Theoretically in order to start you just need a broker and trading platform but in fact most important thing is knowledge.
If you are interested in trading Forex is strongly advise you to read much more information before you start trading as otherwise there is no difference between trading Forex and going to casino.
Personally I’ve learned from this website: http://www.babypips.com/school/ and I can really recommend it because it helped me understand a lot.
There you can learn such things as technical indicators, support and resistance levels etc...
After you learn these things you should start working on your strategy, you can try to develop your own or learn some existing ones.
You can look on these forums for them :
Forex Factory
Forex Navigator (Polish)
Broker
Broker is a dealer through which you interact with market, there are two types of brokers: ECN and Market Makers but the first ones are only for people with deposits of $50000+.
You can find many brokers on the internet, but before you choose one you should compare them.
Characteristics of good broker:
-Low spreads
-No other fees
-Provides demo\practice account where you can play with virtual money.
You should also read opinions of other people on forums such as provided above to make sure that broker is reliable and does not use any dirty tricks.
Platform
There are two types of platforms (software for trading) – broker-dependent and broker independent.
Choice of platform usually depends on your broker, but some of them provide multiple platforms.
Personally I use MetaTrader 4 as it allows use of automated trading so I could use my programming skills to create automatic robots which would play using my strategy.
List of steps
-Learn the basics
-Sign up for some demo account so you can try things you learn in practice
-Develop a strategy
-Test it for at least a month (or maybe more depending how stable it is) on demo account
-Find a good broker
-Start trading real money, you should start from minimal ammounts and increase your deposit after some time if your strategy is working fine.
Summary
I hope my presentation gave you an entry point to the world of Forex and I’d be glad if you would learn further. But please be carefull, I don't want you to curse me for losing all your life savings on Forex :)
Here are some questions for you but if you have any questions regarding Forex please ask them.
Questions
1) Do you know any famous Forex trader?
2) What do you think about Forex robots?
3) Would you buy Forex robot if you were 100% certain that it works or maybe would you rather write your own?
4) Would you play against currency of your home country if it would be profitable?
5) If you had considerable income from Forex would you pay taxes in your home country (19% of all your income in Poland) or in some tax heaven where they are much lower (For example fixed ammount of about $100-$500 per year in State of Delaware) provided it's 100% legal?
1) No, I haven't.
ReplyDelete2) I could be usefull. I would definitely use it because it could seva a lot of time. You don't need to sit in front of computer all time. Am I right?
3) I depends of price but if it won't be high I will buy it because its's made by experts.
4) O course yes. It's business....
5) I would try to pay taxes in "tax heaven" if it won't be to complicated.
Now we know how to earn first million :D
ReplyDeleteI'm not interested in this type of platforms so I don't know any Forex trader.
And what would this robot do? If it allow us to earn more money I would use it.
Everything would be depends on its price.
I don't know… Maybe?
>>>1) Do you know any famous Forex trader?
ReplyDeleteNope.
>>>2) What do you think about Forex robots?
I don't treat it like cheating. Just thinking out of the box. No hate from me.
>>>3) Would you buy Forex robot if you were 100% certain that it works or maybe would you rather write your own?
I rather write my own. (And only for that I would love to learn more about Forex, seriously :)).
>>>4) Would you play against currency of your home country if it would be profitable?
Hell yeah I would. :> What's the difference? If you play against another country it's OK but against your own country and you're treater? :)
>>>5) If you had considerable income from Forex would you pay taxes in your home country (19% of all your income in Poland) or in some tax heaven where they are much lower (For example fixed amount of about $100-$500 per year in State of Delaware) provided it's 100% legal?
If it's legal of course I would pay taxes in tax heaven. I don't see it as immoral or something.
1. Personally I do not know any famous forex trader. Maybe in the future I will become one?
ReplyDelete2. I think that forex robots are very helpful tools. If there is any tool that can help you win and make money than I am a strong supporter of such tools.
3. If I had the knowledge and skills I would definitely write my own robot. However I am not that familiar with IT and it is highly improbable that I come up with an idea how to write my own robot. I would probably buy myself one if I wanted to play forex.
4. I know it is not decent but I would play against my home currency if I knew that I would make money and be sure that I will not lose it. As the saying goes: business is business and one day my home currency is down one day any other currency might be down. If I did it on a professional basis and I would make living out of forex I would not hesitate to play against my home currency. It would be a matter of my living.
5. Definitely yes, of course provided it would be legal. Why am I supposed to pay extortionate taxes when I can pay much less and it is legal. I will not let tax officers use my money and waste it when I can pay less to some other countries.
holy crap! I was pretty sure there would be a tremendous amount of hesitatin when it comes to doing stuff against our home country but it seems nobody cares! Looks like nobody cares... damn! I had a very big doubt about it but finally... I could play agains the currency of my country for one reason:
ReplyDeletelow złoty is good for exporters, which lifts our trade saldo, people who sell stuff abroad earn more
but i wouldn't do it if i had a credit in a foreign currency. And if any of my relatives had it.
Paying taxes abroad - i'd rather pay them in Poland, but if it was too much of a weight for me, i'd sure switch to a tax paradise. I'd explain myself by blaming the governement for inventing taxes instead of cutting expenses like supporting the church or people who obviously don't need state support... yeah, that would be a great explanation:)
forex robots? great idea. how does it work?
I'm suprised nobody heard about George Soros, he is the most well know currency trader.
ReplyDeleteForex robot is simply a program which trades for you with strategy it was programmed with.
If you have good robot you can do nothing and earn a lot of money but it's hard to find one, there are many scams.
By the way you overestimate influence of individual trader on market, only really rich people like Soros can influence prices like he did with GBP but it's still only for a short time.
Sorry but it's such a serious and men's topic that even as I read it I am not able to be interested in it. I really would like to write anything to the point but I can't pretend that I am experienced in Forex.
ReplyDeleteGood luck boys:)
1) No much I would like to try but look like very difficult...
ReplyDelete2) I dont know much about...
3) Hmm I would probably buy one.
1) If I was famous Forex Trader, I would not want to be famous, so I thing that we don't know really "best" Forex traders :)
ReplyDelete2) Forex is something like a roulette, and nobody have 100% working system or robot.
4) Yes - business is business :)
5) Yes
No, unfortunately I’ve never heard about any famous Forex trader.
ReplyDeleteDeveloping Artificial Intelligence is a good step to achieve and not a specially in that particular area. But unfortunately there are some things that we cannot teach/program robot. How much trust we can put at the machine? That’s a common question, that answer isn’t so certain. Yes, I would definitely buy everything if I had 100% certain about its work and condition. But unfortunately nowadays we cannot be such confidence. I am able to play against every currency if it’s profitable and unrisky. If you helped me to get other nationality i.e. Cayman or Swiss I would prefer to pay all taxes there not only Forex or other shares income. I’m sick about polish taxes and rules of paying for almost everything. There are enrichment taxes then tax taxes and taxes for leaving…and after that on each site I’ve received proofs of corruption and renunciation.
The website is looking bit flashy and it catches the visitors eyes. Design is pretty simple and a good user friendly interface.
ReplyDeleteCompare Brokers UK