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How to trade Forex?

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:) ,
So…I am new at the (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 in forex when you just can read news and predictions and see the chart???
Thus, my question is not whether or not :) , but is it good to buy NZD against the USD, or against the ? I think thats the now.

2. Is it that good???
forex seems very attractive to people because of the very high "". In fact, I understand the "" 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 !

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  1. VP on Jun 21, 2010

    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!



  2. Ralph on Jun 21, 2010

    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".



  3. eliyhaou a on Jun 21, 2010

    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 .


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