Learning forex/how to predict forex

[biggestkid]

Hey guys first post here, thought id sign up and ask a few questions i have been umming and ahhing about lately.

Im keen to get into the business of forex trading, and was wondering where is a good place to start learning about the in's and out's of forex trading? Obviously i have been doing a tonne of reading on the internet, but you can often trawl through thousands of pages on the internet without ever reading anything useful, so i thought if i asked some more experienced people to direct me, that would be a great way to cut down the 'useless reading time' and increase the 'meaningful learning time.' I would have asked this question in the Beginner's Lounge, but i thought seeing as i specifically wanted to know about forex trading this would probably be the more appropriate forum to post in.

Anyway im looking to learn this because a mate of mine has a dad who owns his own home-building business. He was telling me his dad makes a fair amount of his income not through this business but by betting on whether certain markets will rise or fall in the 30 minutes through some website. Long story short he sold his home building business and now runs a business where he offers his 'picks'(to use on this website) to anyone willing to pay him 1000$ a month. Now i dont really have 1000$ to throw around willy-nilly on something that may or may not be a true story(though i think it is true, i have known this friend for a long time and trust him well) so i thought id sign up to some forums and see what you guys think first.

Any help or insight you guys can offer will be really appreciated.

 

[Joules MM1]

Hey guys first post here, thought id sign up and ask a few questions i have been umming and ahhing about lately.

Im keen to get into the business of forex trading, and was wondering where is a good place to start learning about the in's and out's of forex trading? Obviously i have been doing a tonne of reading on the internet, but you can often trawl through thousands of pages on the internet without ever reading anything useful, so i thought if i asked some more experienced people to direct me, that would be a great way to cut down the 'useless reading time' and increase the 'meaningful learning time.' I would have asked this question in the Beginner's Lounge, but i thought seeing as i specifically wanted to know about forex trading this would probably be the more appropriate forum to post in.

Anyway im looking to learn this because a mate of mine has a dad who owns his own home-building business. He was telling me his dad makes a fair amount of his income not through this business but by betting on whether certain markets will rise or fall in the 30 minutes through some website. Long story short he sold his home building business and now runs a business where he offers his 'picks'(to use on this website) to anyone willing to pay him 1000$ a month. Now i dont really have 1000$ to throw around willy-nilly on something that may or may not be a true story(though i think it is true, i have known this friend for a long time and trust him well) so i thought id sign up to some forums and see what you guys think first.

Any help or insight you guys can offer will be really appreciated.

lulz.....ah how i miss the logic......i've come to a site i know nothing about to ask how to do something my mates dad is making a squillion out of........maybe i should ask him coz he already making a squillion bazillion........but no, i'll go ask a bunch of nice easy-get-alongs instead.......

:bunny:

 

[OGRooney]

I think your talking about spread betting, recent changes to Australian Gambling laws mean I can no longer find any Bookmakers offering this service to Australians. SOME Australian Brokers offer a similar product, Binary Options Trading, but this requires a much bigger outlay than the spread betting products the European bookmakers were offering 6 months ago. If you want to learn forex trading (NOT SPECULATING), type learn forex into google - 99% of brokers offer free demo accounts and some even give you a small amount of cash to try trading with.

I wouldn't recommend spread betting to anyone who doesn't know forex, I won $700 betting on the Greyhounds and then lost it all speculating on EUR/USD. Now that I'm equipped with the charting knowledge to turn a profit spread betting, it's no longer offered but oh well.

 

[biggestkid]

Yeah i wasnt going to try it straight up, i wanted to learn how to trade forex properly first, and then maybe consider asking him about what he does if im still here(in queensland) by the time i learn forex trading. I understand learning forex trading takes quite a while so i probably wont still be here, but oh well, atleast ill know how to trade forex.

The site his dad does it on is known to me by the way(dont want to post it as it may seem like im advertising/endorsing it), i think it is a form of binary options trading, though i have not looked into it too much because i want to walk before i run (and yeah he is betting 30$k at a time, so it might be spread betting? im not sure, but thats not the point of this thread anyway).

Is there any particular brokers you would suggest OGRooney? Do i have to/should i go to an aussie broker? Is there any particular information you would suggest i read up on before doing so? Just to learn whats what? Because i can just see myself opening a trial/demo account and not knowing what anything is and what is going on.

 

[OGRooney]

I don't think I can advise you about a broker sorry I'm sketchy on where providing info changes into advice, as I said lots of brokers give you free cash to trade with and nearly all of them have demo accounts. I'll ask a mod if I can post a list of brokers offering no deposit bonuses.

 

[Gringotts Bank]

lulz.....ah how i miss the logic......i've come to a site i know nothing about to ask how to do something my mates dad is making a squillion out of........maybe i should ask him coz he already making a squillion bazillion........but no, i'll go ask a bunch of nice easy-get-alongs instead.......

:bunny:

He ain't no :bunny:

He wants you to ask "what is the website that your friends Dad runs?"

Then he says: "I can't say, but PM me if you're interested. He makes so much money".

ASF is far too lenient on this BS. Instant ban for biggestkid would be my policy.

 

[biggestkid]

He ain't no :bunny:

He wants you to ask "what is the website that your friends Dad runs?"

Then he says: "I can't say, but PM me if you're interested. He makes so much money".

ASF is far too lenient on this BS. Instant ban for biggestkid would be my policy.

Haha good joke mate. ASIC Notice Point 3: If you include hyper-links to other sites, you may be seen as endorsing the material on such sites. Why would i make a forum account to have it banned 2 posts later? Dont worry i wont be pm'ing anyone. Also my friends dad doesnt run it, he is just a member on it. Now can we leave discussion of that website out of the rest of this thread please?

I don't think I can advise you about a broker sorry I'm sketchy on where providing info changes into advice, as I said lots of brokers give you free cash to trade with and nearly all of them have demo accounts. I'll ask a mod if I can post a list of brokers offering no deposit bonuses.

Ok ill just try a few from google and see what i can do. Any advice on whether i should go with an aussie broker or not?

 

[TulipFX]

A blog on how to choose a broker: https://www.aussiestockforums.com/forums/entry.php?b=933 + https://www.aussiestockforums.com/forums/entry.php?b=932

The website 'Baby Pips' is a good starting point to pick up what forex is all about. Don't expect it to be as easy as you are thinking it will be at this point. I say that having been there near on 10 years ago.