How to approach learning ForEx

What is the best way for a new trader to approach learning ForEx?

1- Don't visit forum like this one

2- Read the 'Market Wizards' books

3- Watch price movements all the time

4- Put a small amount of money in an account and trade risking 1% of that for a year

If you keep away from all the 'information', you will do very well. This is, of course, assuming you have the talent for this business. All the best and do yourself a favour and disappear before you contaminate your mind with all the rubbish (including this one).

I totally agree with jamie12

My advice to the newbies:

1. Don't use any of the systems in the forums!!!!
Unfortunately, most if them are loosers!!! (take a look at the forward tesing in Yahoo MetaTrader Forum).

2. Before even starting with a demo (and to avoid bad habits) you should read the following books:
a. High Probability Trading - by Marcel Link
b. Trading Day by Day - by Chick Goslin
c. Trading for a living - by Dr. Alexander Elder

(These books were written by pro traders (more than 25 years) and showed to be profitable in the long run and in many markets).

Good luck

Now hold up, not everything in these forums is bad, on the contrary I would say there is more good than bad here. You guys are making judgment calls without doing due research. My suggestion, READ as much as you can- on this forum, in books, anything you find. The market wizards is a good place to start. Read the stickies in the beginner thread.

Now no one is going to give you everything you need, you need to glean information from as many resources that you can and go from there. There is indeed a ton of good information in these forums, I can attest to it, its up to you to find it, ask questions when confused and be patient.

I woudl also recommend you start a demo account to practice what you have learned. Once you have demo for a good 4-6 months than maybe you might go live with a mini account.

hope this helps

Well my only advice would be to take what people on forums say with a pinch of salt ( and maby a little lemon and tequila too ). And never hesitate to try to come up with your own conclusions and think for yourself. Critical thinking is an absolute MUST in forex, otherwise you will just become another statistic. Good luck to you sir

P.S.
What everybody so far has been saying about " Demo trade first, then go live" I'll go a bit further... Demo trade until you can turn a regular profit and feel confident enough to put your money on the line. Some may argue that there is no emotion involved in demo trading as opposed to real live trading. Well how about you just try your best to imagine that your demo account was a real live one? Then there will be some emotion involved in your trading routine and then you can practice keeping it in check.

Because lets face it, If you cant turn a regular, consistent profit on your demo account, what makes you think you can do it on a live account?...

Could you expand on that please?

This is a business is like any other: you get better at it as time passes. The markets are mostly random and this is getting worse as more and more information is available to almost everyone at almost exactly the same time. As a result, discontinous adjustments, which cause trends, are becoming much less common. However, furtunately for us, there are patterns that repeat. If you are the type of person who can identify these patterns (and not everybody can), you will start to notice them as you accumilate a lot of screen time. One thing I have to say is that screen watching will not make you a good long or medium term trader, but it can make you an amazing short term trader. All the best.

Read the books mentioned - demo these methods in the link - ask Jim questions - demo again -ask some questions - demo again - ask some questions - demo again...etc..
http://www.forexfactory.com/forexfor...ead.php?t=2331
Peter