Getting Started in Trading Forex Information for Newbies with Elliott Wave
Getting Started in Trading Forex Information for Newbies with Elliott WaveAuthor: Eldon BarkerImagine if you will, you have a computer at home with a broadband internet account. You discover that you can do something called "trading forex" online. At the same time, you discover a principle that allows you to predict the direction a forex market will move in. This is very powerful stuff. You could get rich!A recent discussion with a colleague, who asked what I did with my time at home, led to me wondering about how to convey to a total newbie how to trade forex using the Elliott Wave Principle. I started by pointing him in the direction of the wonderful online documentary, History's Hidden Engine at the Socionomics institute. This will give anyone who has never heard of the Elliott Wave Principle a brief overview of the big idea, and how it can relate to market movements.Next I advised him to purchase a copy of "Elliott Wave Principle" by Frost and Prechter. I use this book as a textbook, on a daily and even hourly basis. It seems there is always something new to learn about the Elliott Wave Principle, and this book is invaluable as a thorough guide. I advised him to read it at least twice.The third step would be to learn how online accounts work. You need to learn the jargon; what's a pip? A buy? A sell? What's a market order? How about stops and limits? The next step would be to open an online demo account with an online forex trading company.
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23.01.2010
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