Thanks to the newbie for this helpful, relatively easy question. The answer is in parts: 1) At all costs avoid exchange-traded products, where cold-blooded volatility puts your position at risk. Forex futures on the Chicago Mercantile Exchange are an example. CME forex futures are priced according to market forces and, if at any point there are more sellers than buyers for the currency future youâve bought, youâll lose big time. No mercy. 2) Scrap together all you have and all you can borrow and open an account with a spot forex dealer. There are dozens to choose form. At the one you choose, the dealing desk personnel will set the prices, in contrast to exchange-traded products. The dealer is there to help, offering a fascinating trading platform free of charge, with juicy extras like charts, streaming news, and commentary. The dealer is giving you access to international finance, and at a pittance of what the big players pony up to participate. 3) Quit your job. 4) Use the extra time you now have to read all the most active posters on boards devoted to forex. Some of those boards, like Moneytec, have an unusually high percentage of posters who make money trading forex. Those traders have developed systems, particularly systems grounded in technical analysis, that consistently deliver profits. Follow those systems in your trading. They can do it, so you can, too. 5) Closely follow each new post of successful âsystemsâ traders. Eventually, the poster will let slip the name of the spot forex dealer he trades with. Thatâs the dealer you want to go with (see item #2 above). Itâs easy to start because that same dealer usually sponsors the board youâre reading. Just click on the dealerâs ad and youâre set.
After comparing the Euro FX future's price gap with the EUR/USD spot price gap some times when markets were extreme volatile, such as right after NFP or TICs releases, I found the two gaps were always the same or had 1 to 2 pips difference(spot's were normally larger). No observations and then no comments on the liquidity comparison of other currency futures and spots. Spot dealers are doing business, not doing charity. Of course, CME/Globex still has a long way to go to let its ALL FX futures' liquidities catch up its spots competitors' level.
Satire, does not work here...believe me A Phil Hendrie Fan and an unpublished Novice Satirical Writer.(to see my work read my 6k plus posts) Michael B.
3000 pips down? And you're not out of that loser yet? Great advice there idiot. I know multiple people on this board have requested this scammer's removal, why hasn't he been removed? He is dispensing incredibly bad advice that could hurt those who are new to trading the FX and on top of all that, he tries to sell his "system" for trading FX on here, all the while refusing several requests to post his "1000 pip/day" P/Ls he claims to achieve. Any other scammer like this idiot would have been removed loong ago. Why are the mods so nice to this one.
If 2500 pips either way = 0.4% of that person's account, he's obviously not trading for money. When he's lucky enough to be right, he posts in # of pips made; on the losing side, it's .00005% of his four-figure account. It's probably all true too, which makes it all the more sad
Readers, You know what to do. Just click that complain button in the lower right corner. If enough of you do that, then ET will have no other choice, than to do what is necessary. Meanwhile, do not pay attention.
Trading fx based on technical analysis or with a charting program trading system is no different than trading any other vehicle. US of A online fx brokers are regulated by the CFTC. Registered fx brokers don't allow simultaneous B/S trading of the same pair. fx offers much smaller initial Account/Trading margins compared with stocks and futures broker requirements. Unlike futures trading 'overloss' is protected against. Oanda offers the lowest spread on the eurusd pair however the spread can and does widen to +10 pips. Having 100+ pairs to trade isn't helpful unless you've the margin to trade that quantity of pairs or perhaps if you live in a country with an obscure currency you're bent on trading. FXCM guarantees fixed spreads. Realtime data is available for free in dealer charting programs and can often be linked to such as FXCM's feed or MetaTrader 3 with programs such as TradeStation and MetaStock. Alpari located in Moscow has clients located throughout the world including the US. Saxo has a bad reputation based on posts at several forums. Day/intraday scalping is the blingbling of trading â fx or otherwise and BuyandHold Day-to-Days/Weeks trading of fx pairs is a profitable trading method. MoneyTec is the largest fx 'only' forum where you'll find several pdfs to download as well as many references to sites for additional education/info.
Coinz, for the life of me, i can't understand how you'll be so happy exclaiming you are thousands of pips in the hole. maybe its a matter of timeframe , perspective etc. Under these circumstances if you can still scalp for thousands of pips in the EUR/USD everyday to make up for your loss.... more power to you.