MrForexOnline, purveyor of wisdom, sage advice and good ideas to help you have a successful career trading currencies on the Forex market.

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To get your career off to a good start - that means avoiding the loss of all your money in the first few weeks :-)... read on!

There are 2 methods to analyzing the Forex, or any market for that matter. Some traders watch the charts, and nothing but the charts, trying to spot trends that will predict where the price is going next. These are the "technical traders". Their methods lend themselves to the use of trading robot software and/or signals services. The robots actually watch the charts and make trades based on parameters set by the trader - all automatically, 24 hours a day, 5 days a week. Signal services watch the charts and "signal" the trader with emails, text messages, flashing screens, etc when the service's experts see an opportunity.

The other method of trading is employed by the "fundamentals traders". Whereas the "technical traders" watch what the market is doing, the "fundamentals traders" watch what the world is doing and use that knowledge to predict what the market will do. Things like wars, disasters, treaties, etc. all influence a currency's relative value against another country's currency.

I suggest you get a copy of Bird Watching in Lion Country by Dirk du Toit. It is by far the best, most comprehensive ebook available on how the Forex market works and how the Central Banks of the major countries influence the market.

BWILC is 350 pages and not one page has get-rich-quick hype.

It explains why Day Trading is financial suicide for new traders because of what the author calls market "noise" caused by the everyday transactions of banks and companies around the world. Trying to predict when the price is going to go up or down a small amount is like trying to predict when a bird is going to chirp.

Just the section on leverage is worth twice the price of the book! There is a LOT more to it than buying or selling a lot of money with that small amount of money in your trading account. I cannot emphasize it enough that you MUST understand what leverage can do to you. If you read nothing else before you start trading, read the section of BWILC about leverage! The tutorials on broker's web sites do NOT tell you what you need to know! Get it HERE. It's downloadable. You can be reading it in minutes.