Starting from scratch...Forex Trading from Canada

T

twoplus2is1

Recently I have become aware of forex trading; and I like the potential of trading currency over anything else. I am new at this and could use some guidance from veteran and new forex traders alike.

Where do I begin!? I need some advice for the absolute beginner and beginning novice stage.

I've found many helpful articles to act as a starting point introduction to forex, but there are a lot of unanswered questions still. Mostly to do with chosing broker/software and analysis software, etc.



I am located in Canada (Toronto/general Goldenhorseshoe area). Any specific information on Canadians beginning trading forex would be especially helpful, but I would also appreciate any information at all from U.S. forex traders as well.

I have located a few brokers that provide a basic platform to begin a demo account.

For instance, the sites www.forex.com and www.questtrade.com both offer an exact same demo but it is completely different than the demo that is offered from www.mbtrading.com , which I found to be the best so far. The forex.com and questtrade demo's don't have level 2 whereas the mbtrading.com demo does have level 2. I believe this would be important to have when trading currency.

How do I go about this. What broker would you suggest and would I have to get some kind of charting/analysis software on top of this? Any recommendations on this.

Thanks
 
I can recommend IB [Interactive Brokers] (only in so far as I have met them at their offices yesterday in London, UK).

For data I use Dailyfx, which gives free charts, although I am informed that esignal gives good data.

IB also now give charts as part of their package, but as I am not yet a user of their systems I can only pass on others' comments which is they are (close to?) the best anywhere.

Don't know if there is a Toronto Office or not. Look here:

http://www.interactivebrokers.ca/en/main.php

Well they allow Canadians in then!

http://www.interactivebrokers.com/en/general/contact/contact.php?ib_entity=ca

There is a toll free number of 1 (877) 745-4222 but I don't know if that's near you (I only lived near Toronto for 1 year in 1992 and don't recall dialling codes!)

HTH
 
Oanda is a great forex company. Your choice should be either IB or Oanda if you want to do forex. Oanda is a Canadian company by the way. But I would strongly suggest you to look at CME currency futures. Read my and other threads here where differences between spot fx and currency futures are explained.

... and I like potential of trading currency over anything else.
More...
The potential is there only for very large traders due to liqudity. Totally out of reach for someone without millions.
 
As Red Duke faithfully supports his product that he trades there are two points that were brought out in his threads, among other points, which I am sure he will expound upon.
  • Spot Forex offer more pairs... and more liquidity during certain times, compared to Futures.
  • Spot Forex Dealers/Marketmakers generally offer free charts, which represents a savings of thousands per year, compared to Futures.

Michael B.
 
A member for barely an hour and already this forum has been a great help. Thanks for the info so far. I'm doing my research and 'googling' right now. Keep it coming...much appreciated!
...I also posted another specific question regarding hardware/software trading desk set up at home, shortly after posting this thread...any advice from veteran traders or new traders alike on that question would be great as well...
...thanks

p.s...anyone ever come across a 'how to' site on forex trading or trading in general that could guide a beginner from beginning to end on set up and education realted to trading at home?...
 
gaincapial.com as will give you a free 30 demo..
good executions and several institutions use them via white label.

you might find trading early stock premartket 6-730 am and 6-9pm a good less volitile period for trading.
ie jpy/usd chf/usd usd/euro a good mix

jpy/usd during the evening has prove profitable as the moves usually are not as large and in a lot of cases you will find the currency pair channel or range.

good luck

w
 
Quote from ElectricSavant:

As Red Duke faithfully supports his product that he trades there are two points that were brought out in his threads, among other points, which I am sure he will expound upon.
  • Spot Forex offer more pairs... and more liquidity during certain times, compared to Futures.
  • Spot Forex Dealers/Marketmakers generally offer free charts, which represents a savings of thousands per year, compared to Futures.

Michael B.
More...

Hi Electric,

Yep, it does offer more pairs. And if that is what one really needs, than forex it is.

Charting is of no concern. May be in the very beginning, but even with 1 standard lot, the cost becomes immaterial.

You know the reasons for my devotion to futures over forex.

Regards,
redduke
 
Hello, I was looking for a topic to post a question about the currency futures market. What are the differences between that and the forex? Much appreciate your help.
 
I will jump in to say "regulation" and standardized, centralized quotes.


Quote from massiv:

Hello, I was looking for a topic to post a question about the currency futures market. What are the differences between that and the forex? Much appreciate your help.
More...
 
Quote from massiv:

Hello, I was looking for a topic to post a question about the currency futures market. What are the differences between that and the forex? Much appreciate your help.
More...

Just read few on my replies on recent forex threads. I layed it out there.
 
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