I have been doing autosurfs and hyips off and on for years now but I want to try some forex trading...

I only want to get my feet wet so I am wanting to start off with about $100 to trade.


now for all my Q's

#1) should I learn to trade on my own first and then later get a managed account? (I work nights and sleep all morning)
#2) where is the best place to learn forex. (on a budget)
#3) do those bots I see people talk about actually work.


basically I am coming in to forex blind but I want to learn something more stable than hyips/surfs



Thanks for any help and advise!!!


Take care
Patrick

First off welcome to the wonderful word of currency trading. It will be a long road, but like anything in life worth doing it may not be easy but in the end your work will pay off.

Now, as per your questions;

#1) should I learn to trade on my own first and then later get a managed account? (I work nights and sleep all morning)

This is a definite yes. It would be like going to get your car fixed and now knowing the difference between a tire and an engine. Managed accounts are great, but the only way to truly get ahead is to learn how to trade yourself.

#2) where is the best place to learn forex. (on a budget)

babypips.com is a great place to learn the basics, and when you are ready to open an account...

FXOpenMexico may be the place for you. We offer deposit bonuses and our forum is full of useful information on strategies and trading systems. If you register your account at getpaid2trade.com you can also receive a rebate on all your trades. PM me for details.

#3) do those bots I see people talk about actually work.

Some do. I have never used a robot myself but have heard good things about one called The Shark. Again PM me if you have any other questions and I will do my best to help.

This post has been edited by getpaid2trade: Aug 8 2009, 10:28 PM

I'm glad to hear you're getting started in Forex, it's an excellent way to invest & make money online, to answer your questions:

1.) I recommend learning to trade on a demo account before doing anything else. This way you can learn the ropes of live trading without risking any real funds. Then you can make a decision whether you would like to rely on a managed acct, trading system or your own skills.

2.) Any Forex broker offering a demo acct.

3.) There are some great trading systems are signal services but none are fullproof, if you decide to try a system I recommend trading with one that offers a moneyback guarantee.

Goodluck

You can find good start up information here,
http://www.startforextrading.org
and You can learn all about forex strategies and trading methods from babypips.com
Go to their forex school which is free of charge and an excellent guide to experienced/ new traders.

Thanks all for your replies...lots of reading for me ...


I had another newbie question for you... some of the trading accounts I notice have something about 1:50 leverage and 1:500 ect ect.

how does this affect things will it make a different in my results of a trade.?


sorry for the newbie Q's

looking around for good trading accounts which offer demo accounts that I can progress to paying later right now.

Take care
Patrick

Leverage will not effect the results of a trade, what it will do is allow you to control more money in the actual market. For example;

If you have a $1,000 deposit with 50:1 leverage your $1,000 can be used to open a maximum of $50,000 in trading volume. (Deposit X leverage amount)

Now the same deposit using 500:1 leverage can control $500,000 in the actual market, or roughly 5 standard lot trades.

Now, you can get into trouble with high leverage as your account can be margined out very quickly as well as you are more apt to trade a much larger number of lots thus equating to a much higher dollar amount per pip.

100:1 is a decent margin level to start with, but you can experiment with all of them by opening several demo accounts so you can see how it effects your trading.

Just to simplify what getpaid2trade has posted and to put a slightly different spin on the power of leverage i will give an example.

The way i like to look at it is when you enter in to a trade with 50 to 1 leverage it just means that for every $1 you put in your broker puts in $50 where as if you had 500 to 1 leverage for that $1 you put in your broker puts in $500 which if you treat the market with respect and trade with the correct size for your account it will leave you with more margin in your account which in turn will give you the opportunity to take other trades if they come along.

GP

babypips.com <<<GREAT site for newbies


if I had started reading it before asking that last question I would not have needed to ask it


anyway thanks again for your guy's input...


I opened a demo account with eToro and did some test trades.

results.

Trade #1) USD/JPY closed up 1.34% Trade was open for 1hr 20 mins
Trade #2) EUR/USD closed up 0.60% Trade was open for 1hr 20 mins
Trade #3) USD/JPY closed up 2.06% Trade was open for 20 mins

dunno if that good but to me that looks like it "could" be a nice profit if it was real

anyway I think I will test for another week or 2 before taking the big jump... (plus I still have to get through highschool and college at babypips )


Thanks again
Patrick

Nice job Patrick.

I am not familiar with eToro's "platform" but none the less nice demo numbers.

As I mentioned earlier if you run into any roadblocks I would be happy to field some questions.

Etoro's "platform" is just a gambling game.

etoro does look nice though (not just visual, but all the concepts they implemented in the site to beneficiary also the demo traders).

Heh, forex, forex and forex... You can find tons of tutorials about it.

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