Posted in: Experienced, Switching Sectors 14 March 2010 4 answers
Anonymous

Question: Interested in Forex trading on my own account (proprietary trading) . Any advice on how to start?

Answers (4)

  1. Don’t go out this weekend, sit in the house pretending you’ve lost all you money pointlessly trying to beat investment banks with virtually unlimited budgets for research and technology using a retail account with terrible spreads. Do this for a few hours and you’ll be a well on you way to becoming a seasoned Forex pro.
    The easiest way to make money in forex is to open airport bureau de change.

  2. All trading courses are a massive waste of money – any ‘professional’ trading course, taught by a ‘former’ trader is a massive scam, no-one ever makes money – only the dude teaching it – and if he was such a successful trader, why is he offering his ‘tricks of the trade’ for 499?

  3. hey.
    1st read as much as u can on the topic
    2. trading – is all abt personality. do u have persistence, dedication and discipline. if u wanna be a top trader, u need these!!
    3. ITS A DAMN TOUGH JOB!! u r competin with the best of the best. be prepared 2 fight!

  4. Hi. Start by reading a few books on fx trading. Get to grips with the different terms and strategies. Also, try and read about trading psychology. Trading successfully is very very hard. It requires constant level headedness, discipline, and NB humility (as soon as you get arrogant, the market will eat you alive!)

    The best way to start is with a SMALL amount through an internet platform. try http://www.oanda.com, my opinion is they’re the most user friendly, and you can trade as little as $1 and fund your account with PayPal. Put in 100 or so and then just start taking positions. Experience is the best task master! Start with LOW leverage! Browse websites specialising in FX, and read as much research as you can (“DailyFX” is good). Experience makes you develop an appreciation for how the market “breathes”.

    Over time you will learn what trading style suits your personality the best (eg. tech or fundamental, daily/hourly or longer term, etc.). You’ll make lots of mistakes, but as long as you remain disciplined and stick to your strategy, modify it through learning from your mistakes and remain humble, you’ve got a chance of success.

    Remember, there are no short cuts! Good luc