Afternoon everyone or whatever time of the day that it maybe out there
I trade with oanda Singapore and I use their fx trade platform. And from what I can see besides currencies I see other options like gold, silver, corn and that is paired up with currencies and also wall str 30, hk33, ger30 , japan 225. I’m wondering besides fx spot currency trading it seems like I can also trade commodities and stock indexes of certain countries ? I was just looking for varieties besides just trading strictly forex and I feel like the volatility is not that high /it’s too early to say and I’m fairly inexperienced even so/ it seems like I have to wait few days or even a week for some positions to close and I actually don’t mind that as long as it gives me enough pips and I’m still going to range trade whenever I spot an opportunity and somedays there just isn’t any I’m not a scalper so somedays it can be hard when there’s nothing to trade.
So I was thinking during times when there isn’t much to trade in fx I might want to make use of that time and trade other stuff like commodities and stock indexes though I’m aware for this I’ll need bigger capital at least a 1000$ I guess with leverage of course. But then again I’m thinking it’s probably too early for me to make such decision I mean first off I’m thinking I need to master fx or least get the basics fully develop my own system and where I’m fully confident. I’m a little confused as to whether if I should trade both at the same time or should I wait until I get forex at least half if not fully /I’m sure for that I’ll need more time/. What triggered the thought was I’m thinking I can actually apply the same technical analysis that I use for trading fx and I thought there shouldn’t be that much of a difference.
I’d personally master one thing at once - you don’t want to bring forex strategies into other trading and vice versa (don’t get me wrong, it may work, but it may also destroy your account).
Got to agree bro. At the end of the day it’s about money management. Double the instruments you trade on and you have to half your trade volume so halving the return. So learn to trade one instrument first before diversifying. With that said forex is a business and therefor diversification is the key to reduce risk.
I’m in the pick one and master it 1st camp. Some of what you need to know to trade in the forex applies to all the markets, however everything you need to know to be profitable long term is not applicable IMO. Small bankroll and limited experience means to me, just trade one market.
Maybe if you post, your trading method some of the traders who trade similar to you, could give you advice. For example I like to trade shorter time frames, so there are a lot of good trades, I also trade longer term and find there are not that many good trades that come along compared to shorter time frames. Again just my opinion. As you will see there are more than one way to skin the cat. Look for the one that mostly applies to you
Gp
