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PRELUDE: As some of you guys have already know, I'll be away to Europe for 3 weeks. May not have as much time to post then but you can still keep those questions coming in and I will post up the answers when I can.
Ok...the post some of you people have been waiting for. Before we can proceed further, we need to be speaking the same forex lingo. Basically when I mention terms like Moving Averages, London Open, margin calls etc, you will need to know what I mean.
It's gonna take me ages to come up with a good curricular for Forex 101 so I'm gonna leverage on other people's good work and direct you to somewhere else where they have a pretty good beginner's guide to forex trading.
The site I am recommending is babypips. Now before you click on the link, do finish reading this post so I share with you how to optimize your learning experience:
1. Just focus on the 'school' section of the site. Go through from Pre-School to College. DON'T READ ANYWHERE ELSE for now.
2. Take the tests at the end of each section. If you fail, do it ALL OVER AGAIN!
3. Take your time to master the sections. Remember Success is NOT OVERNIGHT. Some people may take longer, some people can catch it faster. It's alright to be either one as long as you put in the effort to master it.
4. Once you pass ALL the tests, REPEAT ALL the above steps TWICE.
5. Lastly, have a notepad ready by your side and JOT down any questions you might have. Post them to me and I will try my very best to answer them.
Do take note however, that while www.babypips.com/school is an amazing resource to learn the Forex lingo, please remember that going through all these lessons are almost the equivalent of learning tourist speak, it's a good basic but will not qualify you as a master debater.
I guess that should be enough homework to keep you guys busy for the 3 weeks I am away.
Happy Learning!
-Leo
Sep 20, 2009
DISCLAIMER
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. ForexAndLife.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
3 comments:
Hey Leo, how about this site for trading Forex. http://www.forexautomoney.com/
I tried the game... just click Buy or Sell according to their so called "system".
Jakku.
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