Thursday, September 11, 2008

Forex trading techniques for newbies

I am interested in trading, particularly in currency trading, that is Forex.

I'm pretty much newbie here and I never went far away from the demo account — first of all, I'm not comfortable with dropping few $$ grands for deposit. I also not sure that minimum deposits of few $$ hundreds would be enough for me to really do something. I used to play out of $300 on the demo account and it feels pretty much limited. And at least, but not last — I still have no solid technique to rely on.

Running out of the demo account I was pretty much comfortable with short term trading. Occasional medium term trading - swings, I've tried that, too, but I never had a plan for them — it was mainly like a game.

However, a lot of Forex traders advocate short term trading as inappropriate for newbies, and, basically, require pretty good intuition for them to succeed. But these types of trading - ranging from minutes ending with days - feels like the fastest indicators to your plan success in trading.

Interesting, are there any short-term techniques appropriate for newbies that can be successful and predictable (on a certain level, of course)? I'll keep looking for that and keep the blog updated.

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