FOREX currency trading

onthenephs

onthenephs

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May 21, 2004
What's up NT, I was wondering if anybody follows currency on here. I been trying to get into it, downloaded a free demo app from :

http://www.fxcm.com/forex-trading-demo/

The fluctuation and option to trade 24 hrs can make this pretty worth while.

Anybody got some tips or opinions?
 
If you sign up on the Forex website they give you a practice trading account for a month to test out your skills against the real world. 
 
I trade forex all of the time.

The best advice I can give you is follow the trends, and pay attention to what's going on in that country and whoever that country trades goods and services with.
 
WillzWay26 said:
I trade forex all of the time.

The best advice I can give you is follow the trends, and pay attention to what's going on in that country and whoever that country trades goods and services with.
Click to expand...

Nice, what do you use? Do you do it online or through centres?

What exact currencies do you fall back on?
 
I use forex.com b.c it has an app on my phone so I can follow my trades better, and the fxcm graphs kinda suck to me.

USD/JPY and USD/CHF follow the US market the most, so if anything isnt happening in Japan or Switzerland for that day, you can trade those pairs depending on the direction of the US market.

But for the most part, just look at what's happening in the news in that region.  For instance, there's a lot going on in Europe in terms of them lowering interest rates because the european economy is still struggling, so EUR/USD, GBP/USD have been moving a lot the past few weeks. 
 
Forex.com you need at least $250.   I think fxcm is like $50 for a mini account.  Thats like one trade tho lol.

The best advice to learn the stuff honestly is just immerse yourself in it.  Investopedia and Marketwatch.com are a few good starting points.  And do a practice account to see how a trade works. 
 
from experience, it's manipulated depending on where you place your stop loss, it's kind of expected that the big banks etc in charge of moving the fx market are going to push price purposely above or below previous price levels and touches or bounces because that's where most people place their stop losses at.
 
sold usdcad 10 pip stop 20 pip take profit. Price already disrespected the first attempt down by pushing up against it the 2nd time up top taking out stops ( similar to what the first leg up looks like up top, with the second push up after) , I think it comes down 15 pips atleast for sure
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