Hi all! I’m new to forex. Been doing the school of pipsology over again. Got half way through it almost a year ago and just now started up again.
I think I have a few questions.
I like Oanda because of the small account size, the unlimited fxgame, and no pressure. I download other demos only to find a 30 day limit. I’ve signed up for several forex.com demos, and had them expire before I’ve even tried anything.
Is Oanda safe and on the level? I like the trading platform/software.
If you start trading forex, can you go a day or two without being in front of a computer? Or would that screw up the whole profiting strategy? I know you can day trade, but can you make trades and let them go long term? even weeks to months and realize a long term profit? From what I see so far, forex looks like a day to day, or even hour to hour venture. Letting something ride a week looks like it could be disasterous. Automation? setting up stops and and automated buying?
Looking at candlestick charts and the explanation of candlestick charts at pipsology school, they talk about the different candlesticks in open/close. I don’t understand this. The forex market is supposed to be practically 24/7. How does the currency pair open and close with each candlestick? Each candlestick is what? Relative to your chart scale?
Maybe someone would ring in that doesn’t like the charting at oanda? I don’t know what I’m missing yet and so far find the charting at oanda sufficient. The only thing I’d like to see would be to glance at more than one currency pair per chart, but thats probably not practical once one becomes more experienced.
As far as time away form the computer goes, I’m just wondering how I would fit it in to my day. I guess I also wonder what the hot times in the market are. I know it’s a 24/7 market, but based on USD trades for the most part, wouldn’t most of the activity follow a US day?
I would probably start my day or every other day looking at some trades. I wouldn’t be able to play at work, then the evening is pretty much open depending on how I use my time. Of course weekends are the best, but with the market closing on Saturday…
I like FX Solutions for a broker/trading platform but for charts I use MT4 as they are the most used by everyone & have the most indicators written for them. I get MT4 from ODL and IBFX, have not had any problem with them closing the account after a month, but even if they did, you just open a new one.
Best times to trade is when UK/US hours overlap, some people also like 1-4 pm US eastern time, usually when markets are opening or closing, around that time you see some action.
I set alerts on MT4 to wake me during the night if price is going into my buy or sell zone.
Lots of people buy & hold, check out our G-Y equity building thread under Holy Grails, Free Trading systems, we just trade the guppy & most of us only buy it, not short, and hold for the runs, collecting the swap interest.
Lots of ways to trade, it will take a bit of time to find your niche, but you will find it
In response to your questions, I love Oanda. They’re easy to use, trust worthy and good. I don’t like their charts but I keep signing up for mt4 demos every month or two.
almost any trading strategy can’t be applied both long and short term. The same movements, ma crossover’s, trends, ect can be both seen in short and long term time frames. The only difference is that the longer the time frame the better chance of not being faked out. Also, longer time frames usually mean you need bigger stop losses…which means more start up capital.
As for candle sticks. The forex market is open 24/7. Candle sticks reflect the time frame you are one. If you are looking at a 15 minute time frame then each candlestick will be 15 minutes worth of time. This applies for each additional time frame.
The reason for this…as far as I know, is that it’s easier to see trends and use candlestick patterns to judge the market. If it was just a box that displayed price it wouldn’t be of much help.
But you don’t need candlesticks if you don’t want. You can use line graphs, max/min, ect. Oanda gives you several of these options.
Is it wise to try a couple off different time frames in the begining? I think it might be beneficial to do very short (some call it scalping), and then some longer day trades to multiple day trades.
The G-Y equity building sounds interesting just by title, now that I just finished learning how oanda handles interest rates. I will check it out!
In Pip School they talk about each candle stick opening and closing. So nothing is really opening or closing, it’s just the start of the next time frame is the “open” and the end is “close”?
Does one really need all that many charts, when candle sticks show so much?
Firstly, I wouldn’t believe the part about fewer fake-outs on longer-term charts. My experience is they are basically equally likely.
As for larger stop losses requiring larger capital, I am very disappointed to hear an Oanda trader say something like this. Oanda allows any trade size you want. If you need to employ a wider stop you simply trader smaller.
