I recently joined a company which planning to do spot forex trading and i need to know more about it before opening an account. Is there any trainging centre in Singapore, who can teach the basic aspects in forex trading. Friends pl help out………
Is there any training centre in Singapore where i can learn about forex trading ?
May 12, 2011
you can open an account calld demo not real and can learn and ask in same site
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Think there are some around. But nothing beats hands on. Basically dont be in a hurry. Statistically more people are casualty than victors. So thread very carefully. I suggest, open a demo account and do it for 4 to 6 months. Resist the temptation to go live until you feel you have a “theory of trading” your way. But if you cannot resist, then do a mini account. And even then only after 3 months probation. Download a win/loss utility tracker from my site http://www.geocities.com/lcming/Forexbooks It will tell you your “betting” average over a period of time.
Take a look at my article which has been chosen as best answers 2 times it may help you. Email me if you have more questions please. I hate to see “novice” have a bad start and lose money and keeping sinking money into an endless pit.
anyway here goes :
Take a look at the answer below, it has been chosen as the best answer, maybe it can help you. After 6 yrs of no success, it must be one of 3 things :
1. Psychology of Trading
2. Money Management – position sizing……
3. Technicals
Best Answer – Chosen by Asker
Are you already trading or thinking of going into it ? To trade successfully you need alot of discipline, patience, take the emotions out of it and be analytical.
Like all things some people make money some people dont. If you are, please try a demo first for at least 4 to 6 monts. If you cannot resist the temptations of “paper trade”, to see all the profit you could have made but only on paper, you can start off with a mini account. I use FXCM. There is a demo version of it here http://www.geocities.com/lcming/Forexbooks
Please do live trading even on mini after maybe 3 months of demo and you feel you have a sufficient feel of the market. To start off dont be too ambitious. Just cover maybe 1 major currency and a secondary currency.
After you have a feel then maybe you can get some tools to help you like forex signals. To start off with it would just confuse you. http://www.geocities.com/lcming/Forexsignals
Forex is a very taxing mental game because it never sleeps, its 24/7 so you have to know basically when you want to trade. Dont chase the trading times, pick one that suits you. The market is always there. If not it would be “sleepless seatle”. For a chart of trading times that suits your city you are living in check out http://www.geocities.com/lcming/Forexhome
Forex trading is built on 3 legs, Psychology of trading, Money Management and Technicals of Trading. All 3 must be balanced to be successful. Many people concentrate on the technicals becasue its something they can “touch and feel”. But most times in trading you cannot control most of all the thing that will profit you or bankrupt you ” The Prices”, controlled ultimately by thousands if not millions of people like you and me plus the central bankers, the govt that prints money, and your local provision shop and banker. Good Luck ! May God Bless You !
* Start off with Dr Alexander Elder’s “Trading For a Living” – great book that helps avoid every reinventing of the wheel. At least psychologically
http://www.geocities.com/lcming/ForexForex
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