I have been trading equities and futures for some time now, and use TradeStation as my brokerage and charting platform. Execution has been really good, and I’ve grown very familiar with the software now.
I have never paid much attention to forex until I recently took a deeper look into my trading fees and spreads. On top of the commission fees, I am paying for data feeds and slippage a good amount of the time. The liquidity of forex, on top of the free data feeds, and no commissions are very enticing to me. I have been watching the EUR/USD and USD/JPY charts for the past few days, and sure enough, it just looks like a normal chart to me, I can easily spot S&R on them as well as patterns developing. I may have to give forex a go!
My main question is if anyone is using TradeStation to trade forex, and how it stacks up? Obviously I want to get the best execution possible, and I really don’t know if the platform matters all that much or not. If any advanced traders who have used TradeStation or know someone who has/is that could give me some feedback, I’d really appreciate it. If it isn’t the best platform for execution, what is? I will still most likely use it for the charts as I am so accustomed to using it now.
TradeStation typically comes with very high reviews for Forex trading. I’m sure you know that TradeStation costs a pretty penny each month, but I’ve always read great reviews about their execution, and how they handle issues (when they do occur). The execution is probably so great due to the cost of the product. If you are trading with large amounts of money, they seem like a great choice because they are clearly not a scam. If you are using it already for other markets, you should be very comfortable trading Forex on it.
If (for some reason), you are not enjoying the platform trading Forex, MT4 is the next best recommendation. Sometimes it has a few issues, but nothing too bad to be said about it. Also- it’s free. Can’t complain about that
I am already paying the normal platform fee, but in my opinion it’s really worth it. Just a business expense as I see it. If I’m not mistaken though, if you are only trading a Forex account with them, the platform fee is waived. I keep hearing the MT4 name pop up, but as long as TradeStation is just as good, I’ll stick with them. From the sounds of your reply, they may even be slightly better?
Just graduated PreSchool on this website, don’t know how much more of the school section I’ll be doing though as most of it is covering TA, and I was really only looking to figure out position sizing more than anything. Have to admit that the information available for Forex has amazed me. This site is really a great find for anyone new to trading Forex.
Finally have my desktop laid out pretty well for trading EURUSD and USDJPY for starters. Tried posting a picture but was having issues with the upload not going through. Not sure what the deal is with that, but I’m loving the layout, was hoping to be able to give ideas to anyone else trying to figure out their desktop layout.
Sorry but I HAVE to interject here. You cannot even COMPARE TradeStation to the likes of MetaTrader. And if you’re been trading equity futures and commodities up until now profitably: ‘screw’ the fees and accept them and ‘be happy’. Trust me on this even although you don’t know me!!! Because you may be (I obviously have no idea) a profitable equity futures and commodities trader DOES NOT mean that you’re going to be a successful FOREX trader. They’re two TOTALLY ‘different animals’ (I ‘lost my shirt’ trading FOREX and started traing equity futures and commodities and have never looked back) (and believe me: that statement NEVER makes me popular around here but ‘it is what it is’). If you’re NOT ‘hell bent’ on trading FOREX now but want to trade equity futures and commodities with lower fees etc. then at least take a look at my forums (techtradercentral.proboards.com) or at Deltastock(.com). And again: as much as I love Delta Trading (Delta’s proprietary trading platform) you STILL cannot compare it to TradeStation. TradeStation is the ‘Rolls Royce’ without a doubt and if you can afford the fees: stay with it. On the other hand: if you’ve decided to trade FOREX then you most certainly do not need TradeStation (‘harsh’ as this may sound it’s an ‘insult’ to the software)!!!
I have done a bit of backtesting with my strategies in the past few days, and the results with Forex seem to be just as reliable as with Equities/Futures that I’ve been trading. One thing that I really like about Forex though is the ability to set the position sizing right where I want it. TradeStation starts off with the standard mini 10,000 lot, but after that I can trade anything I’d like. If my risk allowed 10,001, then I can trade that. More than anything I am looking to add Forex to my trading options. If the markets aren’t moving, I’d like to be able to come over to Forex or visa-versa.
Glad to hear that TradeStation is overkill for Forex, I know that’s not what they are known for, so just wanted to be sure that my orders would get filled as quick as with anything else. I have never used or seen MT4, but the name kept popping up, so didn’t know if it was a better choice.
Not sure if it’s a well kept secret or what, but TradeStation waives their platform fees for Forex only accounts. Minimum balance is only $2,000 so I’m sure most people on here could take advantage of the platform if they wanted to.
Nice to ‘meet’ you. You make a fair observation. As a matter of fact: a professional like John F. Carter operates the same way i.e. he trades with TradeStation and turns to FOREX when the equities and commodities markets are ‘dead in the water’ so nothing wrong there. I don’t know long you’ve been at this business or if you know of him but his book is downloadable from my forums (techtradercentral.proboards.com). I’m not trying to ‘solicit’ your or ‘draw you away from here’ i.e. even although I have my own forums I still consider this my ‘home’ as is were (my forums were initially set up because nobody here would ‘humour me’ and create a forum for the trading of equity futures and commodities is all BUT, unfortunately, FOREX has ‘crept in’ on my forums I see)!!! LOL!!! Anyway: his book is called ‘Mastering The Trade’ and it shows clearly how he uses TradeStation etc. to trade FOREX (as I said when the, dare I use the word ‘real’, markets are ‘dead in the water’). I just thought it may interest you is all.
Thanks for the replies. I have yet to read Mastering the Trade. When I searched it on Amazon, they recommended books by Mark Douglas as well, and Trading in the Zone was one of the books that got me pointed in the right direction when I started trading. Anyway, if they are somewhat related, I’m sure Mastering the Trade is worth reading through, I’ll order it tonight. John Carter needs to get with the times and let them publish it for the Kindle so I could start reading it now though!
I don’t use any indicators for my trading except occasionally volume if I am looking for a strong breakout, but I am still interested to see how he has his layout setup. Not sure how many posts I need on here before I can start posting pictures, but as soon as I can, I’ll post a picture of my computer setup as well. Really flows well for trading the EURUSD & USDJPY.
Well first let me say that I’m impressed and have ‘respect’ for you!!! Why do I say that??? I myself have spend hundreds of dollars on the books that I’ve made available on my forums but, alas, at some point in time, somebody has gone to the trouble of scanning them and making them available on the Internet for free download. All I’ve done is take the already scanned copies from ‘wherever’ and put them together in a place where they can at least be downloaded without the risk of the trader getting viruses or spyware or adware or anything. I’ve made it VERY clear that I myself have bought and paid for those same books and that even although they’re there for downloading: one should ‘do the right thing’ and actually buy those books. Each of those books are ‘worth their weight in gold’ and for the most part a single trade or two would cover the actual cost of the book. Of course: I’m probably living in a ‘dream world’ because once somebody has downloaded a book there’s very little chance that they’re going to actually order the thing and give the author their ‘due’ for their hard work. BUT: I’m an optimist (for better or for worse) and live in hope that people will ‘do the right thing’. All of this being said though: there’s nothing quite like having the ‘real paper thing’ in front of you (I’m not even sure I’d be happy to use or be able to get used to using a Kindle to be honest)!!! LOL!!! But I must say: the technical trading systems in John F. Carter’s book aside the way he explains how the markets work, why they work, why people lose and who is ‘getting burned’ and why, is invaluable (at least to an equities and commodities trader anyway but most of it, I think, can be applied to trading online spot FOREX as well). I’m a J. Welles Wilder ‘disciple’ as everbody knows so as for Carters’ trading systems there’s only one really that I use from time to time but that means nothing really i.e. I just believe that Wilder was (still is although retired now) an absolute technical genius. But I’m also a big fan of the likes of Larry Williams, Linda Bradford Raschke, and Larry Connors (although some of Connors’ latest ‘offerings’ have been the subject of much debate insofar as no stops are used and that, to me, is a definite ‘no-no’). FOREX traders: ‘respect’ to Kathy Lien and Boris Schlossberg. Oh there are a few more I guess e.g. Von Tharp, one or two of the ‘Turtles’, Elder, the list goes on. But I’ll not (probably already have) bore you any further!!! LOL!!!
Anyway: ‘kudos’ to you.
From your few posts it certainly looks as though you ‘know your oats’ so I doubt you need any further ‘prompting’ from me. As you may or may not have found yet: there are one or two threads around here on the topic of VSA. There’s much debate, however, as to the VALIDITY of FOREX volume figures (given that FOREX is traded off-exchange unless you’re trading FOREX futures of course). But (and I’m sure he wouldn’t mind) there’s a user here named ‘purplepatchforex’ who has some keen insight into FOREX volume readings. Maybe give him a shout (I don’t think you have enough posts yet to be able to PM him) (or contact him via his website at purplepatchforex.co.uk i.e. he’s got stuff that ‘just up your alley’ as it were insofar as VSA is concerned).
And yes: I’d be REAL keen to see your TradeStation setup. NOT ALL OF US can afford to use ‘the FERRARI’ of trading platforms!!! LOL!!!
First off, I took my first trade in Forex, and it is actually open right now. A little sooner than I had planned, but the chart said it was a pretty safe bet. Started very small with a 10k lot, more than anything else I wanted to see how the actual spreads get filled, and how much each pip is really worth in real time. Simulated trading helps get a feeling for this, but there’s honestly just no substitute for a real trade. I went long out of a head and shoulders bottom with a really defined neckline on a 3 pip momentum bar chart. The breakout was right at 30 minute chart’s resistance line, but the trade has since gone into a range and really isn’t doing much of anything. Up a few bucks, down a few bucks, going to close it soon if it fails to move.
A lot of the time, I will buy books for my Kindle first, and if it is a really good read, purchase it in print to put on the bookshelf. Costs almost twice as much, but if it was good enough for me to buy twice, the author probably deserves the money as I have found a good amount of value in it. When I started trading, I blew out once, and went into a phase where all I could do was study more and more, it wasn’t so much a bad thing to have the knowledge, but I was trying to fit every trade to perfection, and if I couldn’t get the exact entry I was looking for, I would let the trade walk away. I finally read Trading in the Zone, and I have to say that was the most beneficial book that I have read to this point. Since reading that book, and using the trading plan in the last chapter, I can put on any trade now without any hesitation.
Going to get back to watching my charts. The EURUSD is testing a downward trendline on my 30 minute chart and resting on support as well. Not sure if I’ll get a good entry signal or not, but it made a new 20 day low today so if it can break that new low I might be short if I can find a close stop.
Thanks for the websites and info, I’ll give them a look once I close out my positions for the day.
Well: ‘reading between the lines’ you certainly don’t require any input from me!!! LOL!!!
‘Trading In The Zone’ oddly enough has been recommended to me by so many people and it’s one of those books that I MYSELF have never read. MAYBE I should!!! It’s been a ‘long hard road’ from me and I’m just so wary of getting ‘sidetracked’ from what I know to work for me. I have a veritable library of books on trading (in print) and I can tell you that my profitably comes from but three of them and those are the systems I stick to NO MATTER WHAT. But: it must be a good book because as I say many people have recommended it. Who knows??? Maybe it’ll IMPROVE what’s already ‘good’ for me.
One observation: it’s always fascinating to me how two (many) people can look at the same chart and do two diametrically opposed things!!! LOL!!! As you’ve probably gathered I don’t, as rule, trade FOREX (and if I do it’s MAINLY the ‘exotics’), but I noticed you said that EUR/USD had made a new 20-day low and you’d be looking to go short at some point given the right conditions. So I looked at the chart now (while posting) and one of MY trading systems (based on new 20-day highs or lows) would have had me go long at 1.4168 with a stop just below yesterday’s low!!! LOL!!! Odd hey??? But I guess this is why the markets move!!! LOL!!!
Trading in the Zone has nothing to do with an actual trading system, but works more on your mind than anything. The author is assuming that you already know how to trade, but just need to work on consistency and following your rules. When I first read it, that was what I really needed in my trading, so it helped me a ton.
Yesterday’s trade ended up working out so-so. I was in the market at 80.82, and eventually moved my stop to that point. The market eventually went up to 81.00 and when it did that, I moved my stop to 80.95. Took 13 pips on the trade, but it was a tiny lot, so no real profit there. Worked well for getting a feel for the market though, so it was time well spent.
Well: at least not a loss!!! LOL!!! Just looking at the chart (this morning) needless to say I would have gotten stopped out yesterday anyway with the particular system of mine that I would have used to go long (it’s a pretty well known system i.e. it’s called ‘Turtle Soup’ and ‘Turtle Soup Plus One’ and it capitlises on the fact the the original Turtle Trading System was ‘wrong’ more than it was ‘right’. The orginal Turtle Trading System was ‘plagued’ by false 20-day breakouts but, of course, was (still is) profitable when it caught a trend which could last for months and even years and as long as you are able to tolerate the inherently HUGE drawdowns of the original system you’re be ‘good to go’. I still use it, rarely though, and then only equity futures and mainly on commodities i.e. personally, and like almost all of my choice (basket) of trading systems, it’s not ‘FOREX friendly’ I don’t believe).
But I’m going to find out about this uploading of attachments thing for you. I know (seem to remember that is) that you need 50 posts in order to send PMs but I don’t remember there being a minimum number of posts requirement before you are able to upload attachments.
If you like you can send the file(s) to me ([email protected]) and I’ll upload it (them) for you (obviously giving credit to you of course) until we get this sorted out??? It’s up to you and only a pleasure on my side. But I’m going to check on this anyway.
Sorry I haven’t kept up with this thread in the past few days. I’ve actually changed my layout around a bit on TradeStation as I’ve learned more about Forex. I have a feeling that once I get everything sorted out I’ll probably be at the 50 post mark and will be able to upload the pics. If not, I’ll send them your way and have you upload them, thanks for the offer on that!
I had originally set up a 3 screen layout, but have now dropped it down to 2 screens, and am using the 3’rd to keep an eye on news updates.
