Forex Advice for Newbies

[marc walton]

Forex Advice If you are new to forex and thinking of giving this “make loads of money working only 10 minutes a day” investment thing a try, then listen up.

Forex is NOT investing. It is gambling.



There are ways to win at it but it is risky and you can literally lose your shirt, your house, your wife & your dog in an amazingly short period of time, if you don’t know what you are doing.
Anyone tells you differently is trying to sell you something.


The forex market is not easy. It is inhabited by the largest financial institutions in the world & these sharks, who make up 98% 0f the forex market are looking for a constant supply of small fry (You & me) to feed upon. If you do not know what you are doing you will not last 5 minutes.
Fact: 95% of newbies will lose money currency trading.

To further complicate matters forex has a language all of its own. Fibonacci, emas, macd, divergence, head & shoulders patterns to name but a few.


The hardest thing that I found as a beginner was that there is too much information available, especially on-line, that it is very easy to rapidly become lost in the maze of complex terminology, systems, trading platforms etc.



I know because I have been there. Suddenly you hear of another “must have” robot or system and off you go at a tangent. Another week wasted & another $100 down the drain.


If you follow my Free E Book Course you will have enough basic knowledge to trade forex profitably:


Best advice for a forex newbie ? Don’t do it !

95% of all Forex traders (probably 99% of newbies) lose money. I know I did. Take up knitting , anything but forex !
You still here ?




Good. You might just make it. If you are going to stop at the 1st sign of trouble then you will be one of the 95% who fail. It took me more than 3 years of trying & losing before I cracked the code of how to make money on forex.


The most important piece of forex advice



Okay, you are still thinking of giving this forex thing a try or at least looking into it. Then this next piece of advice IS serious.

Do not start with real money until you have at least a basic grasp of what forex is about.


All the major brokers have trading platforms that you can download for free* and they will give you a demo account where you can make trades in real time, BUT without risking a penny.


I know people who demo traded forex for over a year before they put real money on the table.


The problem is that most of us are in a rush and want to make loads of money quickly – I speak from experience, I went from a demo account to live within a few weeks. I also went from +$10k to – $10k within 18 months. I could afford it BUT eventually I had to stop, other wise I would have had been in trouble.


The most important thing in forex that I realised is that you can get rich, but a little more slowly.



* You can download a free copy of our recommended trading software platform (metatrader) here http://www.alpari.co.uk/ .

[Gally]

As I think I said on one of the blog threads, one of my favourite books on trading is Marcel Link's 'High Probability Trading'. Which, though its mostly about stock-trading in the eighties and nineties, is excellent because it continually reinforces the message 'this stuff isn't easy and you will lose...'. Its an odd thing to spend 300 pages writing, but it gets through in the end.