New to FX

[technostocks]

Hi all,
I am currently into Equities(past 2 years) & I want to trade FX. Can you help me where should I start from or should wait, learn & then start?

 

[dianajs]

Waiting, learning and then starting is always a good strategy, I think.

 

[gerryg]

Hi all,
I am currently into Equities(past 2 years) & I want to trade FX. Can you help me where should I start from or should wait, learn & then start?

I think if you have good knowledge of equities you can move on FX right away. Currency market is a bit more volatile than stocks and larger leverage is offered, but rest is similar🙂
You can start with learning currency correlations and technical stuff like breakouts, key levels, S/R etc. Open demo account with some offshore FX broker for example Нotforex or FXCM

 

[Jason Rogers]

Can you guys recommend me some good FX brokers for GBP/AUD scalping? I need the average spread below 4 pips. I want to devide 25K USD between 5 brokers, so 5k each.

Hi Pnty,

While FXCM spreads are variable subject to market conditions and the time of day, the average GBP/AUD spread on our No Dealing Desk pricing is 2.0 pips. This is a time-weighted average derived from tradable prices at FXCM from 1 October 2015 to 31 December 2015.

Your forum profile mentions you live in Australia, so it may interest you to know FXCM is regulated by ASIC, offers AUD-denominated accounts, and has an office in Sydney.

 

[Jason Rogers]

Hi all,
I am currently into Equities(past 2 years) & I want to trade FX. Can you help me where should I start from or should wait, learn & then start?

Welcome to the forum, Technostocks! As Gerryg has mentioned, a free demo account is a good place for you to start. :smart:

I've worked with many traders who have made the transition from equities to forex. Some of the biggest challenges they encounter involve using appropriate risk management, learning how to use leverage effectively, and knowing the best times of day to trade. These topics are covered in a series or reports by our DailyFX analysts called the Traits of Successful Traders.

 

[mlawson71]

Start from the beginning, i.e. start by learning the basics and then open a demo account to practise what you've learned on it.

 

[Pnty]

Start from the beginning, i.e. start by learning the basics and then open a demo account to practise what you've learned on it.

I would advise newbies just to start with a very simple strategy and then stick to it for some time to see how the results of the strategy change depending from the shights in the market sentiment and volatility.

One of the smartest traders in the world have actually very simple strategies.

 

[mlawson71]

I would advise newbies just to start with a very simple strategy and then stick to it for some time to see how the results of the strategy change depending from the shights in the market sentiment and volatility.

One of the smartest traders in the world have actually very simple strategies.

I agree. Complicated strategies ultimately just confuse a trader and they spend more time trying to figure out whether the market conditions fit them than actually trading and making money.

 

[Hency Corniey]

I like your strategy here abut learning a topic very. Carry on!

 

[Wakeupsheep]

Hi all,
I am currently into Equities(past 2 years) & I want to trade FX. Can you help me where should I start from or should wait, learn & then start?

A word of warning, you have to trade forex with huge discipline or you'll lose your account pretty quick. 3 tips, only trade London or US times, learn to know when your wrong pretty quick and the no1 rule is protect your account. 😎GL