Recent content by FXSense

Welcome and good luck!

Ok, I think you need to think of trading like gambling. Ever heard of professional gamblers? They're basically in the same game as professional traders: they both work out a *statistical* edge with which to win in the long run. To concentrate on trading: say you fix a limit at three times your...

It depends on how much you're wanting to get managed. If you don't have enough to go down the IB wealth management route, *please* do not go to an individual you found on the internet. A good alternative might be to go with Etoro - they have a platform where you can set up your account to copy...

Read around the market - look at Jack Schwager's Market Wizards and New Market Wizards. These are fantastic books, and relay a lot of the basics of trading, including mistakes that very successful traders first made. Enjoy the journey!

There are some platforms that guarantee no slippage - IG Index for example. But they charge you an extra 3 pips in every trade, so it can mount up. You may be best just sticking with a bit of slippage. It's part of the risk inherent in the markets, and I'd be very wary of any broker that...

I agree with Club - Matt, the founder of Collective 2 is incredibly hands on and very committed to developing a genuinely transparent platform. But remember, knowledge is power - reading about the markets will get you a lot further than buying an overpriced algorithm.

I'd agree with the 4 hour and daily timeframes. At a certain level the risk/profit ratio flattens out a great deal - I think sticking to longer timeframes is far more profitable, if not as much fun! But then the moment you trade for fun, you might as well go to a casino.

There are plenty of services that now offer signals as part of a broker package. I always think the best way is to learn the markets yourself, as a great deal of small time signal vendors are scam artists.

Because they don't take the adage seriously enough that trading is the hardest way to make an easy living...

Absolutely agree with Blaiserboy, Mataf has one of the best free correlation tools I have come across. Here's the link - Forex Widget for your website - Mataf.net

One thing to consider when not trading the dollar is the cost. The dollar is the most widely traded currency, and thus is also highly liquid. This means the spread is very small compared to more exotic and less liquid pairs.

The most effective method is the simplest too - if you make sure that your stop loss is, say, a quarter of the value of the profit (set a limit order for this - make sure it's feasible - use Bollingers eg.), and you do this multiple times, even if you're right only 50% of the time you will profit...

The best trading books I read by far were Jack Schwager's Market Wizards and The New Market Wizards. Well worth a read.