How to trade Forex????
Bobi G asked:
Merry Christmas :),
So…I am new at the forex market(for a moment I wrote foreST:))
And obviously I have several questions:
1. What to buy now?
I see some people who look at the forex too “philosophically”.
As I said I am newbie at this market, so they can be right, but…why someone would ask about the “Eliot theory” to make money in forex when you just can read news and predictions and see the chart???
Thus, my question is not whether Eliot works or not :), but is it good to buy NZD against the USD, or against the JPY? I think thats the best deals now.
2. Is it that good???
Ofcourse forex seems very attractive to people because of the very high “leverage”. In fact, I understand the “leverage” to be a credit.
Ok, it’s good when I win but if I lose, am i not loosing the brokers money? I guess then noone looses because when I loose, someone else succeeds…anyway you got it :)
3. Can you trust Forex.com?
That’s my broker ;)
Thanks and have a grand new year!
Posted courtesy of: Caffeinated Content
Comment by Ralph
January 29, 2008 @ 3:02 am
One definitely smart but already dead man said: “If you want to learn how to swim …….swim”.
So, try by trading small quantities and always remember rule number one “Greedy pig gets slaughtered twice”.
Comment by eliyhaou a
January 31, 2008 @ 12:13 am
95 % of all the traders in fore-x r loosing money .
If you don t have spare money which you can aford to loose - just stay out of it
If you think that this is the place which can make you rich and can solve all your problems - just forget it
But if you insist of learning this thing So go on and learn it
There r many schools for that Take your time and learn it as good as you can - and after that if you feel that you can trade so go and trade on a Demo platform and keep thinking that it is real money
after that if you think that you r good at that - so - go and open an acount not more than 5000$ deposite
secenod rule dont ever never take leverage more than 50 times on your money
Don t ever never trade on more than 10 % of your account
Don t average losts
But during the time you trade keep learning and studing the issue
About your question “what to buy now ‘
The answer is don t you ever and never get tips from people Do your own homework .
Comment by VP
February 2, 2008 @ 4:03 pm
Hi,
1. Firstly I would like to tell you that nobody could predict the market. Therefore Elliot waves together with some other technical indicators are very useful when you are making analysys for enter/exit point
2. All currency pairs are good. Some of them have higher volatility and some lower volatility. Usually traders are trading with several currency pairs that they like.
3. As you have noticed leverage could be as profitable as detrimental. For that reason traders use money risk management rules. The main rule is don’t risk more than 2% of your trading funds, which is rule No.1.
4. Rule No.2 - Listen and follow the market. Trend is your friend.
5. Rule No.3 - Don’t listen experts. They are paid for their speech. If their forecasts are so successful why they don’t trade themselves? Trading is much more profitable than salary for making forecasts.
6. Rule No.4 - Never trust “black boxes”. All of them are created by historical data. Their presentations looks very good but market is alive because traders are live personse and nobody could predict next movement of thousands live traders.
7. There are many online forex brokers. I know nothing about forex.com as brokerage company. But I don’t like their trading terminal. I preffer MetaTrader 4.
Trading forex is very exciting and profitable business
Good luck!