I am relatively new to Forex and after a bit of advise i opened a practise account with Oanda.com.
I have spent a bit of time gleaning info from various sources and an overriding tip is the statement “dont go against the trend” or “the trend is your friend”.
the problem i see is the trend changes depending on what timescale you look at on the charts on a 15 minute chart it might be a downward spiral but if you switch to an hourly it is on an upwards direction.
I was under the impression that most people day trade, do many people trade long term? if so how do they get round the problem of interest rates or is that not a big issue?
I trade gpbusd, so there is very little charges in terms of interest, in regards to intraday trading or swing trading or even longer term trading its down to your personality, some people get stressed trading everyday and some just love it, you`ll have to give it a go and see what suits you.
You definitely have to trade the timeframe that best suits you. Despite what you might read here and in many other places, most people in the markets are not day traders. It’s just that day traders are the more visible and vocal group. They’re the ones that have time to post on forums.
The question about interest rates was asked. The influence of them varies among the pairs based on the spreads. Certainly, if you are a longer-term trader you want to consider that part of things. If you are a day or swing trader, though, that’s probably not a big worry.