What to learn about Forex
Where do you start and learn about Forex, who supplies Forex training and what to learn about Forex?
There are many courses and ebooks which provide a lot of answers but sometime everything just seems too much and you just need a clue where to start. I know if I have a big project to undertake then it helps to write things down and make a list of small tasks which when all added together overcome the original hurdle of a large project.
An old joke - Question - "How do you eat an elephant?" Response - "In small pieces". Forex training can be a little like the elephant at times.
I don't claim to be an expert but I have certainly heard horror stories of people losing lots of money just simply because they didn't even attempt to learn what was needed. Some of the obvious questions you should be able to answer will all help you establish what you need to learn about Forex.
Q. What type of investor are you? Do you want a 'safe as houses' approach - i.e. NO risk - then Forex would be wrong for you. If you understand the nature of the risk you take and learn how to minimise or reduce your risk then this may be acceptable.
Q. How much money do you have available and how much of it could you afford to lose? Obviously you interested in any investment or trading plan to make money BUT you could lose money so beware. Again understanding all the parts of a trade helps you minimise your risk.
Remember - if you're trading Forex then you have a high leverage on your investment - this is exactly why you could double you investment in a few moments or see it wiped out. I have previously stated that good starting point is an organisation with who you may place you trades once you're ready.
Easy-Forex is a great example with lots Forex training material. You are also able to utilise a dummy account to test yourself with your own currency contract purchases. The attraction of this type of learning is you'll learn exactly how to use this company's products. This type of training is usually on-line.FOREXYard Limited provides similar resources and enables you to establish a trading account. The other types of training are more varied and more frequently off-line - i.e. a book and / or CD. The Coach's Guide to Building a Successful Trading Plan (provided by Forex Mentor) is a detailed tutorial course with around 8 hours of video of Forex training.Other Forex training maybe along the lines in the left hand column. These are generally
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