FX system for a few trades

Discussion in 'Forex Trading' started by niteflite, Oct 10, 2008.

  1. Hello. I've never exchanged currencies before (other than when traveling abroad). I'm looking to buy some asian currencies to hold for..who knows how long.

    Can anyone recommend some basic, reliable systems I can deposit USD into so I can make the trade?

    What kinds of commissions do they typically charge?

    Are there maintenance fees if I hold without any further trades for long periods of time?

  2. Don't you think that Asian currencies like the JPY has strengthened a lot? I know the Korean Won has been supported now, but otherwise it would seem that the strength of the USD is a very dangerous risk... if the puss boil explodes.
  3. hey nite flight i just made the transition from trading stocks to the forex.. and ive got to tell you alot is different... the forex is a odd mysterious place where things sometimes happen for no reason what so ever and sometimes for a reason that come out of the blue bends you over your computer table and uses a large blue rubber floppy man attachment attached to a large sawzaw to have its way with you... strategy is alot but i wouldnt venture in without a extremely sound strategy that has been tested for about a month and has a proven accuracy with YOU using of 80% or better.... i made the mistake of saying oh ive been a swing trader for 4 years ill be able to bridge the gap easily.... yeah and all i got was bent over the computer table and the memory of that blue man demoralizing machine having its way with me....

    Ill tell you though what i have had success with is a modified momentum/9 day ema style trade system. basically you set up a 9 day ema as a large black line... then set up your MACD-standard numbers... and then set up a RSI

    watch the place and then macd at first when the macd changes direction look for a big change in direction then look at your price once the macd has changed look for the price to close above the 9 day ema thenonce those two are confirmed look for the RSI reading if your looking to go long make sure the RSI is around 30 or so if your looking to short the rsi should be around 70 or so ive made trades where the rsi was 60's and 40's but wouldnt recommend near 50s

    also dont try to get in early MAKE sure the MACD crosses because sometimes youll get all the right signals but the MACD and youll go OH I GOT THIS.... then the SAWZAW comes out and RAILS YOU.

    love CHRIS
  4. oh yeah also set up a ema 4 with that if the ema 4 crosses the ema 9 on the close of a bar liquidate to cut losses it would be a fake out.
  5. Have you considered something like www.everbank.com - if you are simply looking for a deposit account in foreign funds?
  6. that may exactly be what i'm looking for. not looking to trade actively as a trader, but as a semi long term investor/holder. i guess these deposits are insured by the fdic?