Forex for Dummies

[wayneL]

Thanks for the chart Wayne.

Do you trade the Futs using Volume?
I don't so have no idea how good it works.

I've always wondered if it is worthwhile following the futures Volume but haven't tried it as from my understanding Futures follow Spot?

Anyway....I'll be long on breach of the second red Candle on the left with stops underneath the latest green one:

I keep an eye on volume but more of a pattern trader really. If there is volume I can't explain then I sit up and take notice.

It's there, ready for if I want to refer to it.

 

[BentRod]

If there is volume I can't explain then I sit up and take notice.

Makes perfect sense, thanks bud.

 

[Wysiwyg]

Hi BentRod

My problem is simple - in Forex, I have no Volume and OBV to gauge the market. The FX charts are too messy, trends appear uncertain and erratic. Who's in charge - the bulls or bears?

I think forex charts are trendy, not messy and trend duration is purely time frame subjective in my opinion.

Waynels suggestion of using forex futures open interest data is, from what I read, the best alternative.

 

[AbundantIncome]

Re: Forex for Dummies .. what's with the high pips ?

Checking the demo account to trade again after a restless sleep ... wanna learn more but body is tired last night so ...

there are about 10-20 pips difference ... is this due to the non active period or ???? anybody using interbank forex ? i have a feeling they are a market maker as i was learning, they provide warning about off exchange which I assume to be the same as Market Maker system.

Is that right ? if this is the case, then I am not going no where close using it then ... no point using demo account which is different to the real trading account I would be using ....

or is this just the period of the forex market where it has a wide spread ?? could we get the periods to avoid please ?????

i get some tips on babypip about avoiding crazy fridays, weekends, holidays ... any period of time you find it impossible to get good price during the day ? please share


thanks

PS: i lost like 2.5 k from demo account as we speak ...

 

[kam75]

Futures.

Though volume won't be a perfect guide because of the open outcry hours etc. the volume is there and it's real.

FWIW

Thanks WayneL. That may well be what I'm looking for.
How do I get started?
Any particular software to use?
Education?
Brokers?
Capital needed to start?

 

[wayneL]

Thanks WayneL. That may well be what I'm looking for.
How do I get started?
Any particular software to use?
Education?
Brokers?
Capital needed to start?

www.interactivebrokers.com

You can trade both futures and forex via ECN (and just about every bloody thing on the planet)

 

[caribean]

Below is a shot of the futures contract with difference between Bid&Ask, and also volume with climax etc. depicted in different colours, do you really need all this stuff to trade?...probably not.

 

[Cooks]

Wanted an opinion of which broker to use for Forex. Was looking to start trading and have been using FXCM for trial. One bad thing is their spread seems a little far fetched. Is this normal compared to with other brokers? Does anyone have any recommendations?

Thanks

 

[Page]

Wanted an opinion of which broker to use for Forex. Was looking to start trading and have been using FXCM for trial. One bad thing is their spread seems a little far fetched. Is this normal compared to with other brokers? Does anyone have any recommendations?

Thanks

If you are looking for a good forex broker I can recommend few of them like Oanda, Iforex, Easy Forex, Forex Yard, Finexo and AVAFX. These are some nice online brokers and having nice services as well. They are regulated and working well worldwide. AVAFX is an online broker fro Cyprus and working well in this market. It is not having NFA approvel it is in process and will get it soon. They are having nice services. For more information's about this broker you can visy their site AVAFX.com. I have also written some blogs for beginners they can take help of this URL.

reeal-reealjordan.blogspot.com/

 

[finvik]

Wanted an opinion of which broker to use for Forex. Was looking to start trading and have been using FXCM for trial. One bad thing is their spread seems a little far fetched. Is this normal compared to with other brokers? Does anyone have any recommendations?

Thanks

well there are many available on the net only. but for the beginners you should always look for broker that accepts payments though PayPal so that you dont have to get into e-gold or any such thing. give the details of your location, it will hep us in finding a good broker for you

 

[Page]

Forex market is a very risky market and one must take help of dummies to learn about trading this market.