Questions from a newbee

Hello everyone, have been checking out Forex trading for the last 3 weeks and got interested by reading your school of Pipsology, blog and forums. This has been very interesting. I have opened a practise account with Forex.com and Oanda ( I prefer Oanda).

I have not been very successful YET, :frowning:

1- can soemone advise on the best pair to trade? and why

2- Can someone tell me if there exists better overall spreads than Oanda?

3- From experienced traders, is it better to find someone that guarantees spreads or price execution (no slippage)?

4- What are good web sites (other than BabyPips) to go through for information on Forex

Thanks, answers to these questions will help save alot of time

hi there

here’s what I think in response to your questions-

  1. can soemone advise on the best pair to trade? and why

you should experiment with a number of currency pairs - they each have their own idiosyncrasies and there is no ‘best pair’ to trade in my opinion.

2- Can someone tell me if there exists better overall spreads than Oanda?

I would not worry too much about the spread. Go with a reputable firm and check their record on the NFA website. Execution quality is just as important as the spread.

3- From experienced traders, is it better to find someone that guarantees spreads or price execution (no slippage)?

See 2. Go with a reputable firm. The feedback I have on Oanda is positive overall.

  1. 4- What are good web sites (other than BabyPips) to go through for information on Forex

FXStreet is great for education also, Forex Factory is a hot forum, alot of people into systems development there, Traders Log is a good overall resource on trading.

Good luck!!!

1- i prefer to trade with simple indicators and systems so that i can easily move from one pair to the other without changes. most people prefer to trade EUR/USD and USD/JPY. their spreads are the smallest and they are less volitile. i personally have no preference. i trade the major 6 and as soon as i get a signal on any of them then im all over it.
2-ummm… you can try ECN brokers. they allow you to make your own spreads which can be as low as 0pips. but you have to pay a transaction fee. ECNs are suppose to be safer then MM (like Oanda) but so far, Oanda is one of the best brokers. so dont be quick to knock it. my most professional views you will find that Oanda is the best even though it does have few problems.
3-hahahaha… slippage is a very tricky thing to measure and compare between brokers. you usually dont see slippage cause its just a very sneaky way brokers do to take a little more money out of you. slippage happens durin volitile hours so you can always avoid these periods but all in all, most brokers experience some form of slippage. most people who complain about slippage are news trader so if you are a not a news trader then slippage is not something that should concern you too much. in the forextown forum i left some links to review sites:http://www.babypips.com/forums/forextown/374-can-we-really-win.html check out forexfactory, forexbastards for broker reviews and more good ingo .the best may to completely avoid slippage is ECNs but they have their own problems research them and ECN tend to be harder for newbees to use and the price action is more volitile. but a real ECN take the middle man aspect of brokers out. so you dont have to worry about sneaky stuff from your broker.

4-the guy before listed some good sites. there are other good forums like forexfactory and moneytech. but if you want to suppliment your knowlege you are just gonna have to read, ask lots of questions and do your own homework.

good luck.