Forex, what to read?

[brokestudent]

Hello all. I'm new to trading although I could start earlier.. Family supported only dollar cost investing but I would like to go further and dive to forex. I don't have many relations to economics so I'm asking you what should I read so as to stay afloat in forex trading? Which platform should I use? It only goes with e-gold or I can trade straight from my bank account?

I don't have the money to go for big things. Just for an extra income so as not to be a burden for my folks and have a better life.

[ampris2000]

i'm sure people will suggest alot of things.

i would say you need a foundation first and read

1. rich dad poor dad- - what the rich teach their kids that the poor and middle class do not.
note: don't get caught up that he did real estate. that's not the message of the book. the message is pay yourself first irregardless of bills and such and use that money only for investments. (yes pay your bills, but by paying yourself first in spite of bills forces you to think of more ways to create money)-(it's the poor and middle class that "dip" into savings). yes, it's a harder road, but it will pay off in the end.

2. Cashflow Quadrant

both books are by robert kiyosaki. you aren't limited by how much you make or don't make.

now that your foundation is set, open a demo account and check out:
"trading for dummies"
"technical analysis for dummies".

Stick to your demo account. don't rush into a live account.

[brokestudent]

Well I have some savings from previous jobs I did. Recently I quit in order to focus on my studies. Then while browsing online economic news I thought it's a good time to start online trading now that i'm staying home most of the time. Don't prefer stocks because of time needed for the research. Demo account is one way for starting definetely.

[forexc]

I suggest you really read a lot about platforms cos you need to find the best for your trading system. If you think to make money is easier with forex than with stocks, that is not totally true

[mikead_61]

Don't prefer stocks because of time needed for the research.

very wrong attitude. if you want to MAKE MONEY be prepared to spend enormous amounts of time - trading should become your hobby

i'm spending 25-30 hours per week on research, reading books, simulating trading, trading itself, writing programs to test trading strategies etc. etc for the last 2 years and i'm barely breaking even

fellow traders - please support my argument, so that the original poster whouldn't think that i'm just exceptionally stupid and he can make much better than that

or refute - maybe i AM exceptionally stupid

but jokes aside - there's a law of the land: the reward is proportionate to the effort

so if you think that you can trade currencies with less effort than stocks - think again. market is very efficient and professinal traders will be done with you very quickly.

[ampris2000]

even if you did stocks, forget about fundamental analysis.

i'm not saying FA is bad, but since you don't want to research everything your best bet would be to find a technical analysis system. and no i'm not offering mine.

you just need to put in the screen time and study and receive the lessons from actual trading. in anything there is study and effort if you want to be successful at it.

is there something where there isn't any effort that can make money? Yes. Get a job or two (look for a high paying one, but even that takes effort to get those) and invest your money in dividend paying stocks.

or put your money in a managed account.

you are thinking more money will solve your financial problems, but it won't.

[Rich14304]

If your desire is enlightenment and education as to open your own mind to trading.. may I suggest 2 books.. that have helped me.


1)Trading in the Zone---Douglas

2) Trade your way to Financial Freedom--- Tharp

I suggest.. as many have prior to this post.. DEMO and READING. Tis best to have a understanding of what your planning on doing or be well aware those few extra buckies you done saved up will be soon in anothers pocket.

Richard

[ezekiel]

I agree, read and learn all you can when first starting out with forex as well as open several demo accounts at possible brokers that you may use. Most have demo accounts with their own platforms these days. This will allow you to get a feel for their software and platform.

I like Douglas as well as his other book - The Disciplined trader
Forex is hard work and a continual learning curve, dont let anyone else tell you otherwise.

You won't become wealthy overnight (possible if you bet your lifesavings with 100:1 leverage and get lucky before NFP) it is the slow and steady that win the race here.

Ezekiel