What would you do here???

mysterdee888

Newbie
6 0
Hi everybody. im a complete noob playing around with the fortrade platform on practice mode and iv just noticed that i can only buy @ 1000 above the current price of the stock.

Why is this. how am i supposed to make any profit without a serious jump in price .

if you look i bought on the drop @ 11:45 for what i thought would be current price of 93647 only to realise i could only buy at 941450

i dont get it. I could sell at stock price but not buy.

Should i have clicked SELL instead of buy to be able to Sell at a higher price... Have i got this fundamentally wrong.
or was i right to click Buy if i wanted to sell at a profit..

The chart shows you that i would be in profit because after the massive drop the inevitable buying began..

I dont understand why i cannot buy or sell @ current price... Why the 1000 markup

To make any profit is incomprehensible..

thanks for any advice..

really appreciate it.

Mysterdee...

View attachment 264086
 

tomorton

Legendary member
7,443 1,007
My USD/SEK chart for this morning looks nothing like yours. do you have another chart source you could cross-check with? Or maybe somebody else here can post how theirs looks.

The usual problem with charts is that they are drawn using the bid price, which is the sell price, the price you would receive if you short this pair or if you close a long position in this pair. USD/SEK will always have a very wide spread as it has SEK, a very very minor currency, as the counter. This will always make your charts misleading and will always make trades expensive.

At times of news events or market-relevant announcements or just extra volatility and low volume, the spread could be even wider than normal.

I currently see the live spread on this as around 40 pips, which is horrendous. I'd suggest that if you can profitably trade USD/SEK on a 1-minute chart intra-day, you are a red hot trader and you don't need my advice.
 

mysterdee888

Newbie
6 0
ok. i do have alot to learn dont i. i had better not use any real money for a long long long time .

After your advice i see now that other stocks i.e oil i can buy at stock price with little spread.

As you say it was USD/SEK that had a large spread.


Thank you for your reply tomorton.
 

tomorton

Legendary member
7,443 1,007
Well this is a good place to learn.

There are 8 major currencies - USD, EUR, GBP, JPY, CHF, CAD, AUD, NZD - in approx. order of "size".

There are 28 commonly traded pairs formed from these 8 currencies. The spreads on the major pairs like EUR/USD, GBP/USD, USD/JPY etc. are probably the narrowest offered by your broker. The Australasian pairs - AUD/USD, AUD/NZD, NZD/CHF etc. will have wider spreads but still nothing like as wide as pairs with exotic currencies like SEK, MXN, TRY etc.

All spreads expand and contract during the 24 hours and charts usually do not reflect this. Narrow spreads can become not quite as narrow, but wide spreads can become huge.

The narrower the spread the more useful the chart, the cheaper to trade, and the more accurate for setting entry and exit orders etc. But most new traders who start on chart time-frames below 15 minutes do not survive long. Many winning traders will not come below 1 hour or even 4 hours.
 

mysterdee888

Newbie
6 0
Thank you. I am learning the very fundamentals very slowly at present. And i am using simulator / paper money to trade with.

Can you recommend any good platforms that offer \a demo mode with real time charts and reasonable spreads.

Thank you.
 

tomorton

Legendary member
7,443 1,007
Go for a large UK-based CFD broker or spreadbetting firm that's fully registered with and regulated by the FCA. This ensures they are a genuine firm, they segregate your funds from their operating capital, they don't trade against you and your account capital is protected and refundable if they go bankrupt. Spreadbetting has slightly wider spreads which makes it unviable for scalping and very short-term trading but its fine for longer-term stuff, plus it is tax-free.

All these firms will offer a demo account but beware of demo success with short time-frame strategies that depend on quick exits and tight stops - these are not often transferrable to live trading accounts because of the simulated way demo accounts work. In any case I'd recommend starting on the daily charts with an eye on the 4-hourlies if needed, nothing shorter.
 

Pat494

Legendary member
13,852 1,406
Sound advice from Tomorton.
XM and FXpro are both good brokers and protected by law.
They do demos as well.
 

NVP

Legendary member
36,774 1,880
agree with the guys already posted .......

chose big solid regulated brokers in reputable countries (that removes 95% of Brokers out of picture)
 
  • Like
Reactions: tomorton

fibo_trader

Senior member
2,895 58
Hi everybody. im a complete noob playing around with the fortrade platform on practice mode and iv just noticed that i can only buy @ 1000 above the current price of the stock.

Why is this. how am i supposed to make any profit without a serious jump in price .

if you look i bought on the drop @ 11:45 for what i thought would be current price of 93647 only to realise i could only buy at 941450

i dont get it. I could sell at stock price but not buy.

Should i have clicked SELL instead of buy to be able to Sell at a higher price... Have i got this fundamentally wrong.
or was i right to click Buy if i wanted to sell at a profit..

The chart shows you that i would be in profit because after the massive drop the inevitable buying began..

I dont understand why i cannot buy or sell @ current price... Why the 1000 markup

To make any profit is incomprehensible..

thanks for any advice..

really appreciate it.

Mysterdee...

View attachment 264086


To Mrs Dee,

My condolences.

fibo_trader
 

Similar threads


AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock