First steps

Beginner Questions
1

OK I know nothing about Forex.

so please give me a road map, like

  1. read the babypips school
  2. this book
  3. that book
  4. open demo account at this broker
  5. open demo account at that broker
  6. exercise this aspect, and read this book
  7. etc etc

you get the idea. make a long and good list.

Now, the advice is not worth much if I don’t know who you are. so please state your experience with hard facts, started x years ago, have won this much, lost this much, and what ever more that is relevant that I don’t know right now.

btw, I got to this forum because I wanted to transfer money (which means I need to exchange as well) and I thought if I could do it cheaper on forex than through a bank. But now I’m not sure…

2

There is no set road map. Everbody does it differently. I would start with going through the school and you can see if you want to know more after that.

Not to sound harsh, but if you aren’t going to do the research in the first place, I doubt Forex is for you…

3

Do you want to look into a new, and difficult, career as a forex trader?

Or do you just want to exchange some currency?

If you want to look into forex trading as a career, you’ve come to the right place. Go through the entire Babypips School at least once. Then, if you’re still interested in becoming a forex trader, lots of folks here can suggest lots of additional resources for you to use in the next phase of your forex education.

On the other hand, if you just want to exchange some currency, contact any large, reputable forex broker and inquire about their terms, conditions and exchange rates for such a transaction.

4

Wildchance: I know you can go about learning as you please, but I am asking experienced folks to suggest and elaborate on their own preferred way.

Clint: Thanks. I’m considering XE Trade. But I’m not sure. Maybe I go with the bank exchange anyway, feels more secure to me than trust money with sites I know nothing about.

5

I’ve started reading, and this sounds like nothing I had in mind actually. It’s more like a game where you borrow money you don’t have at a high risk.

The trade I thought it was, would be having an account in every currency, then exchanging whenever I feel like it, no rush, no loss, I can have the money in different accounts and only collect different rates of interest with no risk of losing anything. How can I achive that? and not this nonsense about leverage and margins :smiley: