I am a University student and closing for holidays soon. I want to do something very viable those 4 months. I want to be making money by July. How does trading of forex online work? Do I have a chance of making alot of money incase I learn very well and keep myself exposed? Should I really go for the course? How much could I be making weekly by August if I invest 100$ in it? that is if I'm good.

Hamina,

You can save your money and teach yourself Forex trading. HOWEVER, save yourself money (i.e. do not lose money) by trading a DEMO account while you are learning. There are also some very basic principles that you must learn and follow. You can find a lot of materials in books or online. You may start with this website: Forex Pips and Tips (http://www.forex.kingeshop.com/). Never rush into live trading. Read, practice until you are ready and then you will be fine.

If you have any question, do not hesitate to drop me a line.

Good luck!

Mark

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I'm a big risk taker but I'm also very intelligent. I like to take the biggest risk as long as it makes sense (I manage risk well). I'm not running around tossing up money or anything like that. The bigger the risk, the bigger the reward. That's been one of my moto's. I would like to start trading as soon as I can and I am willing to be as patient as I need to be. I just want some direction so I can start learning and I don't know how to determine what strategy to start with.

The best way to find out is to test the market and to know what type of trading personality you have. Ask yourself if you’re a short term, medium term or long term trader. This is the starting point, an anker on which you’ll base all your future trading decisions. Some start off with day trading to find out they’re better off swing trading or the other way around….if time permits.

There’s no clear cut way to decide what works for you and what type of trader you are. Like in a college/university one starts with the basics on which you grow to reach an osmosis. Same thing with trading. It’s a weeding out process, leaving only those things that are useful to you personally.

Technical analysis is a viable way (probably the most viable) of trading the forex. Whatever opinion goes around about finding a correct analysis and finding entries/exits, just know that TA is EXTREMELY popular, in part thanks to the lack of transparant fundamental information and the decentralized nature of the currency market. Fundamentals such as interest rates are the single most important driver of currencies, unfortunately that’s not always useful for short term or swing –traders. You’d also need a good understanding of economics to make interest rates work for you consistently.

Popular indicators are RSI, MACD, Stochastics, Fibonacci, Moving Averages, Bollinger Band, CCI and Candle patterns. However, a sound analysis starts with knowing recent price action as price is the ultimate indicator. You’d have to know when there’s a range, when there’s a trend and how both can interact. For each price pattern there are set indicators most appropriate for how the market currently behaves. For example, I’d not use Stochastics during an uptrend since the indicator can stay above 50 and/or 70 for a very long time, rendering most sell signals useless. On the other hand, there are indicators useful for both market conditions. A good example is the RSI. In either condition you’ll find these derived indicators more powerful when it matches current market behaviour.

What the charts show is actually all you got, so believe what you see and believe that it is happening NOW. This is not about what you fear might happen next. If that’s the mindset I promise you you’ll be in for a tough ride. Forex traders thrive on a positive attitude ready to get at it with full confidence.

I suggest to thouroughly research indicators to know their purpose well. For example, some claim when RSI is above 70 and crosses back below that level you should sell. If it was only that simple. Some traders use a 21 RSI with only a 50 level to determine the trend and use other indicators for entry/exit signals. What I’m trying to say is to not be afraid to use your common sense because the markets are something organic (people breeding on fear and greed are a natural phenomenon) and you need an organic approach with matching indicators (moving averages are the most organic of them all). Mechanical systems are therefore in my opinion less effective. How else would one make sense of the chaos of thousands and thousands of traders with different opinions?

Think how you would join all those traders moving the market up and down, when the different groups (using different timeframes) of traders converge to move the market even stronger. I think you’d find out on your own but I’m going to give a couple of tips anyway: Moving averages and Guppy theory

…. last but not least, less is more when constructing a strategy. Nobody needs a chart with an overload of information on it.

websites:
www.babypips.com
www.investopedia.com
www.fxcm.com

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I need information about forex trading. Need a broker, trading program, anything.

Forex trading is personality bound which makes it difficult for someone to figure out what works for you. You'll have to start studying the most popular technical indicators and find out which setup works for you. Some traders are successful with for example a "moving average-candle patterns-oscillator" configuration, others fail with the very same setup.
So you need to work at it in making a trading plan that is consistent and that you can use over and over again.
You could do a course but then again there's no guarantee of success exactly because someone else's' trading plan is not always "transferable".
You need to feel comfortable with certain technical indicators and the most popular ones are the following (in random order):

- Moving averages
- Bollinger Bands
- RSI
- Stochastics
- Fibonacci
- Candle patterns
- CCI
- MACD

These indicators are all you need to find your personal setup. You do not need to use all of them, 2 or 3 is enough. Some traders use RSI with Boll. bands and an oscillator, other only exponential moving averages and candle patterns, …etc.

Keep in mind, however, that price is the ultimate indicator. Technical indicators are merely tools to help you guide through the waves of the market, in other words, how price is currently behaving. You therefore need to establish whether price is ranging or trending up or down. Once established how price is moving , the next step would be applying the indicators.

One more tip, the larger the time frame the more reliable signals are. A buy signal on a daily chart is more reliable than on a 5 minute chart because a daily chart holds much more market information. This doesn't necessarily mean you can't trade with 5 minute or other short term timeframes, it means you need a larger timeframe to back up your trading decisions on the 5 minute.

Words of wisdom:

- Always start with a free practice account
- The Forex market is not a get-rich-quick opportunity
- Beware of fear and greed, you HAVE TO be relaxed
- What you see on the charts is the absolute truth, so believe what you see. If the charts don't make sense then you are absolutely right. Wait for the market to be less confusing.
- Patience is a virtue.
- Losses are part of the game, with a solid trading plan there's no need to fear a loss once in a while, because the confidence you have in yourself and the trading method let you know the next trades will be winners.
- Always limit your losses, either with a automated stoploss or a mental stoploss.

Websites:

www.babypips.com
www.investopedia.com
www.forexfactory.com
www.fxcm.com

the better brokers:

FXCM, FXSOL, ACM, DBFX, Saxobank, MGForex

Success and always think positive…

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Forex Focus: Making Sense Of Currency Movements by Grace Cheng With currency movements so randomized, how could you possibly know when to enter and exit trades? One of the most frequently asked questions among forex traders is certainly this: What on earth is [any currency pair] doing? This question tends to come up especially when you have open positions in the forex market. The nonstop fluctuations of a currency pairs exchange rate may seem totally random. Some traders will question if it is possible to even trade accurately in such a random market. Making sense of currency price movements is not transgenic science. Once you know the core behavior of currencies, you will find it easier to understand their movements and exploit them for profitable trading opportunities. FUNDAMENTAL BEHAVIOR OF CURRENCY PRICES Currency pairs either move in a trend or within a range. This concept is so simple and yet so revealing that I have to say it again. Currency pairs either move in a trend or within a range. Once you digest this fact, you will come to the realization that currency price behavior can be understood to a large extent and exploited to your advantage.

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An effective way to reverse a trade’s fortune
Almost all trading books focus on “winning” trades. But winning trades can be hard to come by, especially when you’re just starting out. “Turning Losing FOREX Trades into Winners” takes a look at this discipline from a different angle, examining effective methods for dealing with trades that are in a losing position. First, it guides the trader through the various steps of determining if a trade is with or against the overall trend. Then, it explains how to decide when a trade should be closed or left open. While this reliable resource is filled with in-depth insights and expert advice that will help readers gain a better understanding of today’s FOREX market, it also contains hundreds of chart examples that will provide step-by-step instructions on how traders can recover from losses.

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Stocks & Commodities V. 24:6 (16-18): Forex Focus by Darrel Jobman Access to foreign exchange trading has opened up exciting trading options for the retail trader. You can now trade alongside corporations and institutions in a highly liquid market that is global, traded around the clock, and highly leveraged. Before jumping into this market, however, we must understand the factors that affect the forex market. With that in mind, STOCKS & COMMODITIES has introduced Forex Focus to better prepare the retail trader to participate in the currency market. Q: Is the yen really turning around? A: Over the last five years, the Bank of Japan has been engaged in a prolonged battle to combat deflation in the Japanese economy to bring conditions back to normal. The central bank already cut interest rates to zero in 2001 but took the additional step of flooding the market with excess liquidity. The bank adopted a quantitative policy with a target of 30-35 trillion yen for current account deposits held by the commercial banks. A second element of the policy was to intervene aggressively to prevent yen strength, as a stronger currency would have put further downward pressure on domestic consumer prices. The Japanese central bank, under the direction of the Finance Ministry, intervened heavily to prevent yen gains through the 100 level against the US dollar in the first quarter of 2005, although there has been no need to step in over the last 12 months, given the general dollar gains.

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hi
I found several search results about some products saying that they are automated and make us money on autopitlo . Did anybody out there really make money out of it without losses guaranteed? Are the Forex brokers cooperative enough to allow us to redeem our funds?

To me Fap Turbo is favorite automated trading robot.it has 2 built-in strategies one based on short term scalper and the other one a longer term trend trader.It is fully automatic requiring no human intervention. FAPTurbo trick is it's secret anti loss algorithm unseen in any other robot to this date called "the stealth mode". Steady reliable profit maker. I fully recommend fap turbo.

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I am 17 years old and my brother set me up a Forex (Foreign Exchange) account to try and make money by trading money currencies. He turned $200 into $700 in 3 days. I want to know if it is possible to turn $200 into $1 million, and how long it would take if your really good at making money at it? Please give a reasonable answer to earn 5 star best answer.

Forex is just like trading the Stock Market. The skies the limit but be prepared to lose everything you invest.

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I am looking for a book with practical and realistic hints, tips and strategy which is also written in a very coherent way.

Thanks

Here are some that I can recommend to you. Both are filled with good information that both beginning and experienced trader will find useful.

"Forex Patterns and Probabilities" by Ed Ponsi and "Day Trading the Currency Market: Technical and Fundamental Strategies To Profit from Market Swings" by Kathy Lien.

I have read both of these books. You will find gems in each of them that can only come from those with extensive experience in the Forex market.

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I know that some Forex web sites offer signals for trading. The signals are provided by professional trades who have a lon year experience in Foorex.

It is always better to take signals from the broker because of the simple fact broker generate revenues when you trade and if you loose many times and don't have adequate fund to trade then how would you trade and how the firm is going to generate revenue. so they would provide you the best possible signals. In addition these signals are free which is another advantage.

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