I've been daytrading forex for about a year. To me, the spread isn't really a big deal and you get used to it after a while. If you are hesitant to get into trading forex because of a 4-5 pip spread, don't even bother trading it. I've daytraded stocks in the past, but forex is more profitable IMO. The playing field is more level, and it's very hard to manipulate. For the 4 majors (EUR, JPY, USD, CHF), it takes a 10000 lot position to move the market 1 pip, and 10000 lots is about $1 Billion in currency. The return on my money this year has been huge, but it isn't for everyone.
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Sharing Thoughts on Forex
- Thread starter Corso482
- Start date
this appears to be an excellent charting tool.
http://www.forexnews.com/external/sp/default.asp
it also has a strategizer that includes pivot points along with intraday commentary.
http://www.forexnews.com/external/sp/default.asp
it also has a strategizer that includes pivot points along with intraday commentary.
also, if you have mgfinancial.com as your broker, they give free data thru a dde link, doesn't work for trial accts though.
http://www.mgforex.com/service/default.asp?loc=dde
also downlaods historical data for 500 bars
http://www.mgforex.com/service/default.asp?loc=dde
also downlaods historical data for 500 bars
I think smaller traders should trade the futures. Big hitters can deal directly with a bank. Globex trades all night, if you are inclined to stay up and watch it. You have the security of the exchange clearinghouse. Who knows what is going on with these offshore FX sites? What happens if they go belly up or default or you have a gripe on a trade?
The currency market is probably the most intellectually interesting market around. There is a lot of good commentary available. One of the best is Currency Bulletin, published out of Monaco I believe by an Englishman who runs a currency fund and used to write for the FT. He has a website but I don't have the url.
The best indication of volume is the OI for the futures. A lot of the interbank volume is tied up in hedging or commercial flows, so the futures activity is viewed as the speculative or marginal volume. Much money has been made using systematic trend following approaches, but of course these tend to have big drawdowns and low win/loss percentages. Definitely not for everyone. I have found in the past that simple channel break or Donchian systems are profitable.
Re: AAAintheBeltway's earlier message on page 5 -
http://www.currencybulletin.com/