New in the Business, please help!!!!!

[louisman]

Hey Guys,
Thanks for your time, after going through the Internet trying to understand something about currency trading so as to compliment my tiny earnings, i think i have find the right place to get help.
I want to start by putting my hands , i don't understand or know what is going on about trading, i wish to do currency trading i e buying dollars, pounds or Euros and selling them when the exchange rates are favorable on the other end.
So Guys what do i need to do and where should i start.
Your guides to my success will be highly appreciated.
Thanks

 

[shadowninja]

1) click on Articles above and go through the basics.
2) read everything on babypips.com
3) sign up to something like Oanda.com for their DEMO (game) system. Do not risk real money until you're ready.

 

[Lee Shepherd]

It's a good start to question the very nature as to why you want to trade.

For most its because of the hyped up glory and telling ya mates you're a city trader.
For many its plain and simply about the money.

Either of these will lead you to ruin.

You have to have a love for the market and before you can love anything you have to get to know it first.

Just like a relationship, jumping into bed before you know of each other almost certainly spells danger and trouble, in the case of the markets it would be like sleeping with a stranger every trade you take, now thats sounds like fun if you love the danger. (some newby traders dont even know the name of the markets they trade let alone any of its history).

Read many books, watch some programs (wall street warriors), do some research and above all understand that it will take many years before you get it right. If you have the money and time to study full time and nothing else (live and breath the market) then it's possible for you to demo trade (maybe) after 6 months.

As for time it takes, this is controversial, no one really knows the length of time and everyone has different opinions. This is just mine.

Treat it like a college course or any other business degree or venture.

 

[CHRISTO9HER]

Just like a relationship, jumping into bed before you know of each other almost certainly spells danger and trouble, in the case of the markets it would be like sleeping with a stranger every trade you take, now thats sounds like fun if you love the danger.

I dont think that you would put many people off with that example!!:cheesy: