Completely New to Forex
Have a look at my blog it might help http://users.tpg.com.au/erisoov/
Good fortune
Hello All, I understand what forex is and the basic idea of capitalizing on currency moves. However that is it. I do a little stock and option trading using some basic technical analysis. I wish to be able to eventually support myself with a decent income thru investing only because the job market here in Michigan is so unstable. If I could add another source to my diversification that paid even modestly it would be great. How many ways are there to predict currency moves? Which is the most reliable? Is there a software or program out there that I can practice with before risking funds? I need a good starting point and guidance. Thanks for any help received
start to read here
then open demo mini account and trade as if you are trading real money, try not to lose ( will not be easy ), most important is to learn monemy mangement before anything else, then you will learn the other stuff later with more reading and the site i send you has lots of info.
trust your self, and once your making money on the demo, open another account this time 50$ not more, play with the account for two or three months and once you see that you are doing steady amount of money even if its small then go for standard account... most important don't be greedy, and respect the rules
and the rules are simple
support and resistance, fib levels , trend lines and the news
Completely New to Forex
There are as many ways to predict currency rates as there are movements, but many people find that Fibonacci-based systems produce some consistent results over the long term and forexplane.com is the place where you may get help and learn before you can invest your precious money . This is what you should be striving after. If you don't have much capital, you will not be able to risk much, so expect modest monetary returns. You can't buy the experience, so be patient. Risking too much per trade (high leverage) will wipe you out. Study the subject first and (self-plug again!!) get some training from a coach or mentor.
Regards
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Hello All,
I understand what forex is and the basic idea of capitalizing on currency moves. However that is it. I do a little stock and option trading using some basic technical analysis. I wish to be able to eventually support myself with a decent income thru investing only because the job market here in Michigan is so unstable. If I could add another source to my diversification that paid even modestly it would be great. How many ways are there to predict currency moves? Which is the most reliable? Is there a software or program out there that I can practice with before risking funds? I need a good starting point and guidance. Thanks for any help received