Just became a member earlier tonight.. I must say, I'm glad I found this place. It seems to be the most active website for this kinda material. Anywho.. I've just recently been bit by the "investment" bug. For the last month or so, I've cleaned out the local library of all literature related to this stuff.. equities, options, daytrading, swingtrading.. etc, but the area I've had the most fun in is technical analysis. Momentum trading. Now, I have limited capital. Since I don't have the 25,000 minimum required for a typical daytrade account, I've been limited to buying equity futures, with most holdings lasting two to three days. Pretty simple stuff.. going long after support levels, puts when I feel the resistance has been hit. I really feel like I have a knack for tracking trends. Guess I should get to the point of this post. Forex is one area I haven't read about. I've been messing around on demo accounts (metatrader at the moment). Is Forex trading the ultimate for technical analysis junkies like myself (aside from typical daytrading on nasdaq volatility)? I've read that there is zero commission and superb leverage. Any of you guys trade Forex for a living.. perhaps with many monitors, multiple charts open, scalping pips at obvious trend patterns? Just curious if its possible.
There's no "commission", but they take a couple pips from you in payment, which can be even more expensive than a set rate. Forex is not bad for TA trading under the short term, but fundamentals really rule the long term. Go here and you can sign up for a free demo account with OANDA, who have good rates and let you trade with very little money if you have none -- and by the way, if you DO have some money, you won't once the Forex gets through with you. Welcome to the club.
At any one time I have apx. 50 open trades in over 15 different pairs, and am live trading in the market over 90-hours a week. I'd say that accounts for "trading forex." How much do you trade currencies?
Nope, I'm an expat in Moscow, but not a full time day trader. Since I'm an expat, I've got some disposable income, and into Forex is where it goes. But I do trade often, as business is essentially on auto pilot much of the time.