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wantspips
Which timeframe do you like best?
in
General
Feb 05, 2021 at 04:55
First of all, congratulations Aurelie, on starting to learn to trade the Forex market. I like the modesty you show in choosing to focus on one currency pair, and in asking other traders for input. The answer to your question depends on what kind of trading you want to do. I would recommend using a Demo account with the broker of your choice for at least three months to get familiar with all the ins and outs of your trading terminal and software you plan to use, and get familiar with how the EUR/USD pair tends to move. If you know how to enter and exit trades complete with associated stop loss ...
what kind of spreads do you look in a broker
in
General
Feb 04, 2021 at 20:14
Absolutely right. This principle also applies to the pairs that typically have more volatility all the time, like the NZD or GBP pairs. Traders need volatility to make money. Volatility is a good thing, regardless of what they tell you on CNBC. Once a trader takes a position in a currency pair, price needs to move in order for it to make money. Traders therefore tend to gravitate to trade the pairs that move the most day after day.Brokers know this and will exploit it by increasing the spread/commission required to trade more volatile pairs, especially around the time of fundamental announceme...
New traders love scalping
in
General
Feb 02, 2021 at 18:44
Be careful with brokers that offer zero pip spreads. They are in business to make money. If they cannot make it in the spread then you can guarantee they are making it somewhere else. Unfortunately, the way they usually do this is by taking the other side of your trades. They know that statistically 80% to 90% of new traders lose most or all their trading capital within the first 90 days. If you could run a business where you knew that you could take most or all of someones capital within 3 months simply by winning when they are losing (that's what happens when you lose on a trade and the ...
New Trader
in
General
Feb 02, 2021 at 18:26
I can't answer that question, but the supplier of the robot probably can. I assume you are planning on using the MT4 terminal to implement your robot. MT4 calls them 'EA' or 'Expert Advisor'. One thing you may not be aware of is that for consistent opening and closing of trades you need a rock solid internet connection that never fails if you are running the robot on your own computer. If the internet drops out on you even once, or the feed from your broker becomes interrupted even once when your robot is in a trade, that trade will not close, and you will have to manage th...
Over trading is a bad habit
in
General
Feb 02, 2021 at 17:44
I think it may be a good idea to define what "overtrading" actually is. Investopedia has a general definition of overtrading which says: 'An individual trader...will have rules about how much risk they can take, including how many trades are appropriate for them to make.Once they have reached this limit, to continue trading is to do so unsoundly. While such behaviour may be bad for the trader...it is not regulated in any way by outside entities.'The problem is that 'overtrading' means different things to different people and defining it starts with knowing yourself an...
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