Absolute Beginners by Malcolm Morley

Since starting this website I’ve received a number of emails from newcomers that seem to be struggling with taking the first steps. Anyway, the following is a reply I gave to one person. Hopefully it will also be of help to others.

(BTW the reason I particularly recommend OANDA to newcomers is because of their incredibly low minimum trade size (1 unit) ). The fact that I also like OANDA’s trade platform, their API, and them as a company, is incidental.

Since starting this website I’ve received a number of emails from newcomers that seem to be struggling with taking the first steps. Anyway, the following is a reply I gave to one person. Hopefully it will also be of help to others.

(BTW the reason I particularly recommend OANDA to newcomers is because of their incredibly low minimum trade size (1 unit) ). The fact that I also like OANDA’s trade platform, their API, and them as a company, is incidental.
quote ….

I’m purely a trader; not a product salesman or an educator – so as such there’s not a lot I can do for you until you have more specific questions arising from your own trading experience.

What I’d suggest right now is that you open an FXGame account at www.oanda.com and start learning the mechanics of trading fx. Read everything on the OANDA site and forums, going back as far as you can. When you feel you have some understanding of the process open a small FXTrade account (say $1000) in parallel , and see what trading real money is like. Keep doing the above for as long as it takes!

While you are doing that, systematically analyse every idea you can think off. Trade what works; just analyse what doesn’t. You’ll find that what works varies over time.

Don’t expect easy answers. I’ve been a trader for over 30 years (with some time off for good behaviour), and I’m still doing 12 hour days when I have new ideas (right now it’s the api). If you haven’t a passion for this you will not succeed.

Regards
Malcolm

I have lived and breathed trading ever since trading fx professionally in London, Toronto and Philadelphia in the early 70’s (yes I know that shows my age!). While my professional career subsequently took me from the trading desk to designing treasury systems for some of the world’s leading financial institutions, my desire was to always trade for myself. As a consequence, following 5 years with a major international stock-broker

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