Forex Guide Basic

1. I Have No Experience of Trading:

If you have absolutely no experience of the forex market or trading, there are two options:

◦Option 1: Open a Managed Account
◦Option 2: Learn How to Trade

2. I am a Self-Trader:

If you have some knowledge or experience of the forex market, there are three options:

◦Option 1: Learn new strategies
◦Option 2: Use third-party systems and signals
◦Option 3: Open a Managed Account

3. I am a Professional Trader, Hedge Fund or Investor:

If you are a professional trader or investor, you may be interested in forex hedge funds, managed accounts, custom programming and the like. All other products and services can be found in the menu to the left.

◦Option 1: Hedge Funds
◦Option 2: Managed Forex Accounts
◦Option 3: Custom Programming
◦Option 4: Other products and services such as VPS Hosting, Autotrading, & Automated Trading Systems

4. I am a Forex Broker, Hedge Fund or Prospective Forex Broker:

If you are a forex broker, hedge fund or prospective forex broker looking for a new trading platform, a MetaTrader-ECN bridge, PAMM money management software, custom programming and the like, please click on the link below for a list of options available.

◦Option 1: Merchant Broker Software


Getting Started: Self-Traders

Your first step should be to educate yourself about the market and trading in general. Read books, take a course, learn strategies, and practice, practice, practice! Most brokers offer demo accounts which will allow you to practice trading without risking real money. The downside of that is that you often don't trade the same way that you would if you were trading with real cash! For a general background on the foreign exchange market, see the Forex Market Snapshot.


Trading Tips

Rule #1. Learn or Develop a Profitable Trading Strategy
This is rule #1. Without it, you are not going to go anywhere! For strategies and system ideas, please visit forex ebooks, forex courses, forex books and manual forex systems sections.

Rule #2. Use Low Leverage
Using excessive leverage may be the most common reason why many traders blow out their accounts. A good rule of thumb would be not to leverage your account more than ten times its value. For example, if you had a trading account of $1,000, you would not open trades worth more than $10,000. For a more detailed explanation of leverage, see forex basics.

Rule #3. Only Use Risk Capital
What this means is that you should only use money that if lost, would not affect your lifestyle in any way. Though it has been said many times before, this is a simple rule that can avoid any harsh lessons being learned further down the track if learnt now.