I want to start successful FX trading. How can I start? any free book for Technical Analysis?
Posted on April 25th, 2010 in Technical Analysis | 3 Comments »
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I want to start successful FX trading. How can I start? any free book for Technical Analysis? any web site for trading? any tips that helping in good technical analysis. which pairs are prefered for trading.
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3 Responses
Stockcharts.com has a "chart school" where you can learn about various indicators: http://stockcharts.com/school/doku.php?id=chart_school
There are other websites that provide good information on technical analysis.
Having said that, technical analysis takes practice and experience to use it successfully and in my opinion, Forex is not the place to learn – it can be a very expensive lesson, but it’s your money.
I follow 3 pairs and I suggest you limit yourself to 2 or 3 pairs and learn how they act both on quiet days and when economic reports are released. Trying to follow 6 or 7 pairs will spread your knowledge too thin.
A caution – based on your questions, it’s seems that you are a novice and may not understand the risks or difficulty of trading Forex. I would suggest you really educate yourself on the Forex market because you can lose a lot of money very quickly. About 90% of first timers lose their entire stake.
As for another answer concerning Freedom Rocks — stay away. It’s a multi-level marketing scheme and I have seen a lot of people lose everything. Here’s a message from someone on the Investor Village message board that tried it:
"Freedom ‘Rocked’
Both FR trading accounts have been liquidated by the broker due to insuffucient equity.
So much for the "set-it and forget-it" theory of currency trading."
Aamal,
No matter what anyone tells you there is no way to predict future returns on the Forex market. The perfect example was this last week when we experienced the worst financial crash since 9/11. Fortunately my wife and I had came across the FreedomRocks strategy several months ago and this past week really affirmed for us the power of the system. While most people we’re experiencing margin calls and large drawdowns we we’re no where even close and actually gained on our portfolio. It’s a very safe hedging system, does 95% of the work for us, and take about 15-30 minutes per week to manage our accounts. We would be more than happy to share our experience on the Forex and using the system with you so feel free to email or call us anytime.
Best Regards,
Brandon Wells
Ph:877-773-5345
http://www.yourforexinvestor.com
If you cannot afford a book then you should not especulate with foreign currencies.