Where do I begin?

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There is quite a learning curve when you first start your forex training and it can be quite overwhelming. With that said, there aresome simple steps to start your training.

  1. Buy a Forex book or read about Forex on the web. There is such an
    enormous amount of information on the web and it can be difficult
    sometimes to disseminate all of it. Sometimes it's a lot easier to buy
    a book and sit down and read it cover to cover. Even if you don't
    understand all of it, you will eventually.
  2. Open a Demo Account. This can in no way simulate real life trading
    but at least it will get you comfortable with the trading platform,
    price movement, currency pairs, and buying/selling. Make some random
    trades at first. I don't think it is that important at this point to
    have success. The goal right now should be for you do get a feel of the
    volatility of the market and how quickly your assets can be affected.
  3. Continue reading as much information as you can get your hands on.
    Try applying what you've learned to making good trade decisions with
    your demo account.
  4. Open up multiple demo trading accounts and get accustomed to each
    particular platform. Start using the one that you feel most comfortable
    with.
  5. When you demo trade, try to stick to the more popular trading pairs
    such as USD/JPY and EUR/USD. Stick to 1 lot trades as multiple lots add
    complexity.
  6. Continue reading as much information as you can get your hands on.
  7. You're never really going to know that your ready until you jump
    into trading for real. If you can afford to, open up a live
    mini-account with a minimum of $1000. Stick to what you've learned and
    don't get hooked on listening to other peoples opinions. It's not their
    money, it's yours. They may be able to tell you when to enter a trade
    but that is by far the easiest part. The hardest part is getting out of
    the trade.
  8. Don't get discouraged if you blow through your mini-account unless
    it was your life savings. Don't think your going to lose but plan on it
    anyway.
  9. Continue to self motivate yourself. If I were you, I would avoid
    reading non-beginner forums at first as many times it's traders
    bragging about their big winning trade (not mentioning their losses) or
    trying to sell you their latest get rich trading system.
  10. The community of forex beginners trying to learn is enormous. Find
    some people like yourself and learn from each other. If you can find a
    reputable mentor, it can accelerate your learning.

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Comments

One Response to “Where do I begin?”

  1. Forexnewbie on February 28th, 2009 10:27 pm

    Yes I captured one ‘good’ advise here ie ‘mentor’. So neeed to find one as a new bie. Thanks.

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