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Advice For Learning Forex Trading Quickly
Posted in: Forex in potofgold's Blog

Advice For Learning Forex Trading Quickly
By Tyler Ziggler

I want to share with you the best and fastest way you can learn to trade forex. This really isn't a hard business to do good in, it just takes daily dedication to the basics.

  • Demo Accounts: This is probably the single most important tool for learning to trade forex fast. It's just a real simulation, except no trade takes place. You get to learn how trading platform works. You get to look at real currency graphs and try out some of your strategies. You get to see at the end if you're making money. This is the easiest and cheapest way to learn. You don't need to invest money. You just try it. Do this until you're comfortable using your real money.
  • Good Margins: You're eventually going to move off the demo account and start making real trades. Instinctively, you're going to want to make very small trades, for very small profits. It is a completely understandable move, but you have to take into consideration that your broker is taking a cut. If you're buying and than sell when it is 2% higher, your broker is probably going to take 1-1.25% of that. That's over 50% of your profit lost to your broker. Imagine if you made a bad trade. Let's say you lost 1%, you're also going to have to pay your broker around 1%. That's double the losses. Think about it, you get half the profit and twice the losses. That creates a distortion of how good you're doing. Be aware of that. Eventually you need to move up to margins that are good, where your broker isn't taking such a significant cut.
  • Emotions: Your emotions are uncalibrated tools that when used, will leave you broke. If you start to get "gut feelings", you shouldn't act on it. Do not make decisions based off an emotional response. You want to make decisions based of numbers. If you're going by gut feelings than you're just guessing. Don't ever guess. Know what is a good trade.

I'm currently giving a 7 day free forex training course. Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.

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Added May 22, 2008
potofgold


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