I have no idea. Just looking at the charts, especially the longer term charts, it seems there is the potential for a big move, but I have no idea which way it'll move. Really, I think it depends on what time frame you want to play in. The 1-4 hour charts are (to me) bearish, and you could probably make a decent profit. The flip side is the daily and especially the weekly show the potential for a hard thrust, and it seems it's more likely to be an upward thrust. These are just my observations and thoughts. I really don't know what I'm talking about as I haven't been doing this too long. Also, don't be so restrictive about your first trade having to be short EUR/USD. Everyday, there's a decent amount of potential trades for the person who (A) finds them and (B) is willing to act on their convictions.
Hey thanks for your thoughts. What would you advise me to place my first trade on. I really cant afford to lose on my first trade.
I'd prefer to not give any actual advise on what pair to trade. If you "can't afford to lose" then you may be better off paper trading for a while. Playing with scared money makes it even more difficult to succeed, in my opinion. Sorry I couldn't be of more help, but I really don't feel comfortable giving specific advise. I don't have anywhere near the trackrecord or qualifications to do so, and I wouldn't want you to lose money off of my pick.
Anybody got any info on FXCM? _________________________________ What is a brokerage? Do i need a brokerage if i am going to place all my own trades? or do i just need a Market maker like FXCM and trade on their platform? Thanks in advance.
Hey shaw, if you "can't afford to lose", then how about "you can't trade if you can't afford to lose"? Or for learning, how about just trading smaller? Your forex broker allows it or not? If not, sign up with www.oanda.com they offer tiny minimum units (you can basically have your grocery change as your total position in the market) for forex trading. But quintessentially I would just say the best is to totally avoid trading with money you're not prepared to lose 100%. Scared money loses. If all the world's great traders agree on this (even Niederhoffer!), then there must be some truth to it. Here is an excerpt of one of those funny conversations I had yesterday with a trading friend (a Chicago-based futures- and bond trader), who is starting to manage money for people. He posted me the excerpt shortly after speaking to him. The conversation with his "client" kind of violates the rule of "Don't trade with scared money." Now tell me, would you manage money for this client? [12:24] friend: i'm running this guy's money for him [12:24] me: ah yeah? [12:24] friend: yeah... here's one of our IM conversations.. LOL [12:24] friend: Names changed to protect the innocent.... (21:57:35) xx: the reason why i'm doing this.. (21:57:41) xx: is because i want to get rich. (21:58:04) xx: if you lose all my money. (21:58:10) xx: it could be frustrating. (21:58:14) xx: i may hate you. (21:58:34) friend: lol.. well, i won't lose it all (21:58:40) friend: i won't lose (21:58:46) xx: if you lose any money, i may kill you. (21:58:57) xx: choke you. (21:58:59) friend: ur drunk? (21:59:04) xx: nope i'm serious. (21:59:08) xx: don't lose any of my money. Always watch out for greed (i want to get rich) and fear (don't lose any money or i may kill...). You, too could become one of those "clients".