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Just need a Direction for Training

  • #1
  • First Post: Jun 23, 2005 7:24pm Jun 23, 2005 7:24pm
Hey, I'm completely new to this Forex Market stuff. and way before I jump into anything, I would love to read and get training. My question is, can someone just post here a good place to start for training. whether it's a book or a good training site. suggestions truly appreciated
  • #2
  • Jun 23, 2005 9:42pm Jun 23, 2005 9:42pm
Here are a couple of very good links to get you started.

http://www.newyorkfed.org/publicatio...pub%2Fusfxm%2F

http://www.nfa.futures.org/investor/forex.asp

Good Luck,

DQ
If you trade without a sense of humility, one will be provided for you.
  • #3
  • Jun 23, 2005 11:07pm Jun 23, 2005 11:07pm
I'd recommend three books for starters:

"Come into my Trading Room" by Alexander Elder

"Trading in the Zone" by Mark Douglas

and

"Market Wizards" by Jack Schwager

By the way, "Market Wizards" is waaay underpriced. It is worth $10,000!

Also, do a search on this forum for Merlin's book list. Ten books on the list that are essential books for trading.

Dial
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  • #4
  • Edited 5:49am Jun 24, 2005 5:21am | Edited 5:49am
thanks for responses guys, u rock. I just hope that these books are for complete newbies. cause that's what I am, I don't know anything about Forex at all. so I'm still trying to decide amongst the books which should be the first one I buy. suggestions?

I've done a search for merlin's books. I can't find it anywhere, can someone give me a link or something plz.

thanks,
  • #5
  • Jun 24, 2005 7:52am Jun 24, 2005 7:52am
Here's the link to Merlin"s books.

http://www.forexfactory.com/index.php?page=contest
If you trade without a sense of humility, one will be provided for you.
  • #6
  • Jun 24, 2005 8:28am Jun 24, 2005 8:28am
Quoting ginx10k
thanks for responses guys, u rock. I just hope that these books are for complete newbies. cause that's what I am, I don't know anything about Forex at all. so I'm still trying to decide amongst the books which should be the first one I buy. suggestions?

I've done a search for merlin's books. I can't find it anywhere, can someone give me a link or something plz.

thanks,
I am assuming you are new to trading and not just new to forex. Start with Dr. Elder's book for the foundational information you need to survive as a trader. For specifics on the mechanics of forex, look for free resources on the net. You've already found the best forum. Read the posts here and ask as many questions as you like.
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  • #7
  • Jun 24, 2005 8:35am Jun 24, 2005 8:35am
Quoting diallist
I am assuming you are new to trading and not just new to forex. Start with Dr. Elder's book for the foundational information you need to survive as a trader. For specifics on the mechanics of forex, look for free resources on the net. You've already found the best forum. Read the posts here and ask as many questions as you like.

Thanks. I'll do that, my last question for now is that when u say Dr. Elder's book I assume u mean the "come into my trading room" alexander elder? and yes I am completely new to trading and I would like to get into Forex trading only for the next year or so, nothing else.
  • #8
  • Jun 24, 2005 8:39am Jun 24, 2005 8:39am
Rent them for Free at the public library.... if you are in the USA


Through interlibrary loan (free) you can access libraries of institutions of higher learning all over the country. You get the books for 3 to 4 weeks.

Then if you simply must have one for your personal library for reference, you will know exactly what you want to buy.

Some books, like Trading with DiNapoli Levels are not available through the library.

Lou
  • #9
  • Aug 15, 2005 12:48pm Aug 15, 2005 12:48pm
Alright, I'm now down to getting one of 2 of Dr. Elder's books. Which one would anyone here recommend: "Trading for a living" or "Come into my Trading Room"?
  • #10
  • Aug 15, 2005 1:10pm Aug 15, 2005 1:10pm
Quoting ginx10k
Alright, I'm now down to getting one of 2 of Dr. Elder's books. Which one would anyone here recommend: "Trading for a living" or "Come into my Trading Room"?
I purchased "Come Into My Trading Room" and am very pleased with it. I chose it because it is more recent (2002) than his other book (1993) and from what I can tell, it covers the important parts of the old book plus has new info as well.
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  • #11
  • Aug 15, 2005 10:04pm Aug 15, 2005 10:04pm
  •  MikeG
  • | Joined Aug 2005 | Status: Empowered to Profit by James16.com | 59 Posts
Quoting QFX67
Here's the link to Merlin"s books.

http://www.forexfactory.com/index.php?page=contest
Hi everyone! My name is Mike and this is my first post here. This seems like a really nice friendly forum. I just heard about forex a couple of weeks ago and have been surfing the web for more information. The only think I've acomplished is to get really, really confuesed. Who is Merlin? And which of his library books should I get first? You shold know that I have never done any daytrading so I know less than nothing. I hope you don't mind alot of really bad questions. I don't know if I can even do this because I don't know how much money I need to put in the bank/brokerage? I have about $700 that I would be willing to lose. Is that enough to learn with, if not how much do I need?

Thank you very much.

Mike
I am an extremely satisfied customer of the James16 Group!!!
  • #12
  • Aug 15, 2005 10:20pm Aug 15, 2005 10:20pm
Quoting MikeG
Hi everyone! My name is Mike and this is my first post here. This seems like a really nice friendly forum. I just heard about forex a couple of weeks ago and have been surfing the web for more information. The only think I've acomplished is to get really, really confuesed. Who is Merlin? And which of his library books should I get first? You shold know that I have never done any daytrading so I know less than nothing. I hope you don't mind alot of really bad questions. I don't know if I can even do this because I don't know how much money I need to put in the bank/brokerage? I have about $700 that I would be willing to lose. Is that enough to learn with, if not how much do I need?

Thank you very much.

Mike
hello mike welcome aboard, first of all dont risk any of your money until you learn and then demo trade what you learn. open a demo account with fxsolutions, there are reasons which you will learn later. then start looking around and try some different stuff. its a learning process ( how many times have i said learn) and it takes time. merlin is our local wizard and he runs forex factory. his best seller " how to make the market move your way with a wave of my wand" is currently sold out. LOLLLL. anyway stick around and start reading the threads. jim
  • #13
  • Aug 15, 2005 10:26pm Aug 15, 2005 10:26pm
Quoting MikeG
Hi everyone! My name is Mike and this is my first post here. This seems like a really nice friendly forum. I just heard about forex a couple of weeks ago and have been surfing the web for more information. The only think I've acomplished is to get really, really confuesed. Who is Merlin? And which of his library books should I get first? You shold know that I have never done any daytrading so I know less than nothing. I hope you don't mind alot of really bad questions. I don't know if I can even do this because I don't know how much money I need to put in the bank/brokerage? I have about $700 that I would be willing to lose. Is that enough to learn with, if not how much do I need?

Thank you very much.

Mike
Hi Mike! Welcome to ForexFactory, the BEST forex forum on the web. You have come to the right place if you want to learn forex. Feel free to ask your questions. The only "bad" question is the one you don't ask. I understand being confused. There is a lot to learn, but if you'll take your time and learn just a little bit each day you can make good progress over time. Merlin is our resident cute fuzzy guy who fancies himself a wizard. He is the owner and operator of ForexFactory. I really like him and you will too. There are some really nice people on this forum so I think you will enjoy your time here. As to which of Merlin's books, I would recommend Reminiscenses of a Stock Operator first because it reads like a novel, followed by Market Wizards. Both books are worth their weight in gold. $700? Well, yes, you could start with that little, but it would really be better if you had at least $2000. Others here may express different opinions on this, but that is what makes this forum so great; the diversity of ideas! Don't hesitate to ask more questions.

Diallist

P.S. I love your avatar! I've got a mini-reef at home. Live rock, rocks!
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  • #14
  • Aug 16, 2005 8:07am Aug 16, 2005 8:07am
  •  MikeG
  • | Joined Aug 2005 | Status: Empowered to Profit by James16.com | 59 Posts
Quoting james16
hello mike welcome aboard, first of all dont risk any of your money until you learn and then demo trade what you learn. open a demo account with fxsolutions, there are reasons which you will learn later. then start looking around and try some different stuff. its a learning process ( how many times have i said learn) and it takes time. merlin is our local wizard and he runs forex factory. his best seller " how to make the market move your way with a wave of my wand" is currently sold out. LOLLLL. anyway stick around and start reading the threads. jim
Hi Jim,

Thank you for replying. Also thanks for teilling me not to risk real money but to demo trade first. I didn't know I could do that until you told me. How neat! Yes, I have a lot to learn learn learn learn :-) so thatks for helping me get started.

Could I back order Merlin's book, or at least get the wand that maybe comes with it? I could practice zinging a few things until the book is available again :-)

Thank you Jim
I am an extremely satisfied customer of the James16 Group!!!
  • #15
  • Aug 16, 2005 8:16am Aug 16, 2005 8:16am
  •  MikeG
  • | Joined Aug 2005 | Status: Empowered to Profit by James16.com | 59 Posts
Quoting diallist
Hi Mike! Welcome to ForexFactory, the BEST forex forum on the web. You have come to the right place if you want to learn forex. Feel free to ask your questions. The only "bad" question is the one you don't ask. I understand being confused. There is a lot to learn, but if you'll take your time and learn just a little bit each day you can make good progress over time. Merlin is our resident cute fuzzy guy who fancies himself a wizard. He is the owner and operator of ForexFactory. I really like him and you will too. There are some really nice people on this forum so I think you will enjoy your time here. As to which of Merlin's books, I would recommend Reminiscenses of a Stock Operator first because it reads like a novel, followed by Market Wizards. Both books are worth their weight in gold. $700? Well, yes, you could start with that little, but it would really be better if you had at least $2000. Others here may express different opinions on this, but that is what makes this forum so great; the diversity of ideas! Don't hesitate to ask more questions.

Diallist

P.S. I love your avatar! I've got a mini-reef at home. Live rock, rocks!
Thank you Diallist. I will start saving up to $2000. I have some junk I could sell to get there. Jim (above) said to demo trade until I learn how. I think that is good advice, don't you? I am curious now what are the reason Jim said I would learn later that make fxsolutions a good brokerage firm? Must be complicated reasons but good ones.

Yes! Live rock is great stuff! I have about 15 poiunds in a 30 gal tank. Good biological filter, and nice surprise creatures!

I like your signature. It is nice to see someone give honor to God.

Thank you for your reply.

Mike
I am an extremely satisfied customer of the James16 Group!!!
  • #16
  • Aug 16, 2005 8:41am Aug 16, 2005 8:41am
Mike,

If you live in the USA you can preserve your trading capital by using the public library to order your books for free. See my post above or just call your local and ask them how to get interlibrary loans started. You can even set up a link on your computer to order books.

I believe all of the books on Merlin's list and others mentioned in this thread are available at the library. Believe me, trading books are not cheap. 50 to 165 dollars each.

Lou
  • #17
  • Aug 16, 2005 8:54am Aug 16, 2005 8:54am
  •  MikeG
  • | Joined Aug 2005 | Status: Empowered to Profit by James16.com | 59 Posts
Quoting Lou
Mike,

If you live in the USA you can preserve your trading capital by using the public library to order your books for free. See my post above or just call your local and ask them how to get interlibrary loans started. You can even set up a link on your computer to order books.

I believe all of the books on Merlin's list and others mentioned in this thread are available at the library. Believe me, trading books are not cheap. 50 to 165 dollars each.

Lou
Wow! Why are trading books so expensive? Thanks you for the tip. I have a friend in the library, so she can help me order books. Thank you again Lou for helping me save money.

Mike
I am an extremely satisfied customer of the James16 Group!!!
  • #18
  • Aug 16, 2005 9:42am Aug 16, 2005 9:42am
Quoting MikeG
Thank you Diallist. I will start saving up to $2000. I have some junk I could sell to get there. Jim (above) said to demo trade until I learn how. I think that is good advice, don't you? I am curious now what are the reason Jim said I would learn later that make fxsolutions a good brokerage firm? Must be complicated reasons but good ones.

Yes! Live rock is great stuff! I have about 15 poiunds in a 30 gal tank. Good biological filter, and nice surprise creatures!

I like your signature. It is nice to see someone give honor to God.

Thank you for your reply.

Mike
fxsolutions allows micro lots. which is what you want to trade until you have an account value, if i remember correctly, of 25k or so. they allow you to use better money management on a smaller account. jim
  • #19
  • Aug 16, 2005 6:50pm Aug 16, 2005 6:50pm
  •  MikeG
  • | Joined Aug 2005 | Status: Empowered to Profit by James16.com | 59 Posts
Quoting james16
fxsolutions allows micro lots. which is what you want to trade until you have an account value, if i remember correctly, of 25k or so. they allow you to use better money management on a smaller account. jim
Micro lot? Okay, I'll make a guess that if a full lot is 100000 and a mini is 10000 then a micro must be 1000?

I just read about leverage so if I had 400 to 1 leverage and I had the $2000 in my account that dialist suggested then I could buy $2000 * 400 = $800000 which would be 8 full lots! Wow! Where do I sighn up???

Relax, I also read about the danger of leveraging you whole account , but how much should I use? What is the right amount?

Thank you Jim

Mike
I am an extremely satisfied customer of the James16 Group!!!
  • #20
  • Edited Aug 31, 2005 3:00pm Aug 18, 2005 6:15am | Edited Aug 31, 2005 3:00pm
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