Tips for New Forex Traders?

[michelle r]

I'm new to The Forex. Ive read books and have been practicing with
paper accounts for a while. I'm ready to jump in, but I'm kind of
nervous. Does anyone have tips for beginners in Forex Currency?

[Tomel]

Don't!

You're playing in a market with very experienced pros backed by sophisticated research and forex trading tools and software. Maybe you'll get lucky. Odds are that you'll wish you'd never played in this game.

[lw32201]

Choosing a great trading platform is an important step in Forex Trading. A good one should offer the following:

Easy to Use
The software you use should be easy to understand and it shouldn't take a long time work-You should be able to trade right away. If it's too complicated to even start, how will you be able to use it to trade regularly!?

Real Time Quotes
Because Forex Trading is done 24 hours a day, and you need to have live quotes. Live quotes give you control of your money and you can check on it whenever.

Trading Rates
The software should have a freeze option when you decide to buy or sell.

Your Part
Do not be greedy! Before you start, figure out how much money you want to invest, and stick to it-Do Not Go Over!
Trading is not a 'get rich quick' deal. Just like starting any new job, trading takes time to learn and involves risk and loss, but can potentially be a great source of income-once it's mastered.

www.userfriendlyforex.com

[Bear]

Hi,

You might find the following helpful:

[mldjay]

Don't do it!
Read this from the US Commodity Futures Trading Commission:
http://www.cftc.gov/customerprotection/fraudawarenessandprevention/fraudadvisories/fraudadv_forex.html
and from CNN Money:
http://money.cnn.com/magazines/moneymag/moneymag_archive/2007/03/01/8400893/index.htm

[Ray J]

The first thing to do now that you have a trading strategy (I hope you have a strategy that you have back tested). Start small and set up your money management! Do not risk any more than 5% of your capital in a trade. The Pros use 1-5%, the larger the account the lower the risk %. Use the same % of capital in every trade. Betting the farm on any one trade is asking to loose the farm.

Go to www.robbooker.com and sign up for his free ebooks. Rob is not only entertaining but quite knowledgeable. He has been there and done it.