Im very interested in learning how to trade currency but there are so many websites out there that offer premium courses that I would have no idea which to choose. Does anybody know any good informational/tutorial websites for trading? Preferably free.

Many Thanks

I like http://www.forextopten.com/ and www.dailyfx.com. Both websites offer good knowledge for free.
I’ll list a couple of other websites on the resources.

I have a demo account with them. But I am afraid to deposit real money until I find out about their legitimacy. Have anyone in Asia successfully withdrawn money from them? I am planning to start trade with $5000 which I earned through stock market trading in my country. So I hope I will get some genuine answers here?

Thank you all in advance.

I think I can answer your question well since I am from Sri Lanka and I have actually withdrawn money from eToro. It was a wonderful experience. To this date I never had to deposit more than my initial deposit. Because of their chat system and great trend tools I have managed to roll my profits again and again.

I deposited money through credit card and I withdraw money to my credit card. If you have the paypal receiving ability the process will be much smoother. Since I do not have a full functioning paypal account (My country is not supported) I have to get my winnings through credit card.

I love it when I see funds available in my VISA when I go to withdraw it from the nearest ATM machine. eToro has never let me down. I like them very much so I wrote 2 posts about them in my blog.

Since you are planning to deposit $5000 I advise you to do a bank transfer. If you do that you are eligible to withdraw through a cheque.

Do not worry about their legitimacy. I have introduced more than dozen clients to eToro and they all are really happy with them. No one has faced any troubles so far with the withdrawals.

If I were you I wouldn’t hesitate for a moment to start trading for real.
Eranda Ranasingha.
Sri Lanka.

I am planning to open an account to trade on FOREX. Since I am new to trading on FOREX I am interested in opening an account where I can trade micro lots of 1,000 with margin no more then 1%. What would you recomend?
Thanks.

The RIGHT Forex broker for you depends on a couple of factors. It seems a lot of new Forex traders end up with Gain Capital(forex dot com), FXCM, or GFT. HOWEVER, the reason is is that these companies spend a ton of money advertising. Don’t get fooled by the advertising. Now, I’m not saying that one of those may not be right for you… but spend some time researching the different types of Forex brokers and the advantages of each. Read through a couple Forex Broker review sites, taking everything you read with a grain of salt because they all have a horse in the race (ie bias). Then consider the following:

1) Choose a broker that has a combination of strong liquidity sources and financial stability.

2) Understanding your trading strategy and how the different Brokers will affect it’s performance.

3) 3) What currency pair(s) do you expect to trade? Depending on a Broker’s liquidity source(s) the broker may have better or worse spreads on different pairs.

4) ECN, STP, or Market Maker? Is the broker trading against you or simply passing your orders onto the real market? Research the types of brokers and choose the one that fits your trading style best.

5) Fixed spread or Variable spread? This choice can be extremely important depending on the strategy you trade and the position sizes you take. If you mainly stick to high-volume market times for your trading than you will probably want a variable spread which often translates into lower overall spread costs. If you get signals around the clock, many times during off peak hours a fixed spread Broker may be better because fixed spreads tend to be cheaper than variable spreads during off market times.

6) What trading platform do you want to use? This is EXTREMELY important. Open demo accounts at a variety of brokers and find a platform you are comfortable trading.

7) Do you want to trade with an on-shore or off-shore Broker? The location of your Broker may have important tax and legal consequences.

Don’t get caught up in the hype of Forex broker advertising. Do your research. The Broker you choose becomes your partner in the Forex market. This partnership is crucial. The Broker will always benefit from this relationship. Whether or not you benefit depends on Broker you choose.

What are the best reliable websites for online forex trading and what are your helpful tips for the one who just started to get acquainted to this? Thanks

forex trading is for pros with lots of experience and deep pockets.

98% of all new traders, even in easier lines such as trading stocks, lose some, all, or more than all of their capital within the first two years — according to one psychologist who has studied traders and trading for over 25 years.

this effect is so reliable that forex is one of the areas in which “bucket shops” still exist. A “bucket shop” is one that acknowledges your trade and then throws the chit for it into the bucket — they never actually have the orders filled because they know that the odds of you winning in the long run are 1 in 50. if they’re patient and keep good records, they’ll almost certainly end up with your money. And, by not having executed the actual trades, they pocketed all the execution fees [which, btw, you paid]. [Sure ... they occasionally lose a bit -- but with 49 guys paying them for each one who takes some home, they can afford it.]

Hi, I wanted to know if FOREX trading is considered legal in U.S. and if it is, how do I find out if the broker that I am going to deal with is a legal entity? My question is not about profit or losses but more about dealing with a legitimate broker who is licensed to carry out trades in the market on my behalf. I am looking at FXCM, have heard alot about them. But I am more worried about getting into any legal trouble(s). What sort of documentation can I request and may request from the broker to find out if they are really legal and forex trading is legal under the laws of U.S.
It doesn’t seem like FOREX is illegal but would like to ask people before I contact a lawyer/accountant and then finding out that it is considered an illegal activity by law.

Thanks

Yes, Forex IS legal in the United States. FXCM is a reputable broker but many have their complaints – explore your options before choosing FXCM or any other Forex broker.

Forex is regulated by the CFTC(outsourced to NFA) and increased authority over the Forex market was granted by congress to the CFTC on May 22 of this year – http://www.cftc.gov/customerprotection/fraudawarenessandprevention/forex/index.htm -

I’m interested in trading currencies with a FOREX account, but I’ve also heard plenty of bad things about numerous companies. Does anyone know which company has the best reputation for FOREX trading?

Wohoho, now you’ll get the list – everyone will pull in its own direction…

In reality, it is difficult to answer, since there is no such rating. If you look at Forex brokers reviews online, there is so much controversy in opinions and experiences, that you’ll probably be lost.

Use the common sense and own judgment. Of course, those companies that are obviously labeled online as scams should be avoided. For others, do a little of research: pay attention to the transparency of the company, by what authorities it is regulated, does it have sufficient information describing the smallest details about trading conditions, try their demo, try contacting them, see how well they respond. Do the same things as you would do when you choose a bank to deposit money.

And finally, when you make a choice, don’t put everything in. Try it first – deposit a small amount. Get experience. If you are satisfied, go on further.

I would like to do some paper trading of currencies. Anyone know of any good simulated trading platforms?

You can get a trading platform from any Forex broker.
The most popular platform is MetaTrader4 (MT4).

You simply need to find an MT4 Forex broker. All of them offer so called Demo accounts. Register and get one for paper trading.

Here is a quick list of brokers with MT4 platforms:
Interbank FX
FXCM
MIG Investments
IKON Royal
Hotspot FX
Direct Forex
ODL Securities

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