New to trading (forex)

could someone suggest a book or guide for extreme beginners using forex. I have read the "currency trading for dummies" and though it was mostly helpful, even it was too technical. In other words there were some pre-requisite concepts I did not understand. I need a book or guide that assumes I have opened a practice account (which I did) and I have no clue what a single number or tab on the page means.

thanks, I realize the majority of you seasoned traders and financial gurus are reading this post and rolling your eyes, but a curious, willing, ambitious pupil cant be all bad right??

You might be looking for a book like The Futures Game which explains the whys of the futures markets.

This is a great refence book for all markets. Chapter 16 discusses the foreign currency futures market and includes sections on:

• Purchasing Power Parity - the Law of One Price
• Balance of Payments
• Monetary Policy
• Fiscal Policy
• Central Bank Intervention

It sound dry but it's well written and describes how brokerages work and is a great introduction to the markets (including forex).

thanks

just got it coming inbound from Amazon, got anything else?

There is a good informative eBook from the NFA (National Futures Association) which regulated FX in the USA.

http://www.nfa.futures.org/NFA-investor-information/publication-library/forex.HTML

The one main difference between futures and FX is that there is a rollover rate on any position held after 5pm NY daily. The rollover rate is the interest rate differential between the currency pair you are trading with leverage and the trading size factored in. So if you are long the EUR/AUD your rollover rate will be negative and your broker will take out money from your account. Conversely, if you are short the EUR/AUD you will receive some money in your account.

If you have any specific questions feel free to PM me or respond to this thread.

What is the best way to learn forex trading?