Tuesday, June 26, 2007
What is a good way to get into the Forex market? -
I have discovered a website www.cybazone.com that claims to be a good online tool to make forex trading easier. Would anyone recommend it? I have never been to the website you listed, but to answer your question about quot;what is a good way to get into the Forex marketquot;, here is what I would recommend. 1) Learn everything you can about Forex and what moves the market. You shouldn t have to spend money for this education. There are dozens of excellent resources online, most free, that should get you started. I too would recommend babypips.com as another poster did. There are many others, just start searching the web. 2) Find your own trading system. Again, not necessary to spend money on a system someone else has created. The success of a system has little to do with the system and much to do with the trader of that system. Use the resources online to help you build a good system and then stick with it. 3) Open a demo account and start practicing. Practice your system rules using a free demo account. Spend at least 3-6 months before going live. The balance of the demo account should be equal to what you plan on starting to trade. Don t open a $1,000,000 demo if you plan to start trading $500. DO NOT go live, until you are successful with your demo account. 4) Learn to be an emotion-free trader. There is a reason 90% of Forex traders lose. Work to become a disciplined, emotion-free Forex trader. http://ezinearticles.com/?The-Emotion-Fr... 5) Choose the right Forex broker for your system. Choosing the right broker is key. Every broker is different, and depending on the system you trade, one may be better than another. http://www.echocurrency.com/forexbrokerc... the best way to enter the forex market is to have a personal tutor to walk you through the basics and brief you how to use the technical and fundamental analyses tools used by all forex traders. you can find such person in this site. by opening a quot;miniquot; account of $100 they will provide you a personal Account Service Manager (ASM) to be your mentor, consultant and trading partner. your ASM is actually an expert forex trader and is your best resource in learning and honing your skill, techniques and strategies in trading foreign currencies. other accounts you can open are gold, platinum and vip. of course, the higher account you open the better are the trading fetures and privileges you are entitled to. The best way to enter Forex market is first signup for a demo account. There are many online brokers who provide the facility of demo account. As you are new to forex market and willing to enter this huge financial market. I would suggest you to take some technical knowlwdge regarding analysis, learn systems of studing the various charts and indicators. Secondaly, learn all about the facilities and methods of trading. Like the Margin, Leverage, Stoploss, Traling Stoploss etc. A good way to get into it is by using a demo account and play money and mastering it before you use real money. First steps you should take is learning technical analysis, learn the methods of reading the charts with things like Moving Averages, Moving Average Crossovers, Chart Patterns, Stochastics, RSI, MACD, Trend Lines, Channels, Fibonacci Retracement, Support and Resistance. Learn all about these things and that would be a good way to get into it. Never heard of that website you mentioned though but for a demo account try lots of different places and see what one you like best. I like FXCM. Another helpful site I d highly recommend is ac-markets.com. Gives you step by step info on how to start and proceed in the market.. See http://www.tjgroupforex.com for forex reviews and e-books
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