Answers
Try the free school on www.babypips.com, it's the best resource I've found so far. Then open a DEMO account for at least 2 months before you even think about trading real money.
I personally am demoing Interbank FX (IBFX) right now and I like their MT4 platform, although other brokers offer it too. I've also heard Oanda is very good, a big company, and flexible (trade $1 at a time if you wanted, start with $100 or less invested.)
www.informedtrades.com A lesson on how the retail forex broker fits into the picture and gives individual traders of the foreign exchange, forex ...
How hard is it to make money in the foreign exchange market? How high risk is it? What sort of commissions do brokers charge and what sort of success do they have? Any information you can provide will be much appreciated.
Trading foreign exchange online is no different than trading stocks, or other financial instrument. The learning curve in trading usually takes two years. During those 24 months, it is going to be a roller coaster ride for you. You might even lose all of your trading capital. Some get lucky and make huge returns in less time. But they are the exceptions.
What you can do is this.
Open a demo trading account with an online broker. This way, you will get to know that online broker, how they do business, how reliable they are. At the same time, while demo trading, you will define, develop and fine tune your trading method. You should be able to learn when to trade and when not to trade.
The downside with demo trading is that it is way too easy. Soon as you are showing profits three months in a row with your demo account, open a live trading account with only $10 (you can do so with oanda.com). This way, if you bust your account, you will only lose that $10.
Trade this $10 account using the methods you developed while demo trading. Trade only with small position size as you trade. I'd recommend you trade with one unit only and risk only maximum of 1% of total capital on each trade. If you are consistently methodical with your trading, this $10 will last you at least six months. Agian, when you are able to show profits three months in a row, add more funds to your account.
If you need more information on trading, you can visit trading forums like elitetrader.com, moneytec.com, trade2win.com. You will find more information about this business of trading in those forums than in yahoo answers.
Hope this helps.
Jim http://jsforex.blogspot.com
I am in Chennai. A foreign exchange share broker advised me to trade in foreign exchange to get 36% to 60% profit per annum. The amount may be deposited to www.alaron.com.through ICICI bank. The broker will trade on behalf of me. He is saying that he is not able to draw money without the knowledge of me. Is it safe to deposit with www.alaron.com?. Is it possible to get the above said percentage of income? This kind of business is legal or illegal? Any permission to get from Reserve bank of India?
Please guide me in this regard. Advance thanks for your useful information.
If someone tells you they can generate 36% to 60% profit annually, they are lying. There is always the possibility of making those kinds of returns, but there is also the possibility of loosing everything.
It is my oppinion that you are being scammed. It is not a good idea to believe what a perfect strainger tells you over the phone ever!!! Especially when it comes to money matters. In fact it is not a real good idea to believe what anyone tells you reguarding money matters. Rely on your own knowlege only. That way you will have only yourself to blame if you make a mistake.
I am a 20 year old college student i have been trying to learn the foreign exchange market for almost a year now. I have taken online classes through my broker also read a couple of books. I have also tried software. There is something that i am missing, i have tried all types of formulas in determing trades and i am never right. It seems as if I can make money on the practice account, but i lose money on my real account. It seems as if the market trades against me everytime. Can someone please help?
-Thankyou
I believe interactive brokers allows for this, but I don't have the money for it. I'm looking for a broker that gives access to the American exchanges as well as the major foreign exchanges, such as the London or other European exchanges. I do understand that I can purchase international mutual funds, but I want to invest in international stocks individually. Thanks!
I'm looking for stocks, not currency exchanges. I should have made that clear, sorry. Thanks for answering.
Interactive Brokers Group
Internaxx
Saxo Bank A/S
Check out here http://www.stockbrokersnet.com/?pID=2
Foreign Exchange Brokers « Veritas Vos Liberabit
Solely stated, a foreign exchange or forex broker is someone who specializes in managing deals of foreign or abroad
currencies through their forex markets. A lot of these transactions tie-in the oversight and the commercial banks. Foreign exchange brokers do not always quiet down exactly with the firms who insist foreign currencies from buying goods outside or the open. Foreign exchange brokers also specify investors and traders with up-to-assignation tidings on markets at large, currencies, and exchanges so as to impart them about the latest trends of the unshakeably paced marketplace. Predominantly, these brokers are under the road of big-hearted brokerage firms and are fully authorized for their work in explicit fields.
Benefits of Choosing a Foreign Exchange Broker Preferably of having an online Forex broker where one can carry out control superiors access, convenience, and perhaps effectiveness, individuals ought to value the vocation done by live forex brokers. This is because foreign exchange brokers are experts in their chosen fields who be versed the ins and outs of the merchandising. They are intermediate beings who prepare for cardinal plans, tips, hearsay feeds, and even actual measure quotes. Furthermore, forex brokers can also stipulate tabulation making services for traders in caste to facilitate them hightail it a richer reconsider finding.
How to Pick out a Broker Forex brokers are large paid based on their commissions on the spread that is offered to them by the brokerage. These spreads are markedly calculated in pips, which measures to the differences between the offers received and the value of the bid. This can digress as far as the bids are solicitous, but the amounts do not be short of any minimal fees from the transactions rendered. Forex brokers are certified on a kind of currencies and their corresponding rates, so one can without restriction traffic on any currency. These brokers are also routine with all the rules, terms, and conditions that are associated with trading practices. They fully interpret how to accurately and reliably appear trades between a variety of currencies depending on the the nonce Stock Exchange conditions. Swapping and making exchanges during trading, provides traders with a widespread opening of investment options. It is always notable that forex brokers disclose stopped losses to hedge against gamble. Also, compose satisfied that they tender some guarantees on inescapable investment vehicles to further buttress your endanger. Complete, set up unswerving that your broker has charitable credentials and exposure. Substantial brokerage firms normally bail their kudos associates, particularly to new investors.
...News
Fidelity Pumps Up Foreign TradingWall Street Journal - Oct 22, 2009
"We're seeing a significant shift toward this type of opportunistic investing—taking advantage of a falling dollar and a foreign-exchange play and a greater Fidelity makes big international push and Pershing will introduce better Fidelity Launches Online Global Trading PlatformFidelity Launches New Online Platform For Foreign Stocks and Currency Exchanges - -all 25 news articles »istockAnalyst.com (press release) - Oct 26, 2009
(Source: Datamonitor)Trading technology vendor innerExchange is developing a platform for foreign exchange, which will be launched early next year.GlobeNewsWire (press release) - Oct 24, 2009
NASDAQ OMX and BM&FBOVESPA Agree on Terms for a Commercial Partnership the Brazilian Exchange offers equities, securities, financial assets, indices, interest rates, agricultural commodities, as well as foreign exchange and more »Wall Street Journal - Oct 19, 2009
"A lot will be determined by how credible the fiscal constraints this and future governments put into place," says David Gilmore of Foreign Exchange and more »Reuters - Oct 24, 2009
NASDAQ OMX and BM&FBOVESPA Agree on Terms for a Commercial Partnership the Brazilian Exchange offers equities, securities, financial assets, indices, interest rates, agricultural commodities, as well as foreign exchange