Forex Trading start up

To start trading forex is not hard, the tough bit comes after you've experienced a string of losses just as I did recently.The ability to learn from ones mistake is really crucial here and it is that part of forex trading I have the most problem with. Forex can be trade as CFDs or as a spreadbet (which i do).The advantage of spreadbetting in the United Kingdom  is that it is essentially tax free as long as you have another income avenue on which you  pay tax.Spreadbetting companies that allow you to start for as low as £50 include the following:

Igindex,CMC Markets,Capital Spreads,GFT and City Index.

Try Demo trading as much as possible and get up to speed with some solid reading.Some spreadbet companies will allow you place trades for as low as 10p per point in your first six weeks.

Trade 8

The trade opportunity I was waiting for has finally presented itself.The EUR/USD downtrend has finally ended its throwback.I have iodentified the formation of a pipe indicating throwback might be over.This is supported by MACD and stochastics.Trade was thus entered has follows:

Trade direction: short
Stop loss:13550
Target price for exit:13400

Potential loss (risk):  £50

Actual Entry point: 13500
Trade size (£ per point) :£1
Target profit: 100pips

Trade was exited for 50 pounds loss and reentered at 13621 with stop loss at 13671.profit target remains the same.

Comment: closed for a loss.

Verdict: No loot.

Surfing the tsunami

After my last trade i have laid off trading for a while to refocuss my energies.I now ready for another round of trades.I have now decided to trade just the GBP/USD and the EUR/USD.My next trade hopefully will be to short the EUR/USD.Now i can relax and do some chart watching :-)