FOREX anyone?

tbullet · #1 03-12-2006, 09:00 PM

Hello!

Relatively new to the investment/speculating world. The FOREX has caught my interest due to the liquidity and 24/7 market. However, the fundamental side of the FOREX intimidates me b/c I'm not quite a macroeconomical guru. Any tips on what indicators to watch for? Books to read (recently finished FOREX Made Easy, which I thought was a crappy read)? Thanks!

ItalianFX · #2 03-13-2006, 06:29 PM

Trading in the Global Currency Markets by Cornelius Luca

Takes you through the process of how FX is processed at the institutions and goes through different economic indicators to explain what they are.

I have the book, but never finished it. I thought it was too dry for me, but my friend thought it was great. Buy it at your own risk...but I will say it is a good book. Check Amazon for the reviews.

I traded Forex over the summer, but wasn't successful so I pulled my money out.

Good luck.

fightnwin · #3 03-13-2006, 07:43 PM

go and check out the moneytec forums, they will help you for sure, they will have suggested reading for you I'm sure, and they have lots of traders who will be more than willing to help you.

ItalianFX · #4 03-13-2006, 07:58 PM

Also, if you get on mIRC under the Financial server, #forex is one of the greatest chat rooms you'll ever find. I have met many successful forex traders on there. I highly suggest it.

mosta · #5 03-14-2006, 01:25 AM

how do you get represented in the forex market? trade clearing and all that? is your typical retail house like interactive brokers in there?

tbullet · #6 03-14-2006, 05:03 AM

THanks everyone!

fightnwin · #7 03-14-2006, 04:46 PM

yea there are several forex brokers out there, do some research on them first though, for that I also suggest the moneytec forums.

ItalianFX · #8 03-14-2006, 06:13 PM

[ QUOTE ]
how do you get represented in the forex market? trade clearing and all that? is your typical retail house like interactive brokers in there?

[/ QUOTE ]

It's like stock trading, you just sign up on a website that offers Forex trading. Some that I recommend are FXCM and Tradestation. Tradestation is probably the best, but you have to pay a hefty monthly fee. I used it for awhile, and it is an incredible program, but the monthly fees were too much for my small bankroll.

Bors · #9 03-20-2006, 05:34 PM

There are several sites that give you full access to there trading software with real-time quotes, charting, news, etc., plus a fantasy account with which to trade. PM me for the service that I've been dabbling with.