Forex and Domain

I will assume that you have some knowledge on Forex, or a book or Web site.  I will not give definitions of a pip or explain what a base currency.  There are many places you can find this information.   What I want are practical lessons for the beginner, lessons that can help straighten the learning curve.

There are a lot of information out there on the forex, some of them well and it misleadingly bad.  Be careful.  Forex trading is repeatedly portrayed as a way to get rich quickly. a home-based business.  It is the farthest to the truth.  Forex trading is risky, and although it is possible to turn it into a home-based business, you need much capital and experience.  To give you an idea, a very experienced and respected currency trader had the following annual returns: 71% in 2004, 433% in 2005, 53% in 2006 and 30% in 2007.  Let's just that one moment that you have as much success as this trader and begins trading forex 2007 as a business at home with $5000.  You could live on the $1500 you made in 2007? I doubt it.  I'm not trying to discourage you tent, but I think it is important to be realistic.  If you immerse yourself in the currency of trading with unrealistic expectations, you did not go far.

Perhaps you read a book on the forex, read something more about trading forex on the internet or that you went to a business seminar.  It is something that interests you, something you want to spend time, first as a hobby and maybe one day to live.  After you have this knowledge base, where you start?

I recommend you to buy a book on the forex, because it contains a little of everything.  It explains what the market forex and other basic questions answers.  In addition it must contain information in map reading and technical analysis.  Read the book from one end to another.  When you are finished, go to step 2. Download and install Metatrader which is a free trade and the mapping of the platform.  You will be prompted to open a demo account after installation.  You can download Metatrader from any number of places.  Such a place is http://www.interbankfx.com.  Start playing with Metatrader to learn what's capabilities. You you are not going to find a Metatrader book in your library, but you can find manuals online on the internet.  There is also a huge user community around Metatrader.  You can find one of these communities by Googling "metatrader forums." Start implementing some of the things that you learned in the sections of the technical analysis of the book of your graphics.  Draw Trendlines or add some indicators.  Start placing also some trades.  Be not concerned by how much you are risking or if you win or lose.  Find a familiarity with how to place a trade.  It has two directions, you can share, long (buy) or short (sell) but there are several pairs of currencies.  Try focusing just for consistency on the EUR/USD, GBP/USD, USD/CHF or USD/JPY (the four most popular currency pairs.)

These three steps should keep you busy for some time.  Take the time to familiarize yourself with all of this, then you can move.

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