This question came in from a member of my mailing list. I thought it might be something many readers would like to see me address, so I figured I post my response here.
I would like to have a go at Currency forex trading as I am unemployed and the future is looking very bleak? for a lot of people here in the UK. I have been looking and reading a lot of information that I don’t understand at all, I was a Machine Operator so all this stuff is going straight over my head.
What I’m looking for is a very basic download based on what a trade is and how and at what point to actually place a trade all this concept I do not understand at all. If you have a very simple basic/layman manual that I could download and print off I would be very grateful, I am starting to get fed up now of reading about things that I don’t understand.
My first response to this reader is to say that looking to trading as some kind of financial savior is not a good idea. Aside from sheer blind stupid luck, there’s almost no chance of quickly generating a consistent, sustainable replacement income from trading. It takes time (months, even years) to gain the knowledge and experience to become someone who can trade for a living – and along the way there’s often meaningful losses suffered.
This actually goes for anyone looking to use trading as some kind of quick score opportunity. Way more often than not this ends badly. Like anything else, trading takes time to learn how to do well. Those after the quick buck (or pound, or euro, etc.) are really just gambling, which is no way to go about things.
Putting that stuff aside, it’s clear this person is a real trading and markets newbie. He needs foundational level information and understanding. That’s exactly the sort of person for whom I primarily wrote The Essentials of Trading. I strongly recommend it for anyone at the introductory level this person appears to be at. It starts at the most basic of levels, building on that through trading plans, market analysis, trading systems, and all of the stuff that goes into successful trading. It’s not the sort of book that will provide a specific trading strategy, but it will give you the understanding of what goes into a good one so you know how to take that next step.