I would like to enter the Foreign Exchange Market but I realy know very little about it. Does anyone know where I could get some accurate information (e.g.: websites)? Are there any good books I should take a look at? What about the Forex programs advertised on the television? Are they worth looking at or are they just a waste of money?
2006-08-15 12:19:01 · 6 answers · asked by Kenyath 2 in Business & Finance ➔ Investing
You'll want to get some education first. A few good books to look at include Mastering the Trade by John Carter and Visual Investor by John Murphy.
You'll need a good psychological and technical background to trade currencies as they move pretty fast and are highly leveraged. Once you're comfortable with that you can practice with most any forex broker.
FC stone is a really good brokerage that you might want to take a look at (fcstone.com).
That should get you started!
As for the programs on TV, some are good and some are junk. It all depends if you just want a system, or if you want to learn how to trade. I've evaluated a few of those so if you have some questions on them, I may be able to help answer more questions.
2006-08-23 02:57:44 · answer #1 · answered by Yada Yada Yada 7 · 1⤊ 0⤋
Few websites give good advise as they all try to sign you up for an on-line trading account. All the Forex programs are a waste of money.
If you want to dabble in the forex you can set up a mini account for ~250USD on forex.com (or similar).
Try researching simple trading strategies. E.g. Reactions to news from the Federal Reserve. You'll have to wait for a fed announcement and then trade quickly.
Ignore technical trading strategies. It's impossible to tell if they work or if the result is luck. With a large enough pool of investors you will always have some successfull traders even if no skill is envolved.
2006-08-15 12:38:50 · answer #2 · answered by jaku_11 1 · 0⤊ 0⤋
Here are some websites that can help in entering the forex market
2006-08-16 22:53:35 · answer #3 · answered by Dreamer 3 · 0⤊ 0⤋
Enter a web search for "forex trading" and a number of sites will come up that do currency trading.
Interactive Brokers will set up an account for you to do currency trading.
2006-08-15 12:30:35 · answer #4 · answered by Rrf00 3 · 0⤊ 0⤋
You need to learn about forex trading and then practice using a demo account. Once you are comfortable using demo, then create a permanent account. Learn more at -
http://the-forex-trading.blogspot.com
2006-08-15 13:07:58 · answer #5 · answered by rahul 3 · 0⤊ 0⤋
Visit this site if u r looking for one:http://www.xe.com
2006-08-22 21:02:47 · answer #6 · answered by sulaiman s 4 · 0⤊ 0⤋