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[Geminist]

Hi, I'm new to FOREX and I just registered to this thread.. I thought of putting up a new thread because its best to get my doubts cleared ... So I have some questions reagarding FOREX...

Besides reading online resources, I'm thinking of buying a book, does anyone has a good recommendation?

I spot this one and read some of the content before, is this book good? (For me it's good because it covers all the basics ... )

James Dick

FOREX Made Easy: 6 Ways to Trade the Dollar

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For the mean time, I am trying to read more books on fundamentals rules of investing and things like that because I believe it's important for me to understand FOREX trading like the back of my hand...

So in the same time while reading more and more, I'm going to sign up with a demo account to familiar myself with FOREX and develope a proper discipline...

I'm still studying now and I do realize the importance of investment .. I thought of signing up for a mini account after I am familar with the demo account so I'm on the way of setting aside a sum of extra cash to be used in the mini account... How much is the ideal sum of money to be invested in a mini account?

Last question, there are so many FOREX trading sites out there which are offering a mini account/demo account... I'm looking for a reliable site offering a demo account which doesn't expires ... Does anyone has any recommendations?

Thanks alot for the help

[Kingair]

Hi,

well, it's funny I tried to type the name of a broker where demo accounts do not expire but it seems the forum software has for instructions to delete the broker's name.
Probably to avoid unwanted spam.
Sorry I can't help, I 'll go and read the forum guidelines;

regards

[bobnat]

Try , it doesn't expire.

Nat

[Geminist]

Great, thanks for the info...

Some other questions I asked earlier is that, how much is needed for a mini account? I known there are some that only requires 100USD or so, but what is the more advised sum of money?

[mishak]

Welcome Geminist

You better start with paper trading.
Reading Forex Made Easy by Dick is probaly waste of time unless you know close to nothing about forex.
More advised sum of money is $5,000 for mini-lots trading.
This is another reason to start on paper trading with $50,000 demo money.

[Geminist]

ic... Thanks for the info....

So is there any books where I can read up? I will only feel confident to start out when I have a sufficient amount of knowledge regarding it... Right now, I have a basic understanding of FOREX such as hedging, leveraging and etc... What I still dun get is the technical analysis part and some of the charting ...

One last question, can you please kindly explain to me what paper trading is all about? I see this often but I don't quite get it...

Thanks many

[Geminist]

hi, I have just googled and found out what paper trading is...

My next question is, I'm thinking of trying out the demo account at o a n d a and my question now is, can I learn how to trade in forex with the demo account? or do I need to fully understand the fundamentals of forex (technical analysis, charting, stop loss and etc) before I start the demo account?

[jeffthompson]

This is my first post here, so take it with a grain of salt if you want.

I just starting trading Friday on Forex but have been trading the stock market for over a year. Forex rocks compared to the slower stock market and on my first real day of trading I'm plus $200 on a account of $1000. (just enough to try it out)

Now- that sounds great but it is much more complicated than you will believe. There are technical challenges to making money and psychological (you will be in battle with yourself).

First-Use the practice account until you actually make money before putting real money in, then still expect to loose real money because of the head games real money will do to you.

Maybe I'm different than most here- but I don't think you should bother with studying fundamentals as they apply to long term situations, and you will probably not trade on that time frame.

Here is a stradegy I'm willing to give away for free- "The trend is your friend". If you just find a currency pair that goes up consistanly from day to day, jump on it for a small amount and wait a day or two. You will have set backs and maybe a major reversal, but that's the game. Just avoid any major news announcements on you currency and you will do fine overall.

Study technicals cause a few of them really work under the right circumstances.

Good luck, your in for a lot more than you know.

[Geminist]

Thank you very much for your advice.. I'm still trying out and learning about FOREX through the demo account...

[Geminist]

Hi, I was browsing through a technical analysis book today ..

The analysis is meant for stock market but somehow, I find it relatively similar to FOREX...

so is it applicable if I shift the concept of technical analysis of stock market to FOREX?

thanks many

[mishak]

TA is very similar on Forex, except:
1. the volume information is not available for the forex market
2. there are no intraday gaps in prices on forex - market is smooth and less volatile

[Geminist]

Thanks for the info.. Do you have any ideas regarding some of the books about Technical Analysis.. After trying out paper trading, I got a grasp of FOREX now like spread, pips and etc... However, I am still totally clueless regarding the TA... So can you provide me some books to read upon ?

Thanks many...