Learning to Trade the Forex Market 3
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Education choices - getting started
I suggest you start withBabyPips.com; it's described as “a free, funny, and easy-to-understand guide for teaching beginners how to trade the forex market”. Here you will learn about the forex market, forex trading, technical analysis, and fundamental analysis. There is also practical advice on choosing a forex broker and how to go about opening your broker account and getting started with your forex trading. If you prefer reading a book, “Forex for Dummies” is a good place to start. Brian Dolan, one of the authors, is a brilliant guy and he has done an excellent job in laying out the forex basics in easy to understand language. I wrote an article “Forty five ways not to lose money trading forex”, which can easily be located with a Google search; many traders have told me it helped them a lot. You may want to read that one; knowing the common mistakes new forex traders make may be helpful.
As you study the basics, you will likely find the technical tools that you think will suit you. It's a good idea to do further research on those technical tools; three excellent free sources of further information on technicals (and fundamentals) are Investopedia.com, fxstreet.com, and forexfactory.com
Your broker will supply free charting software for you. Personally, I like netdania.com charts; they are very user friendly and there is a free demo version, which I have been happily using for the past 5 years.
Technical tools I use
I love trading. I was a professional forex bank trader for 20 years. I retired in 2004 and have been trading my own account since then. I like to trade everything from one minute charts to daily charts. The technical tools I like best are:
Simple moving averages
Range breakouts
Momentum breakouts
Swings
Fibonacci retracements
Gartley patterns
Candlestick patterns
Bar reversals
Correlations
Daily high and low
There is plenty of free information about all of these technical tool available on the internet
Jimmy Young
Source : eurusdtrader.com
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