Forex Daytrading

Hey guys I am listed daytrader and I had a few questiosn about forex, thought maybe somebody would have some answers:

 

Sorry posted without questions


1. Is forex daytrading posiible?
2. Are there many daytrading firms for forex?
3. If there are any forex daytraders that are out there and want to share there experience, I would appreicate that.


Am not lookin to make a move to forex just trying to find out if it is possible


Thanks

 

You're kidding right? Do a search in google and you will find 1000's of fly by night forex "brokers"... Let me save you from finding out the hard way. One warning... The FX markets are not regulated and you can loose your entire account if you are not careful on your broker decision (See RefcoFX).

Market makers:

Oanda

ECN:

EFX Group (For small traders)
Interactive Brokers


Many say that the Futures Pit (CME Globex) is the best way to go for daytrading the currency markets. I agree depending on what size you want to trade. I trade different and hold positions longer term so I've stayed in the Spot markets so far but if you are just daytrading mabye use your current broker and trade on the Globex.

 

Thanks for the reply, I kinda this post up cause I was overwhelmed by the response on google. Figured someone here has done the leg work. My firm right now is a listed/nasdaq prop firm I know they have no capability for currency trading, (nor any kinda futures).

 

Also wanted to ask if forex had a level II, or is it just level I quotes?

 

You really havent done any research have you? The least you could do before asking others for there time to explain would be to, as said before, google it, or just look it up at the local library. Something is better then nothing.

-secXces

 

FX has no central exchange and is not regulated... That is why I said take care in who you deal with. Because there is no central exchange Level II is impossible to achieve. You can get multi bank feeds from esignal if that will help but there will always be orders that you never see. You have lots of learning to do. Good Luck.

 

Thanks for the help guys.

 

Forex is just like any other trading instrument.

 

Sure it is!

...but forex daytraders who actually make a consistent living at it are even harder to find than straight male hairdressers.