Originally Posted by
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.).
Reply With Quote