How does currency exchange work?
I am comparing a possible benefit compared to using Forex Foreign Exchange software that trade currency.
Is it anything different or is it better to show up at the NYSE or Dow Jone Merchentile trading?
James Dicks wrote, "Forex Made Easy". It’s a good book for self-starters.
Does anyone know in order to move the forex market 1 pip, (say on EURUSD with a retail broker), how much volume would need to go in at a specific price point?
To contrast with the stock market, if we look at a thinly traded stock, buying a few hundred shares may be enough to move the stock up a penny.
How does it work with forex?
There is so much volume traded intra-daily on the Forex Market that no 1 person can move the market…even a pip. Banks controlling hundreds of millions might have a better chance…definitely not the average trader.
Might have trade penny stocks if you’re looking to make the market…
Something worth looking at…FxRebates (www.FxRebates.com). They offer rebates on your trades paid monthly and they’re partnered with about 10 brokers now.
Best of luck to you..
I went to an introduction to FOREX (foreign exchange) class recently and they were telling us how with a good education in FOREX you can consistently make money, and good money too, since you are trading 50 or 100 times what you have in your trading account. The complete course is $2000 and they were pushy for us to take the class so I didn’t feel so confident about it, but i read up on the subject a bit and did a trial trade for about 30 days, I was up a lot at one point (about $8000) but in the end of the month i pretty muich broke even. WIth more knowledge and a proper education on the subject can it be a long term way of makin money?
DEAR ALL, thanks for your responses, overall you seem to think Currency Trading is high risk and not really a viable way of making money from home. I should have mentioned in my question that if i were to do it, i would want to rely more on technical analysis and all the ratios and different theorems etc. I would also be making trades that are from about 30 minutes to at most one day. Does this change anyones opinion on the subject?
The Forex market is full of scammers and people who sell questionable products than make them rich and not you. I would advise against Forex trading. You are likely to lose your money. Forex is useful to companies that make money in one country and need to exchange it for money in another country, but most individuals who trade Forex lose money. Read the links:
These trial trade programs do not always properly simulate the market. I would not trust them.
If so, what are the advantages and disadvantages?
please say yes or no
Not really a broker, but "introducing broker". Go to some FX brokers sites and start looking for "white label solutions". These are programs they offer to potential IB’s.
There are many sites say Forex.com, which are US based where I find difficulty in opening demat/trading account, settlement of funds due to legal barriers. Hence I want Indian based Currency Trading platform. Kinldy help me
Forex is not open to general public in India legally. You can do the transaction but you have to select international companies.
I know http://forexfreedownload.com which allows to download the Fx trading software, foreign Currency Exchange Software, Stock Trading Software, Online Currency Trading software, free Forex Strategy Builder software, forex trading software.
I need to know few more good,popular & best Forex software,trading software and from where i can Download the software instantly and begin using it.
Downloading free system are just for demo account. You cannot actually trade there. I feel this is not a correct step of starting trading. software doesn’t help in earning good returns.Have a good understanding of the function of the market in general and those that keep the market operational. Understand, not only the market you are trading in, put be aware of all the products and services that you can upon if needed. Understand the basics of trading such as never trade against the trend, limit any & all loses by using stop orders and lock in any and all gains with sliding stops.
Advantages of the Forex Market
By: Heather Redmond
Maybe this article can help you with your question. You can use this site to learn more about business and finance.
Among the day trading forex currencies the US Dollar (USD) has seen gains against the:
- Canadian Dollar (CAD)
- Japanese Yen (JPY)
- Australian Dollar (AUD)
The US Dollar has also gained against the Indian Rupee (INR) and the Russian Rouble (RUB).
The biggest gains as of now have come from a rally against the Japanese currency, so if you’re into trading USD, this is where you should continue to see profits over the short to medium term.
I recommend you look at Pound Sterling (GBP) as well as it’s been a traditionally strong currency. Include it in your forex portfolio and part of your daily trade.
How do you convert profits in foreign currency in Interactive Broker’s TWS ? it seems that when im trading foreign stocks in another currency, the profits are directly accumulated in the foreign currency. is there an auto function to auto convert all P/L ?
There’s no auto function that I know of. You have to sell your Euros (or whatever currency) for dollars at the going rate and pay a trading fee.
But you don’t need to worry about it until you sell the shares.
New to trading and a little wary of starting , would like to know the following :
1) How difficult is currency trading ?
2) Can you really make money trading ?
3) How many currencies does one suggest I trade as a beginner
4) As a beginner is swing trading the way to go
5) Does taking a currency course make a difference ?
Only Professional people to answer please !!!
1) How difficult is Currency Trading ?
Very.
2) Can you really make money trading ?
Yes – you can also loose money, which is not a pleasant experience
3) How many currencies does one suggest I trade as a beginner
Just pick one – say USD/GPB, USD/EUR, USD/AUD or USD/CAD
Become familiar with how it moves over a long term trend & how it reacts to news/events etc..
4) As a beginner is swing trading the way to go
Swing trading is for taking long term positions. You may find that day trading is more your thing – every one is different. Give a few strategies ago in your practice account.
5) Does taking a currency course make a difference ?
It may – as long as its good, you are really motivated, and you practice what they teach.
I would suggest that you open up a demo account & start trading with practise money first. Borrow a couple of fx trading texts from you local library and see if you can both stay interested and trade profitably.
If your still doing it after a couple of months, then you will get the most out of your investment. If you’ve given up the ghost, then its probably not for you & you should save your money.
Most people who do those courses are not trading in 12 months time. Why? because they were not motivated enough in the first place – after a few looses a lot of people give up. Expect to loose money for the first 12 months – it takes that long for most to learn.
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