Forex is perhaps the "purest" market to trade using TA. Not much news causes big overnight reversals of a forex pair chart. The thing to bear in mind is what the big banks are doing. They move the prices, and they are not speculating on the pairs themselves, they are buying and selling the actual currencies. So beware of e.g. buying an AUD-based pair when all the others are falling. Related to this, analyse the news by analysing the charts. You won't find anything in news that the big banks didn't already see, so be in line with what they are doing. An example is the EUR/CHF collapse on 15/01/15. The big banks had been forcing the EUR lower for the whole of 2014. By 14/01/15, none of the leading EUR-based pairs were bullish.
Here's a good observation on banking activities. Couldn't be more right on prices playing in the hands of the big lending institutions. I always thought Forex not being much affected by news like stocks, but sure keeping a watch on what the big banks are doing should be a great analysis tool. Thanks.
well, I have used IG, fxview and Tradestation, I will share my experience so far: IG: I liked them for their educational resources as their efforts seem quite decent to upskill their traders. Only gap I found was no copy trading integration. Tradestation: honestly it took me a long time to learn to create my own trading system but once I did I found the platform exceptionally stable. Not much issues. Fxview: Withdrawals are the fastest, sometimes even processed in a day. Only issue I found is that they are active 24/5. Haven’t much to complain as I have only used it for the last couple of months. Will keep you posted if I find more concerns. Hope this helps.
What do you guys think about GDP of a country affecting the movement of pips? Like if people have money to spend and the economy is good, it should ideally reflect in the currency right, but right now in States unemployment is rampant and still the USD is doing better (although down than before) than most currencies where the GDP is better. Hope I am conveying this right, but what I want to know is if markets/currencies are truly a reflection of the economy or not, thanks.
thanks, have already heard about IG, only skipped them due to their limited product portfolio as I needed. Will create demos for both Tradestation (I am a quick learner for complex things ), Fxview and check more info on them. I will update you guys then.
Most forex traders are accustomed to counting price changes in points in all cases and do not think that this method has some drawbacks.
Warm welcome to the forex industry Jamesstefines Out of the pairs you mentions, EURUSD is the most widely traded and volatile pair you can definitely pick one pair and master it and then move on the next pair.
any major pairs are fine to start with and as any have suggested, EUR/USD is probably the best to start.
yes its the best from all we have , actually i think any major currency is safe and secure than others in online.