New to Forex: Where do I start? - page 23
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
I'm no angel but I've spread my wings a bit
Mae West. No, really. I was having a mull about spreads - as you do, what with the Holiday season looming like a mother-in-law with a violent moustache - and have been interwebbing looking for low spread brokers (not market makers, brokers that don't actually trade against you). The stand-out among them was excel markets (although doesn't operate in US), offering spreads around 0.4 on the EUR/USD - you don't see manyy regulated brokers offering that. And then I though, "Or do you?" and started rooting around for a dynamic spreads comparison monitor. myfxbook seems to be yards ahead of the competition on this one, which auto-calculates commission built-in. However, and having said that, it is Christmas so if any of you elves out there know of a comparable or better spreads comparison tool, I'm all ears (no, really, flappers to die for...).
You should learn financial management and risk management, do trading with a demo account first.
Answers for your questions are not fix . Forex is profitable , How much , it depends on your skill and experience . Every trader is different in his return from invested amount so do not think you will be earn as people are doing.It is your individual ability may be you had more from others.
Right now you may feel like you are placing random trades, but after a few months look back at all your trades and see if you find a pattern which will help you start creating a trading system. This all takes a lot of time, but you sound like you have the right mindset so in the end it should all pay off for you.
If we are new forex, the first step is learn about forex, by reading from several sources and also using demo account to make practice. Trading experience from demo account also give own advantages.
Demo account is the right place to start trading in forex for new traders. We learn anything about basics of forex trading using demo account, how to understand market and how to manage our amount.
Trading forex require a great deal of knowledge . Babypips.a great place to start and boost your knowledge. But have in mind that loss i inevitable in forex that is why it is very risky but one can still be successful in forex.
A couple of days ago I got an email from Carlos Diaz about whether it is a good idea to trade News Releases.
Of course he says no it isn't. But he obviously knows crap about how the Institutions trade News Releases (or even how the ex-Floor traders trade them).
The answer is a resounding YES, but trade them the right way. I traded the GU on the UK Manufacturing PMI this week.
I traded it long for 15 pips (an Undercooked trade i.e price not reflecting the new post news fair value).
Then I traded it short off the spike high (an Overcooked i.e. price more than reflecting the new fair value) for another 10 pips.
I wish I had stayed with that 2nd trade because it just kept going.
The best 3 out of 4 good news trades ALL require you being able to calculate the new fair value based on the news announcement.
You can :
1. Trade the pre-news positioning by the big boys - all completed BEFORE the news comes out.
2. Trade a Contra (enter before news and exit after news) when too big a pre-news price move means that the news forecast is over factored in.
3. Trade and Undercooked or Overcooked ( entry and exit both after the news).
4. Trade a short term pullback in the impulsive move after a big news release.
All of those have high to decent strike rate and good to amazing Return to Risk.
But hardly anybody teaches them!
Some of us have been reeling in the pips with Scenario Planning trades over the last few days. In this case only demo pips for me, because I am very cautious about leaving trades set up for while I am asleep.
But the AU has given me 2 out of 2 winning trades overnight in demo (set and forget) of more than 3R and a contact of mine stayed up and traded both Kiwi and the Aussie for 3 out of 3 winning trades in her live account (over 2 nights) - each of more than 6R.
Until Ray came along I had never heard of this type of trade.
I now have 3 different institutional news trades in my arsenal, plus one Floor Trader type trade for trading news and Impulsive moves.
Car Loss The Ass
In trading forex you need to acquire much needed education and try practice on a demo account through a good broker before going into live account.