i like fx for the small cash required, and great leverage.
What's better forex or futures??
- Thread starter commoditiestrdr
- Start date
Why do you think it's a trap
Trading forex with high leverage means daytrading. So you need small stop losses.Quote from cabletrader:
Why do you think it's a trap
The bucketshop (broker) may (and usually do) change your quotes to trigger your stops.
The broker burns you with 10 or 15 pips more when buying, 2 pips commission (spread); another 10 or 15 pips less when selling, and the 2 pips spread; and you get 24-34 pips, enough for most high leverage daytraders to lose money.
Some may find this site interesting.
http://www.forexpeacearmy.com/public/forex_broker_reviews
Although I don't know yet how much there is that I havn't learned, after working the Forex part time for about 3 years I think it's safe to say stay with large brokerage firms as the smaller ones can be "bucketshops" and play games with you especially if you win consistantly so I'm told by those who've hd more experience.
Still polishing my act but have become good enough at precision entering swing reversals and catching trends if I miss reversal points. Just need to focus more on taking the whole swing now. 2-5 good swings per week with negligible drawdowns is the goal.
News trading might be something that interests you if not already onto it however I personally prefer Elliot Wave in combination with other indicators. If you want to compare notes anytime simply contact me either through email or PM option of this site. I'm new to the site and just getting to know its territory.
Ideally would like to work somewhere with a team of Elliot traders who can compare notes of at least basic 5 wave swing trade sets. I've started the following Forum although don't yet know if it's the best way to share trade ideas or not. A chat room may be. Tradingrooms has a neat chat option. All now.
http://www.forexpeacearmy.com/public/forex_broker_reviews
Although I don't know yet how much there is that I havn't learned, after working the Forex part time for about 3 years I think it's safe to say stay with large brokerage firms as the smaller ones can be "bucketshops" and play games with you especially if you win consistantly so I'm told by those who've hd more experience.
Still polishing my act but have become good enough at precision entering swing reversals and catching trends if I miss reversal points. Just need to focus more on taking the whole swing now. 2-5 good swings per week with negligible drawdowns is the goal.
News trading might be something that interests you if not already onto it however I personally prefer Elliot Wave in combination with other indicators. If you want to compare notes anytime simply contact me either through email or PM option of this site. I'm new to the site and just getting to know its territory.
Ideally would like to work somewhere with a team of Elliot traders who can compare notes of at least basic 5 wave swing trade sets. I've started the following Forum although don't yet know if it's the best way to share trade ideas or not. A chat room may be. Tradingrooms has a neat chat option. All now.
Forgot to mention the Forum... lol
http://www.elitetrader.com/vb/showt...8299&highlight=Trading+Excellence#post1788299
http://www.elitetrader.com/vb/showt...8299&highlight=Trading+Excellence#post1788299
Sorry but you're wrong crgarcia, on all points.
There was a good live chat going on http://www.forexnews.com/ but it's a few years since I've been in, it may have changed. There were a lot of Elliot Wave traders on there, all with different counts as usual, but some interesting live discussions all the same.
As for forexpeacearmy (was forexbastards), it's a waste of time and the reviews are in the most part inaccurate.
That's the perfect environment for lots of margin calls.
I compared live quotes from one forex broker (no commission) to quotes from IB (charges commission) which come from participating banks. The forex broker's quotes were consistently 2 pips wider, one on each side. It was obvious that the broker could pass all orders directly through to a bank and pick up 1 pip per transaction. So much for no commissions.