Forex from scratch --a helping hand from pipshower...

[TFL]

How are you going to send funds to oanda?
I have account with oanda.com as when i opened there was only oanda.com .
Now they have started oanda.sg.
It doesnt matter where you open account .
I have only used paypal as funding option so i cant comment about wire transfer .

Regards
Pipshower

I am using Paypal as I have fund from my projects there.
I just opened the practice account with Oanda and am seeing a lot or pairs, by the way Which pairs of currency will be more reliable to trade?
Cann't wait to see your lessons...

Haribird.

 

[pipshower]

I am using Paypal as I have fund from my projects there.
I just opened the practice account with Oanda and am seeing a lot or pairs, by the way Which pairs of currency will be more reliable to trade?
Cann't wait to see your lessons...

Haribird.

The question you asked about choosing pairs to trade is quite tricky .
Start with majors first would be my advice .
Main majors include :
EUR/USD
USD/JPY
GBP/USD
USD/CHF
AUD/USD
NZD/USD

go with this pairs till you get the hang of it.Once you get hang of them then move on to other pairs .
The advantage of going with major pairs is smaller spreads and direct influence of news on each currency can be learned.

Other pairs are cross pairs which have been formed due to crossing major pairs
e.g.
GBP/JPY = GBP/USD* USD/JPY
GBP/CAD= GBP/USD*USD/CAD
EUR/JPY=EUR/USD*USD/JPY

And so on..

Regards
Pipshower

Use oanda only to initiate trades.
Use MT4 i.e. metatrader terminal platform for charting.

 

[TFL]

The question you asked about choosing pairs to trade is quite tricky .
Start with majors first would be my advice .
Main majors include :
EUR/USD
USD/JPY
GBP/USD
USD/CHF
AUD/USD
NZD/USD

go with this pairs till you get the hang of it.Once you get hang of them then move on to other pairs .
The advantage of going with major pairs is smaller spreads and direct influence of news on each currency can be learned.

Other pairs are cross pairs which have been formed due to crossing major pairs
e.g.
GBP/JPY = GBP/USD* USD/JPY
GBP/CAD= GBP/USD*USD/CAD
EUR/JPY=EUR/USD*USD/JPY

And so on..

Regards
Pipshower

Use oanda only to initiate trades.
Use MT4 i.e. metatrader terminal platform for charting.

Thank you very much pipshower.

It will be a good idea if you can EXPLAIN this by adding comments to the image.
Also add brief script about what we should be looking at while we are in a trade position.

It will be more nice if you can say why you said "Use oanda only to initiate trades."

Thank you for your time,
Haribird.

 

[pipshower]

Thank you very much pipshower.

It will be a good idea if you can EXPLAIN this by adding comments to the image.
Also add brief script about what we should be looking at while we are in a trade position.

It will be more nice if you can say why you said "Use oanda only to initiate trades."

Thank you for your time,
Haribird.

My meaning of using Oanda to initiate trade is based on the reasoning that the oanda's charting system is not that good as compared to metatrader platforms
and oanda charts have higher timeframe till daily only and not weekly and monthly .
So i prefer to use metatrader platform for charting .
Metatraders are the best platforms in the world that i have used till day.

I forgot to mention earlier that oanda lacks trailing stop facility on live accounts but they are planning to introduce it soon . Just now it is in beta mode on their demo platform.

With this being said i would like to ask you a question about how do you trade stocks? what method you use ? and how successful are you with it?
These questions will help me answer you about what way you will make it in forex [Mainly talking about trading method]

Regards
Pipshower

 

[TFL]

Duplicate post...

 

[TFL]

My meaning of using Oanda to initiate trade is based on the reasoning that the oanda's charting system is not that good as compared to metatrader platforms
and oanda charts have higher timeframe till daily only and not weekly and monthly .
So i prefer to use metatrader platform for charting .
Metatraders are the best platforms in the world that i have used till day.

I forgot to mention earlier that oanda lacks trailing stop facility on live accounts but they are planning to introduce it soon . Just now it is in beta mode on their demo platform.

With this being said i would like to ask you a question about how do you trade stocks? what method you use ? and how successful are you with it?
These questions will help me answer you about what way you will make it in forex [Mainly talking about trading method]

Regards
Pipshower

Pipshower,

Happy to disclose that I am being successful in trading stocks. Mainly using methods based on pivots and RSI, with sufficient money management.

But I don't know how much effective it will become, in forex. Oanda shows no volume in forex... is there any significance for volume in forex trading?

My intention is to experience it first and slowly enter into small forex trading and if it matches my personality...then can continue...or leave.

Haribird.

Thank you very much pipshower.

It will be a good idea if you can EXPLAIN this by adding comments to the image.
Also add brief script about what we should be looking at while we are in a trade position.

It will be more nice if you can say why you said "Use oanda only to initiate trades."

Thank you for your time,
Haribird.

Missed to add the image earlier.

Haribird.

 

[pipshower]

Pipshower,

Happy to disclose that I am being successful in trading stocks. Mainly using methods based on pivots and RSI, with sufficient money management.

But I don't know how much effective it will become, in forex. Oanda shows no volume in forex... is there any significance for volume in forex trading?

My intention is to experience it first and slowly enter into small forex trading and if it matches my personality...then can continue...or leave.

Haribird.

Haribird.

First of all let me congratulate you on being a successful trader in Stocks.

And volume does has a role though i have never used it because of my trading method being different .

Thats being the reason i am asking you to get metatrader platform for practice and its absolutely free . You will get all indicators in it and also you can code your own indicators if you want to use them. Though i dont like to use indicators i would recommend trading demo with your established method and check out for yourself if it is successful.
And let me tell you all methods which are tested by you in any market work on other markets too taken in to account you wait for the best set up formation and trade when the set up confirms.

Get free metatrader platform here
http://www.metaquotes.net/terminal


Regards
Pipshower

 

[TFL]

First of all let me congratulate you on being a successful trader in Stocks.

And volume does has a role though i have never used it because of my trading method being different .

Thats being the reason i am asking you to get metatrader platform for practice and its absolutely free . You will get all indicators in it and also you can code your own indicators if you want to use them. Though i dont like to use indicators i would recommend trading demo with your established method and check out for yourself if it is successful.
And let me tell you all methods which are tested by you in any market work on other markets too taken in to account you wait for the best set up formation and trade when the set up confirms.

Get free metatrader platform here
http://www.metaquotes.net/terminal


Regards
Pipshower

Pipshower,

Already in it. Please re-look my previous post.

Haribird.

 

[pipshower]

Pipshower,

Already in it. Please re-look my previous post.

Haribird.

The image you have posted is from Oanda platform.
I am advicing to use metaquotes for charting which is free and is metrader terminal .
I will post a image for you to see it.
The metatrader i have posted in this image is demo from MIG trader.

Regards
Pipshower

 

[TFL]

Yah...I am in the MT4(you are true...nice for charting) itself but seen the type of quote in many forex site...so cropped from Oanda...

Haribird.