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I have about $10k to play around with right now. I have another $25k in my Scottrade account but I'm leaving that there. What do you mean $1000 at a pop?

Uh yeah. I want to start really small, tho, with mini lots or something similiar sized, and it seems like the only way this would be profitable is with Oanda (who allows any lot size and charges no commission and has small spreads on EUR/USD). However, Oanda has 3 major problems that I've...

Does "spot" mean "trading forex?"

That looks like an awesome book, but I don't care what other people think, I just care if other people have information that may be advantageous to me (ie. forex is a scam because x, y, and z and I should trade currency futures instead).

The forex forums are full of "noooo! don't trade forex! It's an unregulated scam/bucket shop/etc. Trade currency futures instead!!!" So tell me why I should do this. What is the difference? Is this market open 24 hours a day then like the forex market? Can I get a practice account...

More info?

I see. Thanks. Is that an update they send to their members?

I just logged into my Oanda practice account and the smallest spread is 10 pips now. Usually it's like 1.2 or .9 or something for EUR/USD. Why is it so high? Is this normal across all brokers? I looked at the average spread charts on oanda.com and it seems like that's pretty normal for a...

Ah. I guess that makes sense. The only other brokerage account I've opened was with Scottrade and I don't remember them asking me that.

Two more questions: 1. How do taxes work with Forex profits? Does your broker send you a statement at the end of the year? Is it just profits minus losses? Do you have to itemize every trade out like you do with stocks? 2. Why does Oanda want to know who my employer is when I go to...

You guys helped answer my questions. Thanks. I read something on Oanda's site about if you want to hold positions overnight* you're supposed to sell them and rebuy an identical lot? What is that all about? *I thought FX was open 24 hours a day. How are there "overnight" positions...

I see. So you can only buy mini-lots in integer values? Besides size, are there any fundamental differences between mini-lots and regular lots?

Ok now I'm confused. I thought the value of a pip varied with the size lot you bought. Does a "mini account" confine you to only trading 10k lots? What if I wanted to adjust size so 1 pip was $2, or $10, or $8.24?

So is it like $1 per unit? I mean to buy a 10k lot would that be $10k? And if you wanted to buy a 10k using less than $10k, then you'd be using margin, right? Sorry, I completely understand margin as it relates to stocks, but something about FX always trips me up.

Is this a good strategy for a beginner to stay afloat for a while? I'm on Oanda's website but I can't find their fees. I heard it's expensive to withdraw money from your account... shouldn't that be free? It's free with my Scottrade account.

Thanks, I have an FX Game account there. But I'm not used to FX terminology. Can you enter whatever size trades you want? Is their real platform the same as the game one?

Ok, I might be phrasing this question wrong, but is it possible to have an account using such small leverage such that 1 pip = 1 dollar? If I were to do this for real, I'd like to open an account with about $10k, but have 1 pip = $1, so basically I can make tons of losing trades and not even...

If you're winning 25% of the time with a strategy, start doing the opposite and winning 75% of the time.

bump. Has anyone been using this or backtesting it?

Ah. So technical entry, discretionary exit. This system has given me some stuff to think about. Thanks for sharing it :)