Forex Trading

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 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.

 
Cmoss:
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.

 
mfoste1:
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.

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?

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

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.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

One other question, what you suggest when it comes to reading material to read prior to starting to trade with money.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 
heister:
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.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

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.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

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.

I win here, I win there...
 
Bi-Winning:
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.

 
econ:
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?

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!

Please don't make me talk to you like an asshole...
 
Bravo:
@ 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?

 

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.

 

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.

 

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