FOREX market??

Anyone able to point me to a simple explanation of the forex market and a broker to use? There seems to be so many it is hard to know who to trust etc..

I probably will not participate anytime soon but would like some education concerning the forex market and how to spot forex scams etc..

Please relate any "experiences" you have had.

Thanks!

....I assume you r referring to the currency markets. Tough game.
I have a position with Friedberg Currency...not doing that well. I figure if these people ....well known..experts.... cant do it than..??

I've used refco, they are quite good and you can open a mock account with them to try your strategy.

its hard to trade in forex. I wouldn't trade currencies unless monitoring foreign monetary policy, interest rates, inflation, and cross currencies gives you a hard on.

not to mention bid/ask spread.

are there any alternatives to the forex? Is trading in that system just as risky when using a low leverage(or whatever it's called), instead of 1 for 100 or 1000 trading with 1 for 10?

Originally Posted by ddhaaron

Anyone able to point me to a simple explanation of the forex market and a broker to use? There seems to be so many it is hard to know who to trust etc..

I probably will not participate anytime soon but would like some education concerning the forex market and how to spot forex scams etc..

Please relate any "experiences" you have had.

Thanks!

Sounds like you're looking to take advantage of arbitrage opportunities. Well, in all likelihood, even if you are filthy rich, you will not have the funds at your disposal to take advantage of these opportunities. Further, by the time you pull the plug on these trades, institutional investors will likely have spotted it, taken advantage of it, and your "gap" will be closed.

Currency speculation is a tough game, but all the power to ya if you're gonna give it a go.

Keep us posted!

Here's a nice overview of the FOREX market:

http://www.fxstreet.com/education/fxstrategy.asp

For FOREX I usually use MetaTrader 4

http://www.metaquotes.net/metatrader

But another popular one is OANDA

http://fxtrade.oanda.com/

The OANDA one might be a bit more userfriendly towards those new to the FOREX market, but a drawback to that is that there's less indicators on OANDA. Either way, check 'em out if you're interested

http://www.tradeology.com/fxintro.html
http://www.tradeology.com/forex.html