A Tycoon's Trading Diary

True story of the making of a tycoon. Options trading, trading systems, wealth, money management...

Wednesday, February 14, 2007

FX - Starting the learning process

As I was browsing through my Inbox I have found a mail from ChartAdvisor's where they have advertised Investopedia.com's Forex Advisor. The whole FX thing was already on my tick list, thus I gave it a read - having some time during the day - and then I felt I am getting ready to try it. Thus I have started a 30 days trial with Boris and Kathy, to get some insight in the FX trading.

Along with the trial period came 2 nice e-book, one about the FX market movers to give a broad and basic image. The other book is a real treasure as it seems. Has gone through the intro part with the 10 'commandments' of successful FX trading. Now, will come the real 'trading template' part that will make or break the whole.

In the same time I have opened a practice account (called FX Game) at Oanda.com. And swiftly placed a trade. The trade was as follows:

Long EUR/USD 10,000 units (bought) @ 1.31284, stop loss @ 1.30898 and profit target @ 1.3175.

All this is not telling me too much yet, but looking back after I delved through the booklets will help I am sure.