What is the best way to learn forex trading?

I would like to start trading in foreign exchange, and I am looking for tips on how to get started with forex trading? I have looked at some of the trading platforms out there, and they seem quite complex and intimidating. Your help would be appreciated

Responses:

Babypips.com Excellent training. Start in kindergarten and work your way up. Tons of stuff all for FREE
I would suggest the following resources to get your started Start with these website both very good and free Website babypips.com currency - exchange - reviews.com / free - forex - training.html Book Forex Patterns & Probabilities: Trading Strategies for Trending & Range - Bound Markets by Ed Ponsi. This is an excellent book and will give you an solid basis of understanding after learning the basics at the above websites. The book is expensive but if your search on the internet you can find the free ebook version. Then open an demo account at Oanda. Simple trading platform to get you started. Once you are comfortable trading and understand how the market works. Then I would suggest moving on to the MetaTrader 4 Trading platform this is the platform the majority of retail forex traders use. Trade on a demo until you are comfortable then move on to a live micro account and trade with 0. 10c a pip until you can make profit regular and then only then increase your investment
I would go to your local library and take out a bunch of books on trading Forex. Most books out there are introductory ones, and have excellent resources to learn the basics concepts that you need. After knowing what pips, stop loss, technical ysis are and how they work, I would open up a demo account. Oanda is one of the better platforms out there with tight spreads, and their demo account can be used for as long as you like. Your goal here is not to make a profit with your demo account, but get familiarized with the functionality of what it does and does not offer. For example, learn how to place buy and sell orders, how to calculate profit, how to place a stop loss or a trailing stop loss. Once you know the platform inside and out, now is the time to learn some basic strategies and apply them. Try out your strategies for a couple of months to make sure its profitable before depositing any real money. Your system doesn't have to be complicated. There are many systems that are simple, yet they work. They key is to stick to it. After you have found a good strategy that fits you, you can start looking into opening up a micro account. Micro accounts let you trade in units of 1000 so your initial deposit doesn't have to be immense. Some brokers would advertise that you can open up an account for $25, but I would not do that if I were you. Save up at least $1000 because $25 will not give you enough breathing room for error. Last of all, be disciplined. Even if you lose on a few trades, you should stick to your profitable system. Do not change your trading style each time you lose money. Trust in yourself and your system, and the profits will come. Last of all, never stop learning. There are a lot of free good resources on the web like forex - savvy.com that guides the beginner through each step of the process. Good luck!
Hai, I have found this site to be use full. Chek it out? . I hope it's will help you
Hi James, I would suggest the free videos as a starter from TradingApples. As you start to understand the markets more their Pro course can also be extremely helpful and teach you how to actually trade
Sign up for a demo account with any of the forex brokerages
I agree, go with Babypips until you have a bit of an introduction then move onto JCL's Forex to begin making money
Learning the mechanics of using the platform is the least of the problem. However since you are stuck at this stage I stongly suggest you sit next to someone who trades and learn by watching. Also there are brokers who provide video training and some also invite you to their offices to teach you the basics eg GFT. I suggest you select a reputable broker and platform provider IBFx or FXCM or GFT and use their chat support and videos and learn it that way. But if you can find someone who is already an expert on the use of a platform then sit next to them and learn by watching. Reading on how to trade or searching the internet is not too helpful if you are already completely lost. Hope this helps
Dear James, Your problem is a well known one. Most investors are intimidated by the highly complex trading platforms out there, which is exactly what eToro - etoro.com. au is here to solve. eToro is an innovative and creative approach to online foreign exchange FOREX and commodities trading that simplifies the trading platform, so it is suitable for the average user and not only expert traders. The platform offers new traders the option of trading play money just like real money, until they are confident enough in their skills they can start trading real money. eToro also offers trading guides, tips and more. A major differentiating component in eToro's trading platform is the social aspect of it. The platform's social features allow traders to talk to each other, follow other traders, see the most successful traders on the platform and their successful trades, and seek advice from the leading traders. eToro is the fastest growing financial trading platform in the world today with thousands of new traders joining every month. To join eToro today and start making $, go to etoro.com. au
Learn the language of forex trading especially the terminology. For example Forex volume is the amount or quan y of money being traded in the market at a particular point in time. By pip we refer to the increase of one hundredth of a percent of the value of the currency pair you are trading. A trader buys a currency thinking its price would increase and sells a currency because he thinks its value would decrease. Get familiar also with the language of technical and fundamental ysis. For example, technical ysis is used by small and medium players and uses price data as a methodology of ysis. Most of the technical ysis reports use esoteric words like MACD, Fibonacci, Stochastic and so on. So you would do well to get familiar with this technology. On the contrary fundamental ysis is used by the bigger players with larger capital like for example banks and large financial ins utions. These players look to the situation of a country in terms of its political stability, inflation, unemployment rate etc. So as an individual trader you have got to strike the right balance between using technical and fundamental ysis for your trading activity. That indeed is an art by itself
Try forexlane.com / they have an excellent tutorial from the basics to the more complex fundamental and technical strategies. The broker recommendations provide some of the easiest and friendly forex brokers
Dear for this see rds. yahoo.com / **ebiznus.com for Internet explorer copy and paste moneyandjobs. 0fees.net Best Of luck and keep using answers. yahoo.com

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