subject: Best Forex Guide [print this page] Best Forex Guide Best Forex Guide
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FX trading is not a simple thing you just fall into and ride the wave till you end up making millions and living in some resort where the only inhabitants are are you and the few you have chosen. The depth of Forex trading is one that even the most knowledgeable Foreign Exchange Traders often spend night and day trying to grasp. Dealing with the everyday changes in the forex market are enough to drive one mad. And then you have the added threat of con artists and scams were thrown into the mix; just to make your day more hectic.
Although there is software programs out there to help you through such things, it may not be beneficial to your cause. I know its a good thing to have technology at your disposal, but quite simply put, it could hurt you in the long run if you're not careful.
Bank traders in the forex market study day and night the FX market until they can't possibly do it anymore. Can you make that kind of commitment? Take a moment and think about what you are about to do, don't be naive and think you can learn about the FX market in a week. Web-sites that offer free training and tutorials are there for a reason use them. But don't stop there, get books too and read till your eyes are red and nearly swollen.
Becoming familiar with the times to trade is important also. Learning that trading pairs consist of a base currency and quote currency ; what? You don't know what these terms mean? Well that is why you're reading this right? Yeah, for me to tell you that a quote currency is exactly what it sounds like, just like a quote on insurance, it's a quote on a currency pip.
You will learn that pips and leverage are used to basically make bids; in simple terms. But then you have to to learn watch take-profit, stop-loss these are crucial so you don't loose all your money, but the big one is the OCO (one cancels the other) order.
In closing, the FX Market is a great risk for all parties involved. It's pretty much a zero-sum game. There are mostly losers in the forex world, except the ones who know when to stop and sell. But of course to any risk taker, this is the perfect way to loose everything quickly. Read the Wall Street Journal and become familiar with the marketing game; according to them one has better chances with the stock market than with FX trading, only because it has become so over run with scams. And it's also a great idea, as it is with anything, to research anyone or company you decide to work with in theforex market before you hand over any money.
If you want to learn more secrets and techniques that really helped me make profit with Forex, Click Here!
