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IvarHardy posted: Timing of entry and exit is very important especially for short term trader. Sometimes a 5 min late you can miss a very good entry. If it's not timely you may need to widen your stop loss. Also sometimes you need to close the trade timely.
I infact think that timing of the exit is extremely critical. Lag of a few seconds can mean throwing away some good potential earnings, or even suffering a loss like I did.
garrychristians posted: Going with a pure Ecn broker can be a possible solution like many others said; it can also help with the re-quotes situation. Anyway, I’d like some suggestions.
I don’t really have suggestions as such but I’ll tell you the brokers I’ve used in the past. I started with Pepperstone and Xtb and then explored some other options too. Even XM and Fxview are okay if you’re rooting for ecn and other accounts. What I realized with them all is, order execution speed is good, difference between order execution and placement spread is very marginal if at all it be there.
I don’t think that the impact of news can be ignored completely. Whether you trade long-term or intraday, it’s true that your currency positions will be affected by the forex news. It’s important for every trader to monitor all the related news and make market decisions in accordance with that.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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