Wednesday, March 26, 2008

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How To Get Started In FOREX Trading

The foreign exchange market (FOREX) offers many advantages to investors. But you need to know where to begin. This short guide will give you the FOREX basics, so you can quickly start participating in this fast growing market.

In the past, foreign exchange trading was limited to large players such as national banks and multi-national corporations. In the 1980�s the rules were changed to allow smaller investors to participate using margin accounts. Margin accounts are the reason why FOREX trading has become so popular. With a 100:1 margin account, you can control $100,000 with a $1,000 investment.

A Learning Curve

FOREX is not simple, though, so you�ll need some knowledge to make wise investment decisions. Although it is relatively easy to start trading on the FOREX, there are risks involved. Your first move as a beginner should be to find out as much as possible about the forex market before risking a dime.

Find A Forex Broker

FOREX traders usually require a broker to handle transactions. Most brokers are reputable and are associated with large financial institutions such as banks. A reputable broker will be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud and abusive trade practices.

Open an Account with a forex borker

Opening a FOREX account is as simple as filling out a form and providing the necessary identification. The form includes a margin agreement which states that the broker may interfere with any trade deemed to be too risky. This is to protect the interests of the broker, since most trades are done using the broker�s money.

Once your account has been established, you can fund it and begin trading.

Many brokers offer a variety of accounts to suit the needs of individual investors. Mini accounts allow you to get involved in FOREX trading for as little as $250. Standard accounts may have a minimum deposit of $1000 to $2500, depending on the broker. The amount of leverage (how much borrowed money you can use) varies with account type. High leverage accounts give you more money to trade for a given investment.

Trades are commission-free, meaning that you can make many trades in one day without worrying about incurring high brokerage fees. Brokers make their money on the �spread�: the difference between bid and ask prices.

Paper Trading Forex Market

Beginning traders are strongly advised get accustomed to FOREX by doing "paper trades" for a period of time. Paper trades are practice transactions that don�t involve real capital. They allow you to see how the system works while learning how to use the various software tools provided by most FOREX brokers.

Most online brokers have demo accounts that allow you to make free paper trades for up to 30 days. Every new FOREX investor should use these demo accounts at least until they are consistently showing profits.

FOREX Software

Each forex broker has its own set of software tools for making transactions, but there are a few tools that are common to all FOREX brokers. Real-time quotes, news feeds, technical analyses and charts, and profit-and-loss analyses are some of the features you can expect to see on most online brokers� web sites.

Almost every broker operates on the Internet. To access a broker�s online services you�ll need a reasonably modern computer, a fast Internet connection, and an up-to-date operating system. Once your account is set up, you can access it from any computer just by entering your account name and password. If for some reason you are unable get to a computer, most brokers will allow you to make trades over the phone.

There are lots of ways to make money. FOREX trading is just one more potential stream of income � if you are prepared to learn and practice.

From http://www.forex-articles.net

Additional Info On Forex Today

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Forex, short for Foreign Exchange, is one of the several markets into which Foreign currencies, stock and assets are traded. Knowing how sensitive these markets are to information and leads, stock brokers and managers are always in search for a source of unbiased reviews, analysis and data, and thus comes FxGround.com, which positions itself as the ultimate place from which operators can get a crash course and quick insight as to what�s happening in the Forex market. The site targets highly proficient traders and beginners alike, by providing a very detailed and useful �School of Pipsology�, where you can learn all the stuff you need to get around in the market and take advantage of a great tool like FxGround.com. In regards to those advanced users I was mentioning, the scope and variety of services they can get from this site is truly impressive, just take look at stuff like the Forex Reviewer Club, where all the site�s registered members review other Forex information tools and sites to determine which the most unbiased, useful alert senders or brokerage firms are. All the community votes affirmatively or negatively on these reviews and thus they come up with a consensual result on the web�s best Forex tools. Other than this, the site provides its users with valuable resources like RSS feeds, latest multimedia news on the market tendencies and a forum, plus an extensive selection of blogs which over financial and forex topics.
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I guess if you are a daytrader, 30 minute and 15 minute candle charts and line charts in combination with MACD and MA could be more useful than hourly charts or even daily charts. Especially watch out for the down-sign and up-sign with long tails in candle charts and confirmation of the change of short-term trend in line charts breaking accumulation area in these charts. If you are a nimble trader, even a candle-sign is enough to start moving in with stops above or below the long tail end. For dollar/yen trade, read swiss/yen, pound/yen and euro/yen together to confirm the top or bottom. For Eurodollar or dollar/swiss trade, read pound/swiss and euro/pound together to confirm the same. If you are a daytrader, what matters is the flow of that particular day, not the bull or bear bias, so, 30 Min and 15 Min Candle Charts and Line charts are not bad tools to follow these flows. Good trades.

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Forex currency trading is a form of trading that offers a much greater potential for profitability at the same time the risks are much greater. Foreign currency trading is trading based on the always fluctuating currencies of other countries and how they interact with each other. Since there is no single dollar value, as fluctuations in one foreign currency affects all others, foreign currency trading is always exciting and always changing directions.

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