Feeling the Market

[Protegex]

Hi Folks,

I am pretty new to the FX market and in a previous post I got a reply that I would need to feel the market first before actual trading. Anyone care to share tips on how to get a good feel for the market pairs? Next would the FX market be similar to stocks which I could buy and hold or rather just for a short time gain ? Thanks to all that have help me :clap:

 

[Dubai]

I suggest doing some hard reading of the very basics of forex at a similar website to this but with baby and pips in. I won't post the link as not sure it's allowed.

To get a feel for a pair, the short answer is seat time. Like anything, practice makes perfect so I'm afraid watching the charts for 4/5 hrs a day is the only way you'll increase your knowledge of a pair if trading intraday.

 

[Protegex]

Thanks for the website mr dubai. Apparently, I got all the technical knowledge from my previous stock trading but somehow unable to port those gains over to FX. Might be too quick for me . Guess will take your advice and sit and watch the charts .. Cheers

 

[Rhody Trader]

To your question about holding forex positions long-term, the answer is yes. You have to be aware of the impact of carry/roll, though.

 

[jiggly]

and if you are finding it too quick, then you are trading too short term.