GAT FIN Forex
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Trading is trading
Trading is trading although each market has its own capital requirements, terms and ways of initiating a trade you must learn. The principles of trading you learn in one market can be applied to any other market.
Forex probably has the lowest capital requirements because you can open a live micro account with as low as $200 but the volatility (fast movement) in Forex takes experience to trade.
I recommend reading the following books. These books will help you to start to think like a trader and realize what you are getting yourself into:
- "Reminiscences of a Stock Operator" by Edwin Lefevre
- "Art of War" by Sun Tzu (Not a trading book but an old book on rules of war and how to protect yourself from being outsmarted and defeated by your enemies)
- "The Trading Methodologies of W.D. Gann" by Hima Reddy
- "Time Compression Trading: Exploiting Multiple Time Frames in ZeroSum Markets" by Jason Alan Jankovsky
- "The Game in Wall Street" by Hoyle
The best trading books don't teach you a specific trading strategy. They teach you to open your mind and powers of observation. They make you think outside of the box so you start to understand the game you are playing. To win the game you need to develop your thinking and how you participate in the game. Trading at its very core is a war of the mind. You are in a market trading against professional traders. The beginning traders in the market are not your competition-they are incidental. You need to trade with the professional traders who run the market. In order to win you need to find out what they are doing and trade with them. That is why most traders never become profitable-they keep losing because they refuse to change what they are doing.
Watch You Tube videos on trading, keep surfing the web and find out which market you may want to trade, get on some mailing lists, and once you find your market open a demo (practice) account. Don't trade real money until you understand the market you want to get into. When you have traded on a demo account long enough to be able to execute trades without mistakes and you know the terms and understand your market you need to open a small live account.That is when the real education begins. Always trade small and focus on risk management-all winning traders put risk ahead of profits. Good luck.