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| tony_9b7 |
 Posted: Fri Feb 16, 2007 7:14 pm Post subject: Absolute Beginner |
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Investing Associate
Joined: 16 Feb 2007
Posts: 11
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11005.56 e$
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Hello to all,
I would like to start trading online and have been reading about forex for a couple of days. Can somebody recommend me a good book for a newbie like me? I don't know anything about forex. I would like to understand the basics and read more about it, and hopefully in 2-3 months time start making profit. |
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| geb9696 |
| Posted: Fri Feb 16, 2007 8:52 pm Post subject: |
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Investing VP
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| Im Not Warren Buffett |
| Posted: Sat Feb 17, 2007 7:58 am Post subject: |
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CFO
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| I don't do forex, so maybe I have the wrong opinion, but from what I've taken from reading you are looking to use huge leverage to capture tiny moves on each trade. I think its going to take much more than 2-3 months to start making a profit. |
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| forexd535 |
| Posted: Sun Feb 18, 2007 8:19 pm Post subject: Absolute Beginner |
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Investing Associate
Joined: 18 Feb 2007
Posts: 11
This Month: 0
9388.15 e$
Net worth: 9,388.15
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| I’ve heard of a book called Forex Trading Machine by Avi Frister. I don’t remember the site exactly, you may try at forexboost or babypips. You will need to learn things like reading Forex charts and forex chart patterns first. You can also learn forex chart patterns , Fibonacci studies, Forex trendline analysis and other indicators. See how you can get the free training. |
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| Dave Rathbun |
| Posted: Mon Feb 19, 2007 5:17 am Post subject: |
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CFO
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I personally see two big challenges with forex trading. One, the swings can be harder and faster (and therefore profits bigger) than stock trading. It's like trading options on steroids.  Second, country policies and politics enter into the mix. At some point a country can elect to devalue their currency, leaving you with a horrible position. It's not the same as a reverse split, at least as far as I understand, as they simply restate how much their currency is worth. It would be like a company with stock currently trading at $10 per share announcing that they are going to start trading at $1 a share instead, but without increasing your number of shares by 10 times. |
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| geb9696 |
| Posted: Mon Feb 19, 2007 9:20 am Post subject: |
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Investing VP
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| Dave, I have never heard about that but I am very, very interested about reading up on what you described. You have a link or a book that talks about that? I always thought that the countries played with interest rates and other policies like that to change the value of its currency. |
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| Dave Rathbun |
| Posted: Mon Feb 19, 2007 10:42 am Post subject: |
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CFO
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geb9696, it usually a very extreme case.
Mexico greatly devalued the peso a few years ago, you might try searching for news about that... if you can't find anything I will try to search, but I don't have the time (or the interest) to do so right now.  Hopefully that will be enough to get started.
Another extreme case is the conversion from the USSR to the current federation of states in Russia. I have a bunch of coins from my last trip to Moscow that I got as a souvinier; they all say "CCCP" on them. I don't know how that played out in the forex markets. In Russia they were more than willing to accept US dollars for just about anything (they were preferred, in fact, for some transactions) as long as they were brand new. They didn't want money that had been defaced in anyway.
So something like a "Where's George" stamp would have been a problem. |
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| geb9696 |
| Posted: Mon Feb 19, 2007 11:39 am Post subject: |
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Investing VP
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| Thanks for the info I will search around about what Mexico did with the peso. |
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