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Question: What are the things that you need to know before learning forex trading?

(Posted by: AwsomeDude on 2009-10-27 21:08:39)

I mean what do I need to learn? I've searched up on websites like forex for noobs or baby forex (a site for forex newbie like myself..) but I failed to understand what the heck they're talking about so basically I figured out that I'm missing something what do I need to learn before learning forex trading?

Posted by: dan on 2009-10-28, 07:44:20

First you need to learn before learning forex trading, about: Market participants in Forex: Banks, Commercial companies, Central banks, Hedge funds as speculators, Investment management firms, Retail foreign exchange brokers, Non-bank Foreign Exchange Companies, Money Transfer / Remittance Companies. Forex trading characteristics Determinants of Forex Rates Economic factors: Economic policy comprises government fiscal policy and monetary policy. Economic conditions include: * Government budget deficits or surpluses * Balance of trade levels and trends * Inflation levels and trends * Economic growth and health * Productivity of an economy Political conditions: Internal, regional, and international political conditions and events can have a profound effect on currency markets. Market psychology: Flights to quality, Long-term trends, "Buy the rumor, sell the fact ", Economic numbers. Financial instruments: Spot, Forward, Future, Swap, Option, Exchange-Traded Fund. ....and more.....

Posted by: The Geek on 2009-10-28, 00:08:22

No worries on this. i understand what you mean. What is short? What is long? What the heck is a spread? This is a long yet fulfilling journey. Allow me to give you one of the best advice around. Learn about money management. This is very important. Well i write articles on forex at my blog for newbies. These subjects were stuff i was confused too previously! Hope it helps.

Posted by: Melvin on 2009-10-28, 01:37:41

Visit this site maybe it could help you.. currency-trading-tutorial.net/ hope it help you..goodluck..

Posted by: Brocon on 2009-10-28, 02:03:26

You need to spend your money and time to know... what if your money made you 1 - 10% or 10% to 200% per month with no risk at all,what if you dont need to work and just enjoy life what if you can watch your wealth growing while you are having fun visit myfxfunds.com hsfxasset.com hgnfx.com forexearocks.yolasite.com

Posted by: Crassula on 2009-10-28, 05:44:54

As a forex trader myself, you should be playing attention more on the trade management and risk management. The trading strategies-wise can be researched from books or internet. Discipline is the key towards being successful in forex. You should also learn fundamental and technical analysis in forex trading.

Posted by: Scarlett on 2009-10-28, 11:01:47

Take up a basic course on forex trading. There are some good ones around. Especially those that have a lot of videos.

Posted by: Jason Rogers on 2009-10-28, 13:08:34

DailyFX has a section on the site on the basics for forext trading dailyfx.com/ how_to_trade_forex/ learn_forex/ . If you want more detailed descriptions of specific words in relation to forex trading such as spread, pip, long, short, the website fxwords.com has definitions.