FOREX Trading for Beginners
FOREX trading for beginners – where to start?
With so much information on currency trading at your fingertips via your computer keyboard, how do you know what to read, where to start out, so you don't get overwhelmed in the land of FOREX trading for beginners?
Just as there is no one perfect or right way to trade FOREX, there may not be one right answer to these questions either.
But, getting some background information on some of the foundational aspects of this currency trading market can be a reasonable starting point.
A word to the wise for total FOREX newbies or wanna-be FOREX beginner traders - - - caution. Unlike Formula 1 racing, where the red flag comes out after an accident or road hazard - - - with foreign exchange currency trading, its good practice to start out that way.
Go slow at first travelling along the FOREX trading for beginners road, taking the time to educate yourself. Expose yourself to a variety of information on FOREX and trading in general. Be a sponge and soak up everything you can.
Keep valuable, reliable sources of information and resources, and what makes sense to you and discard the rest.
Build a FOREX for beginners resource library. Read good books. Learn what consistently top FOREX traders do and how they operate when trading. Model them, their trading processes and their trading psychology.
As good a place as any for a FOREX beginner to start with is gaining a good understanding of the lay of this Currency Trading land.
As a tempting as it is to jump into this massive money trading market, your wallet – and you – will be happier by tempering your enthusiasm to just dive into currency trading and instead, ease your way into this massive trading arena.
Not to say you won’t set the Currency Trading world on fire and impress your friends and family with your first million made overnight…but….let’s concentrate on learning a little knowledge first in this section on FOREX trading for beginners…then on making your first few PIP's.
Here’s a quick overview of what’s covered in this 3-part section:
- FOREX History
- Major Foreign Exchange Participants
- Currency Pairs Traded
FOREX for Beginners - the Forex History Tour
In our section here on FOREX for Beginners, we’ll take you on a tour of some of the more foundational aspects of the FOREX Trading world starting with a little
FOREX history
/ Foreign Exchange History lesson.
Here, we’ll review how we got to where we are in today’s modern Currency Trading world, and several of the key events that brought us here.
We will start with the early Gold Standard days, to the end of WWII & 30 years under the Bretton Woods Agreement and System. Then we’ll follow FOREXs’ evolution to the end of Bretton Woods under former President Nixon, and into the modern day Forex trading universe of Floating Foreign Exchange Rates.
The Players - Major Foreign Exchange Market Participants
In part two of FOREX Trading for Beginners, we’ll look at the major players in this space – the Foreign Exchange Market Participants. As a forex beginner you’ll learn about how these major players’ trading activities affect the Currency Trading market, and why that’s good news for you.
(Reading between the lines, you should also come to the realization that as a FOREX beginner you’ll be trading against some very smart individuals and incredibly well capitalized organizations).
The major players we’ll talk about include our, and other Foreign Country Governments and the Central Banks, the Interbank market, companies that use the Foreign Exchange markets for commercial/financial hedging purposes, and speculators – which include both large hedge funds, and the individual FOREX speculator like you.
Currency Pairs - What's What
To close this forex for beginners section, we will introduce you to FOREX currency pairs and currency codes. Here you’ll learn about the major
FOREX currency pair and currency codes
their respective currency codes, the most heavily traded pairs and unique nicknames they are also called.
So, let’s move onto FOREX History and kick of our FOREX Trading for Beginners tour!
Click here to go back to the page top of
FOREX trading for beginners
-----------------------------------------------------------------------
FUTURES TRADING and FOREX TRADING DISCLAIMER:
Trading in Futures, Index Futures and Options of Futures involves substantial risk, may result in serious financial loss, and is not suitable for everyone.
As with Future Trading, trading Foreign Exchange instruments carries the same substantial risk of financial loss, and is not suitable for many members of the public.
In trading any of the above mentioned financial instruments, only risk capital should be used.
The information on this website is provided purely for informational purposes only.
You should carefully consider whether trading is appropriate for you
in light of your experience, objectives, financial resources and other relevant circumstances.
Futures-Trading-Mentor.com expressly disclaims all liability for the use or interpretation by others of information contained in this site.
Decisions based on the information contained in this site are the sole responsibility of the visitor, and in exchange for using this site, the visitor agrees to hold Futures-Trading-Mentor.com harmless against any claims for damages arising from any decisions that the visitor makes based on such information.
While the information on this website is believed to be accurate at the time is is posted, we cannot give any assurances that the information is accurate, complete or current at all times.
----------------------------------------------------------------------
|
