Need Advice Please.

[Mazda]

Hi everyone,
I just joined this community, and this career of Forex. I am a complete dummy and don't know anything about Forex. My question is for pro's espacially, where can I go to learn ALL about Forex. And from your experience what's the best way to learn? andddd Is forex gambling or could you ACTUALLY predict if the market is going to consolidate, go up or down? If one could predict then that's truly AMAZING... Please provide me with your input. I'd really appreciate it. Oh and how is forex different then ATC FX? I downloaded the ATC FX demo software and currently just playing around with it.
Sincerely,
Little Guy

[dyedz]

Hi Mazda,

The FOREX market is not gambling. It is the largest finance market
in the world, with average daily trading over 1 to 3 trillion USD.
This is 6 to 8 times the daily volume of the stock markets. It is
the market banks and large corporations use to trade currencies against
each other. It wasn't until recent years that individuals were allowed to
participate in the FOREX market through brokers.

I don't know anything about ATC FX. I did training through
LearnCurrencyTrading (through fxcm) (the fxpower course).
(they have changed the urls since I took the course)
They have a student forum that is very helpful during and after your class.

Be aware of FOREX scams - there are alot of them so do your
research before giving money to anyone. Also be aware that FOREX and
e-currency exchange are 2 different things and e-currency exchange
is full of scams.

Your best bet is through education. Do lots of research on the web.
FOREX is not get rich quick, it has a large learning curve and takes
time to get good at it. It is much more difficult than trading stocks.
It is more on the line of option trading if you are familiar with that.

Hope this helps,
Donna

[Mazda]

Thank you very much. I appreciate you providing me input. The free demo on the forex website requires me sending some personal document, however i downloaded this other free demo and its called "ATC FX". My question is that how is ATC FX different then the free demo on on the Forex website. The ATC FX software is on atcbrokers.com. Please help me differntiate. Thanks.
Sincerely,
Little Guy.

[forexlady]

Originally Posted by dyedz

Your best bet is through education. Do lots of research on the web.FOREX is not get rich quick, it has a large learning curve and takes
time to get good at it.

I do agree with you on that Donna.. It's best to learn the basics of forex and educate yourself.. There are lots of sites that offer free school and that would help you for sure..

and with your question if Forex is gambling.. well when you trade without money management rules, you are in fact gambling. You are not looking at the long term return on your investment. Instead you are only looking for that “jackpot” in which gamblers are after for..

[RebateFX]

Originally Posted by forexlady

and with your question if Forex is gambling.. well when you trade without money management rules, you are in fact gambling. You are not looking at the long term return on your investment. Instead you are only looking for that “jackpot” in which gamblers are after for..

If you are going to treat forex as that kind of game, close your account and head for the casino. The odds are better there :na:

[forexlady]

Originally Posted by RebateFX

If you are going to treat forex as that kind of game, close your account and head for the casino. The odds are better there :na:

yeah.. I agree.. and if that's the case, traders will not be called as traders anymore, instead a gambler.. so the two really differs from each other..

[Mazda]

Thank-you all I really appreciate you guys answering. If there is any further information or "steps for begineers" please let me know... information never hurts anyone :)

[forexlady]

Originally Posted by Mazda

Thank-you all I really appreciate you guys answering. If there is any further information or "steps for begineers" please let me know... information never hurts anyone :)

There is a lot to learn, definitely. So why don't you try Babypips.com. It's a great place to start as an introduction to forex basics.. You could try reading some books regarding Forex as well, there's Trading in the zone by Mark Douglas..

So I hope that would help!

Best of luck..

[Mazda]

Thank you very much Forexlady... I have ALREADY learnt a lot from the website you provided me with, I'm still in the Pre-school session though... and I'm really excited about reading that book, I'm going to borrrow it from the library as soon as I get the chance. Thanks once again you really dont know how big of a help you are.

[Gabisoft]

Hi,

In simple terms, forex trading is the buying and selling of major currencies of the world.

The hidden secret in forex can be summed up as the 3 D's of Forex
1. Discover where price is (market order)
2. Determine where price is going (price trend/direction - up (buy position), down (sell position)
3. Decide which price to take (take profit)

forex traders basically either use technical analysis or fundamental analysis to try to predict or unravel the 3 D's of Forex. Most smart forex traders use both!

Once they have decided thier approach (technical or fundamental), they develop a trading strategy. A trading strategy in simple terms, when to enter or exit a trade on a forex brokers trading platform. (metatrader4 is kind of the acceptable standard).

You then open a demo account to try out your trading strategy for at least a month. After mastering trading on your demo account, you now proceed to open a real account where you invest real funds.

You have to keep learning, consistently trade to become an expert. You can start from Forex Forum, Forex Calendar, Forex News @ Forex Factory. Go to forums, forex beginners Q/A.

Make it a great day!