There a many brokers that you can demo with. IBFX, Oanda and etc. Just google and you'll find a ton there. Many said that for charting, Oanda is a no no. Mostly use MT4 platform for charting.

There those demo accounts that expire after 30 days or so. Oanda demo account doesn't have expiry date though.

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Added on October 13, 2009, 3:38 pmHmm..the dollar goes up again...!

Gonna wait for a while before I go in. Aiming at GU, UJ and EU pair for now..



This post has been edited by dannyooi_84: Oct 13 2009, 03:38 PM

Guys, anyone using 3G broadband to trade ? I find it is too dangerous, cause many times it lags and hang. Streamyx is more stable. BTW, I need your adivice to fine tune my strategy. I trade UJ, I notice the daily fluctuation is about 100 pips, let say I trade hourly chart. Is the setting target profit at 15 pips and stop loss at 50 pips reasonable ?


I ask this because I intend not to monitor in every minute, I see is better to leave it few hours and the market will come to my target price. Previously my TP and SL ratio was 1:1, like my TP 15 pips and SL 15 pips, many times I almost ended up forced selling before the profit kicked in the next minute. Luckily I was around to cancel the SL and wait a bit before my profit comes.

My current target is daily profit about 30 pips. So I need to do few trades of 10 pips to 15 pips gain. Apart from that can you sifus slightly define the character of different pair of currency ?

Thank you.

I'm no sifu, still very much a newbie. I like the EU and UJ pair. Since EU pair has the lowest spread (oanda) compare to other pairs. Just don't rade during news time.

Character of the currency pairs...err. I'm still finding it. lol. I guess the sifus around here can help you.

I'm using Maxis 3G to trade on mobile MT4, so far so good.

Thanks danny and rstusa. My Celcom sucks....prefer to switch to my streamyx for trading. Just to add up about risk management, I find 2% stop loss is more risky, aka averagely is 18 pips stop loss. Either my entry is too early from the indicators' signal, or too volatile (Is it ? Or I know nothing ) to trade UJ. The movement can be easily 50 pips up and 50 pips low. What I did was to tolerate a bit longer till the extend 30 to 50 pips loss, then waiting the fight back wave to close my deal.

Don't know is the strategy safe ?

My strategy is ... i sometimes set my sl but not my tp. But most of the time i set a tp and sl. For me, my tp/sl ratio would be 2:4, but still i'll change it every now and then.

Sifus, what strategy are you using?

2day merket not good low moveement

trading the UJ pair now... scalping

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Added on October 15, 2009, 2:45 pmmanage to scalp some 7-8 pips here and there!!

This post has been edited by dannyooi_84: Oct 15 2009, 02:45 PM

Congra ! Congra ! Keep it up man.


U r welcome to visit my blog : futurescorner.blogspot.com

YOu will not make money if your SL is bigger than your TP, unless every trade you do wins. Your profit to risk ratio has to be more than 1:1. Best if you can maintain 2:1, for every 2 pip profit, 1 pip risk. That way even if you breakeven in the number of trade wins/loss, you will still make more money each winning trade than you lose.

Exited the trade, waiting for re-entry again.

Few more pips, i shall call it a day!!

If 2 percent stoploss is 18 pips for you, then you can reduce your order volume by half (example, instead of 1 mini, you do half a mini) and that will stretch your pips to 36 pips stop loss. Either that or increase your risk to 4%.

2 things most traders do not learn before they trade. When is the best time to enter and the best time to exit. MOst will think like you, that the market movement fluctuates 50 pips up and down. Most will think that it fluctuates around their entry and that by keeping an order open, they will eventually fight back the wave to close the deal. That is also why 95% of the people do not make money. Do a quick read-up online of entry and exit strategies before doing anything else. It will save your pips.

Do not trade UJ when you are just starting out. It is one of the most difficult pair to trade, yet people still want to put their heads into it.

I better go back to EU pair to trade. Enough playing around the edge. Go back to my favourite pair. Hmm, tonight got one major news from US, the employment news.

Don't know whether will it be good or not. There are people saying that it might hit 1.5 .. I think I better stay on the sidelines tonight.


This post has been edited by dannyooi_84: Oct 15 2009, 04:35 PM

Thank you sleepwalker. You are indeed right, I ASSUME the decline will come back base on no logical fact (Only heavily depend on indicators like Bollinger band and Parabolic SAR + MACD). So I feel not comfortable with it despites some pips were made. This is merely few days of demo trading, I need to brush my skill.

Reason behind my UJ pairing is simply familiarity. Wish I can gather some opinion for the character of different currencies. Why is UJ hard to trade ?

This post has been edited by rayloo: Oct 15 2009, 08:05 PM

I have a little bit of gambling feel. It is totally different from stock market, at least I can calculate the fair value. Is there any way to know the reasonable value of each currency pairing ? Is it possible to know whether it is over or under priced ? Or it does not matter a lot since a trade is only last few minutes to few hours ?

Sorry all sifus for my noob.

Familiarity with what? Both U and J are safe haven currency, which people flee to when other riskier equities are down. Hence there will be a tug-of-war between U and J, causing it to be erratic and difficult to predict. These are just simple basic reasons and you'd find more answers online as you learn.

Isn't there a bit more than that?

If you have a larger SL, there is bigger room for movement before the SL is actually hit. If you don't hit SL, then the loss is just paper loss, and gives you a chance to make gains if it swings back in your favour.

The chances of hitting a larger SL is lower, but of course if you actually hit SL, then your losses are bigger. Somewhere in between, there is an optimal point, the question is where...

take profit and SL base on fibo? is it ok?

That all depends on your strategy. There are zillions (well, maybe a bit less than that) of strategies out there.

The FA school will pay attention to economics and the fair value and such like. The TA school will look at indicators and charts and look for patterns in those charts. Most strategies use a combination of the two, it's a matter of how much of each.

The best strategy is the one that makes sense to you.

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Added on October 16, 2009, 10:18 pmNot sure about Fibo, but here are some other ideas from a TA point of view.

http://codebase.mql4.com/5996

This post has been edited by howszat: Oct 16 2009, 10:18 PM

There are quite a lot of scam forex in the internet..

Like the one at the page 1, how do we get away from the scam? which is better?