Firstly, what trading platform/website/company do most people recommend for a beginner? The first one I’ve been messing with is Forex.com’s ForexTrader. Is there a company that’s more scalper friendly? ie. lower spreads, more responsive
Second, does the time scale of each chart tool affect it’s accuracy? For example, will using MACD, Stochatics, Bollinger Bands, and RSI’s be just as accurate for predicting trends on a 1 hour chart as a 1 minute chart?
Third, are there any particular currency pairs that are better for beginners than others? Ideally I’d like to learn on a pair that doesn’t swing wildly, yet at the same time trends in a way that makes scalping or day trading viable.
Does the CURRENT ACCOUNT data being released later affect the dollar and how ie higher C/A = weak $ or strengthen $ ? or vice versa ?
Or does it not affect the market at all ?
Some Veteran advice please.
I would recommend you to start with finotec.com, you can easily download their platform. This platform is great for a beginner, because it allows you first of all to try yourself on a demo account (which exposes you to the same market conditions you would have encountered had you opened a standard account). Alternatively, you can open a mini account for only a couple of hundreds. It is scalper frinendly and it offers rather tight spreads.
MACD, Stochatics, Bollinger Bands, and RSI’s are also good for 1 minute charts
3.I don’t think there are some currency pairs that are better for beginners. But there are some pairs that are considered to be more popular, like EUR/USD, USD/JPY, GBP/USD.
Oanda’s FXTrade platform has no minimum deposit to get started and no minimum trade size (no fixed lot sizes), which makes it great for someone getting started with a small account.
As a new trader you probably want to stick with the major pairs. They are a bit easier to understand in terms of how you figure the P&L for your account than the crosses. Of the majors, GBP/USD is generally the choppiest. AUD/USD tends to be the quietest. EUR/USD and USD/JPY are the most popular.
Thands, I think you just made my son’s day. If he proves his abilities (with out my help) I will open a small live account in my name and allow him to trade it. If he does well, he will give me back the start up funds and the rest is his. I have been teaching him to invest and take the start up capital back out and let the rest work for him. He likes the idea but has not found a platform that he can use only $200.00 with.
As soon as he gets home from school I will let him know. He will be very excited.
I will recommend you to try with PaxForex company and their MT4 platform. Indicators are working all the same on any time frame. When it comes to currency pairs it is the best to try them and see which one is making you highest profit.
1.- There are many that would fit your criteria. First one that comes to mind is Axitrader, you can open an account with $200 and the spreads are quite reasonable.
2.- Indicators will give you the same kind of information regardless of the time frame you’re using. The only issue you might find is, that since they’re all lagging, when trading solely based on them on smaller timeframes, you’re more likely to get whipsawed out of the market.
3.- The way in which pairs flow is pretty much the same. There is a big difference in volume though. The major pairs have a much higher volume, therefore the volatility on them is less and makes it a bit gentler for a beginner (in my opinion).
Many broker are reliable, but they need to be found and tested by yourself, such as demo or micro live account to try by yourself, then your experience will tell you whether they are good broker, also check feedback and review from other users.
I think if you are new and choosing broker then it should be reliable and regulated. Never goes with a broker who is not registered . Read reviews before choose a broker.
There are several brokers i.e. exness, mayzus, easy-forex, roboforex etc, you can join any of them, as far as using the currency pair, I would like to suggest EUR/USD as it is the most famous currency pair and good for the newbies.
