Register at this mostly fx forum: http://www.moneytec.com/index.php go to the 'Beginners' forum where you'll find a thread(s) dedicated to answering many of the questions you have and will have. Most fx brokers have minimal charting programs, what you can do is download and install MetaTrader 4, a comprehensive charting/order entry program, similar to MetaStock. Price quotes are usually close enough that trading decisions can be made via MT4 and orders entered at your broker. (some fx brokers can't accept Canadian accounts since they're not registered in Canada/Province specific) Don't know of a Canadian broker offering MT4, several in the US, dependable renewable demo download from: http://www.alpari-idc.com/
Strange how GFT is (obviously ) a sponsor here, but no one ever mentions them. Dealbook is a damn good visual charting platform for a technician. Prefer it to MT4, but then i dont like metastock.
twoplus2is1, As you see everybody seems to be faithful to the platforms they trade with. You have already enough to choose from, but I'll still though you the broker I trade with: ACM. Check the out. I'm quite fond of their platform and they have the advantage of being Swiss (no tax in gain!) Cheers mate & good trades! F.
Hi FarajL, This is actually not correct. Platforms/instruments/brokers are not things to be faithful to. The moment something better comes out, I'll switch without hesitation. Also, it does not matter where broker sits, you pay taxes based on where you reside. Trading at Swiss broker/market maker has no advantage for retail traders, because in case of dispute Swiss/Danish laws are geared towards broker and not a retail client. Regards, redduke
In a few weeks, I will migrate over to Neoticker front-end with MBtrading for brokerage (they accept Ontario FX accounts). Try going with an ECN model as opposed to a retail FX shop. You need to be aware of the distinction. An ECN operates strictly as an order matcher for unrelated parties. No trades are made are taken by the operator. On the contrary, retail shops take the other side of your trade and profit at your loss. As you slowly awaken to all the 'rouge anomalies' that exist within the completely UNREGULATED market that is (retail) Forex - you will begin to understand the importance. This game is all about perseverance. I spent 3 years designing and testing a mechanical strategy only to put it aside 4 months ago in favor for TA. Do not underestimate the power of Technical Analysis in Forex (LUKE!!). Forex is made for TA. All the best.
...you mentioned exactly what I've been discovering over the past week....there is so much to sort through when beginning out...so thanks for the info so far...any other info is welcomed for me and other newbies looking into this thread...especially info from other Canadian/Ontario forex traders... ...the journey has just begun...
Oh yea. Its a long and winding road. Don't worry about logistics until you've developed a profitable approach. Brokers, pairs, leverage, futures, money management. You only need to know the basics for now. Just focus on the underlying. Learn how it moves. When you got something, go demo. When you're profitable, then you can get knee deep in the 'who what where how'. I could have saved myself a few years had I just focused on TA. And not any of the oscillators or indicators. I am just talking trendlines, support and resistance and channels. Thats it. This race is only with yourself.
NEO TICKER, Better service, no programming glitches, and more powerful than Ego Station, yeeeeeeeeeeeehaaaaaaaaaaaaaaw The Ever Countryfied VIPER