For me and the way my mind works, using a demo account was great for learning the mechanics of trading, terminology, pairs, etc etc. But I couldnt really apply the discipline this Forex melarkie seems to need. So I jumped into (small fry...all things relative) live trading. And to date, havent really done very well at all....and even if I had I suspect it would just have been blind luck. I thought I had thought about stuff, formulated strategies etc, but when money (and thus human nature) kicked in, Im pretty sure my current knowledge is best described as uneducated guesswork or even simply gambling.
Now, to be honest, this is still quite entertaining and sounds alot cooler than saying I was betting on which way the clouds would blow today or the toss of a coin.
However, I am still resolved to put effort into this FX and try to arm myself with knowledge and understanding.
I have been hunting around forums a bit to see whats out there....and there is ALOT. Now I have been working on computers since installing Noah's Animal Loading System and am a big fan of forums. I am also a pragmatic chap and know that on the interwebs there is lots of poo for each nugget of gold.
I have found one forum though that is knee-deep in good discussion, tips, details and discussion.
Its called Forexfactory.com. Now it contains forums on the trading pairs with all sorts of people making all sorts of claims, guesses and stating all sorts of systems. On the internet, who knows, you could be talking to a genius turning over thousands a day....or a muppet...like me. However there are two threads in there that are indeed gold (and perhaps many more.....theres alot of threads). These threads are valuable not only for their advice and opinion (which one must measure themselves) but more so for the topics they make you think of :
This thread is a beginners guide to FX and is a great read : http://www.forexfactory.com/showthread.php?t=39514
This thread is a well...its alot...but its like a nice place for nubblets, like myseld to learn some things about trading http://www.forexfactory.com/showthread.php?t=2331
Enjoy
I have been looking around for another way to make some money. I'm not confident with the housing market in NSW, shares are all over the place.....so something that has liquidity and continuity. Now gambling is immoral and for idiots right...so I'm going to try the Foreign Exchange Market and document my progress here.
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