I am looking to start trading in Forex, can you give me advice?

I am looking to start trading in Forex with a friend. What should I know? Where should I look? And most importantly, what should I try to avoid?





Thank You!I am looking to start trading in Forex, can you give me advice?
Forex is what we call a ';zero sum'; game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the ';bets'; in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.





Actually Forex is not quite a zero sum game. It's a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It's a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.





There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.





Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: ';Go to Forexcrap,com/q2347.'; The ';q2347'; is a signal to the Forexcrap site that you are being referred to them by ';q2347.'; If they sell something to you, ';q2347'; gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.





I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.I am looking to start trading in Forex, can you give me advice?
If you are a beginner, first go to google search some useful ebook about forex. After you get familiar with the forex operation, open a demo account then practice. When you can get profit from your demon forex trading account, you can begin to trade forex really. You can find a lot of useful information from this forex pub site:www.forexpub.info
If you have no trading experience, learn to trade with stock. The leverage that gives forex it's attraction will work against you, too. You really have to understand different types of orders and trading terminology. When you start with forex, start trading mini-contracts. You will make mistakes while you learn because everybody does. So keep the losses small. Scale up when you are profitable.
Forex is highly leveraged. This means you can lose a lot of money. Fortunately many forex brokers allow you to learn with a practice account using fake money. This is the way to go. See if you can make money by simulated trading before you commit any real funds. Once you feel you can make money and are ready to commit real cash, start very small. Oanda is a forex brokerage that allows you to trade with any amount you like, so may fit your purposes.
first, you need to educate yourself. do lots of research about forex trading. you need to understand not only the terminologies and the strategies but also the pros and cons of trading forex. if you can find a mentor then thats absolutely a plus. check out this source. download a free forex ebook and a free demo account as well. practice a lot with the demo account. it will give you a feel of how forex trading is done as if you are trading with real money. make a note of your every trade as to what really made you lost or win a particular trade. one more tip, avoid getting greedy. study how to capitalize on the stop loss and take profit rates. small calculated wins are better than expecting to win so much and then before you realize it you actually lost all. that normally happens in forex trading. btw, the site also offers personal mentoring for free but you need to open at least a mini account and actually trade even for small amounts only to really benefit and gain knowledge from the free mentoring. once you open an account, your personally assigned account service manager or asm will walk you through the basics and even trade along with you to make sure you get familiar with how the actual trading is done. discussions can be done live via phone, email, chat or even personal meeting if available in your area. they have regional offices in the usa, canada, europe, uk, australia, middle east and asia so you are sure to be dealing with a legitimate, reputable and reliable forex broker. all the best.
You should take some time to visit some good websites, and read everything you can about Forex. You need to take some time to practice in a demo account so that you can get some experience without risking any money.


I'll let you some resources below:
Forex is a good way to majke online money but not always safe. You need to be well trained abouit stocks exchanges and strategies. I have an article in my hubpages about forex scalping wich is another strategy to make easy and fast mone; read about it and search more courses through the web:


http://hubpages.com/hub/Scalping-in-fore…


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Good Luck
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If you are a beginner, suggest you to trade in easy-forex. Try this link:


http://ads.easy-forex.com/Gateway.aspx?gid=126041
First step my friend is to find a reliable broker and then practice a demo account for atleast 3 months.


You can find a good broker offering demo accounts here: http://www.forexnode.com/brokers/
You should learn about the forex trading. I can suggest you forextradingevo.com is the best website regarding forex education
if you decide to trade the forex trade the eur/usd its the most traded and by all means trade a demo account first it only takes a second to get burnt in the forex market