wow…i am sick of Forex.com…they sold my position like a margin call while i was in a profitable position with plenty of margin remaining
Hi tconnelly,
This is one of MY favourite subjects i.e. equities / commodities / bonds / futures vs forex (but I’ve no intention of causing a riot here this morning)!!! LOL!!!
If I may (and really just for my own curiosity):
Did you make money trading (penny) stocks???
Any particular reason why you never considered trading the major indices???
Just curious as I say.
Regards,
Dale.
I’m also using Oanda.
Eur/Usd with 0.9 pip spread is pretty nice. Even on Usd/Cad or Aud/Usd, I won’t get more than a 3 pip spread.
As for the software, it seems like it was designed in 1997, but as it’s been said, if you don’t rely too much on heavy indicators and EA, you’ll be just fine.
Execution has been flawless for me too.
Finally, you get to choose your trade size (from 1 unit to lots of lots)
My guess would be that trading indexes is a slow process. You have to hold your positions for a while to make 4%. With penny stock, you can go from 0.12$ to 0.14$ in 2 days, which is WAY more than 4%.
Hi!
I’m in the same boat here; just started forex trading after quite some time daytrading in stock markets, mainly indices.
And I like it; glad to see the same strategy works with forex.
Of course I do keep an eye on fundamental data and stay away when they break, but I mainly focus on Momentum and RSI indicators.
So, when RSI gets below 30, a reversal in price action is highly probable, as is so when RSI gets above 70. No more, no less.
Btw, it is very useful (or key) to keep the areas under/above the RSI curve in respect to the value of 50 in mind.
Btw I’m with Dukascopy. I’m comfortable with their software, service so far is flawless and with a cash-back service the commissions do not hurt as much.
Find an ECN broker to your liking.
Can you post a chart showing what you mean by “range trading”?
He lied to you. Forex is OTC, it has no center, as opposed to stocks.
Basically range trading is selling when the price moves up and buying when it moves down predicting that the price will return back to its origin.