Need help!


I am a beginner in this forex market. I do not have much knowledge of how to trade with the currencies. There are so many screens and so many numbers. It is very confusing. The only thing I understand is, the currency stated first is the base currency, and is showing the value of that currency against the other. I am not much aware of the factors affecting the fluctuations in the values of the currency. Can anyone help me with this, please? I am also interesting in learning Forex trades and foreign currency exchange. Also what e-books are available for forex trading? Please suggest from where I can get best and brief things to learn on these topics.

Read this once: Learn How to Trade the Markets

Then start trading.

You can download MetaTrader 4 here: Downloads — Forex Trading Platform MetaTrader 4

When you are used to your platform and you can navigate your User Interface flawlessly + use its charting tools…

…Read about the following in detail:

In order of importance:

  1. Trend Lines
  2. Fibonacci Ratios and Numbers
  3. Japanese Candle Sticks
  4. Moving Averages - Simple & Exponential
  5. RSI
  6. MACD
  7. Stochastics

Forget about everything else that exists and concentrate on 1 to 7…

Everytime you feel you’ve become better at trading, read everything once again, untill you feel that what you read is not sufficient and that you need more… when you reach this stage, write something yourself.

Record your trades, both loosers and winners.
Start a Blog.

Repeat the process untill you trade profitably.

Do not trade with live money ever, untill you have at least 3 months of profitable trading behind your back.

Good Luck.

E. Lang

I agree with Elang. Just from the first 3 items - will really give you an excellent perfective on your trading strategy. Trend, TLB, Support & Resistance through fib, using fib extension you can determine your profit target, forecast future S & R. It will take some time to learn to percieve price action through candle stick behavior but it will come in time.

Welcome to the world of forex. :slight_smile:

You can get many free forex trading education. But that depends on from where you get the best one or from where you can learn easily. Have you searched any forex training website? I have recently bumped into and found some useful information on the site. If you want to read any e-book you can try Forex Trading Machine by Avi Frister.
Hope this help.

Thanks davis, that is a great site. There’s lots of good forex info there and they have live news feeds too. Thanks again!