Stuff one MUST know before trading FX

[findvikas]

Calling all FX experts out here to help all the beginners like me to the FX world. I do not see any sticky thread under this category and have so many questions in my mind.

We can use this thread to ask all the basic questions and then I will consolidate the first few posts with the answers from all the experts. This will help all new entrants to FX world.

So to start with I have the following few questions in my mind.

1) Is FX legal to trade against INR/USD pair?

2) What is your favorite and most volatile pair to trade?

3) How one should start with trading FX?

4) I have a FREE demo account with Forex.com and still evaluating it. Is there any broker who can provide me a REAL account with minimum deposit as low as $100-$200

5) What are the FX market timings

6) Which is the best broker with desktop based client and cheapest brokerage for Intraday trading. I treat 30min chart as long term so you can understand I need someone with good real time charting as well as fast execution of trades.


I will leave the rest for later

Thank you for reading and responding in advance.

 

[findvikas]

Reserved for FAQ

 

[bunny]

4) I have a FREE demo account with Forex.com and still evaluating it. Is there any broker who can provide me a REAL account with minimum deposit as low as $100-$200

5) What are the FX market timing

I don't know how they scope in other areas, but I had seen ads of http://www.pfgfxlite.com/ that allows minimum deposit of $10.

I am not sure of this, but think the forex market is open 24 hours, or may just 1 hour break per day.

If you want to trade only the USDINT pair, have you considered NSE's currency derivatives?

PS: I have never traded forex before, and neither have any inclination for it in the short-term, but I have just posted what I have read about it.

 

[findvikas]

Thanks Bunny... per my understanding as there is no standard institution to regulate FX timings they operate per the timings of the country where we have these brokers. My preference of choice will be more of EUR/USD & JPY/USD

 

[Mangafreakz]

@Vikas
You can open account with Oanda for as low as 1$. Oanda charges as low as 1 pips for the Eur/USD pair. FX market is a 24hours market , but the different London, US trading session timings are important to know.

Oanda does not have MT4 terminal , so you can just open a demo account at any broker who has MT4 terminal which is very good for charting purposes and use it side by side.

 

[findvikas]

I got MT4 from FXCM but it does not allow me to track USDINR pair which I would like to do most of the time as I can very well track the Indian market movements as well as US market movements, along with the inside stories which would be relatively difficult for any other pair.

Any suggestion how can I track it from MT4?

 

[ag_fx]

It is not a good idea to trade USDINR with the international brokers. The reason is the kind of spread you would get. Sometimes as much as 20 paisa. If you want to trade USDINR, it is best to trade the futures listed on NSE/MCX. Trading Forex is not about trading USDINR. It is very illiquid.

I got MT4 from FXCM but it does not allow me to track USDINR pair which I would like to do most of the time as I can very well track the Indian market movements as well as US market movements, along with the inside stories which would be relatively difficult for any other pair.

Any suggestion how can I track it from MT4?

 

[earnviaforex]

You can get usd/inr in oanda but with a large spread. There are brokers who allow usd/inr in MT4 right now its not on top of my memory i will surely get it for you.

 

[findvikas]

I just opened a REAL money account with Oanda and gave up the idea to trade in USDINR pair as the spread is quite large. I will be trading my first trade tomorrow.

I intend to go bullish on dollar and short EURUSD pair

 

[findvikas]

BTW.. my last paper trade was a good deal.

Over 100% return in just 7 days .. I wish that was for real.