Stock tip

[Verik]

+1, babypips is a good place to start.

there are tons of brokers out there... most offer practice/demo accounts to play around with (using actual spreads). Theres quite a few preferences (such as fixed or variable spread and which platform they use). Metatrader4 is pretty much the standard, but there are a few others which are more user friendly imo (such as oanda/fxtrade.com which uses their own java based). Also, if you are going to move real funds into the account, I'd suggest beginning with a lower than normal leverage. Standard seems to be 100:1 but i'd suggest starting at a 20:1 or maybe 50:1 if you have got a secure feel for it.

Learning about key indicators such as RSI (relative strength index) and the fibonacci retracement (no need to do yourself, simply find a place which offers solid forex information and they should have some figures for recent timeframes). FR is what establishes the s3-s1, pivot point, and r1-r3. Main concern will be with the r1/s1 mark. A good eye will look out for changes in correlated pairs too. Specific pairs (i.e. eur/usd and aud/usd) are highly correlated so big news in one can actually affect the other in off market hours (i.e. aussie market is open when ny is closed and therefore changes in the aud can influence opening market changes for the euro.).

[ironchef]

+1, babypips is a good place to start.

there are tons of brokers out there... most offer practice/demo accounts to play around with (using actual spreads). Theres quite a few preferences (such as fixed or variable spread and which platform they use). Metatrader4 is pretty much the standard, but there are a few others which are more user friendly imo (such as oanda/fxtrade.com which uses their own java based). Also, if you are going to move real funds into the account, I'd suggest beginning with a lower than normal leverage. Standard seems to be 100:1 but i'd suggest starting at a 20:1 or maybe 50:1 if you have got a secure feel for it.

Learning about key indicators such as RSI (relative strength index) and the fibonacci retracement (no need to do yourself, simply find a place which offers solid forex information and they should have some figures for recent timeframes). FR is what establishes the s3-s1, pivot point, and r1-r3. Main concern will be with the r1/s1 mark. A good eye will look out for changes in correlated pairs too. Specific pairs (i.e. eur/usd and aud/usd) are highly correlated so big news in one can actually affect the other in off market hours (i.e. aussie market is open when ny is closed and therefore changes in the aud can influence opening market changes for the euro.).

Which broker do you use?

[Verik]

Which broker do you use?

Oanda/FXTrade but considering changing after getting a feel to the java. I dunno, i have mixed feelings on it. I do enjoy .9 spread though on the eur/usd

IMO the fibonnacci retracement thing is BS fundamentally, the only reason it works is because entire market is using it too.

Yup. There is no empirical link between the fibonnacci ratios and the s3-r3's, but considering the "market movers" or the banks who make the price fluctuations through changes in their buys and sells generally use it as points of trade, it is key to look at the numbers and what to expect.

[SampaGuy]

Yup. There is no empirical link between the fibonnacci ratios and the s3-r3's, but considering the "market movers" or the banks who make the price fluctuations through changes in their buys and sells generally use it as points of trade, it is key to look at the numbers and what to expect.

I guess I stated the obvious. I finished the babypips school a while ago and then I "traded" using Zecco's simulator for a bit which was cool but I've been having luck with stocks and I barely have enough time to do that right now, much less to start messing with forex.