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Re: Understanding Strategies

4/4/2007 10:05:47 AM

BrianTran

155 posts

Re: Understanding Strategies

Hi Anne Marie,

Great now we can begin. Let's go over some of your answers. First off, your willingness and ready to sacrifice by staying up late or getting early or getting up anytime the market moves is a good sign because FX is a 24-hr market and the market can move anytime. If you have to choose the time period to in front of the computer when the market moves is when London opens and for the next 3-4 hours (midnight your time I believe). If you plan to trade everyday, this is about the best time since this is where most of the moves are made during the day.

Second, I wouldn't get my hopes up in earning for a living right away. This process will take time, I say at least 1 yr (I'm being optimistic here). Trading is long-term endeavor but once you have it, it'll be for life. So my advice is don't count on making money in the near term. Best to think of it like a new skill your learning like a sport, going slowly and giving it time for the skills to kick in. The best thing is not to think of it as income but as a wealth-building device, that is, money you don't have to earn this month on the exact day, etc. Gains will come when the market is ready, doesn't come like paychecks like clockwork.

So, the final thing I want mention is take your time learning, ask as much as you can if you're confused, doubtful and be honest to yourself. Trading will require alot on your part, meaning, you'll be learning more about yourself more than you think so be prepared to be honest and admit mistakes, failures and accomplishments and call them as you see them.

The next step is to go through the FAQ to learn the concepts and terminology. Then we can go over why news influence market prices.

The sum is greater than its parts.

4/4/2007 12:21:50 PM

community

1 posts

Re: Undertanding Strategies
Modified By admin on 4/4/2007 4:09:58 PM)

Hello Anne Marie,

Welcome to Forexplane.com community! My name is Kent and I am the admin here on this website. As a beginner in Forex trading, you can start by checking out our community tab where you can find various forex information via posted blogs, other members posted entries in the forum or forex articles. You can also join our daily live chat session: As a member, you can join our mentor Brian Tran from Monday to Friday between 13:45 and 14:15 GMT+1. In addition, another useful goody that will help you learn more about Forex is the “Beginners’ Guide to Forex Trading”. I will send you a copy via email. Hope to see you soon on the Live Chat. BTW, my ID is "community". Let me know if I can help you further. Best regards, Kent.

4/6/2007 3:09:47 AM

AnneMarie

4 posts

Re: Undertanding Strategies

Thank you!

4/9/2007 2:45:16 PM