MoneyTec.com Traders Community Forum - View Single Post - A brief introduction and a few basic questions.

SeanB · 08-12-2004, 01:00

Hi highpitched,

Welcome to the wonderful world of currency.

Being in your position a few years ago, it's best that you read as much info on forex that you can find. Books I found of great knowledge was "A Forex Primer" by Shani Shamah and "How charts can help you in the stock market" by William L. Jiler. Both were great. Of course though, you will ultimately learn when you are trading hands on, losing money is the best teacher in the world.

Answering your question about the USD/CAD, if you believe the USD will climb you click buy. If you think the CAD will climb you click sell, this will short the USD. This is a VERY basic explaination and looking around will give you more indepth sights into the currency pairs etc. A good link is www.forex.com, go to the "basics" area, I think it might be called Forex 101 (?) and also www.forexnews.com, listen to the audio commentary, great to learn about the effects of things on the currency markets and upcoming releases and moves.

It took me about a year till I traded live and before that I traded shares. My shares knowledge assisted me with a few things in the forex world but I still find forex more stimulating and exciting, being on an international level and involving geopolitical situations etc. Love it.

As I said, read, read, read and... read! Money doesn't come out of thin air, though sometimes it seems that way. Be prepared to learn as much as you can. Trade less and be patient, having under 4 trades a week doesn't make you any less a trader, if each trade works, it makes you a profitable one! You seem to be on the right track by mentioning trading money you won't need. Another thing you must remember is to be unemotionally attached to your trade, this is the hardest thing you will EVER encounter in trading! You won't understand this now, you'll only understand what I mean (and others will agree) when you start with real money on a live account. Enter with a plan and stick with it. Always use a stop loss! Anyway enough of my rantings, I tried to start this post with a structured look but it seems to have gotten rather scattered lol, see what happens when you watching the markets... you don't go to sleep!

Will be good to hear from you.

Kind regards, I'm off to bed.
Sean

08-12-2004, 01:00	#2 (permalink)
SeanB level 3 Join Date: Nov 2003 Posts: 175 Rep Power: 0	Hi highpitched, Welcome to the wonderful world of currency. Being in your position a few years ago, it's best that you read as much info on forex that you can find. Books I found of great knowledge was "A Forex Primer" by Shani Shamah and "How charts can help you in the stock market" by William L. Jiler. Both were great. Of course though, you will ultimately learn when you are trading hands on, losing money is the best teacher in the world. Answering your question about the USD/CAD, if you believe the USD will climb you click buy. If you think the CAD will climb you click sell, this will short the USD. This is a VERY basic explaination and looking around will give you more indepth sights into the currency pairs etc. A good link is www.forex.com, go to the "basics" area, I think it might be called Forex 101 (?) and also www.forexnews.com, listen to the audio commentary, great to learn about the effects of things on the currency markets and upcoming releases and moves. It took me about a year till I traded live and before that I traded shares. My shares knowledge assisted me with a few things in the forex world but I still find forex more stimulating and exciting, being on an international level and involving geopolitical situations etc. Love it. As I said, read, read, read and... read! Money doesn't come out of thin air, though sometimes it seems that way. Be prepared to learn as much as you can. Trade less and be patient, having under 4 trades a week doesn't make you any less a trader, if each trade works, it makes you a profitable one! You seem to be on the right track by mentioning trading money you won't need. Another thing you must remember is to be unemotionally attached to your trade, this is the hardest thing you will EVER encounter in trading! You won't understand this now, you'll only understand what I mean (and others will agree) when you start with real money on a live account. Enter with a plan and stick with it. Always use a stop loss! Anyway enough of my rantings, I tried to start this post with a structured look but it seems to have gotten rather scattered lol, see what happens when you watching the markets... you don't go to sleep! Will be good to hear from you. Kind regards, I'm off to bed. Sean Last edited by SeanB; 08-12-2004 at 01:10.