Forex crew: I am a total noob to Forex. Get in here and help me (please :) )

Discussion in 'Forex' started by IronFist, Sep 25, 2007.

  1. I'm not familiar with the Oanda interface, so I can't comment about it - other than you must be comfortable with whichever platform you settle on.

    EURUSD, USDJPY, etc are great to start with - you'll typically find good movement in any of the majors during late London and early NY sessions. I'd recommend just starting out with one pair (such as EURUSD) and live and breathe it for a while.

    Pip is the smallest increment, so like you said, .0001 is one pip for EURUSD and .01 for USDJPY.

    Obviously 1-4 pip scalps are OK, if your losers are tighter than that. 30 pip slippage is possible with major news - so avoid trying to trade the news and that shouldn't be an issue for you.
     
    #11     Sep 26, 2007
  2. I keep hearing things about "trading the news." What does that mean? Trading when news is released related to currency?

    Are there specific times that this occurs? What times does "news" come out? Is it different for each currency?

    Thanks.
     
    #12     Sep 26, 2007
  3. Right - some news releases have a larger impact (e.g. NFP) on a currency than others (e.g. Trade balance). Some people get off on trading news events - I think more for the thrill of it.

    Forex Factory has a very nice and simple to use calendar... http://www.forexfactory.com/calendar.php
     
    #13     Sep 26, 2007
  4. Cool, thanks. So if it says EUR that means it will probably affect all pairs involving EUR, right?

    What timezone are those times in?
     
    #14     Sep 26, 2007
  5. Forex is for fucking idiots who follow the bright lights...
     
    #15     Sep 26, 2007
  6. Insightful.
     
    #16     Sep 26, 2007
  7. Sorry..you wanted 2 sentences..

    1) forex is for fucking idiots...
    2) Trade currency futures instead..
     
    #17     Sep 26, 2007
  8. Right - they allow you to customize the calendar for time zone and pairs (you might have to sign in - I don't know).
     
    #18     Sep 26, 2007
  9. I don't know anything about futures, either. My only experience is with stocks.

    Why are they better? Where can I get a practice trading account?
     
    #19     Sep 26, 2007
  10. It seems like EUR/USD follows trendlines/Fib lines a lot more consistently than stocks do (based on my one day of experience, lol).
     
    #20     Sep 26, 2007