I've become quite intrigued with forex trading lately and want to give it a shot with some virtual money. There a lot of websites like stockcharts.com that give you charts for companies and the ability to use tools like Fibonacci, but I cannot find any for forex. Does anyone know any free websites that give you these tools for the forex?
Thanks
All brokers have their own proprietary software you can use after you fund (or you can try out using practice accounts) or you can usually link to Metatrader if you prefer to use that. However, I will say that Forex trading is extremely competitive and 99% of people lose money on it.
I use FXCM.com
check fxcm and download their software
try freestockcharts.com they do have some currency pairs you can play with and a tonne of indicators. its primarily focused on stocks but worth a shot.
try oanda.com. I started using a practice account and then funded it.
Be careful man, trading FX without having the flow of information that traders have is fucking tough.
babypips.com also has a virtual school you can work your way through. fxcm is some really good stuff
For those who trade FX (Originally Posted: 11/13/2011)
What do you read/watch everyday to find out what's going on around the world? I'm going to start trading FX soon and would like to do this type of research to find out what affects currencies and why. What type of research does your firm do find out what drives price action on a day to day basis. Also, I'd appreciate it if a trader can keep in email contact with me, to answer some of my questions and guide me through the learning process.
Watch out for key economic numbers, identify broader macro themes that are getting played out and learn as much as you can about technical analysis and systematic trading.
www.forexfactory.com
Filter it to whatever countries are relevant to you and have a good idea of the week. Sometimes the economic numbers may not always affect the pair as you may think it would, so trading on news may be unreliable at times just to keep in mind.
New to Forex trading (Originally Posted: 03/30/2012)
Hey guys,
I just delved into virtual forex trading two days ago. I'm still learning the ropes though I did a few virtual trades. I tried to calculate the profit I would make on some of the trades - could someone just check that my calculations and methodology are correct? I would really appreciate it.
I shorted the CAD/JPY at 83.0250 and covered at 82.4630.
This is my analysis: I would short sell 100,000 Canadian dollars and receive 8,302,500 yen in exchange. I would cover my short by buying back 100,000 Canadian dollars for 8,246,300 when the exchange rate dropped. Using a leverage of 100:1, which is standard, I would only have to put down 83,025 yen as margin when I originally short sell. The 56,200 yen that I would make on the trade would be my profit, netting me a 68% return, approximately.
I also shorted GBP/JPY at 131.499 and covered at 130.958.
My analysis: Similarly, I would receive 13,149,900 yen for short selling 100,000 British pounds, and have to pay 13,095,800 yen to cover my short. The 100:1 leverage would mean my margin is 131,499 yen and my returns are 54,100 yen, or a little over 41%.
Are there any mistakes or is my profit calculation correct?
math is good....good luck with execution
What do you mean by good luck with execution?
I've only been paper/mock trading forex for 2 days and am not familiar with the difficulty of actually trading it.
i may be wrong but you can only go up to 50:1 leverage unless you are outside of the USA
I play GJ all day long, its volatile enough to make money daily in fact I'm up 14% this week alone.
Be careful with forex, I personally have lost a small fortune and now play with pennies.
I'm not sure. I did some reading on investopedia and other websites that mentioned 100:1 as leverage (I'm actually practice trading on oanda.com and there the leverage is 100:1 as well).
What is GJ?
What made you lose the money in forex (unexpected changes in exchange rate due to news for example?)?
Thanks for your help mate.
I said good luck with execution basically meaning your betting the rates go one direction and if they dont you can lose alot...as previous comments mentioned...thats all
FX Trading - Algo system (Originally Posted: 04/02/2011)
Hey guys,
I am interested in doing some FX trading from my own account and was wondering if anyone out there has an algo system that they use and if so how do you like it.
breakout systems work very well in strong trending markets(with proper money mgmt). If you can really fine tune and program this algo to specific price behaviors in certain crosses its extremely profitable. Its probably the best algo I use on my desk with regards to win rate, and sharpe.
Yea, I have been looking at pre genearated algos and software but alot of it is stupid expensive for what they actually give you.
Do you know anyone who has written their own algos?
dont buy any of that shit , its a ripoff and they dont work. the best thing to do is find a programmer who can tailor the program to fit your specs or learn the programming language. the downside to learning the language is obviously time invested, however if you plan on using more algos, then long term its best to just learn to write.
What platform/broker do you use?
yes I know a few programmers and I write my own(mql,lua{learning c++})
Right now I am using a sim account to test some of my ideas, as far as a program or algo I am not using either I am just trying to get the hang of it and how to spot trends and other things on my own.
One other question, what you suggest when it comes to reading material to read prior to starting to trade with money.
i dont really think its a type of thing where you can just read and then trade real cap and be successful. forget the books, you have to just experience it and gain empirical knowledge. I would trade a demo for at least 6-12mos before i would even consider putting real capital to work. trade demo for 6-12 months and when youre profitable for 6 consecutive months, then ur ready to go live.
what broker/platform do you use?
I am looking at Fastbrokers, and MB Trading to open a new demo account. Before I was using a glitch in my account I had for a class I took in college. The FX part of that was pretty low quality. The reason I asked about books was to just get a more in depth backgroud on the FX markets, lingo, well known trading stratiges ect ect. So far my demo trading has been hit and miss but like I said before I am just trying to get a hang of how to spot trends.
Thanks for all of the help in advance.
i gotta run in a few min but if you have any question pm and ill give u my cell
What do you all think about Fastbrokers or MB trading?
mb trading is ok, fastbrokers id be wary of. I have a couple of personal accounts with DBfx, dukascopy, fxcm and oanda.
Thanks, what do you think of interactive brokers? I have heard good things about it for equity and options but havent heard much about it when it comes to FX.
FOREX Trading (Originally Posted: 05/07/2011)
I recently decided that I want to start currency trading for myself in my spare time. However, I have no idea where to start. What do I need to do, in order to start trading in this market? Also, what resources should I be checking out to get my feet wet?
You're better off doing some extensive reading prior to risking capital.
The most relevant FX trading books I've read (I can PM the first two books as a PDF if you wish): http://www.amazon.com/Forex-Patterns-Probabilities-Strategies-Range-Bou… http://www.amazon.com/Day-Trading-Swing-Currency-Market/dp/0470377364/r… http://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensiv…
Also check these out for Fundamentals though the FX Markets run on technicals: http://www.amazon.com/Currency-Trading-Intermarket-Analysis-Shifting/dp… http://www.amazon.com/Secrets-Economic-Indicators-Investment-Opportunit…
As far as brokers are concerned, I've used FxPro, Oanda and ThinkorSwim and personally found FxPro ideal for FX trading.
Add this one to the list of books for TA. He is very TA focused and emphasizes on the aspect of trading more than coming up with trade ideas. http://www.amazon.com/High-Probability-Trading-Strategies-Tactics/dp/04…
I use MB Trading. http://mbtrading.com/ I've tried FXCM and others and MB has one of the best spreads out there. You have to be careful with FX to pick a broker that routes your orders through ECNs and are not market makers. Market makers take the opposition position to your trade and it's not uncommon for MMs to to manipulate spreads to hit your stops.
IMHO if you pick a simple TA technique for a relatively stable currency, pick trades with a good risk reward ratio, don't over leverage, and follow your rules no matter what your emotions say, you can make money in FX.
this is where i started way back in hs. great school, but you have to make sure you finish it all(pre-college) and trade a demo acct as you go about.
www.babypips.com
my broker input: ive been around the block a few times when it comes to brokers. ive found that FXCM is the best. They have avg retail spreads, by far the best platform, good deposit/withdrawal methods(my last deposit was processed in a few hours and in my acct. last withdrawal was back in my checking acct in 2 days), they also allow algorithmic trading on tradestation. PM me if you plan on trading automated....
Where can I find a demo environment to practice? Also, will these demos have the software for viewing candlesticks, swing lows/highs, Fibonacci levels, etc.? If not, where can I get this type of software that works in a demo environment?
@ Econ
PFGbest (Best Direct 8 plat) demo can do that for you. You can trade forex, futures, commodities, equities, options(not allowed on demo), and spreads(not allowed on demo) off the same platform.
Good Luck!
Anybody know of any other demos?
In each quarter, 75-79% of FX retail investors lose money. True story. Good luck trading FX for lolz with no real edge.
I would venture to guess that number is way higher.
Interested in FX Trading.. Basics (Originally Posted: 01/04/2010)
I'm on winter break and I am bored as shit. I was on the bloomberg website checking out some quotes and I Found these videos on bloomberg, anyone interested in Forex Trading and would like to know some basics of how the currency market works and just a few basics about the actual trading here is the link. It is labeled FX Education Videos, theres about 24 videos. Figured someone would want to watch some of these:
http://www.bloomberg.com/invest/education/fx/fx_videos.html
Enjoy
Hey here's a little list of sites that will help you out on how to trade forex.
http://www.babypips.com/school/ That school is really helpful and goes through the basics of everything.
http://www.investopedia.com/articles/trading/03/091703.asp That's a little article on fx and that site has a lot of helpful information on it.
Best thing to do just read up and every broker offers a demo account you can use. http://fxtrade.oanda.com/forex_trading/fxgame/
Oanda offers a practice account that you can trade on that will never run out. Go through that school learn everything about forex. Than hop on the demo account and start trading.
Hello Slumdogny,
Thank you for post bloomberg. I am also looking for some information about trading. here also you can find some good basic information about trading.
http://www.trading.co.in
Thank you
Regards, Nirmala
Thanks for taking the time for the post...great for noobs that have an interest in this space.
Hey moochies I wasn't looking for help on basics, I was just posting a link for people who wanted to know some basics. I was bored and started to watch some of these so I figured I would post the link. Thanks for helping and posting more links. I would love to get a post going about peoples different interests in different markets and opinions, most posts have to do with advice but it would be cool to start a post about all of the different markets and what people think about the current state of the markets.
List of websites that offer demo accounts, 50k to play with:
www.fxcm.com
www.forex.com
www.gftforex.com
www.fxdd.com
Thanks man, I have used forex.com before and it was decent.
Ah my bad I scanned over your post a little too fast.
naah don't worry about it moochies not a big deal. On a different note, anyone doing an internship ? or looking for one? (relating to FX) or even relating to finance in general
im spending winter break fixing up my resume/cover letter and applying to all postings on my schools career website...im a soph btw, looking for a gig either over the summer or during school year, cuz I have zero work exp so far
I interned in FX last summer (mostly sat with options and structuring, along with 2 other desks) and am returning to trade FX Options in case anyone has any questions, would be happy to answer. Feel free to reply or PM.
If you’re just starting out and want to practice forex analysis with real tools, there are some great free options. Sites like TradingView give you live forex charts with technical tools like Fibonacci retracements, moving averages, and RSI indicators. You can also create demo accounts on Valetax, where you’ll get access to MetaTrader with full charting and analysis features. That way, you can test strategies in real market conditions without risking real money.
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