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"How to Trade FOREX in the Shortest Possible Time"

Discussion in 'Beginners Bootcamp' started by Lhar_fpa, Nov 18, 2009.

  1. Lhar_fpa

    Lhar_fpa Private, 1st Class

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    "How to Trade FOREX in the Shortest Possible Time"

    Trading currency in foreign exchange markets, or FOREX, is becoming increasingly popular. There is money to be made; however, many FOREX traders are not consistently profitable. With the advent of mini-FOREX accounts, FOREX trading is now available to anyone with even a small amount of capital.

    1. Educate yourself on how the foreign exchange markets work. You will need to understand the basics of relative currency values, which will mean understanding a little economics.

    2. Pick your trading period. Day traders buy large quantities of currency and then wait for small swings in prices to sell for a profit. This approach requires a great deal of time and micromanagement. Swing traders, on the other hand, take a long-term approach and do not need to be constantly attentive to small changes in the market.

    3. Decide if you're going to use a technical or fundamental trading approach. Technical traders, which represent the majority of FOREX traders, make their decisions based on charts, and they buy and sell currencies when they reach certain predetermined levels. Other traders trade on the basis of market fundamentals like news reports, macroeconomic trends and commodity prices. The latter strategy requires a great deal more expertise. Of course, some traders blend these two approaches.

    4. Consider buying specialized FOREX trading software. These can track and analyze data more easily. You can also enroll in many online FOREX courses, but avoid those that make unrealistic promises or charge unreasonable amounts of money.

    5. Try a trade simulator, a system that uses fake money but tracks the real currency markets. This will enable you to practice your trading skills without risking your own capital, and it allows you to evaluate your own abilities at no risk.

    6. Set up a mini-FOREX account. These accounts require only a small amount of capital and allow you to begin trading immediately. :p
     
  2. elah024

    elah024 Private, 1st Class

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    good post lhar. for my opinion, i would have to make it short for members to comprehend it easily. for me, for as long as you feel that you're equip enough with knowledge and skills and also the confidence then you can always have your trade right away.;)
     
  3. Eric Alyea

    Eric Alyea Master Sergeant

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    your best post

    Now that is a worthwhile post. You might get a promotion out of that!
    I disagree with “elah024" saying “make it short for members to comprehend it easily”. There is nothing “EASY” about the education to not lose in ForEx.
    I’m going to make a second post to what I hope you can make your 1st 5 star thread,
    I’ll be back.
     
  4. Eric Alyea

    Eric Alyea Master Sergeant

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    Tell 'em, Show 'em, then Show 'em you told 'em.

    To say educate yourself and not say or include how to do that is asinine. It’s like telling a 2nd grader to look up asinine in the dictionary and not guide him through the process, try “ac” 1st then go to “as”. My point being how are you suppose to educate your self looking something up in the dictionary if you don’t know how to spell it or sound it out
    1st and quickest is:
    NFA’S - National Futures Association’s e-learning program for retail off-exchange foreign currency trading.
    Forex Training
    Then:

    I don’t know if you have finished it, but Babypips.com is a piece of work to get through.

    Ask members like Pharaoh, Cyclon, ernest8fingers, Nancy Cheah, Aparai, Ricex, and others to post and give comment. right.
    Take what they say and re-edit your primary thread post so what they say is Up front and 1st.
    Right now I give you 3 stars, keep learning.

    Eric
     
  5. Lhar_fpa

    Lhar_fpa Private, 1st Class

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    Thanks Eric, well, yeah, i've been reading babypips.com. Its a good site for newbies like me. And up to now, i'm still learning from the site, because sometimes I tend to forgot some important things that I learned when I focus myself to new forex stuff. =)
     

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