Trying to learn Forex trading

[tunesmith]

I am also a complete novice and have been monitoring this site for about 4 months trying to pick up what I can. I was also looking for a beginners course and came upon Daytradeforex.com. You can download their ebook for $99. They give the basics of various indicators such as MACD, Bollinger Bands, 10 EMA and 50 EMA, SLow Stochastics, Parabolic SAR etc. and how to apply to 1, 5, 10 minute charts, scalping 5-20 pips per 1 lot trade. I realize this may not fit the type of trading I will prefer to do, but for now I am just trying to get a handle on the basics. They also discuss stops, MM and how to place order among other topics and give some good links to forex sites. I have been very busy at work (mortgage broker) and have only finished studying about 75% course but it is most certainly worth the $99 for a beginner. Especially when people are asking $1200 to $1500 at some sites. When I start demo-ing I will post my results and opinions. Also considering their advanced course for $99 and Spotforex course with moneytrader and learn4x with Abe Cofinas at later dates as they are in the $600-$800 range. I think one can learn a great deal right here at this forum and if you take your time it is not necessary to spend thousands on courses.

[GoldenChilde]

Technical Analysis of the Financial Markets, by John J. Murphy

It looks big but is a quick read and a great introduction to the most common indicators.Ultimately you'll develop and continually change your methods of analysis

[eternalfuture]

Hello all,

Firstly, I don't mean being offensive or undermining the people who give FX trading courses. This is just a suggestion from me.

When I first knew about fx, I have no mentor. I started by only one book, and a bunch of trials and errors. I wasn't exposed to the internet that time (about 1998).

Everything that I learned all these years, were based on experience and observation.

Based on my own experience, I recommend all beginners to try to stand on their own feet, not to afraid to try various methods, and not to hesitate to do some paper trading. Whether you choose the path of TA or the path of fundamental, or walk both paths, it doesn't matter. Each path has its own advantages and disadvantages.

I, myself, travel both paths, although I emphasize more on TA, plus I add one more aspect of the market: market sentiment.

You have this forum, throw questions to this forum as a way of learnings. I believe there are people here who would gladly share their knowledge and experience... for free.

There's also the MoneyTec Chat Room, where you can spend some time to chat with other members... directly.

Itsonlymoney,
HOW TO TRADE and HOW TO MAKE MONEY absolutely differ. But before you can MAKE MONEY BY TRADING, obviously you need to know HOW TO TRADE.

But just remember, how you perform in trading, is solely on your own hands, not on your 'signals providers', not on your 'trading tutors', not on your 'fellow traders'.

I wish everyone good luck, and good trade!

[softtalk]

AAntunez

Read your message go to this site http://richardsfxtrainer.biz
This is a less expensive course and they train new guys very well.
The guys that do this course do well in the market. they offer a great opportunity along with the course. check it out

Softtalk

[leeanne75]

softtalk,

tried that link but says cant find the site, are you sure of the spelling etc.

Leeanne

[darmasdt]

Originally posted by eternalfuture
...But just remember, how you perform in trading, is solely on your own hands, not on your 'signals providers', not on your 'trading tutors', not on your 'fellow traders'...

Yes, it's really true!

[softtalk]

sorry it was a typo my fingers triped I guess.
http://richards.fxtrainer.biz

Its true know how is the key.

[edmundm]

This is just my 2 cents.

If you want to learn forex or trading in general and have no or very limited knowledge of technical analysis then I recmmend these books as a general overview.

1. Technical Analysis of the financial Markets by Murphy

2. Japanese Candlestick Charting Techniques by Nisson

After you have read those books then open a demo account and try to apply what you have learned so far. Then if the confidence is growing open a live $100 dollar account, I believe OANDA allows you to do that and then deposit the account with $100 increment if you gain 20% of your initial deposit and never deposit another amount if your initial deposit shrinks - you have to rethink your strategy and do some tweaking.

By the way, experience is the best teacher and don't stop learning and spend as much time as possible to learn it.