Thread: any active forex traders here???

i was just wondering if there are any here. i didnt see any obvious threads on forex when i skimmed here.

i am studying (still) the currency market and would love to have someone to bounce ideas off.

I would also like to know what Forex trading platform is recommended as well. Trading the currency ETF's (FXE,FXA, etc) isn't very liquid as it only trades during market hours.

the best one i have found(and i havent traded live yet) would be gft's dealbook.

its the only one who has the technical indicators i need FOR FREE!

they are however a dealing desk platform. but for now i dont have the money to pay 150bucks or more a month to use another program like esignal.

once i am up and running and have extra money to play with i will be looking for a non dealing desk platform. but for now i got to do what i got to do...

I am a complete newbie, but going through pipschool right now on babypips.com. It is a great resource to get started.

With regards to the brokers, I believe forex.com could be something, as they have a lot of training material, and what I was looking for a Trailing stop on the orders.

For free charts you can download Metatrader4 and open a demo account. I did yesterday and works like a charm. Now I only have to find a way to get profitable...

Good Luck.

Dick

I trade currencies when time permits and have been doing it for almost 7 years and can be very profitable if you know what you are doing , You cant be an engineer overnight and this is like anything else takes a long time and a big learning curve but well worth it. You could also loose your shirt very easley as well, allot faster then the equities markets.

As Shauna states you starting amount to open a trading account varies depending on with FX broker you use and depending if you are trading with a mini account or a standard account with determines your leverage ratio.

My advice is study and study some more and when you’re done that do it all over again, and always start with a practice account most FX brokers provide these types of Demo accounts ….

I would also suggest when you start to trade start with one currency pair, your best bet would be the EUR/US cross and get to know that pairs trends, patterns etc. before you try other pairs.

This looks like fun! Not sure I'd bank my nest egg on it, but it seems as fun as Vegas!

The attachment is something I found a while back. It may be helpful to those out there looking into forex. Apparently, this is written by a Pro (???). I hope this saves a few headaches out there....

If for some reason you don't find the document helpful, go ahead and delete it.

Okay, okay. I opened a forex.com practice account today (a Saturday) and blew $900 virtual dollars screwing around on a closed market... I guess it can't get much worse can it?

I know NOTHING, so my forex.com practice account is really just a play account. In plain language, explain this game to me. If Euros are trending up in value against the dollar, I should buy Euros, hold while the dollar shrinks, then sell 'em for dollars later?

I'll read advanced strategies later, for now they all assume I know how to play.