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Forex Trading - Spread Betting - Beginner Advice

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Hi All,

I am a beginner at forex trading & have just setup a spread betting account. I would be most grateful for any useful tips to get me on my feet as the internet has countless video tips I am unsure just where to begin. To start my thinking is to simply practice & analyse data, learning the market, trading very low values before my knowledge is improved - would others suggest this wise? - thank you in advance

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@MrsCowling,

My advice would be to read, learn, research and increase understanding as much as possible before doing anything else including trading a single £, $ or €.

I would then suggest you create a trading plan which will lead to the creation of a trading strategy as you define your trading style and methodology. This will help you create a trading system which you can then test on IG’s demo account to enable you make any necessary adjustments and tweaks.

Do not rush into anything and take your time. The biggest investment you can make in trading is investing your time in reading and learning.

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6 hours ago, MrsCowling said:

Hi All,

I am a beginner at forex trading & have just setup a spread betting account. I would be most grateful for any useful tips to get me on my feet as the internet has countless video tips I am unsure just where to begin. To start my thinking is to simply practice & analyse data, learning the market, trading very low values before my knowledge is improved - would others suggest this wise? - thank you in advance

Hi, to start you want to go through an educational program to understand the basics such as the IG Academy or Babypips.

https://www.ig.com/uk/learn-to-trade/ig-academy

https://www.babypips.com/learn/forex

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Posted (edited)

Not advice but a word of warning, there is a very high probability that you're about to lose money so be careful.

The forex market is RIGGED - the big players (DB, RBS etc) have been fined multiple times over the years. 

You're up against some of the cleverest white-collar criminals in the world ... good luck!

Edited by dmedin

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"Most of the traders participating in the chatrooms knew each other on a personal basis," said the Commission.

"For example, one chatroom was called Essex Express 'n the Jimmy because all the traders but 'James' lived in Essex and met on a train to London.

"Some of the traders created the chatrooms and then invited one another to join, based on their trading activities and personal affinities, creating closed circles of trust."

Other chatrooms used included Semi Grumpy Old Men, Two and a Half Men and Only Marge.

Information that the traders exchanged related to:

  • Outstanding customers' orders (names of clients, currencies and amounts involved)
  • Prices applicable to specific transactions
  • Open risk positions in different currencies
  • Other details of current or planned trading.

Their chats "enabled them to make informed market decisions on whether to sell or buy the currencies they had in their portfolios and when", the Commission said.

https://www.bbc.co.uk/news/business-48292946

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@MrsCowling, don't worry about whether the markets are rigged or not, for sure some nefarious activity occurs but in the main the market floats freely operating purely on sentiment, what traders feel is right.  The advice offered above is right, figure out how a market works and spend a long , long time getting educated before getting your feet wet with live trading.

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