So you want to learn FOREX- 5 useful sites for a newbie

Recently a good friend of mine called me, I always enjoy the conversations with him because I often have substantive arguments about current events, the debate is even more intense when there are disagreements, for example the recently concluded elections where I was arguing for change and he wanted more of the same. This is always in good humor and mutual respect and a wiliness to listen to each others points and admit a good point whenever there is one. 

The recent alternative investment club debacle was brought up and he admitted to having invested in one of them and was quite upset at how the government and the financial services commission (FSC) have been coming down on them. I was not very surprising he would be on the boat early because he has always been a shrewd individual in all aspects of his life. He sometimes joke that I am a bookworm or a theoretical person while he is the more practical. Although I would not openly admit it, I will grudgingly admit to myself that to be true. 

Anyway I congratulated him on getting in on the action while the going was good and joked that now that he was rich he could loan me $100,000. There was a brief awkward silence then he almost stuttering said that now that the going was no longer good for the investment clubs things where not looking as optimistic as it did before. 

I help him get out of the uncomfortable situation by assuring him that I was only joking. I asked him if he knew about FOREX trading. He was aware of FOREX in the basic definition but no in-depth knowledge. I then told him that I have been trading currencies for over a year now on and off with varying results. He seems surprised and asked if I could teach him how to trade currencies. I hesitated at first because of my mediocre results but then agreed after a little convincing. He has always been a very analytical person than I am and could probably do much better.  I remember in high school how we use to compete with getting the best scores on exams. He was the master at mathematics and graduated with a one in CXC. I was better in English (even though my grammar here sucks) and graduated with a two in CXC. There real battles where fought in the trenches of accounts class another analytical subject where sometimes I had a slight edge other times he did. That made accounting class even more interesting. When we got our grades we waved the paper with our marks claiming victory or defeat, it was always close though. It was in all fun and a genuine desire to be number one. In the end we all benefited. 

Anyway he said on the first Saturday in February (which was yesterday) he will want me to show him a few things about currency trading. I will call him on Monday. 

While at work I saw literature on the computers about FOREX in a public file. I was a little surprised. I was tempted to open the file which was in PDF format but humbled my anxious hand and closed the window. The truth is this should not be on the computer at work. I don’t know who put it there but I am sure a memo will landing on my desk soon “WARNING” that only work related material should be on our system.

A friend at work once invited me to sell some one of those things where you earn commission. I took the leaflet out of decency but knew in my heart I would never attend. I knew his ambitions about going back to school, lacking money the whole nine yards. I told him about FOREX also and he seems genuinely interested. Unfortunately when ever I see him there is never enough time to talk about it. He told me however that he did some research and found out about Market Traders Institute (MTI) in Jamaica that offers FOREX training for $2,000 USD or ($145,000 JMD). I asked him if he was sure there wasn’t a mistake and it wasn’t really $2,000 Jamaican. I checked around and it is true. The best part of their program is the mentoring other wise the price is ridiculously inflated. I told him so. There are tons of free information about FOREX online, so much that it’s over whelming. Most likely he will blow  one or two accounts at first even if he trade demo successfully, mistakes people can teach you to avoid but only you can learn. I consider those account blow ups to be your tuition for the FOREX education. Some folks will be naturally good at trading and might never blow an account. Even well seasoned trader blow accounts sometimes,just do due diligence with Google. I am sure you find a few stories of wall street heavy weights setting records losing money.

The stories of people getting rich from currency trading is fascinating indeed but that’s just 10 % of the story. What about the other 90% who fail. Where did I get my figures? I pulled them out of the air. The truth is it there are lot things to take into consideration. 

So where do you as a newbie start with FOREX trading. I am no professor of currency trading but since my friend and acquaintances has anointed me with such a role I will write about and give advice as I see it. I have not told anyone about my blog but this could be an opportunity and a great way to offer my “FOREX classes” through the wonderful medium of my internet blog. I will now include at least one blog entry about currency trading each week. I am no expert and I have no exceptional pips to flaunt. I know one of the best way to learn something is to teach others. Every now and then I will simply share what I know and do as it relates to my own trading FOREX. I will start by sharing my 5  FOREX websites that ere useful to me when I just started trading and what I think newbies would find very useful. 

  1. Forex Factory– There are many forex forums out there, but forex factory is the mother of all forex communities. The discussions are very mature and member show respect for each other. The traders here are exceptionally proficient and are more than willing to give advice that you would otherwise pay top dollar to get from so called mentors and market analysts. I have been a proud member of this site for well over a year and would strongly recommend you to join. I find the analysis with charts very helpful. I am a daily reader of several journals on Forex Factory. I would encourage you to read the newbie forum if you are new to forex trading before asking novice questions on the main forums. There are priceless advices for beginners about money management, market patterns, trader psychology, fibo etc.
  2. Chart Filter– Learning about charts is important. I will admit that I really don’t like much of the complicated analysis of forex trading. I think much of the indicators are over amplified, much of it unnecessary. There are over 2,000 indicators out there and some folks I see their charts look like a Christmas tree. I simply use moving averages crosses, candle patterns and trend lines. Chart Filter is a great site to learn about and refresh yourself on all you need to know about charts. I will include Stock Charts is another great site to learn about charts. Both theses chart sites are general financial websites so look for the FOREX links at the top tabs of the websites.
  3. Ezine Articles– This website generally has articles on a wide range of subjects, however  if  you type in the word “forex” and click search you will find a treasure trove with thousands of very useful articles about FOREX. There are always links at the end of each article that can lead you to many other FOREX sites. Be warned though that many are promoting websites that sell the latest crap on how to make a killing in the market. Be aware.
  4. Fx Words Trading– When I just started trading there were many words that I didn’t understand. This website was immensely useful and still useful to me after learning and understanding a lot of currency trading. Bookmark this one.
  5. Investopia– This is another general website about the markets so look for the FOREX tabs. Very useful, bookmark this one too.

There are thousands of other useful websites that newbies can useful, if you find one you think is useful then post it in the comments. 

Now for a little inspiration, there are many wonderful stories about success about currency trading. I especially find this one an interesting read. I saw it on the Jamaica Gleaner website. Its about Jason a 24 year old successful trader that is doing so well, he gave up a fairly well paying job to trade the markets fulltime. I did dismiss Market Traders Institute (MTI) earlier in this post as being too expensive but apparently he recommends them for learning about FOREX. Click on the link below to read the story.

A do-it-yourself guide to forex trading

Good luck

 

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~ by RB on February 3, 2008.

9 Responses to “So you want to learn FOREX- 5 useful sites for a newbie”

  1. Good day

    I have found all the ways to make and earn money online including stocks, forex, real estate, hyip,
    & Auto Surfs Matrix and more The most relevant information….
    Please, pay attention to the web-site, which has become my navigator
    forex.freestockfunds.info.

  2. http://www.babypips.com is great too

  3. I visit forex.freestockfunds.info, there are alot of info there and to be be honest I don’t know much about hyips. I will look further into in when I have more time.
    ———————————————
    I actually have babypips.com in my favorites for along time now. nice time to get see what you have been up to.

  4. http://fxpalace.com/ Trade currencies and make money! At fxpalace.com you can find everything you need. Good guides, films, books

  5. free forex signals

    flexible recommendations

    for 7 main pairs daily & weekly

    and more….

    http://www.fx-up.com
    http://fx-up.blogspot.com/

  6. Have a look at gnutrade.com – the site gives you an unlimited play money account which you can use to trade live forex prices. It’s great for anyone who wants to learn fx trading and practice techniques etc.. – without any risks

    http://www.gnutrade.com

  7. Check out betonmarkets.com – very simple site and they too have unlimited play money to practice in real time quotes. The financial fixed odds specialist.

  8. Hello!,

  9. One thing don’t forget manage your margin. Nobody know the way of price so trader should study MM-money management.

    I suggest this website for more information

    http://www.learn-forex-market.com
    http://www.buyforexbook.com

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