Question by : What is the best book on forex trading for beginner
Hi, the question states it all, I am new to trading at its definition, and would like to get into it. And I was wondering if you guys could recommend to start practice besides the trades that they run as a promo right now. Thank you! Best answer:
Answer by
UnclePug One of the few
FOREX trades where I made money was the TED spread, the spread between T-Bills and Euro dollar (U.S. dollar denominated savings in Europe). Right now I would not touch that trade with a 10 foot pole. I also managed to lose a lot of money with Swiss francs vs. Deutchemarks because my contracts were during the time when Germany had to vote to join the Exchange Rate Mechanism. Long story, but my point is, that even when a normally predictable currency trade is going through a cycle, political events can swing the trademark wildly. Take a look at what is going on with the USD rally, the whole Greek-euro bailout, etc. Both of these could get you called out at a huge margin loss, and swing back to profits a week late. FOREX right now would be a bad idea, but if you MUST trade, you could try a single currency ETF, short or long either, and see how that works out first, something like FXY, UDN or UUP.
What do you think? Answer below!
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