Topic: Forex Education
I haven't traded Forex before, and I'm looking for some decent basic resources for background learning. Can anyone recommend books/sites?
Re: Forex Education
99% of the available material is bunk. FX is highly sensitive to TA patterns; key reversals, inside/outside bars. Barrier option defenses make for a lot of noise, but no more difficult to trade than any other ticker.
The best practice is a heuristic approach. Open an Oanda account and trade micro-lots [1,000 units] until you feel comfortable. You'll be increasing size to full lots in no time.
Trade off the 3h, 4h, and daily. Oanda doesn't offer a 4h chart, so you may want to open a demo account with a metatrader-supported broker for their charting app: www.metaquotes.net
Feel free to email me with any questions. I'm glad to help.
Last edited by riskarb (2007-05-07 08:40:00)
All your arb are belong to us.
Re: Forex Education
Thanks man, you rule.
U
Re: Forex Education
If you are a compelte newbie overall then Getting Started in Forex Trading will at least get you familair with the process, the vocabulary, the way pairs are trading, when they trade, etc. it is not a book with a system to trade but a good intro book to get you fluent in forex and how it works. Then screw around as Risk said and you will pick it up quick.
Re: Forex Education
Thanks OC, I'll look it up.
Re: Forex Education
There are some companies who are proving the training on the internet, as now the Forex is becoming very popular there are more and more searches on Forex trading. If forex trading education is free why you go for paid education with out certification? save your time and money to get free forex education.
Re: Forex Education
riskarb wrote:
99% of the available material is bunk. FX is highly sensitive to TA patterns; key reversals, inside/outside bars. Barrier option defenses make for a lot of noise, but no more difficult to trade than any other ticker.
The best practice is a heuristic approach. Open an Oanda account and trade micro-lots [1,000 units] until you feel comfortable. You'll be increasing size to full lots in no time.
Trade off the 3h, 4h, and daily. Oanda doesn't offer a 4h chart, so you may want to open a demo account with a metatrader-supported broker for their charting app: www.metaquotes.net
Somehow I'm surprised to read all that from you, RA (I agree with it). The only thing I would change is your percentage--to "99.99%"
Reading things about trading is almost always a DETRIMENT. Things written about trading are either 100% wrong (oh yeah, people know exactly how to win, and the first thing they want to do is tell everyone else), or so vague (play trends) as to be beguilingly worthless. My pet theory: a very LARGE percentage of people who do very well do not themselves understand the real basis for their success (this excludes those who win via bots).
Here's all you need to know about trading (from the perspective of trading based on previous price movement): Find strategies that you can SHOW make useful profits--and then confirm that strategy on OTHER data; and manage your trading capital in a manner in which you expect the unexpected.
Re: Forex Education
I was using Zecco's demo forex trading platform and FXCM demo. I liked FXCM more at that moment. I was chatting with FIBONACCI in another thread and he recommended Oanda and to give it try. At first I didn’t like it, as a beginner, it looked cheesy at first. So I finally gave it a try and have been using it for a few days now. I really like it right now. I like the spreads even better, compared to the others I have been using.