Any FOREX Traders Here?

I've been dabbling recently with currency trading on the FOREX with some success.

Have any ATSers been doing the same and what kind of success are you having? Which currency pairs have you found to be the most predictable and consistently following trading patterns?

I started off with 10gs and now I've made a substantial amount of profit. I trade with pounds and dollars or yen

Yup I trade FOREX. I usually trade Eur/USD and Im very picky and patient. If the pattern is just right I dont go in. I use the 4 hour chart and have had pretty good success over the past year Ive come close to doubling my money.

Originally posted by mybigunit
Yup I trade FOREX. I usually trade Eur/USD and Im very picky and patient. If the pattern is just right I dont go in. I use the 4 hour chart and have had pretty good success over the past year Ive come close to doubling my money.

Patience seems to be the key. I trade USD/CAD almost exclusively. Very much tied to the price of oil and other resources, but enough volatility to present intraday trading opportunities.

I don't do long-term trades. Most of my positions I am in and out of in minutes and sit on the sidelines during congestion. I seem to have settled on a strategy that works almost 80% of the time. I use the TICK, 1 Minute, and 5 Minute with a MACD sub-chart to provide some trend info.

Time your entry carefully and don't get greedy on the exit.

Congrats on your successes and glad to see others that have seen the benefits to be gained.

I've always thought about getting into FOREX, but I just never got the nerve to jump in.

Can anyone recommend some unbiased literature to look at?
Or recommend which of the many sites to go through?

reply to post by XTexan


Hello,

Forex Training/Tutorials

This site offers excellent training on forex and has about every relevant piece of information you could need to learn forex. Just go through the sidebar, I would recommend reading each article in order as it does a great job explaining what Forex is.

As for a broker, I use IBFX because I live in America and there are a limited amount of brokers you can use in America. Also just to clear something up that I didnt know right away is that if you are American then your Leverage is maxed at 50:1 thanks to a law congress passed. The rest of the world uses 100:1 or 200:1 but oh well, 50:1 is better for starting out anyway and you can still make some good money.

I trade the EUR/USD because it is the cheapest (~2 pips). I usually have intraday trades. If I have a definite feel for how the market is going I will leave a position overnight with a large Take Profit and smaller stop loss in case of a reversal.

Another useful forex website is a Forex Calendar, which can be found here

BabyPips Forex Calendar

Its very easy to read and can help you figure out which news is coming out soon and how it effects the market.

Feel free to ask me any questions,

-The Stinger

reply to post by thestinger


Are there minimum amounts of currency you can trade on FOREX?

reply to post by Argyll


Currency is purchased in lots. There is the standard, mini, and micro lot. This website does a good job explaining each.

Forex Lot Sizes

I trade mini lots. My account only has ~$800 in it and I usually trade mini lots (10,000 units) cause I dont have too much money to use. Each of my pips is worth about $2 to $5, depending on how many mini-lots I buy. I usually try to make around 20 pips a trade, hoping for around 50 a day.

So for your question; a micro lot, or 1000 units of currency would be the smallest. Each pip would be worth around 10 cents.

I trade AUD/USD using this method:

blog.the-market-toolbox.com...

If a broker has not very much knowledge of present fundamentals to stock markets and trading strategies than they never gain profits in it and even lead to losses of money and time also I think.
stock market today

reply to post by XTexan



Try www.babypips.com. Helped quite a bit for me. Active forum.

Look it over there is plenty to learn there. When you are ready get yourself a few one month free trial accounts and give it a go for a few months or so. Practice practice. Free trial accounts also helps find a platform you are comfortable with.

And remember never jump in with your boogie wig blown back. Start with a mini account when you are ready to lose your monies.