Hello everyone, I am Mathew from the US, precisely from the DMV area. I am new to margin trading(Forex), but have been trading stocks for a while now. I am trying to switch and so far I love the rich content of the study materials and the platform in general with so many helpful resources. I am happy to be here, and wish everyone here a successful trading career.
welcome, Mathew
Hi Mathew. Nice to have you here. The price action for stocks is the same as for FOREX, and is the same still for futures, indices, and metals. With that said, there are some differences.
First, you can trade FOREX 24 hours a day, which is pretty cool ( I know there is after-hours trades for other markets as well, but not live). I like FOREX also due to the brokers allowing micro-trading (small position sizes). But the E-micro S&P500 can give you small position sizes as well, so worth checking out.
The other difference you’ll notice right away is hardly any gaps on your charts, which I love! I hate trading stocks due to the incessant gappiness. Ugh!
Now the downsides: You’ll notice FOREX does not move well. It typically consolidates a lot or remains in a perpetual trading range, unlike stocks, which are in a perpetual bull market. With that said, you have a lot of opportunities to both buy and sell at any given time.
You also have to watch out for the correlation between pairs. That’s why I only trade one pair at a time. I know that’s counterintuitive for equities trading, where you may have several positions going at one time. The great thing is once you get more comfortable with FOREX trading, you could hedge certain equities positions using currencies.
All the best to you as you add currencies to your trading port.
Hi and welcome
Welcome Matthew.
Welcome to the community, Mathew! Enjoy the free resources here and good luck on your trading journey!
Unfortunately, brokers in US are different from European and offshore brokers.
Welcome welcome! Also wish you great successes on your trading!
Welcome to the community, Mathew. Good luck on your fx trading journey.
Hey Mathew! Thank you for the warm wishes, and we wish you the same success in your trading journey.