Accounts and Reading

Beginner Questions
1

Hi all,

So far I’ve opened accounts at Plus 500 and Oanda to see which I get on with best (I know this isn’t the only consideration) is there any other I should look at?

Also, is there anything I should be reading daily - probably sounds stupid but I’m learning. I mean like financial websites etc

Thanks

2

You’re in England aren’t you, Jinkster? I’ll be surprised if you can do much better than Oanda for a spot forex trading account. You’ve picked a pretty good one, there. I don’t know anything about Plus 500.

For daily reading, I’d suggest choosing a trading book by Brett Steenbarger or Van Tharp and just read 5-10 pages per day, every day. That might be much more helpful than any website.

3

As a fundamentals or technical trader; read Bloomberg Markets and ForexFactory news headlines daily. It’s NOT necessary to read entire articles. Just browse headlines (and read summaries). In about 2 weeks you’ll start feeling the pulse of what’s happening in world markets. Doing this before a trade will also make you aware of any land mines to look out for. Bad news on the JPY in recent past? Might want to look for sell opportunities. Oh! Download the Bloomberg Radio and/or TV app. Listen/Watch whenever you can. Just trying to get the pulse; not so much about the details.

4

Thank you.

Yes, England. In addition to books. I mean is there any specific news websites I should be looking. I’d like to look at how news can affect currencies. So I could look on a site, then look in my demo account and see the impact, I don’t even know if that makes sense! But wondered if there’s some daily currency news I should be looking at.

Thanks again

5

Personally I disagree with Oanda, they are notorious for wider than average spread hikes during news events which is well known in the retail community - from a day trading prospective at least anyway. If this matters to you, which it really should, then I would look for other UK leading brokers. To name a few as guidance.

  1. FX pro are a UK leading retail spot FX provider by volume
  2. London capital group and IG Group are a leading UK retail spread betting providers by volume.

Depending on your circumstances and objectives, the choices are yours. As for Oanda, feel free to track their spreads at news releases amongst the named above brokers, and others for a full and fair picture.

6

Have you already finished yet BabyPips School? For the reason that, this is one of the most powerful foundation for the novice traders!

7

I recommend Investors Mart as a good source and taste of financial market news. Lot’s of stuff about forex and stocks, and the real time economic calendar was great too.