I wish to know where is the best place to study forex charts. Which is; what software or platform should I use to start using Forex tools (such as Fibs, averages, lines etc.. ) can anyone suggest me?

Moreover I am searching for a free software I am still a beginner and I don’t want to spend 5000dollars on FX money mapping. I also tried on eToro and ForexTrader Pro but I though someone could suggest me better opinions.

Daniel,

If you are someone new to this whole Forex trading things, then it is best for you to get free education first. There are several great sites where you can find these free yet quality trading lessons. Here are some of them;

http://www.babypips.com

http://www.forexfactory.com

If you think you already know about the basic and you want to get more like great trading technique, you can always try these sites below;

http://www.winnersedgetrading.com

http://www.forexmentor.com

They are a subscription based education sites for trading currency which I think the best in the industry.

And if currently, you are looking for the best Forex Broker to join with, For me there are several brokers that is good, like the;

http://www.oanda.com

http://www.fxcm.com

http://www.mbtrading.com

Hope this help

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i want to know which site allows to download the Fx trading software, foreign Currency Exchange Software, Stock Trading Software, Online currency trading software, free Forex Strategy Builder software, forex trading software.
I need to know few more good,popular & best Forex software,trading software and from where i can Download the software instantly and begin using it.

If you are looking for the best forex software, use this software

http://bestautoforexsoftware.info

This software is the best software that can help increase your trading profit

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i want to know which site allows to download the Fx trading software, foreign Currency Exchange Software, Stock Trading Software, Online currency trading software, free Forex Strategy Builder software, forex trading software.
I need to know few more good,popular & best Forex software,trading software and from where i can Download the software instantly and begin using it.

If you are looking for the best forex software, use this software

http://bestautoforexsoftware.info

This software is the best software that can help increase your trading profit

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I went to a recent seminar and saw some of the stock trading and forex strategies taught by Joey Miller and Traders Edge Live. It seems to be too good to be true. However, I have backtested the strategies and they seem to work very well for the past 5 years. Does anybody know if this is a scam?

J. Star Jones,

I too was wondering the exact same thing when I had signed up a few years ago! So I’ll take the time to comment and hope that my experience will help you. Towards the end of 2009, I went to a Get Motivated event, and then through Investools and the James Smith Company, and found out about Joey Miller and Traders Edge Live. Eventually, I canceled Investools (thank God that they allowed me to cancel) because I found that Traders Edge Live was teaching actual, systematic strategies as opposed to just theory. I think Investools is great, but I was just looking for something that I could get started with right away.

I have since purchased all the DVDs, books on options, and attended a couple of Traders Edge Cash Flow Seminars and Advanced Summit events to further my education. I must attest that Joey Miller and Traders Edge Live is NOT a scam. They are real, genuine people. The teachers are excellent and understand the subject material as they are true traders themselves. I even signed up for a mentorship and am seriously committed to make this a part of long-term investment plan.

Having said all that, let me share with you some advice that I wish somebody would have emphasized to me when I get started.

1. Nobody can have a strategy that’s 100%. Strategies may work well in the past and continue to work in the future, but there’s absolutely no guarantee of future success. Your odds are just increased when you have a systematic strategy that has performed well in the past.

2. Take your time. Be patient and make sure learn the strategies fully, don’t skip portions and try to take shortcuts. With option trading, it’s very important that you understand the ins and outs as it’s a leveraged investment vehicle.

3. Don’t put all your eggs in one basket. I made the emotional mistake of putting too large of a trade in the beginning because I was so convinced that things would just work out forever. For the first 3-4 months, I made money so consistently that I just keep increasing my investments (even taking out money from a loan to invest). However, I was quickly humbled. So only invest with funds that you are comfortable with, and don’t try to "swing for the fence". Keep your trades small, so you can recover in case there’s a bad trade.

4. Keep learning. The more you know and understand, the better off you’ll be.

Again, best wishes to you! I hope this helps.

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Anybody here has experience with Forex traiding? Does it matter which country you are from or anybody can participate on online Forex traiding sites(Im an EU national)? Do you requiere a broker for this kind of currency trading? Is it worth it? Thank you!

Forex trading is forex exchange trading which involves buying and selling currencies. Traders normally buy or sell a currency hoping that the currency increase or decrease in it’s value and benefit from those differences. I will explain you with a simple example.

You want to trade on the currency pair EURUSD and buy it hoping that it increases in its value. That means you are buying Euros selling USD. Lets say one EUR is 1.5000 USD. For buying 1000EUR you need to spend $1500. The currency increased in its value as you expected and it became 1.5100. That means you made a profit of 100 pips.(In forex it is measured in terms of pips). Lets say you have a standard account with a leverage of 1:100. Then this 100 pips means $1000.

Does it matter which country you are from or anybody can participate on online Forex traiding sites(Im an EU national)?

You need to have a broker to participate in forex trading and it depends on the broker when they are offering their services in your country. For EU most of the brokers are offering their services. Check

http://www.fxcm.com

http://www.alpari.com

http://www.forex.com

Do you require a broker for this kind of currency trading?
Yes. You need a broker for participating in forex. Check the above resources.

Is it worth it?
It really depends on how much experience you have in forex. You need to know a lot of common terms in forex. If you are a beginner I recommend you to trade on a demo account first. Check the following resources that helps you.

What is spread?

http://www.forexbees.com/what-is-spread-in-forex-market/

What is leverage?

http://www.forexbees.com/leverage-in-forex-trading/

What is pip in forex trading?

http://www.forexbees.com/what-is-a-pip-in-forex-trading/

How to open an account in forex?

http://www.forexbees.com/how-to-open-an-account-in-forex/

Hope this information is useful to you.

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I would like to know which are the best Forex books, those who teach how to make real money on the Forex market.

I have some good literature in the links below. However, it talks about how difficult it is to make money in Forex, and how it is better not to do it.

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.

Forex is similar to what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap,com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

Read the warnings in the links below:

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I am interested in learing to trade on the currency market but not sure where to go for my information. there are some tempting offers out there from these companies, but i don’t trust them?

It’s very difficult to know who to trust. Many of the people who sell seminars and e-books have good intentions, but it’s also very difficult to teach someone how to trade. It’s something you have to learn for yourself.

I recommend that you start by reading everything you can at your local bookstore about stocks and Forex trading. That will give you an introduction, and some ideas. Then open a free Forex demo account and start playing around. There’s also a lot of free information online which might help point you in the right direction.

Best of luck!

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I am a new forex trader and still learning. Forex trading looks very attracting profession to me.

Do you know any good software with which it is easy to learn forex? It can help a lot.

Please help.

If you are looking for the best forex software, use this software

http://bestautoforexsoftware.info

This software is the best software that can help increase your trading profit

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Dear ALL,

I have done MMS in Finance and now from past 3 years I am working with one of the Stock Broking House in Mumbai. Now I want to switch from the current employer but confused to decide on where and which profile to select. In the current profile I am right now looking for Online(Internet) Trading. Also working as Business Analyst (Intermediary between Client and Software Development Team.And Training to internal employees of the company about the operations and products of Equity and Currency Online Trading… I have also cleared NCFM exams of Capital Market, Derivatives, DP,Mutual Fund and Investment Analysis and Portfolio Management.
Hence Now I am finding it difficult and also confused about what to do for betterment of future….Please advice and suggest something relevant job or some course which can be done for bright future.

Hi Deepak,

I understand that with such a varied experience, you are now finding it confusing to pick one domain as you change jobs. Your current job has allowed you to experience different aspects of your line of work, which is good, since you will now have a broader understanding of how things work in this field, what you like doing and match it with your capabilities in order to understand where you want to go next.

I would suggest that you objectively take a good look at your experience and what you enjoy doing most, and only then plan out the next switch. It will give you a clear understanding of where you would like to see yourself two, five and more years from now.

Hope this helps..Good luck!

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hey, I have decided to start trading forex and picked a broker(SmartTradeFX). Now I would like to know what is the most economic way in general to deposit or withdraw , is it Paypal?

It depends on the amount. Paypal is good since it is universal. However the time transaction of paypal is too long. When you deposit, it will be verified 2 days after. But generally, it is secured. You can go for payoneer too but its more expensive. Good thing is it’s fast.

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