How to Trade on Forex

[Win2Win]

Most folks on here only ever involve themselves in the horses, and other sports, while a minority spread the risk of 'gambling', I prefer 'investing', around.

I recently moved into the Forex markets, that is currency trading, and spent 2 months reading up on it, learning, and doing extensive research before investing 1p. So far that has all nicely paid off, although as with everything, I start with only £200 betting banks until what I am doingis proven and I add more money to the banks.

I'm currently running 3 banks, 1 for method, and 2 running EA's (expert advisors, or bots to you and me :wink), and the programming for EA's is pretty much PHP, which I already knew. :thumbs

Anyway, anyone wanting to dabble, or just have a bit of fun can do so completely free. The main trading platform is open source, and not only that you are allowed demo accounts, and as many as you want.

The trading platform is Metatrader 4, and you can download it from HERE (http://www.alpari.co.uk/files/site_uk/000software/MT4_set_up.exe)

Once loaded it will automatically allow you to setup a demo account of £1000, use 1:100 leverage (Forex brokers allow you to use more money than you actually have, whereas Betfair require you to have it all in your account), and trade 0.1 lots.

Just play with it, you'll soon figure most things out. You can ask any questions on here.

[mathare]

You spent 2 months reading up on Forex trading so where should one start? Can you recommend any good books/dummies guides?

[Win2Win]

Not just reading, most of it was R&D.

If you know bugger all then best thing to do is play around with Metatrader 4 and get hold of the Dummies Guide. If you know the basics then "Profiting with Forex" is an excellent book.

Metatrader 4 allows you to view history years back, test out various EA's and indicators, and you can program your own, not only that all EA's can be backtested to see if they work or not. Or if you want to test them correctly, you do 2000-04 testing then run it 'forward' on 2005-08.

[Street cry]

Firstly learn how to trade using price action ie read the charts using the candles and drawing your own lines on, this will allow you to see channels etc i much favour TA over FA and always will do , for me it's all on the charts.

Learn to spot significant areas support and resistance etc, if you can grasp basic methododlogy and market behaviour then this will translate across most areas ie currencies , indices, stocks.

If you are going to trade firstly stick to the low spread pairs eur/usd eur/jpy eur/gpb and cable (bit higher but its anice trending pairing) and i would second getting mt4 its free and adecent package for charting .

[Win2Win]

Most obvious resistance level is 1.5 on the GBPUSD, although it'll break it eventually. I'd go as far as saying when the Tories get in it will be 1.7-1.8 .....just in time for Mat's Vegas holiday :D

[Floopy2009]

Blimey just download the software and for a minute i though i was on the starship enterprise might need to read up on this first lol

[Street cry]

ha ha ha ha yep we've all been there

[Win2Win]

Just play with one option at a time, and get used to it, then try something else. Takes a few weeks to fully get used to everything it does, but it is darn powerful. I wish Betfair had an interface like that. Betangel are the closest but still some way off.