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any tips on trading FOREX?

07 Mar

I am trading forex and wants tips on the process.
Please let me know of any good websites or agencies. Thanks!

 
4 Comments

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  1. Kermit

    March 7, 2010 at 11:26 am

    Well currently I have been using FXTrade.com for my trial. (Check out fxgame). Its a java platform but thier spreads are fairly good for the pairs i like. Its pretty easy to get started and best of all – they never bug you about opening up an account. IMHO i think its a good business strategy not to push people into the marketplace if they have not had substantial training before hand. Remember – if you make money – they make money.

    As you probably know – tips will vary greatly. You could be a fundamental trader (market, political, and world economic conditions to help base a trade) or a technical trader (use technical indicators to help base a trade). A day trader (1-20 trades per day holding onto trades for minutes to hours but closing out before the day ends), a scalper (1-30 trades a day holding on to trades from seconds to minutes), an investor (multi day – multi month maybe even years), or a swing trader (multi day to a month). Each bit of advise will vary based on what type of trading style you have. I found a wonderful site recently that has a wonderful community and lots of advice. Babypips.com. I’ll usually use this website for tips and strategies and also to find out what the daily news times are (tools section) for the week or day.

    Im sorry i cannot provide more for you – i would probably bore you to death cause this subject could be covered for days on end. Just find the strategy that works best for you. This may or maynot include using other peoples strategies. Oh and if you feel the need to use your strategy on older data to make sure it stands up against market conditions – you can use Meta Trader 4 for backtesting (they will have you sign up to a free trial account – but they are pretty good for holding onto the past few years data and helping you test out your strategy there).

     

  2. Mark B

    March 7, 2010 at 11:53 am

    Forex is tricky, it has taken my 3 solid years to get the right system where I am making money regularly and not loosing it. I use FXCM.com they are very helpful and almost everything if free, including webinars and classes. ( they do have a few thing they charge for.) My main advice is to not over whelm your self with information. There is alot of things your can learn and even more book you can read but I found that watching the charts you can make a good bit of money and never even look at the news. Be careful and good trading.

     

  3. pierr

    March 7, 2010 at 12:36 pm

    Well, there’s something i can fully recommend you because i personally use it so, it works! no matter what : ) and don’t need the use of agencies
    here’s the website http://www.robot4trade.com

    have a good day

     

  4. A.L.L.

    March 7, 2010 at 12:57 pm

    Hello,

    Since you are already trading, I suppose you know your forex trading basics. If you need to complement your knowledge, all you need to do is a brief internet search and you will have a great deal of tutorials and courses to choose from.

    Then, I would like to make sure that you are aware that before beginning to use real life trades, it is critical to use a demo account for at least two months in order to learn the market and to become more comfortable with the thought of using your own money for real investments. Checked? Great!

    Now, here are some tips:

    1) It is a repetition of the above statement but it is so essential that it is worth repeating. Do not rush in to enter into the real Forex market unless you have learned the rules of the currency trading game (and, by the way, until you are able to keep your emotions in check at all time – the psychology of trading is not to be underestimated). If your performance in the demo account is not consistent and profitable enough, it is better do some more practice before going for a mini-account (see 4)).

    2) Educate yourself about all the currencies that you trade. The more you know about the countries whose currencies you’re trading in the forex market, the more accurately you’ll be able to predict which way the market will move.

    3) Pick a forex trading system and do stick with it.
    Savvy forex traders (and any traders, for that matter) will tell you that system is everything. Forex trading by system lets you automate your trades based on history, following the traditional peaks and valleys. Set up a system (which includes the definition of the risk level) and live with it at all time to make the most of your forex trading.

    4) Practice makes perfect, but it’s not the real world.
    Practice forex trading accounts are great for learning how a particular trading account works, but they’re not the real world. I recommend that you start off with a mini forex account to minimize your losses while you get acclimated.

    5) Beware of the margin.
    Margin trading is a great way to lose a lot of money quickly. Simply stay away from forex margin trading until you’re sure you know what you’re doing.

    6) Learn to cut your losses short (definition of stops is also a big part of your system). Ensure that your winning trades are much more than your losing trades in order to stay afloat in the competitive Forex market.

    Stick to the defined system. No exception, that is, unless the system is not working. Then re-define it and, if possible, ask the help of a mentor to identify what is not working.

    Regarding websites, for tutorials I recommend http://www.forexcentral.net/forex-tutorials.
    For a “hands free” approach, this website works wonders for me: http://www.forexapt.com/ – forex auto pilot turbo. It offers, among other features, high spread protection system and automated risk scaling. A totally different approach but you may consider it.

    Good trading to you!