Trading Forex

Discussion in 'Forex Trading' started by querry, Jan 9, 2013.

  1. querry


    I'm bored trading Futures. i find that i am not trading enough. So, I've been thinking about adding a little diversity.

    First of all: Which broker will allow me to open an account with about 2k or so? i have some ideas that i would like to test while at the same time get a feel for slippage and the movement of different currencies. i guess i have lots of other questions too. But after i set up demo and get a feel for the platform then the other questions will unfold as i prepare to go live.

    All help appreciated..
  2. eurojack


    Interesting, I'm trying to switch over to futures.

    I recommend Dukascopy Bank (SUI) or MB Trading (USA).
  3. speres


    its good to have ur fingers in lots of different good vol markets

    try starting with oanda and you can go as small as you like
  4. MBT if you scalp and you do not need to hedge (DOWN: only 1:50)
    FOREX4YOU CENT NDD if you need to protect your capital and test (Down: since 2007 but not regulated)
    Dukascopy if you know exactly what you want to do ( no downs :)
  5. Oanda is an excellent option also.. I think it is your actually perfect solution. You can start small and it has good reputation.
  6. 2012 (my first full year trading spot forex exclusively) was very good, no complaints. But in the last few days of DEC and the fist week of JAN, it was obvious to me things were changing, and what worked for me in 2012 probably won't work in 2013.

    I like forex and have no intention of going back to futures

    but they give you two choices

    1.Change your strategy

    2.Change your market

    some guys have one strategy and look across all the markets (and there are many of them today) for an opportunity which suits their style

    others prefer getting to know just one market

    Like my daddy always said, "It's ok to say you've run this road", but don't ever say, "I know this road."
    K-Rock likes this.
  7. querry



    The last couple of days have been fun. I learned a lot of things LOL. After looking into a lot of different reviews, I started a demo with Oanda. Thanks for all the recommendations. The platform is pretty primitive but I love that I can use my Mac or cell phone as well. I will only be using the platform to execute trades. If I have any major platform issues or problems with the broker I will post about it. I hope I have no trouble with cash withdraws down the road.

    As soon as Oanda says that I can deposit, I will be starting up $700 dollars in an account. Seven is my favorite number and no other dollar amount felt good to me. Haha. I guess I still don't trust these forex brokers to be honest. As things go well, I may add more cash.

    Ok so now it's time to set a goal.

    My goal:

    My main goal will be to compound this account 7 times. I mean: $700 - $1,400 - $2,800 - $5,600 - $11,200 - $22,400 - $44,800 - $89,600

    I know $89,600 dollars isn't very much to some of you. But, the concept I want to apply is compounding.

    So, it's $700 dollars on 50:1 leverage to start.


    @ eurojack - I will continue to trade futures as well. With Forex I plan to get in and out more intraday. I will also use futures to hedge against any technical problems or wild crazy spreads that may come my way.

    @ speres - Thanks.

    @ mcgene - Thanks.

    @ oldtime - glad things went very well for you last year in forex. I will start only using a few pairs.
  8. So, it's $700 dollars on 50:1 leverage to start.


    blow up 2 weeks tops!

    WHY do all fx traders trade with FAR TOO HIGH leverage?
  9. querry


    Summary of Week:

    Started out week with Monday and Tuesday in the hospital. Note to self: Don’t try to run for an hour without eating that morning. Wednesday I thought I’d start with a small size. Then I bought instead of sold. This happened to me twice this week. On Oanda’s platform if you hit the buy/sell button remember to tab into the sell. Or, I guess use the quote screen. I may try that next week. On Wednesday I also moved my stop back. After three consecutive losses, I walked away. On Thursday I cut size further. Thursday only took one trade. Friday I took most of my trades.

    Strategy this last week: day trade the morning - Eur/Usd - Contrarian, waiting for a break in price. However, price stayed strong. Equities also continued to break new highs on low volume. USD was not as strong as I was expecting for this week.
  10. querry


    Today the market slapped me around. Walked away losing 59.2 pips. I kept selling and Euro kept going up. I even doubled and tripled down. Finally, after the market moved against me twice, I managed to pick myself off the ground and walk away. I just wanted to sleep after that. It's funny how even though it was only 45 lousy bucks, the fact that I was continually in losing positions today weighed so heavy. Hmm.


    Usually when I have 3 consecutive losses, I walk away. I try to admit I was wrong on direction and that my head was not on right. Instead I took 6 losses in a row. I ended the day with 5 wins and 10 losses.
    #10     Jan 29, 2013