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Want To Learn Forex

Discussion in 'BlackHat Lounge' started by sharpie349, Mar 4, 2009.

  1. sharpie349

    sharpie349 Regular Member

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    Hey BHW,
    I want to get into the forex market but dont know much so does anyone know any good resources on how to learn and where to start trading.
    I would really appreciate it.
    Thanks.
    -Mike-
     
  2. jasonac2

    jasonac2 Junior Member

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    Unemployed!
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  3. sharpie349

    sharpie349 Regular Member

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    thanks for share.
    Any more suggestions and also good places for a newb to start trading at?
     
  4. xvoidx

    xvoidx Registered Member

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    Well if your a n00b to forex don't start trading real money. Go to oanda.com and sign up for a DEMO account. Oanda is probably one of the best companies I have worked with as far as forex goes. If your a news trader though you will get the old assrape.

    Actually what you should do is go to babypips.com and start learning about forex before you even think about trading. Even in a demo account.

    Remember forex is not for the faint of heart. Even seasoned securities traders have a hard time in forex. Its not a easy investment vehicle and you can lose ALOT of money if your careless.
     
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  5. spud--1

    spud--1 Jr. VIP Jr. VIP Premium Member

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  6. sharpie349

    sharpie349 Regular Member

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    What do you mean by news trader?
    Thanks.
     
  7. obtuse

    obtuse Newbie

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    depends on what's needed
    That's why you need to read at those links that have been provided to you here. Trading the news is exactly what it states - when news events are on the calendar you trade it. As was stated though, you can, and many do lose their shirts. It can be extremely volatile and is not for the faint of heart or for anyone who can't afford to lose the money.

    Demo trading is good but tbh it's not til your own cash is at stake that you really learn how to trade. I've been doing it for quite a while now and believe me I've seen some really great traders get beaten up this last year.

    It's like any other job though, you have to learn the in's and out's and what your strengths and weaknesses are. If you learn what kind of a trader you are then you can train yourself to become a better trader.

    And no - don't fall into the "4xmadeeasy" infomercial mentality. If you think you anyone can do this then ppl like Buffet & Soros etc. wouldn't have lost big time this year. It's a great industry - but you need to prepare yourself for a 4 year University type education. Unless you're an Economics Major it takes a while to learn the nuances and then be prepared because some Minister out of China steps out and makes a faux paux and says they're thinking of de-pegging their currency from the USD and watch all hell break loose in the market. Literally - that's what happened one evening and we saw such a swing it was amazing.

    But, never the less, take your time. It's not overnight success. Just because you make some cash today don't count on it being there tomorrow unless you take it all out and stay out.

    It's a great industry, just be careful. Things may be changing too since all this Madoff, Standish, et..... nonsense.

    Good Luck!
     
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