Forex Journey from $500 real acct...

[Placebo]

Hi Ankit

Do any of these brokers provide tick volumes as well ??


Cheers

 

[ag_fx]

Hi Ankit

Do any of these brokers provide tick volumes as well ??


Cheers

Volume is not a good indicator to look at in the spot FX. Different brokers provide different type of Volume data and none of them is Tick volume. Also, a broker can provide a picture of the volume traded on its platform and thus does not represent the real volume. Also, some brokers show volume in terms of the orders traded/executed as against the units traded. So, volume is not a reliable indicator in Spot Fx.

 

[findvikas]

I dont know even how is that illegal? What makes you say so?

I don't know its just a general believe and no body has a clear understanding of if this is legal or not.. just asking...

 

[findvikas]

Hello Vijbala,
to open an account with oanda go to http://fxtrade.oanda.com/ and click on open an acct and fill the online form . It takes less than 10 minutes to do so.After you do that just scan your residence proof and govt id like passport, driving license etc and send them the scanned images of it .And you are done.
You can then transfer funds and start trading!:thumb:

Regards
Pipshower

Thanks for inspiring brother... the first day went good with a good 2.8% in green

 

[findvikas]

Well the profits do look lucrative.......but I would not recommend anyone using 32:1 leverage.

BTW... that was 50:1 leverage...

 

[findvikas]

Post # 5: Position value 26734$ against a 844$ account. Or in same post margin used is 534$ => 534*50 = around 26K position. So true leverage is around 26700/844 = around 32 times account size. No professional uses that much leverage. Use proper money management.

exactly...
not only it has potential to wipe out ur whole money..but u may have to pay from ur another accounts too....
so beware..

"A good money management with not so good trading strategy is far better than poor money management with the best trading strategy"
:annoyed:

I am relatively new to the Forex world but when it comes to money management it applies everywhere. Forex gives you over leverage with some brokers allowing over 100:1 leverage too.. but the key is to watch out your entry & exits and make them 99.9% perfect. thats not all... you MUST have the SL order placed at the time of entering into the trade.

SL will make sure that you do not loose your capital. Like the saying goes, great power comes with greater responsibilities. So as long as you know how to use your power you can be the next George Sorus :rofl:

 

[AdaG]

Volume is not a good indicator to look at in the spot FX. Different brokers provide different type of Volume data and none of them is Tick volume. Also, a broker can provide a picture of the volume traded on its platform a.nd thus does not represent the real volume. Also, some brokers show volume in terms of the orders traded/executed as against the units traded. So, volume is not a reliable indicator in Spot Fx.

Volume is useful when you go up the ladder. While trading with banks you will have access to Level II order book of the market. Basically it will contain order size (1M, 10M etc) and firm/brokerage name (LB-lehman, JP, DB etc.) on each position. So you will know who is placing the big orders. Many strategies are used to hide info but at times of news and inventory expiry following their order flow helps make the most of money.

But for now retails should just listen to what Ankit said above.

 

[sushant079]

I am relatively new to the Forex world but when it comes to money management it applies everywhere. Forex gives you over leverage with some brokers allowing over 100:1 leverage too.. but the key is to watch out your entry & exits and make them 99.9% perfect. thats not all... you MUST have the SL order placed at the time of entering into the trade.

SL will make sure that you do not loose your capital. Like the saying goes, great power comes with greater responsibilities. So as long as you know how to use your power you can be the next George Sorus :rofl:

Right! We should know how to use powers....good luck with that frnd...just take care that watever leverage u use..don't risk more than 3% of your total capital in a trade...

cheers.:thumb:

 

[ag_fx]

Volume is useful when you go up the ladder. While trading with banks you will have access to Level II order book of the market. Basically it will contain order size (1M, 10M etc) and firm/brokerage name (LB-lehman, JP, DB etc.) on each position. So you will know who is placing the big orders. Many strategies are used to hide info but at times of news and inventory expiry following their order flow helps make the most of money.

But for now retails should just listen to what Ankit said above.

Ok...Lemme say something here....I,myself have worked with ICICI as the Interbank FX trader.And to tell you really, the order book is just a facade. Even if you trade with the best ECN/Bank with highest liquidity, the volume data is still questionable because of the OTC nature of the market. Millions...Yes millions of dollars are traded without ever getting listed in the order books.
IMHO...volume data is just not entirely reliable. While, you can use it to a great extent, you cant rely on it for a trading system.

 

[vicky_ag]

There is one thing to consider while talking of reliability or non-reliability of volumes. That is something called sampling.

With no centralised exchanges, the volume data on fx is questionable but it can be taken to be a sample representation. It is like the answers to the questions on any stats based shows or in India Today on "pre-martial sex". Answers might be 35% in favour of doing it. Well do really 35 % of the Indian population think so on the question? They might or might not but sample of 1750 out of the 5000 polled by India Today think so and that is enough for them to proclaim it as the truth. Truth from a sample of 5000 out of 1 billion to make a bold statement.

So, is the volume reliable? To some extent it is, there are people who trade exclusively using VSA on fx and are successful.