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How to trade forex?
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3rd Nov 2009 by JonB
Trading FOREX is one of the easiest markets to enter, especially for the unprepared. There are offers on the internet that allow you to open an account with as little as $400 and trade with 400:1 leverage. As you can imagine, this is a recipe for disaster the vast majority of the time. However, for the prepared individual it can be helpful.
If one wants to begin trading right away, it would be easy enough to open an account and begin buying and selling. However, if one wants to trade FOREX profitably, there is much more work to be done.
First, since there is no central exchange or regulators for FOREX, you will want to find a reputable broker. There are various sites on the internet dedicated to gathering together the collective experiences that traders have with brokers. Do some research and begin with a good broker.
Then you will have to decide how you expect to gain an edge on all the other FOREX traders out there. This is the hard part. Everything else is academic. Many FOREX traders rely on some form of technical analysis to make their trading decisions, which means you will need to locate and acquire some sort of charting software.
Buy books, do research, never spend money on someone who claims to be able to teach you how to trade. With so much money up for grabs in the FOREX market, if someone could trade well, they wouldn't be trying to sell you a course or mentorship.
Trading FOREX is one of the easiest markets to enter, especially for the unprepared. There are offers on the internet that allow you to open an account with as little as $400 and trade with 400:1 leverage. As you can imagine, this is a recipe for disaster the vast majority of the time. However, for the prepared individual it can be helpful.
If one wants to begin trading right away, it would be easy enough to open an account and begin buying and selling. However, if one wants to trade FOREX profitably, there is much more work to be done.
First, since there is no central exchange or regulators for FOREX, you will want to find a reputable broker. There are various sites on the internet dedicated to gathering together the collective experiences that traders have with brokers. Do some research and begin with a good broker.
Then you will have to decide how you expect to gain an edge on all the other FOREX traders out there. This is the hard part. Everything else is academic. Many FOREX traders rely on some form of technical analysis to make their trading decisions, which means you will need to locate and acquire some sort of charting software.
Buy books, do research, never spend money on someone who claims to be able to teach you how to trade. With so much money up for grabs in the FOREX market, if someone could trade well, they wouldn't be trying to sell you a course or mentorship.
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1st Nov 2009 In Forex
1 Answers | 87 Views
Subjects: forex,
trade forex,