ECN. Used most by professional traders. Difficult platform for beginners
Minimum deposit $10000 (or $3,000 if under 25yo) * Well diversified -Oanda
Market maker. Second largest retail FX brokerage in the US. Easy platform for beginners.
No minimum deposit
Not well diversified, but well capitalized -Gain Capital (whitelabel forex.com) *Market Maker *Fair spreads *Minimum deposit $250 *Well diversified -FXCM Inc
ECN. Largest retail FX brokerage in the US
Minimum deposit $2000
Not well diversified. CAUTION: FXCM nearly went bankrupt in Jan-2015 due to a lack of diversification and low capitalisation. As a result FXCM LLC was bailed out with a large loan which may prove difficult to pay back. Be warned that their business may not be sustainable in the long term. -MBTrading
ECN. Mid-sized retail FX brokerage
Minimum deposit $400
International Only- -LMAX (whitelabel DarwinEx) *DMA broker based in the UK. Note that as a DMA broker LMAX eliminates the ability for LPs to last-look transactions. This may result in reduced liquidity during volatile times as liquidity providers would be likely not to risk posting liquidity to LMAX's pool. *Tight spreads *Minimum deposit $10,000 *Fairly well diversified -Dukascopy *ECN based in Switzerland, but available elsewhere depending on local regulations. *Tight spreads *Minimum deposit $100 *Fairly well diversified -IC Markets *ECN based in Australia *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Fairly well diversified -Pepperstone *ECN broker based in Australia. *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Not well diversified Software / Apps: Desktop/mobile
Apps are typically broker dependent. Some brokers have their own proprietary software, while others lease common software like Metatrader or NinjaTrader. Some software has a large development community for indicators and EAs.
Terminology/Acronyms: www.forexlive.com/ForexJargon - Common terms and acronyms FAQ: I need to exchange money, how do I do it? This isn’t what this sub is for. Your best bet is using your bank or an online exchange service. Be prepared to pay a hefty fee. I have money in one currency and need to exchange it into another sometime in the future, should I wait? Don’t ask us this. We speculate intraday in FX and shouldn’t be relied on to tell you what’s best for you. Exchange the money when you need it. I have an FX account, should I start trading demo or live? This is highly debatable. You should definitely demo trade until you have mastered how to use the trading platform on desktop and mobile. After that it’s up to you. Many think that the psychology of trading live vs demo trading is massively different. So it may pay to learn to trade live. Just be warned that most FX traders lose almost their entire first account so start with a low affordable balance. What’s money management? Money management is a form of risk management and is arguably the most important aspect of your trading when it comes to long term survival. You should always enter trades with a stop loss - the distance of the stop allows you to calculate how large of a percent of your account balance will be lost if your trade stops out. You can run a monte carlo simulation to figure out the risk of having a number of trades go against you in a row to drain your account. The general rule is that you should only risk losing 1-4% of your account per trade entered. More on this here: www.investopedia.com/articles/forex/06/fxmoneymgmt.asp www.swing-trade-stocks.com/money-management.html What about automated trading? Retail FX traders have been known to program “Expert Advisors” (EAs) to automate trading. It’s generally advisable to stay away from that until you’re very experienced. Never buy an EA from a developer because the vast majority of them are scams. What indicators are best? That’s up to you to test and find out. Many in this forum dislike oscillating indicators since they fail to capture the essence of what moves price. With experience you will discover what works best for you. In my experience indicators that are most popular with professional traders are those that provide trading “levels” such as pivot points, fibonacci, moving averages, trendlines, etc. What timeframe should I trade? Price action can vary in different timeframes. In longer term timeframes the price action and fundamentals are much more clear. Unfortunately it would take a very long time to figure out whether or not what you’re doing is successful on longer timeframes. In shorter timeframes you can often tell very quickly if what you’re doing is profitable. Unfortunately there’s a lot more “noise” on these levels which can prove deceptive for those trying to learn. Therefore the best bet is to use a multi-timeframe analysis, working from top-down to come up with trades. Should I trade using fundamental analysis (FA) of technical analysis (TA)? This is a long standing argument in these forums and elsewhere. I’ll settle it here - you should have an understanding of both. Yes there are traders who blindly ignore one of the other but a truly well rounded trader should understand and implement both into the analysis. The market is driven in the longer term through FA. But TA is necessary to give traders a place to enter and exit trades from a psychological risk/reward standpoint. I’ve heard trading Binary Options is an easy way to make money? The general advice is to stay away from binaries. The structure of binary options is so that when you lose the broker wins. This incentive has created a very scammy industry where there are few legitimate binary options brokers. In addition in order to be profitable in binaries you have to win 55-65% of the time. That’s a much higher premium over spot FX. Am I actually exchanging currencies? Yes and no. Your broker handles spot FX is currency pairs. Although they make an exchange at the settlement date they treat your position in your account as a virtual currency pair. Think of it like a contract where you can only buy or sell it as a pair. In this sense you are always long one currency while short another. You are merely speculating that one currency will appreciate or depreciate vs another. Why didn't my order fill? Even if price appears to cross over a line on your chart it does not guarantee a fill. Different charting platforms chart different prices - some chart the bid price, some the ask price and some the midpoint price. To fill a limit order price needs to cross your limit's price plus the spread at the time that it is crossing. If it does not equal or exceed the spread then it will not fill. Be wary that in general spreads are not fixed. So what may fill at one time may not at another.
Eventually you can be left with a Forex chart that looks a little something more like this… Maybe your chart doesn’t look this bad – but you can see my point. Don’t pollute your charts. It is easy for traders using Forex indicators to lose control and pile more indicators in to try mitigate flaws from other indicators. The candlesticks and the price action are the only truly reliable ... A signal-to-noise ratio compares a level of signal power to a level of noise power. It is most often expressed as a measurement of decibels (dB). Higher numbers generally mean a better specification, since there is more useful information (the signal) than there is unwanted data (the noise). For example, when an audio component lists a signal-to-noise ratio of 100 dB, it means that the level ... The pin bar on the daily chart requires a lot more price action order flow than what has had to go 15 minute chart to turn price around to form the rejection and complete the pin bar. This is also why the smaller time frames print a lot more false signals. The Process to Forex Trading Profitability A line chart is useful for cutting through the noise and offering you a brief overview of where the price has been. However, you wouldn’t want to base your trading decisions solely on this data as essential information is missing. Bar & Candlestick Charts. Most trading charts you see online will be bar and candlestick charts. They give you the most information, in an easy to navigate format ... Forex news from ForexLive. The fastest Foreign Exchange market reporting and analysis. Live Forex and economic news. Technical analysis, headlines, Live quotes. Bill Williams' Trading System - Forex strategies 2020 on Forex-Ratings.com ... The screenshot shows a segment of the chart on which 3 trading signals are formed. Of these, 2 turned out to be unprofitable. Such statistics do not justify the use of strategy in practice. These signals are really effective with a pronounced trend, which happens quite rarely. As you can see, none of the popular ... One school of thought maintains that 1 min charts are nothing but noise, and if that is your belief then I would not continue going any further, you cannot be successful in something you do not believe in. A second school of thought says that all trends start from the 1min chart, if you wish to explore that second opinion then read on. Manage the noise levels in your classroom with this useful Voice Levels Wall Chart. This resource is an absolute class management must. Use the scale to educate your children about which voice levels are appropriate for different scenarios. Pin the chart up in your classroom and refer back to it to help your children feel confident about which voice to use and when. Get them involved and turn ... When forex trading indicator give you up or sell trend signals the brisk plot or value is kept at 10 points for RSI signals or no repaint trend indicator in any market session time, in this case, a move of other more points or minimum mt5 or mt4 in forex indicator with moving average 10 is needed to get another brick below line for uptrend. In fact, Renko will ignore free renko charts software ... If you place your exit targets too tight when scalping, chances are that market noise will stop you out of your position or miss your profit target. 1-Minute Forex Scalping Strategy. In the following lines, we’ll cover a simple yet effective Forex scalping strategy on the 1-minute timeframe. This strategy is based on both trend-following and ...
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