Someone recently asked me if I could write a so- called "Forex for Dummies" guide for those who want to learn how to make a lot of money in the foreign currency trading market. The term "Forex for Dummies" kind of bothers me in a way, because I am not a big fan of calling people names and insult their intelligence, but I also understand the whole "dummies" phenomenon that was created by the series of books.
It is really hard, if not impossible, to teach someone how to trade Forex by giving them a guide. In order to learn how to make foreign currency trades, you have to do them firsthand. The only way you are going to learn is by doing, not reading. Now, does this mean that you should dive in and start trading your hard earned money right away? No, absolutely not! In fact, if you find a Forex trading system that encourages you to do this, run as fast as you can away from it! Instead, you want to find a Forex training system that allows you to make a number of paper trades in real- time conditions before you actually send your money off to your Forex broker. I would say that this is a requirement, because when you start out, you are going to lose some trades. You will get the hang of things eventually, but in the mean time, make sure that you are doing trades where you are not actually losing any money.
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Tuesday, January 20, 2009
Wednesday, January 7, 2009
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