Beginner in Forex

[Fran8]

Hi

I currently only trade equities and I’m looking to go into other markets. I’m very attracted by the freedom that the Forex Market offers.

I will like for you guys to recommend some nice books for beginners and a couple for more advance level.

I was advice to open a Forex account with Global Futures.
Please let me know what you think about this and if you have any suggestion let me know

 

[pssonice]

Forex Trading Strategy

http://ezinearticles.com/?Forex-Tra...-Work-Hard-Work-Smart-3-Profit-Tips&id=471001

1. Your method
Forget complicated methods simple ones work better and the top trading systems in the world are based on just a few indicators.
A simple system is more robust than a complicated one and another reason for a simple system is that its:
Easier to understand.
This gives you confidence so you can apply it with discipline an essential element of trading is to stick with your system through losing periods.
Many traders get frustrated with systems they don't understand or are to complicated and chop ad change - don't make this mistake.

A simple system based on sound logic is all you need.

Don't tick watch
Many traders watch the markets all through the day for hours.

There is absolutely no point in doing this all short term moves are random only watch the prices once a day.

2. Trade longer term
If you day trade you will lose (as we have said all short term moves are random), trading longer term means that you will only need the close.

3. Applying your system
If you have a simple system its going to be about 10 minutes a currency to decide entry and exit levels so that's around 30 minutes a day. Place your orders set your stops and that's it.

So how long does it take to do your forex trading strategy?

Getting a system that suits you is the longest part and we have given in the past advice on how to do this.

It doesn't take that long however and about a week or two is all you need to get one sorted, then its under 30 minutes a day.

Big profits
Once you are in big trends you can sit back for weeks or months and watch profits pile up. If you are wrong you are taken out on stop you set and that's it.

Trade sparingly
Only look for the best risk reward trades on breakouts, that could yield big profits and don't look to do marginal trades.

The big trades per currency only come a few times per year so be patient.
That's about it.

There is no correlation between how much money you make and the time spent on trading in fact the opposite is true.

"You need to work HARD and SMART on your forex trading strategy - remember that."

 

[Probafix]

Re: Forex Trading Strategy

http://ezinearticles.com/?Forex-Tra...-Work-Hard-Work-Smart-3-Profit-Tips&id=471001

1. Your method
Forget complicated methods simple ones work better and the top trading systems in the world are based on just a few indicators.
A simple system is more robust than a complicated one and another reason for a simple system is that its:
Easier to understand.
This gives you confidence so you can apply it with discipline an essential element of trading is to stick with your system through losing periods.
Many traders get frustrated with systems they don't understand or are to complicated and chop ad change - don't make this mistake.

A simple system based on sound logic is all you need.

Don't tick watch
Many traders watch the markets all through the day for hours.

There is absolutely no point in doing this all short term moves are random only watch the prices once a day.

2. Trade longer term
If you day trade you will lose (as we have said all short term moves are random), trading longer term means that you will only need the close.

3. Applying your system
If you have a simple system its going to be about 10 minutes a currency to decide entry and exit levels so that's around 30 minutes a day. Place your orders set your stops and that's it.

So how long does it take to do your forex trading strategy?

Getting a system that suits you is the longest part and we have given in the past advice on how to do this.

It doesn't take that long however and about a week or two is all you need to get one sorted, then its under 30 minutes a day.

Big profits
Once you are in big trends you can sit back for weeks or months and watch profits pile up. If you are wrong you are taken out on stop you set and that's it.

Trade sparingly
Only look for the best risk reward trades on breakouts, that could yield big profits and don't look to do marginal trades.

The big trades per currency only come a few times per year so be patient.
That's about it.

There is no correlation between how much money you make and the time spent on trading in fact the opposite is true.

"You need to work HARD and SMART on your forex trading strategy - remember that."

The content posted above is really interesting and worth a read..but according to me Stop loss and target is very important for everyone.

 

[Fran8]

Thanks for the help by what I have read is not really different from other markets.
What do you guys think are the best Forex Brokers

 

[Alexbabwa]

A sensible and interesting perspective, though perhaps a bit narrow minded in this amateur's opinion. Don't agree that intraday moves are random, or that big currencies moves only happen a few times a year. But then i guess that depends on what you define a big move as.

 

[Gecko365]

Anyone know where the best forex training schools online are?

 

[Fran8]

Thanks to everyone for the Trading advice.

Which you think are the Best Forex brokers?

 

[shakespeare515]

Anyone know where the best forex training schools online are?

Yes Gecko365, I would say Forex Malibu is one of the best...

Live trade calls Daily
Fibonacci Grid forex trading software
24 hour Online forex traderoom with about 200 other pro forex traders all trading live together.
Lifetime Training

They also have a live webcam on site so you can peek in during the NY trading session.

...good trades,
sam

 

[pssonice]

"...by the freedom that the Forex Market offers."

dont get it. u rconfused

 

[lbranjord]

I'd suggest hitting the following link. You will find a million free pdf books and about all aspects of trading. I read every one. And I mean every one, even the stupid ones. You need to be aware of every angle and every temptation in the forex market. Read until you're cross eyed.

http://theforexbooks.com/index.php/Fibonacci-E-Books/View-category.html