what is the best way to learn forex trading
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Thread: what is the best way to learn forex trading

  1. #1
    Hi, I'm very interested in trading forex but don't understand how to go about learning it. Please need advice on the best approach to learn forex trading, how would be it through seminars or books or what? Please help!

  2. #2
    Quote Originally Posted by ;
    Hello, I am quite interested in trading Foreign Exchange but I don't know how to start learning it. Please I need guie on the best way to learn Foreign Exchange trading, how is it through seminars or books or what? Please help!
    One day at a time, one trade at a time. Expect it to take two to five decades.

    Start by reading each article in all of the sticky threads in the Beginner's Forum.

    Read each post you can find by Diallist, James16, Eastmaels, SMJones, Muddbuddha and Merlin. Then read. Take everything you read with a grain of salt. There are a lot of different perspectives here. This is because there are several techniques to trade and every way has it's own set of followers.

    Do not get bogged down trying to find the perfect indior. It doesn't exist. Considering all indiors derive from price, the best thing you can do to help yourself is to go right to the source and learn about Price Action Analysis. You will find this in the James16 Chart Thread.

    Https://www.forexforum.co.za/trading...g-freedom.html

    It is the largest and most widely seen thread here, and with good reason. WORKS is taught by the stuff Jim!

    You Will Need to know Money Management. This is an crucial skill which you can't do without. Read Diallist's section on Money Management from the Beginner's Forum.

    Forget about conventions! They charge you tens of thousands and give little to nothing of true value in return. If you want the best bang for your dollar, then I propose two things. Search for the list of books that Diallist recommends for secondly, and novices, look at joining. It is $129 a month and you will get thousands of dollars worth of great advice for cheap! Far more than you will get at any dumb seminar.

    Information about the James16 Group can be found at http://www.group.com

    Ask forty-leven gazillion questions! This forum has built a reputation of having the most postive people in one place who are really great men and women who prefer to help others.

  3. #3
    Well, cici's post is much more enlightening than mine. . (Thanks cici. ) .
    Kind of wish to delete my post already. . Hehe...

    But anyhow, take note of the statement by cici ladex:
    Quote Originally Posted by ;
    Take what you read with a grain of salt. There are a lot of perspectives that are different here. This is partly because there are several different techniques to trade and every way has it's own set of followers.
    So I guess what I wish to add here is:
    What may work for you may not work for a few.

    So in my opinion, to answer your question What is the ideal approach to find out forex?

    Through books and expertise I guess.

    We really can not tell since it also depends on your situation right now.
    But if I'd point you somewhere, I'd go with my first post and cici's.

    Happy learning.
    East

  4. #4
    Thanks guys, I will do as you've advised

  5. #5
    Ditto what East and CiCi Stated!!!

    James16 Group ROCKS!!! Of course, I may be only a bit biased as what I learned from them has made me money.

    And I particularly concur with CiCi about these rip off conventions. 99.9% of these are crap. Additionally 99.9% of the $97 trading systems are crap too. The very best trading systems are available right here in forexforum.co.za at no cost! My personal favorite is your Vegas 4 hour Tunnel technique. The document that explains how this system operates is in the beginners forum, but it's somewhat hard to see. Diallist has a cool tutorial that walks you through step by friggin' step. (useful for dumb bunnies like me) inside the James16 group. However, you can discover a lot about this system from the Lost in the Tunnel thread. Diallist and HeavyJ have created some killer posts!
    Michele UU

  6. #6
    Hi ladex,

    Simply wanted to welcome you to the Factory. You have found the ideal source of Currency Market information everywhere. A great man named Merlin is the chief cook and bottle washer of the place (he's the owner/admin), and he has pulled off a wonder with what he's made the mill to be!

    Hmm, I see you've already met East and Michele UU (ask her what the UU is, I dare you:--RRB-, our resident nutcases. However, we love them and let them stay because both of them have hearts of pure gold.

    If you have some questions that I can assist you with, please don't hesitate to post or to send me a PM (Private Message).

    Again Welcome, and enjoy your time !

    Dial

  7. #7
    Quote Originally Posted by ;
    Hmm, I see you've already met East and Michele UU (ask her what the UU is, I dare you:--RRB-, our resident nutcases.
    Oh no! Perhaps not our secret identities!

    I thought we had signed a pact Within the Secret Society of Nutcases?
    Hmmmm... Maybe I was just imagining that you? LOL. .

    Love ya too dude!

    East

  8. #8
    Quote Originally Posted by ;
    Hi, I am quite interested in trading forex but don't know how to go about learning it. Please need guie on the best way to learn forex trading, how would be it through seminars or books or what? Please help!
    You merely reduced the learning curve 10-fold by discovering this incredible forum which is filled with incredible men and women. You have come to the right place!

    Jim

  9. #9
    I'm only a step or two ahead of you in regards to learning forex. I have mostly been reading books. So here's my 2 pennies...

    1. Start trading on a demo account as soon as possible. I'm still working up for this -- frankly I look at the screen and go into brain freeze. However, it's getting better.

    2. Read the highest high quality stuff (begin with diallist's listing ). I have got a couple of books (NOT ebooks), I'm studying. I read them over and over and I have just begun highlighting and taking notes. I have discovered the place where I was able to glaze over with incomprehension, now I'm able to really study passages and know something of what they're referring to. This corresponds with slowly getting meaning from appearing at my demo account screen.

    3. I just joined the PF and in fact it does look to get an impressive amount of material there. More analyzing, more trial runs throughout the demo account.

    4. Be stingy with everything you sign up for. Do not fall for expensive services or anything that lets you know that it may make forex simple or guaranteed. Spend your money wisely and frugally (and save it to your starter account).
    Put your cash into books today (not ebooks unless they are really spectacular)

  10. #10
    P.S., here Is MY reading list to date:


    Beautiful books:

    --Trading in the Zone. From Mark Douglas (there is a lot of helpful stuff in here on plogy. I have read this a couple times )

    --Mastering the Trade. From John Carter (I really like this book. If you're able to only buy 1 book, buy this book for now. Reading this novel was when the lightbulb began to proceed. I have read it a couple of times, yet have just begun to understand from it.)

    --Day Trading the Currency Market. From Kathy Lien. (A good book, I have just read it once and will need to give another study.)

    --Technical Analysis for your Currency Markets. From Boris Schlossberg. (a fantastic book, but compact. My next favorite after analysing the Trade)


    Somewhat helpful for me:
    --Market Wizards and The New Market Wizards (fascinating bios of various traders and quite helpful for getting to comprehend what trading is, but less so for obtaining skills

    --Forex Trading for Maximum Profit (it's okay but there is something I don't care for around it)

    --The Disciplined Trader (interesting at points, but lots of heavy stuff. Best read in chunks over time.)


    Maybe not Helpful for me:

    --Getting Started in Currency Trading (bored me)

    --Come into My Trading Room (lots of people love this novel. Every time I look at it I get depressed and certain I will never be a success from this. So I don't look at it .)

    --Warrior Trading (maybe I'd read a lot of Mark Douglas when I read this, maybe someday I'll appreciate it more. It wasn't that enlightening.)

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