Tuesday, February 3, 2009

How To Get Started Trading Currency (Forex)

Teach yourself how to invest and trade in currencies online and make extra cash for your family.

The currency market is called forex. There are numerous online sites that will teach you how to navigate the forex market for free. You will not need to pay anyone to learn the skills necessary to make money. Read everything you can on the subject. It is not as difficult as it first appears, do not be intimidated. You can learn it! I recommend babypips.com for an excellent education on currencies.

Look up forex online and find a reputable online broker. I recommend forex.com. Start a practice account. It is free to start and use a practice account. You will need to practice for a minimum of 3 months before you start trading in your live account. Remember practice makes perfect, do not skip this step.

Fund your live trading account. If you are starting out with no funds, I recommend having a garage sale, selling your items on eBay or having a bake sale to raise money to get started. You will only need a minimum of $250.00 to start, but it is recommended that you start with $1,000.00 to $5,000.00

Start trading. The forex market is open 24 hours a day, from Sunday to Friday. Find out the times that work best for you. Fridays and Holidays are not usually the best time. Trade during the busiest times, such as late evenings and early mornings. Many training sites will tell you the best times to trade. I recommend actionforex.com for daily currency advice.

Good luck!

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1 comment:

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