How to get started Forex Trading? -

Im looking for people who have expericence in Forex, and the best way to get started. Do you start at the bank? A brokerage? Please no advertisements or scams, only ppl who are good at investing and managing their own finances. Oh, and I don t really need any special software, i m pretty good with web services, and I can grab my own charts and other info First of all the Forex market is very complex and you could spend years trying to study the market, and even at that most people end up loosing all their money within the first couple months of investing. With that being said after trying just about every Forex program, signal service, indicator, etc, and trying to read charts and study graphs and loosing a lot of capital I almost gave up on the market entirely until I accidently came across the FreedomRocks system. It s a very safe hedging strategy, does 95% of the work, and takes about 15-30 minutes to manager per week. Do some research online and you ll find a lot of great feedback about it. Best Regards, Brandon Wells 877-773-5345 www.phantomtrading.com This is a long one, but it will be worth it becasue Forex is a serious business and many take it too casually. Well, seems like you have the basics infrastructure to do business nailed down. To start a Forex Account is pretty easy. Personally I like to deal with FXCM, they have offices in USA, Australia and HK. They have toll free trading numbers in the respective countries. FXCM platform comes with free as well as paid charts. The free ones works just as great. Executing orders is a breeze. You can place, buy, sell, stop, limit, trailing stop/limit orders and dont have to look at it again till the trade is executed either ways. The spread is 3 pips for majors pairs. I will go with FXCM. Opening account is very easy, everything is online. However how to and what to trade is a question to ask. Start with the USD majors. Pairing with yen, GBP, CHF, and of course Euro. I will even narrow it down to USD/Eur and USD/Yen for a start. If you have no experience in Forex I suggest you go slow after opening an account. FXCM has a mini and demo. Mini-Acct allows you to trade in lots of $10,000 as compared to $100,000. In Mini, 1 pip movement is equivalent to $1. In the main acct, 1 point is $10. So in a movement of 100pips its $100 and $1000 respectively. So go real slow. Why ? say for example you start with $10,000 equity which you can leverage 20 times. All it takes is 10 losing trades of 100pips and you are out, out. $10,000 down the drain. And nobody benefits. I will try a demo then a mini. The leverage factor is like driving a racing sports car. You need to be able to control that demon. There are 3 things to Forex which you hav eto remember : 1. Trading methodology [ which many people put 70% of the their time] 2. Trade and Money managment [20%] 3. Trading Psychology [10%] and many still never know what happen. These form the triangle of forex. But the ratio of attention shoud be in reverse order. People like to jump into the sports car spotting candle stick patterns and stochatics signals, etc without check and learning how the sports car behave in different situation. And soon they crashed. So figure the mathofthe business first. Not even paper trade. Just get an excel sheet and plug in numbers and do scenario planning just like a business. You dont buy a Mcdonald franchise becasue you like the french fries, right ? You like it becasue the math of the business is right and the french fries is a bonus right ? Money managment is important. You can call the right trade most of the time but never make money. Why ? Position sizing. How much to place in a trade ? Trading psychology ? How much is enough ? lost or profit ? Riding in a profitable position is not easy as it seems. The temptations is to take profit. How much to trust your analysis ? How much to trust your gut ? If you think golf is addictive, Forex makes it peanuts. The line between fishing, gambling and trading is very blurry. These are important topics that you need to grapple with. Money amp; Trade mgmt is all math. Even before youdo a demo, work out the mathematics of forex. Many dont. They just look for morning start, doji, MACD...yes and no, figure out the math of the buisness before looking at which oil to fry the chips...so to speak Research on these 3 topics i mentioned. There is a superb book on money managment, its boring but real good math. Its a math book actually but Forex oriented. Talks about optimization and F-Factor. How much you should trade. your position size. How much to cut . How much to re-invest. The thing is that you can have more profitable trade than losing trades. And still lose money. Why ? Becasue the sum total of profitable trades is less than the sum total of losing trades. Eg, I have 10 profitable trades and 5 losing trades. But each profitable trades i make $50. Total profit = $500. But each losing trades is $200 becasue I think it will turn around, and i dont have a stop loss or a clear picture to get out. In short I dont have a plan. Even if i have one my gut always plays trick on me. Its me fighting with myself..?? So i madea total loss of $1,000. BUT didnt I have twice the amount of Profitable to loss trades ? Yes. And I still lose money. Thats money mgmt. Check out Dr Alexander Elders books on these subjects. I find them seriously helpful. Check out this compilation of Forex books here @ http://www.geocities.com/lcming/Forexboo...