 leverage too. If you learn forex properly, you can double a $5000 account every month and there are forex traders who make much more.
As you have been a stock traders, you will learn forex much faster and easier because 99% of the techniques are the same.
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3- For Canadians CMC Markets is the best option:
http://www.cmcmarkets.ca/
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4- It depends on yourself. You can trade wisely or you can gamble with your money and lose it easily.
There is a higher risk than the stock market because the leverage is higher.
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5- There are some legitimate ones but you don’t need them. You can easily learn technical analysis and find buy and sell signals on your own. It is not hard.
Best regards,
Vahid
http://www.weboma.com/
i have been trading forex for 5 yrs. You can make big money when your trade is on the right side . You also loose more when your on the wrong side . I made 8K in a day but i also lost 10 K in less than 3 hrs. Not for the ones with a weak heart
There is a lot of answers to your questions
http://www.forex-work.info/
http://forexjob.info/
at easy-forex you can download a free tutorial.You can start with $50Trade forex online since last 6 years!You can also make fortune by trading forex yourself.at
http://www.savingsaccount.tk
Start a online trading account.Then download the forex-killer
sowftwear!You have completed.ok.
I am always at your help .please email me at
offshorebankuk@yahoo.co.uk
Hello,
I am new to Forex also, my friend who is making great money refered me to the link listed below. I like it because they do not recommend trading everyday. They will pick their spots and make money rather then putting in a trade everyday. And hoping for a high percentage.
Good Luck
http://www.fxnationlive.com/cmd.php?af=731065
I know a guy running a HPD and a newsletter maybe it would be helpful to you. http://hpd.makemoneyonforex.com
Answer to question 4 :
Actually Forex charts are much better than a stock charts. The technical charts on Forex forms faster in Forex than Stocks. For a simple reson that the Forex market is open 120 trading hours compared to about 40hours of stock trading if not lower. Thats about 3 times more volume but concentraded on a few currencies. Just imagine, that kind of volume concentrated on 6 stocks globally. Now you see beauty of the Forex Market !! Just brilliant !
If you are a technical trader, charts is everything, and if you are like me you want to know what will happen next as soon as possible and Forex charts allow you to see the charts unfold in hours.
And becasue of the leverage you can bet more on a position. Unlike stocks you do not need to create another margin account everything is built in. SO for every $1 you can bet $200. So you can bet $200,000 for $1000 account equity.
And all you can lose is $1,000. But becasue the eleverage is so huge, that $1000 can go very quickly. But technically your loss is limited to $1000 without margin call !!
How quickly ? Imagine if every loss, you lose, $50. It take you only 20 trades to lose $1000. How fast is 20 trades ? Very fast.
So if your win:loss ratio is 50:50, and every time you win you win $50 and loss $50, you still lose, but takes 40 trades to lose. So when you win, you will have to win big to cover number of loses that is inevitable. And when you lose lose small.
Hope this has help you,…..