I am planning to invest my money in forex. Before i do so, i would like to learn the basics in forex trading. For this purpose i need few books or may be some reference site to get a detailed knowledge about foreign exchange.
There are several websites that allow you to learn the basics for free. I’ll let my favorite free websites on the sources.
Good luck.
I want a low initial account sum and a reliable forex broker. It can be ECN, market maker, NDD whatever. Who do you recommend?
hi
here you can find the list of best forex brokers thats helps to learn or trade forex markets
http://www.bestforextradingplatforms.com
I would like to know how to make money with Forex or currency trading. Does anybody have experience and willing to share a couple of tips ?
If you are new to this market, the best thing I suggest is that you use automated software to trade for you while you are learning. This way the trades are placed for you automatically. Learning to trade forex manually is very difficult, emotions get involved which makes it very easy to lose all your money.
For a successful system you need:
1) Good money management and stoploss’s to protect your capital.
2) Proper risk/reward ratio.
3) A way for it to adjust dynamically to the changing market conditions.
Here is a site that reviews these types of systems:
http://www.Expert-Advisors.com
I have a forex account but the brokerage is in another country. Do I pay taxes or what? And if I do how do I go about doing that?
US citizens and resident aliens pay tax on worldwide icnome, so of course you do.
Unless this is classified as a 1256 contract, you report it on line 21, other income. 1256 goes to form 6781.
And, if the account had more than $10,000 in it at *any* time during 2009, don’t forget to file form TDF 90-22.1
1. where to find a forex broker with min trade size of 1000 in forex ??? 1 lot = 1000 ( not 10,000 )
2. Can deposit money from singapore ( not VISA Card or Paypal )
thank you
i think this will be good for you .
http://www.avafx.com/
http://www.avafx.com/forex-promotions/new-account-bonus/
http://www.babypips.com/school/the_skinny_on_forex.html
Can deposit money from singapore ( using western union )
1. is in SINGAPORE POST (singapore )
My web page
http://homecareers7777.goo-board.com/index.htm
http://groups.google.com/group/homecareers7777
I am a beginner who wish to learn before forex trading. Thank You.
If you are looking for the best forex auto pilot software, check out this site
http://make-money-with-forex.org/
Here you’ll find the best software that can help you to increase your profit automatically
I’ve been thinking about opening a small $1,000 account. Any advice from professionals would be appreciated.
You can make ALOT of money trading forex, but you have to be realistic about it. You’re not going to deposit $1000 into an account and make $1000000 overnight. And even if it’s possible, your emotions would pretty much keep you from earning anything until you learn to control them and trade systematically.
I will try to put it into perspective for you. Once you know what you’re doing in forex, you can easily average 5% profits weekly without spending too much time staring at charts. No problem. Just learn how to trade well enough to earn 5% weekly. But do it like this…
1. Open a demo account at one of the brokers. Make sure the account only has $1000 in it.
2. Place trades of 0.1 standard lots. NEVER place trades bigger than that.
3. Try to capture (or lose) only about 20 pips per trade. Use a well defined trading system and stick to it.
4. Keep trading like this until you have doubled your account. Don’t give up even if it takes a long time.
5. Open a $1000 live account with real money and repeat the process. Pay special attention to your emotions as you win and lose YOUR money and be aware of how different it feels from a demo account. Don’t let your emotions control your actions. Stick to the system.
Now here’s the thing. Each time your account grows by $1000, you can increase your trade size by 0.1. As your experience increases so will your money. Before too long it will feel like you’ve been doing it forever and you can be easily living entirely off the profits from trading.
NOTE: If you don’t know what some of the terms above mean, that’s no problem. Check out the BabyPips School and you can learn all of the terminology. Also, I highly recommend using a mentor to help get you up to speed and learning some proven strategies.
Once you become confident in your trading, you might consider reading my book on trading, or even using a trading robot to free up your time. I have one of those too. Check it out.
Anyway, I hope this answers your question. I know it’s kind of long but believe me, forex is worth the effort.
BabyPips School
–> http://www.babypips.com/school/
Forex Signal Mentor
–> http://www.ameLabs.com/recommends/fsm.php
The Forex Millionaire Maker (my book)
–> http://www.Millionaire-Maker.org/
Forex Set and Forget Automated Trading Robot (mine also)
–> http://www.forex-Set-and-Forget.com/
i want to start trading in the currency market, i have looked at it before but didnt know where to start. does anyone know any websites that i should look at that will give me some good unbiased information on it. I am interested in doing short term trading.
Hussein, I found a list of US foreign currency exchanges. http://www.whatisforextrading.com Try visiting one of them and see if they have a representative that can assist you.
Can i invest directly opnening an account or do i need to broker such as FENEXO, etoro etc to invest in forex?
I would recommend interactive brokers, allows you to trade easily.
I want to know in your opinion what you think would happen if one day an extremely skilled, talented and diciplined forex trader took £100, and doubled it every day for a year which I know isn’t even possible, but if they managed to, and managed to corner and accumulate the currency markets worldwide, what would the govenments and people of the world do about it if someone did this?
Firstly, there isn’t anywhere near enough money on the planet for someone to double their money every day. Do the maths and you’ll see that you end up with well over 10^100 pounds - which is billions of pounds for every proton in the universe!!
But even the greatest traders do not come anywhere near doubling their money in a day. They make profits by trading vast sums on tiny margins. A 1% profit in a day is excellent if you were trading with £10 million.
And in any case there is a limited supply of currency, which is small compared to the reserves held by governments (of their own and other major world currencies). If one trader (or bank) bought up all the available Pounds Sterling, the impact would not be catastrophic. And to do so would mean they probably had to spend all their reserves of other currencies, which is a highly risky strategy.
The national government that issues a currency has a number of defence mechanisms to avoid any possibility of this kind of thing. EG they could set interest rates to zero, meaning the trader holding the currency would not be earning anything on his holdings. So he would have to sell, which would lower the price, so he might end up with a loss. Or a government could take even more extreme measures such as devaluing the currency.