Want to start the transition into Forex: Mainly USD/JPY

[heavenskrow]

I've been trading the Nikkei mini futures lately after the U.S. session and have built up a nice stake starting from 0. I use the USD/JPY as reference to my trades but lately I've been noticing that my "expectation of movement" in the USD/JPY(7.5/10) has been more correct than trading the Nikkei futures. I've also noticed that USD/JPY seem to move more in sync with how I believe markets work whereas the Nikkei 225 mini seems to sometimes just drift along or the volatility is dead while the USD/JPY has the movements I like.

Would anyone be able to guide me into starting either a demo account or a broker that allows forex trading here in the U.S. with a small amount of play money, say 2-10k max.

 

[radex78]

Seems usdjpy today move on bullish trend if using daily timeframe as trigger analysis, still having high tendencies to bullish, and look on hourly also still figure out bullish trend

 

[Gary Sharp]

I've been trading the Nikkei mini futures lately after the U.S. session and have built up a nice stake starting from 0. I use the USD/JPY as reference to my trades but lately I've been noticing that my "expectation of movement" in the USD/JPY(7.5/10) has been more correct than trading the Nikkei futures. I've also noticed that USD/JPY seem to move more in sync with how I believe markets work whereas the Nikkei 225 mini seems to sometimes just drift along or the volatility is dead while the USD/JPY has the movements I like.

Would anyone be able to guide me into starting either a demo account or a broker that allows forex trading here in the U.S. with a small amount of play money, say 2-10k max.

Here's a list of US brokers to get you started: http://www.investopedia.com/articles/forex/011515/top-usregulated-forex-brokers.asp

 

[radex78]

Usdjpy today, on daily timeframe occured bearish candle, but still not yet break low on previous daily, still possible on this line as support area and probably can occured reversal time

 

[Alexfx79]

USDJPY. I allocated 2 key levels: resistance - 104.35; support - 103.95. I plan to go short after breakdown of 103.95 level. I’ll look for confirmations on smaller timeframes. Potential - to 103.65-103.25.

 

[doggyfx]

I've been trading the Nikkei mini futures lately after the U.S. session and have built up a nice stake starting from 0. I use the USD/JPY as reference to my trades but lately I've been noticing that my "expectation of movement" in the USD/JPY(7.5/10) has been more correct than trading the Nikkei futures. I've also noticed that USD/JPY seem to move more in sync with how I believe markets work whereas the Nikkei 225 mini seems to sometimes just drift along or the volatility is dead while the USD/JPY has the movements I like.

Would anyone be able to guide me into starting either a demo account or a broker that allows forex trading here in the U.S. with a small amount of play money, say 2-10k max.

Are you going to trade CFDs or Futures? Brokers set different capital requirements for both, but CFDs are cheaper. Not sure if any US broker offers currency CFD's to trade but make your own research to confirm/disproof that.

 

[Jason Rogers]

Would anyone be able to guide me into starting either a demo account or a broker that allows forex trading here in the U.S. with a small amount of play money, say 2-10k max.

Hi Heavenskrow,

FXCM is regulated in the US by the CFTC and their latest data show US traders have more money on deposit with us than any other retail forex broker.

For the amount you are looking to trade, you could open either a Mini account ($50 opening minimum) or a Standard account (5k minimum). Our site has more info on the differences between these account types and link to a free demo account.

Please let me know if you have additional questions.

 

[Jason Rogers]

Are you going to trade CFDs or Futures? Brokers set different capital requirements for both, but CFDs are cheaper. Not sure if any US broker offers currency CFD's to trade but make your own research to confirm/disproof that.

Hi Doggyfx,

CFTC regulations distinguish between OTC spot FX trading (AKA retail forex) which is allowed in the US, and CFD trading on products like oil, gold and stock indices which is prohibited for retail traders.

While margin requirements for retail forex can be lower in other countries, US regulations set a minimum leverage of 2% on FX trades capping the leverage at 50:1. However, retail forex offers you the flexibility of smaller trade sizes compared to FX futures.

For example, FXCM's minimum trade size for USD/JPY is one micro lot or $1000 in notional value. This trade size requires $30 in margin and allows you to risk approximately 10 cents per pip. By contrast, the E-micro FX futures has a notional value more than ten times greater requiring a trader to put up more margin and take on more risk per pip.