What are the right resources to start forex trading?
Forex Trading is very popular world over because of the leverage you get for forex trading is high in all the countries. And their volatility is also very limited.
There can be no better teacher than trading yourself in Forex. If you look at the Margin required for trading 1 lot of USDINR in India is very minimum. 1 Lot of Forex is 1000$ for which the total value is around Rs. 70,000 approx.
Overnight/positional or intraday trade futures using NRML with margins mentioned below. Once a position taken as NRML, it can be held till the expiry provided the requesite NRML margin present in the trading account.
Intraday trade using MIS for additional leverage (50% of NRML margin) between 9:15 AM and 5:20 PM. All open MIS positions get squared off at 5:20 PM.
Carry Forward / Normal Margin is Rs. 1.5k
MIS / Intraday Margin is Rs. 800
One could also start with reading books from Forex. Some of the books I have mentioned below.
- The Little Book of Currency Trading: How to Make Big Profits in the World of Forex (Little Books. Big Profits 30)
- Currency Trading For Dummies
- Japanese Candlestick Charting Techniques by Steve Nison
- Naked Forex: High-Probability Techniques for Trading Without Indicators
- Price Action Breakdown: Exclusive Price Action Trading Approach to Financial Markets