Forums Work Study Travel Apartments. Forex trading for dummies. Previous 1 2 Next. If so, how would one go about learning the basics and setting up? And, no, at least we know at this point, those oft-advertised places like Toyo and Shintoshi are NOT what we are talking about. Foreign-exchange investor collared for evading million yen in taxes We might be talking about oanda. That's how basic we're talking about If there anyone on this board who is doing fairly well doing individual online forex trading and isn't pimping for some questionable shop who can provide a simple "forex trading for dummies" overview?
Or, is it all a big scam guaranteed to lose you your disposable income and more? Learning and Doing This thread hasn't gotten a lot of replies I think in part because you are combining both platform usage with trading education questions. A brokerage the platform can provide some basic information about how to trade, but they can't give you any personal explanations beyond when you experience technical difficulties or need to know how to do something.
If part of your motivation is to get information above and beyond what a brokerage is able to offer then you might try an IB introducing broker. An IB can teach you about trading fundamentals but they usually can't tell you what to trade. An IB structure is where your account is with the brokerage but you are introduced by a third party. In some cases you will end up paying higher fees by going through an IB, but usually the cost is the same as the regular broker fees, so you get extra value for the same price.
Be sure to comparison shop the IB rates against the brokerage rates to make sure you aren't paying extra. They were decent, no rip-off, tight spreads etc. BTW a pip is a measure of the gap between buying and selling prices. In this case there's a gap of 2 "pips".
The tighter the gap the less the price has to move for you to be in the money. A word of caution though. There's no free money out there. These platforms aren't out to rip you off, but your own instincts and emotions often lead you to let losers run and to cut winners, and this is where you can lose serious amounts of money, especially as you'll be encouraged to trade on margin i.
To be frank all us privtae punters have no information or trading access advantages, so I'd be be wary of playing momentum games. Yield has worked very well for a number of years the idea is that the high yield currency, say AUD, falls by less than the interest rate differential with a low yield currency, such a YEN.
However it has worked so well you've got to think some reversal is due, especially as now, for instance, the Yen is dirt cheap by almost all known value measures. Maybe a strategy to begin to apply after a meaningful set-back in high yielders. Value is the best strategy for private investors, IMHO. Most short term traders can't care less about value as they're paid on a short term basis and for them "the trend is my friend" which leads to wild over and under valuations.
The trouble with this strategy is that it takes ages to pay-off, you have to be patient and be able to sit through yet more extreme price moves, which is emotionally quite tough - look at all the bad press the USD gets, even though its pretty damn cheap versus, say, the GBP. It may be worth using the DBFX simulator where you can play with fake money to get a handle on how to ise the system and also to practise whatever strategy you decide to follow You can also get the answers to all your questions on their site and download a trial run to see how you do and if its for you.
I also seem to remember the rates they charge are reasonable I used to trade spot in the UK many years ago, and it is very easy to get it wrong as well as make a load of cash.
Good luck and let us know who you go with Just found an article on another individual forex day trader who was busted for tax evasion Interesting, I posted three free sources for Fx info in two posts. Both posts are now gone. Looked over the rules earlier and didn't see anything covering posts related to free items. Anyway babypips Google it is the best starting place for Forex.
Seems to have been developed by traders looking to learn, for traders. I'll leave the other bits out as they would require me to post links or virtually full links to their websites for reference. One was a free 'radio' show broadcast daily over the internet where the guy is looking to teach people how to trade for free. He also invites anyone in their chat to help others with trading, as long as it is all done for free.
Again a post with direct links to this were removed, so I won't name the website in this post. I am a little surprised that Managed Accounts are not so popular when you are a newbie to the forex markets. It takes quite some time to learn the nuances of trading the forex markets and not surprisingly, trading is very tough.
It may take quite a while before you become profitable and most go bust a couple of times in their trading career. Personally Forex Managed accounts is a very attractive option that allows you to take advantage of experienced traders and make profits while you spend some quality time to Demo trade the Fx markets. So, you do not get carried out with margin trading as it is not available there. Couldn't this thread be labeled dummies do Forex trading.
I opened a demo account and it seems to work pretty well. I like the fast one-click execution. Have you guys had a live account with them? Some platforms seem to work well but still it is nothing compared to an educated and well trained trader. If you would read the forex trading blogs in the internet, you will find a lot of tips and advises about the trend in the market situation that will give you more chances of winning in the currency trading.More...