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Thread: Your First Steps in Forex

  1. #1
    Administrator Jim's Avatar
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    Your First Steps in Forex

    If you have never traded forex before you have start somewhere. There are all sorts of eBooks and courses that claim to teach you how to make money trading the currency markets. They tend to cost quite a lot of money themselves.

    We always recommend doing your own research where parting with your money is concerned. By all means search Google, and look around the rest of this website too, but here are a couple of low cost ways for absolute beginners to get started on the rocky road to riches that is forex trading.

    The first is simply to buy a book on the subject! We recommend "Getting Started in Currency Trading" by Michael Archer. You can buy a copy through one of our book stores. If you've read around the subject already, or have traded forex yourself, this is probably not the book for you. If you're a total beginner however, it covers everything you need to know to get started, and includes a lot of interesting history too.

    To complement that book the big forex broker Forex.com will supply you with a free copy of an eBook version of "Currency Trading for Dummies" if you open a practice MetaTrader account with them.

    If you prefer watching videos to reading books there are brokers prepared to help out free of charge too. Alpari UK provide a series of introductory videos that cover the basics of foreign exchange trading as part of what they call the "Alpari Academy". They also are happy to provide you with a demo MetaTrader account.

    This is not an endorsement of Forex.com or Alpari as brokers, but if you're just getting started you will need to open a demo account with someone. They're as good as anyone for that purpose, and they also provide a useful freebie, so take them up on their generous offer even if you do have to give them your email address. Whatever you do don't send them any money yet! Wait until you are a lot more experienced, you've checked out what a large number of brokers have to offer, and you've worked out a way to make consistent profits using pretend money in a practice account.

    There you have our first lesson. Do some research. Open a free demo account. Practice trading with pretend money. Whatever you do, don't part with any real money beyond the price of a few good books.
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

  2. #2
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    Having started in Forex trading recently, RESEARCH is one of the biggest issues.

    Many Brokers have introductory training text or videos on their sites, available once you have signed up for a Practice/Demo account. I would recommend you sign up for at least 3 Demo accounts. For example, Forex.com, FXCM & Alpari are good examples but their are many, many more.

    As Jim pointed out Forex.com give you a free eBook, "Currency Trading for Dummies". This is an abridged version, while worth reading, the full version is $25 or probably free at your local library.

    One very important thing to remember when reading training material or viewing videos. These will often show a scenerio showing a massive profit. For instance, you buy GBP/USD at a certain point on the graph and sell for a large profit a little later. Or this candlestick formation mean the USD/JPY is going to drop and therefore we sell and make a profit. While this does happen, most of these training demonstrations are in hindsight or on historic data. Anyone can draw a line on a historic graph and make fake money.

    Another thing to consider, and Jim might add more on the subject. There are differences in the way trades are carried out between the UK/European and the USA markets. I believe that, for example if you buy multiple lots of the same currency pair at different prices, then in the UK you can select any one or all of these lots to sell. In the USA you can sell all or one lot, but the one lot is on a first in first out basis and this might not work for you in some scenerios.

  3. #3
    Administrator Jim's Avatar
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    Quote Originally Posted by Alan View Post
    Another thing to consider, and Jim might add more on the subject. There are differences in the way trades are carried out between the UK/European and the USA markets. I believe that, for example if you buy multiple lots of the same currency pair at different prices, then in the UK you can select any one or all of these lots to sell. In the USA you can sell all or one lot, but the one lot is on a first in first out basis and this might not work for you in some scenerios.
    There are indeed various differences, and there is also lots of hype around the pros and cons of the different ways of doing things, most of it misleading. A lot of the differences can be explained by the increasing regulation of retail forex, particularly in the United States. You can read all about that in great detail over on the blog. If any of that doesn't make sense (which is highly likely!) just ask.

    Here's an example of one of those differences, and also of the misleading hype associated with it!
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

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