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Investing Ideas FOREX for Dummies
Investing Ideas FOREX for Dummies 
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| FOREX for Dummies |
| Friday, 12 October 2007 | ||||||||
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Dear Reader, Last week, I asked if anyone had questions regarding the FOREX (Foreign Exchange) market. And that’s when the questions poured in. While I can’t cover them all today, I’ll discuss an important question that should give you a good idea of what you need in order to trade FOREX. The first thing you should do is get a free trading account. There are a few out there, such as www.forex.com or www.fxcm.com.
These places give you a free one-month trial using a $50,000 virtual account. I know FXCM actually gives you some simple training courses for free as well. After you get your virtual account, you should start researching the FOREX markets. Start finding out how the European, Australian, Canadian, American, and various other economies are doing.My tip is to then list these countries in order of who’s growing fastest to slowest. Also list any countries currently raising interest rates. Canada, Europe, Britain, Japan, and the U.S. all stopped. But the U.S. is dropping rates, making them weaker than the others. From the research I’ve done, one of the most undervalued currencies is the Australian dollar (as I talked about last week when I discussed parity). The fastest growing economies are in Asia (except Japan, which doesn’t grow much). And of course the U.S. dollar is the currency you want to avoid holding on to for the long term. After you’ve done all of this research and you know what these different economies are going through, it’s time to learn technical analysis. There are a few different forms you can learn. One of the best is actually taught in one of our courses, which you can read about here. I have no doubt that once you know what’s going on with world economies, and you can learn how to technically trade the FOREX market, you’ll do very well. Other basic things that you’ll need to know about FOREX:
These are just a few of the things you’ll learn when you trade FOREX. Honestly, if you know how to technically trade stocks, then moving into currencies won’t be such a big deal. All you’ll need to learn is the fundamentals of the various currencies involved. If you don’t know how to trade technically, then start learning. Next week, I’ll cover some of the other questions I received regarding the FOREX market. If you have any questions about what you just read, contact me at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Good trading, Charles
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