Since 1989, I have been trading the commodities and futures markets, and since 2005, the currency spot market (also called foreign exchange or Forex). My journey has not always been profitable or easy, and if you embark upon this adventure (and yes, it is an adventure), then you need to be both excited, but cautious. Forex investing will require your focused attention and abilities to research.
Basics, Forums and Demo Account
Now, of course, I have my own Forex invest site that is relatively new, and it will take some time for my site to be the resource I want it to be. But there are numerous websites you can go to now before making your first Forex income investment. Realistically, probably no more than 10% of those entering the investment in Forex arena will be profitable. The difference – supercharging your learning curve by investing in your education first and by reading the posts placed by experienced traders in the Forex forums. Spend a good three months doing this first, then another six months paper trading are using a broker’s simulated trading service, and there is no reason why you can’t be in the successful 10 percent.
There is a lot more information that can be found on the Web, but I just want to show you a couple of the resources available with this article. I can’t tell you enough how important it is to learn the basics, not to jump into online Forex investment on at someone’s recommendation without knowing what you are doing. Forex investments can make you wealthy quickly due to the leverage of funds brokers allow you (up to 400 times your initial deposit when you set up your account), but also can send you and your family to the poorhouse quickly.
Great Fundamental Forex Education
Honestly, I would like to save you some time on you learning curve on Forex investment trading. Let’s talk about basic instruction. Before you invest in Forex, it is critical to learn the fundamentals of trading. After much research, I found the best basic instruction to be at babypips.com. This is a free site, and if you go to the school, you have tons of tutorials on:
1. Forex Basics
2. Types of Charts
3. Japanese Candlesticks
4. Support and Resistance
6. Moving Averages
7. Common Chart Indicators
8. Common Chart Patterns
9. Market Hours
Wonderful Forex Forum and Reviews
There are many very good Forex income investment forums that I could direct you to go, but one of the most reputable and informative would be ForexPeaceArmy.com Not only does this site have very useful forums and free indicators and expert advisors (mostly for the MetaTrader trading platform, which is the most commonly used broker trading platform), but it has a Reviews & Ratings page that you can sort through on:
1. Forex Brokers
2. Forex Software
3. Trading Systems
4. Forex Signals
5. Managed Forex
6. Forex Education
7. Forex Forums
8. Forex Scam
Do yourself and your family a favor. Put the time and effort in to learning Forex and practicing BEFORE your first money trade!