Forex Playmaker - Symmetrical Trading

[Forex Playbook]

Originally Posted by tradertan

How does the EUR/AUD look to you after the current USD moves?

Hey tradetran ... Glad you joined me ...

I don't have a particular take on the EUR/AUD at this point, though I do like both the EUR and the AUD against USD. A play I may consider is long the EUR/USD and short the AUD/JPY, though I'd need to have a better look at it first.

[Forex Playbook]

savedbygrace7777,

There's nothing wrong with starting small to start, but make sure that your trade sizes correspond to your account size. With $1K, you should not be trading any more than 5 microlots at a time. That would leave you at 5:1 leverage which is manageable. Your goal should not be big gains in real money, but consistent returns measured on a percentage basis. If you make $50 in a single month, it won't exactly change your life or your financial situation in any real way, though it is a great return on a $1K account.

As far as brokers go, babypips has a great tool for selecting a broker that you should have a look at: How to Choose a Forex Broker - BabyPips.com

As a beginner, you should stick to the majors where you will find the deepest liquidity and smoothest trends... specifically the EUR/USD, USD/JPY, AUD/USD and AUD/USD would be a good area of focus. Determine between those pairs which ones you are most comfortable with. GBP pairs are probably best avoided to start, as the volatility can be difficult to handle when you are just starting out.

Hope this helps ... and welcome to the thread!

[Forex Playbook]

Originally Posted by Forex Playbook

As a beginner, you should stick to the majors where you will find the deepest liquidity and smoothest trends... specifically the EUR/USD, USD/JPY, AUD/USD and AUD/USD would be a good area of focus.

Replace one of those AUD/USDs with the USD/CAD.

[dabofoze]

Originally Posted by Forex Playbook

savedbygrace7777,

There's nothing wrong with starting small to start, but make sure that your trade sizes correspond to your account size. With $1K, you should not be trading any more than 5 microlots at a time. That would leave you at 5:1 leverage which is manageable. Your goal should not be big gains in real money, but consistent returns measured on a percentage basis. If you make $50 in a single month, it won't exactly change your life or your financial situation in any real way, though it is a great return on a $1K account.

As far as brokers go, babypips has a great tool for selecting a broker that you should have a look at: How to Choose a Forex Broker - BabyPips.com

As a beginner, you should stick to the majors where you will find the deepest liquidity and smoothest trends... specifically the EUR/USD, USD/JPY, AUD/USD and AUD/USD would be a good area of focus. Determine between those pairs which ones you are most comfortable with. GBP pairs are probably best avoided to start, as the volatility can be difficult to handle when you are just starting out.

Hope this helps ... and welcome to the thread!

thank you!