What am I missing out by using Oanda fxTrade on Mac?
Hi all, First of all I'd like to thank all the contributors on this sub for all the content (both positive and negative!) - as a complete newbie to forex trading, every different perspective has been useful in beginning to understand the complexity of FX. My question is fairly simple really - I signed up with Oanda, and use their fxTrade software on a Mac. I have seen that MT4 is generally regarded as the industry standard, so what am I missing out (as a beginner) by using Oanda's software? Thanks again for all the helpful posts!
Hope you are all having a good day. I was involved in a car accident that has taken quite the toll on my physical health. I got into studying the stock market and trading through Robinhood for a bit. I like the excitement day trading brings, along with the meticulous attention to detail it brought. Unfortunately, I don’t have the funds for day trading, so I moved to Forex. First, I’m using Oanda with MT4. I have two moving indicators (50&100), bollinger bands, and use MACD. I’m familiar with the basics. I love doing research and watching the market. I understand the bull/bear portions of the market and reading of the charts. I also research and improve my knowledge every day. I’d love to make this a career, along with the immense of amount of other people that want to as well. Any advice for a beginner? I’m fairly smart with my money, and am starting out with a low deposit to experiment and get the hang of the Forex market before I deposit and trade more. Should I move my indicators? Are there any indicators you enjoy using? Just general stuff to improve my knowledge.
Brand new to forex, after messing around with stocks and ETFs for a year on robinhood. In trying to learn about this strange new world, seemingly every article warns me that trading forex is the fastest route to poverty, that I'll lose every dime I have and that I'm better off buying lottery tickets, UNLESS I have a risk management plan. That's all good and well, but it seems hard to find suggestions on how to actually manage my risk. So far what I have found is either unconvincing, or I just flat don't understand what is being explained. So I've landed here. Reading the Forex FAQ, in this sub, the advice is to use a very small amount of capital when starting off, and practice live trading from there. If then recommends a formula to use in order to calculate risk, which seems like quite a bit of running calculations for every single trade that I make. Is it really the case that every Forex Trader that manages risk runs a series of calculations for each and every trade in order to figure out pip value and leverage amount, such matter and what have you? Second problem, before even getting to the risk management section of this Subs FAQ, I'm told to read The Beginner's Guide on baby Pips. Babypips says that when you first start off trading you should not start small because then you will never be able to weather times of drawdown. They recommend something like an initial deposit of $20,000 or 50,000, and saying that if you don't have that much then build up your savings and come back the Forex when you have that to drop into the market. Are you kidding me? My original plan before reading either of those guides was to deposit $300 and use something like a 10 to 1 or 20 to 1 Leverage. The part that I'm hung up on which really baffles me and I need some help understanding is everywhere seems to say that I should only risk one or 2% of my account. I don't really understand what that means. My trading app, OandA allows me to set default trade settings. One of them is trade size, which I can select an option "%Lev NAV" In all of my general Trading I have kept this number at 100, assuming that it is simply using 100% of my account for each trade. I am also using a system in order to Define very specific entry points with a one-to-one risk reward ratio, setting a stop loss and take profit Target, usually between 9 and 60 Pips in size, depending on the instrument. Thus far, each trade that I have won usually amounts to a 3 to 8% change in the demo account value, which seems comprable to what I was experiencing with stocks and ETFs back on Robinhood. For the last 4 trades I've made, I'm up 15%. Do I need to adjust this % Lev NAV down to 1% instead of 100? Or do I really need to download a pip value calculator app and make a determination after solving some arithmetic? I just can't seem to figure this out, and different sources use the same words interchangeably yet differently. When risking 1% of my account, does that include leverage, or not, in the trade? And if the most anyone recommends to risk in a trade is 1-2% then why use leverage at all? Won't the returns on 1% be so small as to be negligible? I don't seem to understand how it could possibly be Worth while to spend all that time trading... 1℅ of $300 is three bucks. As I understand it, that would allow me to buy 2 units of the EUUSD... there's no way that could be right, right? Thanks for your patience and for reading this whole, chapter-length, question of a post. I look forward to some clarity. I don't know how to switch to live trading, and the demo account does nothing to simulate leverage.
Hi guys I've been trading crypto for a while and made good profit on it and cashed a good portion as well. Last few months have been unbearable (hah) with crypto and I'd like to try some different things. I know that crypto is a lot different than other markets but I'd like to know how it differs exactly. (volatility, not a 24/7 market, catalysts, etc). From what I've gathered forex is also a lot harder than crypto so I might have to adjust my trading strategy as well. I'd like to know what a complete beginner to forex needs to know and what the best course of action is. I started a demo account with oanda and I've also started setting up my trading journal/system/strategy. I'm planning on starting small when I'm playing with real money but right now I want to do demo for ~1-2 months and see how it works exactly. Any tips would be appreciated!
Transitioning to forex from crypto: what fundamentals should I worry about? Any other suggestions?
Hello, Crypto can be quiet as hell sometimes and it's like squeezing blood from a stone with tiny moves. So, I've been doing Oanda demo using my pro Tradingview account. Only EUUSD so far but thinking of adding JPY, GBP, and CAD to my pairs since they're often recommended to beginners. Question- how much should I pay attention to FA? Do you guys typically open any currency/forex websites for news before trading, or do you trade blind? In crypto, I open up a chart, mark my levels, look for divergences, and am in a trade within minutes. Not sure if that's possible with forex though. Do you avoid trading at any times? Do you guys have any suggestions here, or on any other suggestions transitioning from crypto? It's been fine so far. Starting with $250 account to see how far I can build up while trading crypto for my income. Thanks.
So, long time lurker of this subreddit, but only have posted once before. I'll get to that later. First, I'd like to share my appreciation for this sub as a new beginner getting into trading. There's a lot of crap out there and it’s hard to sift through it. Not saying crap doesn't get posted here, but it's well modded. So thanks for that. This is a decent place to get grounded. Intention of this post is info from one newb to other newbs getting started. The purpose of this post is more for information and factual stuff than advice. As a beginner some times just factual info can be the most help rather than advice. I’ll try to make this quick. Probably won’t be, I’m summarizing a year and 4wks here. How I got started. I was listening to Jim Cramer on Mad Money while at work. Yea don’t laugh. I always wanted to trade stocks, but never really had the capital to do it. The idea of working from home and trading always appealed to me like it has to many others. Also, I was getting frustrated with my job, (still there by the way). Anyways, once I finished paying off all my school loans I started seriously looking in to trading. I’m 26 atm. Quickly learned I still didn’t have the capital to trade stocks the way I wanted to. Living in the U.S. and subject to the pattern day trading rules I would need 25k. Which I don’t. Not sure where I found the info but looking for other ways to trade I discovered spot forex. Hey! And you don’t need 25k to trade like a mad man. Quickly learned from multiple sources, seriously its everywhere, if doing FX you need to go through babypips. So 1 year ago at the beginning of March I started working my way through baby pips. Also, I opened up a practice account with Oanda at the same time of starting babypips. Being in U.S. the broker options are limited. I saw the big 3, Gain, FXCM, and Oanda. Gain had terrible reviews, FXCM already had a sketchy past, so I picked Oanda. But honestly they all have bad reviews, but I wanted to trade. Took me about 2 months to work my way through baby pips course while trying every indicator under the sun on my practice account. Also discovered tradingview during this time. Best analysis center out there honestly. Now around my 3rd month I started to hit this wall ( this is a magical wall that re-appears throughout this endeavor whenever you finally think you’re getting somewhere) . Realizing that with all the crap and indicators on the screen and if I’m being honest with myself I haven’t got a clue what the crap I’m doing. I knew I needed to simplify things and stick with things that stuck out to me (you know what they say, find your edge). For me that was going to be MACD. It’s the one thing I thought I understood. Keyword “thought”. And only in the larger time frames 4hr + charts. I could clearly see divergence and convergence throughout the charts. And I could clearly see a shift in the trend after things like divergence. So my goal was to master the MACD. It was brutal, but in some ways it worked for me. I could clearly see that an up or down trend was dying out on the daily or 4hr. charts. So when I thought the trend was almost over I would start taking reversal trades or what I thought were break outs of the trend. My practice account almost got murdered multiple times. But if I was convinced the trend was turning, I kept buying or selling more positions until it reversed (but sometimes it never turned and I just ended up cutting a huge loss). Now I’m getting close to 6 months of trading. I was up about 40% on my 100k practice account. Believe me, I understand I still didn’t have money management, and it was probably complete luck, and it was stupid trading with such a large practice account, but at this point in my mind I thought I was ready for the “next stage.” Going live, some people suggest not going live until you have your strategy completely mastered. ( I didn’t) So naturally my sympathy’s fell with those who suggest after 3 months of positive trading you should start prepping yourself mentally with a small real account. By this time I had saved up $3k to throw into my live account with Oanda. And I told myself I was mentally prepared to completely lose all 3k (was I really? I don’t’ know). Why did I pick 3k as my start amount? To me it was just large enough that it would hurt if I lost it, and the potential wasn’t too small where if I was successful I would only be able to buy a happy meal from McDonalds. So here I am, 6 months into trading with a live account. It started about as bad as one could expect for someone with no money management. I still didn’t know how to take profit with targets. It’s like I took a stupid pill right before trading live. Cause not only did I not trade divergence all the time, I started taking trades from others on tradingview. Hence my first post on this reddit which I got railed for copying another persons trade. I had to take break for like 2 weeks after that to recoup my mind. I lost about 25% or more of my account. Started taking money management seriously at this point. Started reading up on it, started taking calculated trades with risking only 2% of my account. Those first 2 weeks were necessary for me to grasp money management. Believe me I read all about money management, I even understood it for the most part, but I didn’t really utilize it till I took that hit on my account. Reading is not the same as experiencing. Now things started to work out for me again. I went back to searching for divergent trades, my trades. But I also started looking for others on trading view who traded just divergence. This helped, especially when it came to spotting trades you agreed on. I didn’t just follow the highest rated traders, I followed those who were trading similar to my style. Now, believe me, I still suck at trading at this point, but my money management still allowed me to recover my account, and even gain on it. But I was break-even trader 9-10 months in with my bad trading. Now this is going to be the part that I never thought I would do, especially since its frowned on in general by this group. But I paid for a trading course, well more like to join a permanent trading group who trains you. (I’m not recommending this) I won’t say who or what the group is. This is just factual information. Yes I paid 2.5k to join a group. So don’t ask who the group is. I’m not writing all this just so the mods delete it as a promotion. But through trading view I found someone whose charts I liked a lot and got in contact with him. Our trading styles were similar and he peaked my interest and was nice when I contacted him and I wanted to learn more faster. So like I said, I found someone whose trading style I associated with. Your style maybe completely different and probably is. So finding a group who doesn’t trade like you would be a complete waste of time. And what do I think of my experience in a trading group? I refrained from live trading during these several weeks of training. I wasn’t the only student. In general we had 1 week of lessons, then split into a small groups for 2 weeks of 1 on 1 trading with a senior trader. Rinse and repeat for a couple of weeks that was my training. All in all, it wasn’t all I expected and yet it was more than I could have expected. I did learn new techniques that I believe help me, but I only finished 2 weeks ago. So all in all its been 1 year and 4 wks since I started trading. I haven’t made globs of money in a short time. And I’m still not as good as the senior traders in our group. I still maintain a full time job because it’s necessary for me at this point. I was waking up at 4:30am in the morning just so I could attend these training sessions. And trade before and after work, and have reduced my work hours from 50+hrs a week down to just 40 hrs so I have more time to trade. I hope one day to quit my job so I can trade full time. Anyways that’s my first year of trading in a nutshell. Going into my second year. If you would like me to update again at the beginning of my 3rd year give it a thumbs up. God Bless.
Preferred Papertrading Resources + Community/Sub Thoughts on Tradingview
Hey all, I've been studying up on Forex and I did read the side bar, I recently got involved with dedicating some time to learning about forex and financial markets in general everyday now as well as trying to keep up some news. I've poked around with MT4 using an OANDA demo account, TD think or swim demo account (couldn't figure out how to trade forex on it thought). I found that I love to use tradingview.com for all things relating to forex though, I think it's great that it has charts, news resources and free chatrooms as well as easy ways to share TA etc, which I haven't found in other platforms. My big holdup though is that, I love their papertrading integration with their charting and all, but my biggest hold up is, does anyone know the leverage ratio they use? Also, is tradingview's free charts seriously as up-to-date as it makes me believe? I'd like to think that when I set the chart to 1 minute I am getting only 2-5 seconds worth of delay. Also, I want to know what the Forex sub here on reddit thinks of tradingview, thoughts on tradingviews paper trading as well as some recommendations on where i should start papertrading. Perhaps there are better platforms/accounts I can open with? And if anyone has the time, someone that has had a decent amount of success with this stuff starting out with relatively low capital and sharing their beginner story? What platforms did you start out with when you were demo accounting / papertrading etc. Thanks guys, I'm hoping I didn't break any rules here. Again, I did read the side-bar for beginners but, I just want to make sure that I am practicing my TA and charting methods with a platform conducive for learning (in terms of papertrading).
How do you guys figure out support and resistance levels?
If it isn't already obvious in my question I'm a beginner. Like super new to this stuff. I've read a book or two on forex, perused the Internet for information and just a few weeks ago I opened a demo account on oanda and started trading mainly on my phone. I am mostly trying to develop a strategy here so the few trades I have done sometimes earned me something and then I lost again on a subsequent trade. Anyway point is I'm trying to find a way to figure out potential future resistance levels and support levels. I read articles on investing.com and those guys keep giving 'key support and resistance levels' how do they do this? I've used 100 day moving averages and found those useful sometimes. But what about other times?
Hi Everyone, I am a beginner in FOREX trading, I am using OANDA (critique me please if this is not a good broker) to live trade, I have opened multiple accounts with this broker. In all I have 10 accounts with less than $50 each, and one main account with $1000 in it. My approach is that:
for each account less than $50 I use it to create a forex strategy
If said account consecutively increases than I implement said startegy in the larger account with the $1000. (i have yet to touch this account)
Do you guys think this is a good idea or not? Thanks in advance.
Please excuse the beginner question, I'm a professional developer trying to ascertain if my particular skill set lends itself towards forex trading. Some questions I've not been able to answer from my searching so far. If I setup an account with say Oanda, and my base currency is in USD, if I place an order for EUR / GBP, it appears to let me place that order. I assume that to do so, it is first making a market trade between UDS / EUR, and when I close my trade it does the reverse and I absorb the spread. Additionally, if I wanted to trade EUR / GBP, but rather than making that happen via USD -> EUR -> GBP, I wanted to take a route like USD -> CAD -> EUR -> GBP, is that at all possible for me to execute? Thanks in advance for your patience and expertise.
ECN. Used most by professional traders. Difficult platform for beginners
Minimum deposit $10000 (or $3,000 if under 25yo) * Well diversified -Oanda
Market maker. Second largest retail FX brokerage in the US. Easy platform for beginners.
No minimum deposit
Not well diversified, but well capitalized -Gain Capital (whitelabel forex.com) *Market Maker *Fair spreads *Minimum deposit $250 *Well diversified -FXCM Inc
ECN. Largest retail FX brokerage in the US
Minimum deposit $2000
Not well diversified. CAUTION: FXCM nearly went bankrupt in Jan-2015 due to a lack of diversification and low capitalisation. As a result FXCM LLC was bailed out with a large loan which may prove difficult to pay back. Be warned that their business may not be sustainable in the long term. -MBTrading
ECN. Mid-sized retail FX brokerage
Minimum deposit $400
International Only- -LMAX (whitelabel DarwinEx) *DMA broker based in the UK. Note that as a DMA broker LMAX eliminates the ability for LPs to last-look transactions. This may result in reduced liquidity during volatile times as liquidity providers would be likely not to risk posting liquidity to LMAX's pool. *Tight spreads *Minimum deposit $10,000 *Fairly well diversified -Dukascopy *ECN based in Switzerland, but available elsewhere depending on local regulations. *Tight spreads *Minimum deposit $100 *Fairly well diversified -IC Markets *ECN based in Australia *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Fairly well diversified -Pepperstone *ECN broker based in Australia. *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Not well diversified Software / Apps: Desktop/mobile
Apps are typically broker dependent. Some brokers have their own proprietary software, while others lease common software like Metatrader or NinjaTrader. Some software has a large development community for indicators and EAs.
Terminology/Acronyms: www.forexlive.com/ForexJargon - Common terms and acronyms FAQ: I need to exchange money, how do I do it? This isn’t what this sub is for. Your best bet is using your bank or an online exchange service. Be prepared to pay a hefty fee. I have money in one currency and need to exchange it into another sometime in the future, should I wait? Don’t ask us this. We speculate intraday in FX and shouldn’t be relied on to tell you what’s best for you. Exchange the money when you need it. I have an FX account, should I start trading demo or live? This is highly debatable. You should definitely demo trade until you have mastered how to use the trading platform on desktop and mobile. After that it’s up to you. Many think that the psychology of trading live vs demo trading is massively different. So it may pay to learn to trade live. Just be warned that most FX traders lose almost their entire first account so start with a low affordable balance. What’s money management? Money management is a form of risk management and is arguably the most important aspect of your trading when it comes to long term survival. You should always enter trades with a stop loss - the distance of the stop allows you to calculate how large of a percent of your account balance will be lost if your trade stops out. You can run a monte carlo simulation to figure out the risk of having a number of trades go against you in a row to drain your account. The general rule is that you should only risk losing 1-4% of your account per trade entered. More on this here: www.investopedia.com/articles/forex/06/fxmoneymgmt.asp www.swing-trade-stocks.com/money-management.html What about automated trading? Retail FX traders have been known to program “Expert Advisors” (EAs) to automate trading. It’s generally advisable to stay away from that until you’re very experienced. Never buy an EA from a developer because the vast majority of them are scams. What indicators are best? That’s up to you to test and find out. Many in this forum dislike oscillating indicators since they fail to capture the essence of what moves price. With experience you will discover what works best for you. In my experience indicators that are most popular with professional traders are those that provide trading “levels” such as pivot points, fibonacci, moving averages, trendlines, etc. What timeframe should I trade? Price action can vary in different timeframes. In longer term timeframes the price action and fundamentals are much more clear. Unfortunately it would take a very long time to figure out whether or not what you’re doing is successful on longer timeframes. In shorter timeframes you can often tell very quickly if what you’re doing is profitable. Unfortunately there’s a lot more “noise” on these levels which can prove deceptive for those trying to learn. Therefore the best bet is to use a multi-timeframe analysis, working from top-down to come up with trades. Should I trade using fundamental analysis (FA) of technical analysis (TA)? This is a long standing argument in these forums and elsewhere. I’ll settle it here - you should have an understanding of both. Yes there are traders who blindly ignore one of the other but a truly well rounded trader should understand and implement both into the analysis. The market is driven in the longer term through FA. But TA is necessary to give traders a place to enter and exit trades from a psychological risk/reward standpoint. I’ve heard trading Binary Options is an easy way to make money? The general advice is to stay away from binaries. The structure of binary options is so that when you lose the broker wins. This incentive has created a very scammy industry where there are few legitimate binary options brokers. In addition in order to be profitable in binaries you have to win 55-65% of the time. That’s a much higher premium over spot FX. Am I actually exchanging currencies? Yes and no. Your broker handles spot FX is currency pairs. Although they make an exchange at the settlement date they treat your position in your account as a virtual currency pair. Think of it like a contract where you can only buy or sell it as a pair. In this sense you are always long one currency while short another. You are merely speculating that one currency will appreciate or depreciate vs another. Why didn't my order fill? Even if price appears to cross over a line on your chart it does not guarantee a fill. Different charting platforms chart different prices - some chart the bid price, some the ask price and some the midpoint price. To fill a limit order price needs to cross your limit's price plus the spread at the time that it is crossing. If it does not equal or exceed the spread then it will not fill. Be wary that in general spreads are not fixed. So what may fill at one time may not at another.
This Forex Trading for Beginner's Guide will give you all the information you need so you can start trading Forex. You'll learn what forex trading is, how to trade forex, how to make your first trade, plus our best forex trading strategies. By the end of this guide, you'll be equipped with the right knowledge to tackle the world’s largest capital market. OANDA's award-winning proprietary forex and CFD Trading Platform. Access to exceptional execution,with no rejection or re-quotes, charting and more! Go long or short on over 120 CFD instruments, including over 70 forex pairs. Take a position on forex, indices, commodities, metals and bonds. See all CFDs. Trade with MetaTrader 4 . The MetaTrader 4 platform offers customisable layouts, a range of plug-ins, an intuitive interface and more. See all tools. Powerful trading tools. Over 65 popular technical indicators and the ability to analyse ... Best brokers for beginners Best forex brokers Best CFD brokers ... Oanda forex fees are low. The EURUSD fee is a bit higher than the average. Oanda forex benchmark fees of a $20,000 30:1 long position held for one week Oanda Pepperstone FXCM; EURUSD benchmark fee: $15.9: $14.9: $16.5: GBPUSD benchmark fee: $11.9: $12.5: $13.0: AUDUSD benchmark fee: $8.3: $11.9: $17.3: EURCHF benchmark fee: $7 ... See our Best Forex Trading Platform For Beginners: Singapore comparison below. Justin Grossbard. Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS ... The Commodity Futures Trading Commission (CFTC) limits leverage available to retail forex traders in the United States to 50:1 on major currency pairs and 20:1 for all others. OANDA Asia Pacific offers maximum leverage of 50:1 on FX products and limits to leverage offered on CFDs apply. Maximum leverage for OANDA Canada clients is determined by IIROC and is subject to change. For more ... Is FOREX.com better than OANDA? After testing 30 of the best forex brokers over five months, FOREX.com is better than OANDA. FOREX.com delivers an excellent trading experience for forex and CFDs traders across the globe. With competitive pricing, full-feature trading platforms, comprehensive market research, and a robust mobile app, FOREX.com ... OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association.No: 0325821. Please refer to the NFA's Forex Investor Alert where appropriate. OANDA (Canada) Corporation ULC accounts are available to anyone with a Canadian bank account. We are a globally recognized broker with 23 years' experience in forex trading. Speculate on fast-moving forex prices using the powerful OANDA Trade platform and MT4. Exceptionally fast execution, no re-quotes and tight spreads from 0.0 pips*. Create account Demo account. US election 2020. Financial markets react to Biden's victory. See latest coverage. Over 70 forex pairs. We offer tight ... Unfortunately, not all platforms are suitable for this kind of trading, but fortunately, Oanda’s platform is. You can use the so-called Algo Lab to make your own trading algorithms and implement them into the platform. The prices at Oanda are very low but you can only trade forex and CFDs. To make things even easier, there’s no minimum initial deposit and withdrawal fees – the entire ...
How To Trade Forex On Your Smartphone: My #1 Tip! - YouTube
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