New to Forex in the New Year...Lots of questions

Hello, I’m from UK, signed up for a Spread Betting account type with a UK FCA regulated broker. I am a retail trader. Downloaded MT4 app on my phone. My aim is to make the most gains with the least amount trades as possible during a typical trading week on Mini lots starting with £500gbp account balance with my broker. So its no to Scalp Trading. Apologies in advance for lots of these questions being asked that were maybe been answered a million times already however the answers to these questions will definitely help with my risk management and for those new to forex reading this:

General Questions:

  • What day of the starting week Australia FX market opens at what time in GMT UK time zone and what half day in the weekend does the FX market closes off at and at what GMT time does it closes in new york USA to end the FX trading week?

  • If I hold a trade overnight for swing trading, then am I liable to pay the overnight fee/rate? If so what GMT time will I be liable from for holding this trade pass this time? If I am liable to pay and do not want to pay this then that means I cannot swing trade on a spread betting account type? Day trading and scalp trading is only suitable for spread betting account type, not swing trading?

  • On a typical trading weekday, what times in GMT where there is the most volume for the most popular trading pairs? Does higher volume means lower spreads?

  • Where can I see the UK FX 2023 economic calendar so I know when the FX holidays are? During holidays the spreads are much higher?

  • Which currency pairs are the most popular and has the lowest spreads suitable for a beginner?

  • If I want to avoid scalp trading then which time frame is best suited for my trading style mentioned above?

  • Which time frames Brokers/Market Makers do not go Stop Hunting/Sniping?

Risk Management Questions:

  • If I trade using Standard lot, each Pip in a standard lot is $10, then for example if the spread is 8 pips then I be paying a $80 fee to enter a position on that trade?

  • Lets say for example my account balance is showing $10 with my broker, my broker offers me 1:100 leverage giving me $10000 to play around with… Okay I like to risk it all, who wouldn’t lol? Risk losing that $10 bill that I found on the sidewalk on a 1:100 leverage trade on a mini/standard lot so I can make huge gains from my $10… then the trade goes against me and I blow up my account and lose my $10. From here can I open up another broker account with the same broker and repeat and try my luck that has better chances than the lottery?

  • In high leveraged position trades, do stop losses trigger much quicker if market goes against you?

  • In the Mt4 phone app where can I see what leverage my broker is offering and is it the same leverage for all micro, mini and standard lots?


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There are a lot of questions that could be answered if you do your own research. Google it.

However, I’ll provide a few answers that I know about. The Asian session starts at 6 A.M. Bangkok time on Monday which is 6 hours ahead of GMT and closes at 2 P.M. BKK time, which is 8 A.M London opening session.

Some regulated brokers open their platforms at 5.A.M BKK time for Sydney opening.

The London followed by the NY sessions provide the greatest trading volume. The FX Majors provide the greatest trades and the lowest broker spreads, particularly the EUR,GBP,USD combination pairs.

Some brokers provide MT5 & Trading view platforms on their phone apps which are better updates. Personally, I only use a MT5 desktop.

Leverage has nothing to do with price action, which will trigger S/L for any lot size at the same time. .

I hope that helps.

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Well, according to my own experience try to use those trading pairs where you are getting the maximum profit ratios from your trading system!

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i hope you got a fine answer by steve , by the way most welcome in this community , have a very perfect journey

i tried to answer but that are too long , by the way Welcome to this community , enjoy your stay . thanks

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Have you completed Pipsology? It’s a free course. It will answer all your questions.

Study hard!

Hi yes these are the platforms that my broker pepperstone supports:

  • Metatrader 5
  • Metatrader 4
  • CTrader

They also offer a free tool called AutoChartist, can anyone vouch for this, any good?

Regarding the TradingView platform, is that free to use?

CTrader also has cTrader Automate, is this trading bots that automatically trade for you or do you have to program your own bot for it to work? Is this true, 95% of all forex volume/trading is done by automated high frequency algorithm bots especially by the big institutions/smart money or do these big institutions trade manually by hiring the best mathematicians in the world and placing them in front of a computer terminal screen all day to trade?

If above is the case and is true, then its me retail investor on a £200 smartphone vs high frequently algorithmic bots big institutions/smart money. Obviously these bots are not advanced to adapt to black swan events but with improving Ai overtime its just a matter of time that they will.

Nowadays can bots adapt to the economic calendar to anticipate or don’t execute a trade after the news is released?

With bots they have no emotion when it comes to trading which gives them a advantage over us humans.

I rarely found traders are using this complicated trading platform! Till now using the mt4 trading platform!

Yes, Forex is little challenging for newbie traders because they need much time to understand the market environment. They should read e-books and other trading journals to flourish their knowledge.

In this New Year, you should start afresh. Forget about all previous losses and start trading in an effective way and focus more and more on market research.

From what I read Forex is the most liquid/volume market in the world with $trillions of liquidity trading everyday. There’s no bull or bear market correlation in forex, that is for example if $usd currency in bull market then EUR isn’t and vice versa. With stocks or crypto if no. 1 ranking asset goes down then the rest in that asset class goes down along with it too meaning you cant go long or short at the same time in these asset classes except for forex where for example you can long $usd and short eur at the same time.

With stocks/crypto you have to wait for years for a bull market cycle and such, with forex there’s no waiting.

The Bond market has correlation to currencies because if the government defaults on its debt then what does that do to its currency?

Central banks changing their currencies to CBDC’s central banks digital currencies may cause shock to the forex market this year or next year, as with CBDC’s there’s more restrictions/limitations placed on the currency as there will 2 versions of a CBDC that is retail and wholesale versions of CBDC’s with the retail version having those more restrictions/limitations algorithmically programmed into it where as wholesale version has little or no restrictions. I bet the wealthy/rich will have access to those wholesale CBDC’s and the public wont. Will the forex market trade the retail or wholesale CBDC currency market? As each CBDC currency will have 2 different values. The retail versions will be like Shopping Mall coupons less valuable. In the new CBDC forex market, heck we might see new trading pairs with a currency trading against itself like $USDW/USDR, W stands for wholesale and R stands for Retail versions.

That’s my 10mins google research on the forex market, am I ready yet or have I missed out on anything?

Start the New Year with new style of trading. Change the obsolete trading style with the modified trading approach.

Yes, start your new year nicely. Try to recover from the previous losses. Spend time in innovating new strategies.