can anyone help?

[irishpaddypc]

hi everyone, i am 16 years old and currently studying at college. i have quite a bit of knowledge in trading via options but lately i have taken an interest in the understanding of forex trading. i dont actually trade at the moment(pretty obvious) but i would like to eventually trade either forex or options. i was just wondering if anybody here could start me off on the right track, either teach me the basics of trading forex or give me some websites that may help me. cheers
P.C

 

[PipSqueek]

apart from the obvious (set up a demo account and trade it till you comfortable...then just open a small real account and trade), here are some sites if you don't know them already:

http://www.fxstreet.com/
http://www.forexnews.com/
http://www.elitetrader.com/vb/forumdisplay.php?forumid=38 (sorry trade2win hehe)
http://www.dailyfx.com/


there is plenty more out there...

apart from that all i can say is, find/make a system that works for you, one that will more often win then lose...(its all about probabilities and you want the stats to be on your side) and stick to it. forget about everything else, stick to what works...easier said then done.

 

[Akuma99]

best of luck, and nice to see someone into it so young ... I run a basic site for beginners, if you have a good understanding of options already it may be under you, but have a look anyway:

http://akuma99.blogspot.com

Otherwise this very site is one of the best I have found for articles and advice, or:

http://www.babypips.com/

Best of luck!

 

[Adamned]

If your into options in my opinion stick with it and avoid forex. Forex for my style is very choppy for trading however its a good market to take a large postion and hold it for a half year or so if the charts still validate the premsise of the intial entry. For example short the euro all year due to the intrest rate spread. I personally only focus on the SP500 although I look at all the other main indices to gauge a correct posture. In short I feel the SP500 trades in a very structured manner and if you get a grasp of that structure its one the easier markets to trade. Plus since you are just starting out you can get free realtime charts on the SPX at any of the big free internet chart providers. You could trade options on the spy its a pretty liquid marekt for the options market anyhow. Also instead of options have you thought about spreadbetting since you avoid taxes and time decay which a very negative drawbacks of options.

 

[irishpaddypc]

thanks alot guys. you have helped me quite a bit. im just going to research alot and see which one i feel is right for me. thanks.
PC