I'm a big risk taker but I'm also very intelligent. I like to take the biggest risk as long as it makes sense (I manage risk well). I'm not running around tossing up money or anything like that. The bigger the risk, the bigger the reward. That's been one of my moto's. I would like to start trading as soon as I can and I am willing to be as patient as I need to be. I just want some direction so I can start learning and I don't know how to determine what strategy to start with.
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April 30th, 2009 at 7:36 am
Do you know how to make a small fortune in forex trading? Start with a large one.
There are so many twists and turns in the foreign exchange market, it makes even hardened traders' heads spin. It is not for the faint of heart. Know what you're doing and what it is going to cost you. Paper trade the market first and be sure to include carrying and transaction costs. The market will move in a way to screw the most people. Good luck.
April 30th, 2009 at 7:36 am
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April 30th, 2009 at 7:36 am
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April 30th, 2009 at 7:36 am
forex is definitely for the big risk takers and if you are what you say you are then go for it. you may check your options in this source. it will lead you to a leading forex broker today which offers among others personal, live, one-on-one mentoring to their new and existing traders. if you want precise directions, you can always talk to your personal account service manager or asm at anytime via phone, email or chat to discuss what strategy you need to develop and employ in your trades. and you can always interact with other expert forex traders in their chatroom to get their opinions. not only that, they provide various innovative helpful tools to aid traders in their decisions like the trade simulator, the inside viewer, the trade controller etc.. which will give you the outlook of the real market conditions, lets you see the popular currencies being traded, sharpen your trading skills and enable you to visually set your risk management strategy. all the best.
April 30th, 2009 at 7:36 am
The best way to find out is to test the market and to know what type of trading personality you have. Ask yourself if you’re a short term, medium term or long term trader. This is the starting point, an anker on which you’ll base all your future trading decisions. Some start off with day trading to find out they’re better off swing trading or the other way around….if time permits.
There’s no clear cut way to decide what works for you and what type of trader you are. Like in a college/university one starts with the basics on which you grow to reach an osmosis. Same thing with trading. It’s a weeding out process, leaving only those things that are useful to you personally.
Technical analysis is a viable way (probably the most viable) of trading the forex. Whatever opinion goes around about finding a correct analysis and finding entries/exits, just know that TA is EXTREMELY popular, in part thanks to the lack of transparant fundamental information and the decentralized nature of the currency market. Fundamentals such as interest rates are the single most important driver of currencies, unfortunately that’s not always useful for short term or swing –traders. You’d also need a good understanding of economics to make interest rates work for you consistently.
Popular indicators are RSI, MACD, Stochastics, Fibonacci, Moving Averages, Bollinger Band, CCI and Candle patterns. However, a sound analysis starts with knowing recent price action as price is the ultimate indicator. You’d have to know when there’s a range, when there’s a trend and how both can interact. For each price pattern there are set indicators most appropriate for how the market currently behaves. For example, I’d not use Stochastics during an uptrend since the indicator can stay above 50 and/or 70 for a very long time, rendering most sell signals useless. On the other hand, there are indicators useful for both market conditions. A good example is the RSI. In either condition you’ll find these derived indicators more powerful when it matches current market behaviour.
What the charts show is actually all you got, so believe what you see and believe that it is happening NOW. This is not about what you fear might happen next. If that’s the mindset I promise you you’ll be in for a tough ride. Forex traders thrive on a positive attitude ready to get at it with full confidence.
I suggest to thouroughly research indicators to know their purpose well. For example, some claim when RSI is above 70 and crosses back below that level you should sell. If it was only that simple. Some traders use a 21 RSI with only a 50 level to determine the trend and use other indicators for entry/exit signals. What I’m trying to say is to not be afraid to use your common sense because the markets are something organic (people breeding on fear and greed are a natural phenomenon) and you need an organic approach with matching indicators (moving averages are the most organic of them all). Mechanical systems are therefore in my opinion less effective. How else would one make sense of the chaos of thousands and thousands of traders with different opinions?
Think how you would join all those traders moving the market up and down, when the different groups (using different timeframes) of traders converge to move the market even stronger. I think you’d find out on your own but I’m going to give a couple of tips anyway: Moving averages and Guppy theory
…. last but not least, less is more when constructing a strategy. Nobody needs a chart with an overload of information on it.
websites:
http://www.babypips.com
http://www.investopedia.com
http://www.fxcm.com
April 30th, 2009 at 7:36 am
Dear Billion
You should consider becoming a trend trader. I use multiple timeframe analysis of trends. Then you need an entry management system to verify all of your entries, I use parallel and inverse analysis for that. never enter a trade unless the market is completely in your favor, this will reduce your risk to the lowest possible amount at the point of entry.
Here is a set of free forex technical articles, an audio training library and weekly forex webinars all at no cost to learn more, please check the links below.
Education Library
http://www.forexearlywarning.com/audiotraining.cfm
Training Websites
http://www.forexearlywarning.com/events/trainingwebsites.cfm
Educational Blog
http://theforexheatmap.blogspot.com/
Audio Training Library
http://www.forexearlywarning.com/trainingaudios.cfm
Best Regards
LEVEL 3 Yahoo Answers Responder
Mark A. Mc Donnell, Owner
http://www.theforexheatmap.com
Monitors 20 Currency Pairs in Real Time and Verifies Your Entries
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"Stop doing what you want to do and start doing what the forex is telling you to do"
April 30th, 2009 at 7:36 am
I guess it will take lot of time to make a decision. Investing in forex need to consider a lot of things like money management, market scenario etc. Not only the Investing strategy is enough to get success in the market.