Help Please: about FX Trading

[clylbw]

Hi,

Due to my timetable I am looking for an instrument to trade during late nights and early mornings. Since the FX is open 24 hours (or so I have heard), I wonder whether this is a feasible option.

Up till now I have traded stocks. I am not particularly good with technical indicators, but have found Level II information much more useful. In FX trading, is there information similar to Level II in market depths, bid/ask and market maker activities? Or is FX based more on indicators? If it is the latter case, then maybe it is not for me.

I also would like to know more about the capital requirement and the spread. What software package and broker will you recommend?

Can you please help me with this? Thanks a lot indeed. :cheesy:

 

[oatman]

Have a look at IB http://www.interactivebrokers.com/index.html
They cover currencies and Jap, Honkers and Aussie markets I believe.

 

[clylbw]

Hi oatman,

Thanks indeed.

Can you please recommend a software in FX trading? Or does IB provide one that is good enough?

 

[numspar]

Hi clyllbw
You might want to open a mini account at

www.cms-forex.com

They use an excellent charting platform called VT-Trader,which is free of charge.You can open a free demo account,but they use different servers from the live accounts and are thus less reliable.
Just deposit the minimum $150 into a mini live account, use VT for charting the FX and use your IB account to trade. A lot cheaper than using Esignal.(I think they charge about $120pm for FX)

 

[NikNak]

clylbw
You will probably need to make the search yourself and see what markets suit you. The trading world never sleeps, however FOREX is 24/5 and very popular. Hear are some sites that may help you
www.saxobank.com
www.fxcm.com

I also suggest you pick up a copy of 'Analysis of stocks and commodites magazine' who list the markets, their volume and times, and may also give you a flavour of technical analysis which the curencies are most suited to.

 

[options]

Read the guide to forex on the forex board, may be a good place to start.

 

[Dentalfloss]

lynn.try www.fxcm.co.uk

 

[peto]

Hong kong's hang seng (hsi) or mini hang seng or China enterprise index (hhi) all trade their second afternoon session from 6.30 to 8.15am. Very scary volatile indexes (available through IB), HHI is illiquid; but they are the only places I consistantly make money and about all I trade these days. Market depth is not available, but they trend well!.

 

[clylbw]

Hi,

Many thanks really to all of you. Will look at the websites suggested.