Posted by forex at 8:56 AM
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1. Find the approach that best suits you. There are basically three ways you can invest in foreign exchange markets. You can give your money to someone else in a 'managed account' and have that party invest it for you. You can buy trading signals that tell you what to buy and when to buy it. Or you can learn to invest in the forex markets yourself.
2. Get a managed account. This is the easiest way to invest in the forex markets. The question is, how do you know whom to trust. One way is to see what other people who have invested with a manager says about that manager. A good place to get ratings for different managed accounts is at ForexPeaceArmy. This forum specializes in forex, rating everything from managed accounts to brokers, software, training and signals services. You can also try EliteTrader and Trade2Win.
3. Buy trading signals. You can find plenty of services that will allow you to buy their signals. This generally costs anywhere from $50 to $250 per month as of 2010. You can find these listed with ratings at forums such as ForexPeaceArmy, EliteTrader and Trade2Win. You can also sign up with services that auto-trade. What this means is that you can hook up your forex account to a signal provider and let it trade your account for you. You can find services such as these at ZuluTrade and Tradency (see Resources section).
4. Learn to invest in the markets yourself. This is a long and challenging journey. However, if you wish to start it you will need some training. A couple of good places to start are at BabyPips, ForexMentor, and FX500 (see Resources section). Their courses that will teach you about which currency pairs to trade, when to trade them, how to enter and exit a trade, how to use support and resistance, how to use indicators and chart patterns, and much more. Course prices ranged from free to $1,500 as of 2010.