What exactly is forex trading?

Discussion in 'Making Money Online' started by magician661, Feb 1, 2014.

  1. magician661

    magician661
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    I want to know about forex trading... How to start with it? and how can a newbie like me start learning forex?
     
  2. daytrader

    daytrader
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    All you need is to learn to use metatrader and spot the inflation of the direction or the market, forex traders call this "Trends".
    Buying and selling currency will be easy later once you got to decide which broker you will chose. There are lots of them.
     
  3. magician661

    magician661
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    Are there any dummy accounts on which I can practice?
     
  4. Scarface_007

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    Forex trading is basically buying currencies at allow and selling them high but beware its not easy lot of people are bankrupt doing it.., an example of this is one of my villager from Pakistan started this and he took money from people to double the return after every fortnight ... he did return to quiet a lot of people but after he didnt have chance to sell high so ended up not giving money for sometime now police are after him he is missing since 2 years + now and I'm one of the unlucky ones to have gave him money as well.. i only got one month return back and lost the rest including my own money..He made up with big cash from people and run to another country but his family are under police custody for sometime now..no one knows of his whereabouts.. the guy was titled "double shah" by locals.... anyways i gave you example just to help you in deciding whether its right for you or not...
     
  5. magician661

    magician661
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    It's is sad to hear that.. Have you invested a large sum on it? Do you have any knowledge about how we can learn trading ?
     
  6. PTay

    PTay
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    To start with, you should probably go to a site called BabyPips , it is a forex forum for beginners and also has a lot of free educational material.

    Once you have read up on the basics, then you need to choose a Forex Broker (the most important step in forex trading). The best sit for this in
    my opinion is ForexChurch, they have about 130 brokers and detailed listings for each one. Here is a link to their site:

    www . forexchurch . com/compare-forex-brokers.cfm

    (Remove the spaces around the dots to make the link work ! )

    Once there in order to reduce/filter the list of brokers, click on "+Advanced Search Options" to select features that you require. Also, next to each broker,
    click "View Detailed Listing" to see all the features offered by that broker.

    Good luck with it.... and remember to try out the demo accounts for a few months first, until you understand what you are doing !
     
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  7. magician661

    magician661
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    Thanks for this much info its really helpful ... are demo accounts are free of charge?
     
  8. daytrader

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    As far as i know all brokers provide dummy account for each traders. this is where you can test you EA if you have or learn the software and trading. babypipsology is one site that i get to learn well and maybe use some trading strategies they share.
     

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