Some hints for newbies

jakewalker · #1 (**permalink**) 16-07-2010, 20:24

If you are looking for a good hint about forex trading here you can find some. For the years of trading I've collected a lot of information on forex. I'm a pro trader now, but I know how it is to be a newbie. While I was learning all about forex, some automatic systems helped me to understand some basic rules of this subj. So, you can use some of my experience and just try it. If it will not work for you, you can decline it anytime, but I'm assure you - it is worth! Saving your time on searching, I've collected some useful info down there in my signature.

adria · #2 (**permalink**) 17-07-2010, 12:28

Well, Its good that members here are sharing information and tricks but i believe that education is really very important and there is no short cut in forex trading.

jackie101 · #3 (**permalink**) 17-07-2010, 18:57

I am also looking for a comprehensive book for newbie traders. Can anybody suggest?

adria · #4 (**permalink**) 22-07-2010, 06:15

Hello,

Some of the good books are:

1. Trading in the Global Currency Markets
by Cornelius Luca
2. Day Trading the Currency Market
by Kathy Lien
3. Foreign Currency Trading
by Russell Wasendorf

I hope you will find these books helpful.

jackie101 · #5 (**permalink**) 25-07-2010, 09:40

Hi Adria,

Your second recommendation is very intersting. I have read this book and its one of my favorite for day trading.

Thanks for all.

shirley · #6 (**permalink**) 25-07-2010, 10:12

Some really important tips for the Forex Newbies can be:
* Never invest money into a real Forex account until you practice on a Forex Demo account.
* Go with the trend.
* Never risk more than 2-3% of the total trading account.
* Put emotions down. Trade calm.
* Choose the time frame that is right for you.

vani · #7 (**permalink**) 25-07-2010, 13:45

Quote:

Originally Posted by adria

Well, Its good that members here are sharing information and tricks but i believe that education is really very important and there is no short cut in forex trading.

I agree completely that one must get educated to understand forex. There are lots of good resources out there to help aside from this site. There is always a risk involve in Forex trading. As a forex beginner it is quite difficult to make money currency trading. Finding which forex strategies work can be hard. It is not advisable to spend money on expensive forex courses as it is possible to get all the info you need to be a successful forex trader online for free. Forex trading forums like this one are usually good resources. I would also advise getting a company that does free forex seminars / webinars. I would advise company like makemoneycurrencytrading dot co dot uk as they teach you their strategies for free.

adria · #8 (**permalink**) 28-07-2010, 10:27

absolutely, thanks for sharing that. Education is the primary requirement

jackie101 · #9 (**permalink**) 31-07-2010, 16:57

Many novices fail to appreciate the importance of having the correct outlook toward trading in the Forex market. This is actually about making the proper preparations before beginning to trade in the Forex market. First of all, a novice trader must coordinate his personal goals and mindset so that he can connect with the market as well as with the tools used in Forex trading.

jason · #10 (**permalink**) 02-08-2010, 12:56

If you are new to forex or have only a small amount of capital available right now, mini forex trading could be the way to go for you. It allows you to trade with real money while limiting your risk to a relatively small amount. Generally the lot size of trades for a mini account is only one-tenth of the lot size for a standard account with the same broker.