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CarrieW

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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.
 

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MJ DeMarco

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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.
 
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CarrieW

CarrieW

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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...
 
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CarrieW

CarrieW

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hey bear???

was wondering if you could tell me how this software at oanda works. i need a platform that i can put 6 fib retracments into.(min of 4 i can do without 0 and 1 if i had too lol not the standard ones either they have to be adjustable)

i tried to check out oanda awhile back (i think! god i checked out about 3 dozen platforms lol) and at the time they werent dealing with usa customers.

i just set up my game(trial) account and am now tryng to figure out if it does what i need. seeings as how youve used this platform in the past i was hoping you could help me find them.(if they have them its my experience that most DONT and if they happen to they arent adjustable)

I am so not about to do all the calculations by hand and plot them...id never get into a trade it would take too long lol.
 
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CarrieW

CarrieW

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ok well have found them but it seems they arent adjustable...unless you know of some trick im overlooking?
 
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CarrieW

CarrieW

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oh well i guess gft it is then! thanks anyway!
 

MQL

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Dec 14, 2007
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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
 

shaunew

New Contributor
Dec 30, 2007
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Seoul, South Korea
I have been trading forex for about 2 years now. I use marketiva and forex.com. I like the marketiva one because that was my first forex platform I used. I have tried others but have stuck with these two. I'm trading about 3 times a week right now.
 

S928

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Aug 7, 2007
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How does Forex work?

Does one need to do three trades simulaneously like US dlls to Korea won, Korean won to Euros, Euros to US dlls or something like that?

Currency trading sounds profitable, but what's the minimum amount it would take to start trading?
 

shaunew

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Dec 30, 2007
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Seoul, South Korea
You trade two currency's at once, so US dollar against the euro is the most traded. As for cost it depends which trading company you go with. Marketiva gives you 5 bucks and there is no minimum you have to spend. But some there is a 500 dollar or 1000 dollar minimum that you have to start your account with. My suggestion and this is what I did, start with a demo account (fake account) with 100,000 in it. Trade see how you do, study get good and then put in a few hundred. At this amount you can see how it works for real and see some return. From there the choice is yours to go all in or not.
 

6.0_bull

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Nov 27, 2007
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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.
 

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PEERless

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Jan 23, 2008
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This looks like fun! Not sure I'd bank my nest egg on it, but it seems as fun as Vegas!
 

AlwaysCurious

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Jan 16, 2008
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It´s more fun than Vegas because intellectually challenging and more likely to be profitable than lotto. But that of course does not mean it is a guarantee for fastlane. The most valuable ressource of information regarding trading strategies, indicators, platforms, etc is definetly http://www.forexfactory.com Make sure to check the forums, the ammount of infos is huge!
 
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CarrieW

CarrieW

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how many of you are trading forex right now?
 

sulli

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Jul 26, 2007
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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.... :bgh:

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

CarrieW

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thanks sulli but I think I will stick with forex.

did you have a bad experience with trading?

Always- what kinds of things have you studied? I would love to start a discussion about this. your going to be going live around the same time I am!
 

PEERless

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Jan 23, 2008
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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?
 
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CarrieW

CarrieW

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it sure can lol!

I went and opened quite a few practice demo accounts to try to find ones whose charts did what I needed.

in that time I found out that there is literaly tons of information you need to understand before you have any clue at all about how to not lose money while even practicing.
 

PEERless

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Jan 23, 2008
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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.
 
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CarrieW

CarrieW

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essentially yes.

aside from the explaination you just gave there is no simple way to really explain it.

just from an investment standpoint you have to understand how the gearing works(1:50 or 1:200 ect) and about account managment before you can really know how risky your trades actually are. otherwise its worse then gambling. if you dont understand gearing and how it works you can (and probably will) lose your initial investment pretty fast.

from the trading aspect what I am learning about is how to read charts and look for signals to figure out the overall trend then confirm it and get in just as things are beginning to go my way and get out when it starts to reverse. remember you can buy or sell so you can make money either way as long as you know which way its going.

The websites that I posted in great forex info thread have some great information on all of these subjects.
 

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PEERless

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So, things appear about as simple or as complex as one expects, but to me it appears that momentum seems pretty dependable.
 
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CarrieW

CarrieW

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it can be very dependable. the more you know the more dependable it is.
 
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CarrieW

CarrieW

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what do you mean cryptic method??

what I think you mean is that you want me to give you a quick answer to a question that its impossible to answer in simplistic terms.

my only quick answer is to read read and read some more.

There are very many aspects to understand or else your just playing roulette.
 

PEERless

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Jan 23, 2008
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Only fooling. I know I can't figure it out in one day. (IMO: it looks like it's going to take a few years.) I doubt I'll feel fully comfortable when my 30 days are up. I'll be interested to hear what your experiences are when you "go live."

My first "strategy" was to cash in all my USD for EUR to see if I can ride a few pips on this general upward trend. Wish me luck?
 
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CarrieW

CarrieW

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Best of luck!

I think your right about it taking years lol. I first found out about trading around may of 2005. I started researching and just got deeper and deeper. all in all total Id say so far Ive spent the better part of 18 months researching and reading different things to better my understanding of what forex is really all about.

I suggest you at least look over the 4 books he has available on the www.trademoney.com site. the info there if you have a basic understanding of trading forex(which I believe you do because of the example you gave)can help out alot in your adventure.

If theres intrest in the other things Ive read and learned I will continue to post what ive found informitive or useful on the great forex info thread.

what I am doing right now is going thru everything Ive found and read and forming my trading plan so I would be more then happy to share with anyone whos interested.
 
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CarrieW

CarrieW

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Ok. I have opened my demo account with the broker I am going to be using when I go live. I decided to go with interbank fx. they offer micro lots. gft the place I was planning on using doesnt. I dont know If I am going to be using micro lots but I like to have that option available to me.

started playing with it yesterday. I wasnt really trading just entering trades and watching things move to get a feel for how fast everything moves.

I am currently rereading(for like the 10th time lol) the forex books I have and the stratagies I am going to be using. Still mentally putting my plan together. I have to wrap my brain around it and be comfortable with it before I put it to paper.

theres soo much more to this then I ever imagined. its difficult to say the least but...

I am so frickin excited!!!!!
 

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