Forex Tutorial

Hello my good friends;
Welcome to my free tips and tutorials on how to trade FOREX successfully.
Today, we will start from the basics for those of us who are new.

FOREX is all about trading foreign currencies Online; as simple as it is, a lot of people are not succeeding in the business. FOREX is among the easiest internet business or Online  home business ; you can start earning good profit within a couple of days if you know what you are doing. You trade two currency pairs simultaneously with FOREX. An example is EUR/USD; in this quote, EUR is the base currency and USD is the counter currency.
When EUR is very strong from the analysis you derived from the market or news agencies, you buy the EUR and sell USD simultaneously(buy). Secondly, when the odds are against EUR, you sell EUR to buy USD(sell).


However it is very important you open a demo account to practice FOREX trading. I always tell my clients that this is the best way to learn FOREX trading: opening account for demo trading is 100% free with any broker.  Suffice me to say that you at least demo trade FX for at least 8months - 1year. This is to equip you with adequate knowledge you need in FOREX market.
FOREX trading is not a business of gambling, if you come with such attitude in FX; you'll certainly not achieve anything in FX. FOREX like every other business has to do with detail planning and analysis before you can place any trade.

Furthermore, you must know that FX market is very risky. If you don't plan your market before placing any trade, you will loss such trade. The beauty and success in FX business lies in your ability to drop the risk involve in any trade to at least 1%. If you can achieve this, that is when the profits start coming in.
Here are some of the sites where you can learn FOREX trading in details:

• http://www.babypips.com
• http://www.actionforex.com/articles-library/
• http://www.dailyfx.com
• http://www.alpari.co.uk
• http://www.fxcm.com

While opening a demo account, you need to do this with brokers that allow you demo trade as long as you want. Some of the brokers allows a short period of demo trading like 3 - 6months; dear readers, within this short period, you cannot equip your trading arsenal with required trading skill. Most traders are lossing their money in FOREX trading because of inadequate knowledge to adapt with the changing events in the capital market on a daily bases. Below are some of the broker that allow long period of  demo trading :-

• http://www.alpari.co.uk  
• http://www.fxopen.com
• http://www.market.com
• http://www.fxpro.com
• http://www.fxcm.com

P.P.S ... NEVER TRADE FX WHEN YOU HAVE NOT TRAINED YOURSELF ADEQUATELY ... FX MARKET IS CHARACTERISED WITH ENORMOUS RISK, THEREFORE I WILL URGE YOU TO DO YOUR DUE DILIGENCE BEFORE YOUGO INTO FX TRADING. ALWAYS REMEMBER TO INVEST THE MONEY YOU CAN AFFORD TO LOSS.