Whats a good starting strategy for forex?
I’m trying to learn how to properly invest in forex and have read a book and looked at some online articles. I’m just look for exactly how to trade. My trading program has a buy amount and sell amount (demo, but real time) and I can buy at two different rates, can someone please explain this to me?
Also, is buying or selling better? In what cases would you do either? Please any source of info that can answer all these questions would be great, thanks.
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Filed under: Forex Systems
There are 2 different rates posted. 1 is the asking price (Buy) the other is the Bid price(Sell). As for buying or selling better, is best to stay with the trend( The trend is your friend). As for doing either I do both on news days. like today. Place 2 orders place your stops and limits and wait for the news and the reaction to it, sit back and watch it take off. The link below is who I use. they have a great education center with alot of free stuff.
Crawl, Walk, Run. Sen. Clay Davis _ The Wire
The two different rates is very similar to how you buy or sell stocks. A buy price and a sell price. In forex, you are always exchanging currencies, in another words, buying one currency and selling the other, vice versa. For e.g. USD/JPY the buy price (the higher figure) means you are buying USD and selling JPY (japanese yen). Similarly, if you are looking at the USD/JPY chart, the USD currency gets stronger when the prices move upwards. Hence, it is a good time to buy USD/JPY at the "buy price"
Therefore, to answer your 2nd question regarding selling or buying, it depends on where the price direction is heading towards. If it is heading down, then sell, if it is heading upwards, then buy. Sounds simple, but it is not. you can try it on your demo account
Also, a good website to teach you is www.babypips.com . It has quite a number of indicators to teach you where the direction is heading.
Another one would be www.fxstreet.com . They do have traders who conduct free online seminars and chats to help out other traders, and to share their trading methodologies, mistakes, etc. But you need to search around to get to their seminars. You could definitely learn more than the qns you asked from these 2 websites
Good luck and All the best in your trading journey
90 percent of Forex Traders lose money. Your job is to understand why this number is true and why it will continue that way, and then figure out how to do the opposite of that 90 percent.
Unless you’re a consistently profitable, you’re still a loser.
I don’t think trading using a demo account is any good. It only gives beginners false hope. Open a real account. Put YOUR HARD-EARNED money in the market. Lose your cash, learn to control the pain, and move forward.
Learn technical analysis, and understand the logic behind the numbers. Example, "Why do people prefer 9 MA over 10 MA?"
Understand what drives prices to move. Is it fundamentals? Retail buyers? How does fundamentals affect liquidity and price movements?
Read into different types of trading styles. Scalping, Trend Following, position trading, Range Trading. Realize the strength and weakness in each. Ex: "Scalping involves many trades a day, and your edge will be to have more winning trades than losing trades." Ex: "Trend Following strategies usually involve large draw-downs and huge gains. Lots of losing trades, but several winning trades will more than break-even."
Asking questions is easy. It’s figuring out the answer that’s challenging, because in trading, 90 percent of your answers will come from losers.
Best wishes
Forex trading-http://tradingsforex.info/