Hey guys a newbie here who's just starting out in forex trading, i pretty much understand the fundamental issues pertaining to forex and the underlying causes that change currency movements, but am pretty clueless when it comes to the technical side of it, things like reading charts, spotting trends et cetera and different strategies in trading, which i believe are all crucial in trading short-term. So i'm just beginning my education in babypips.com, awesome site by the way, and also hope the sifus here would answer my queries should they arise.

Starting out with almost 0 capital, and am based in Australia, boy how much has the Aussie Dollar fallen since mid July, if only i started back then and predicted this trend. Anyway am opening an account with Oanda, and hopefully can get a job soon and get some capital. Current aim is to be a discretionary trader, once i master all the technical analysis and have the time i shall become a scalper. I always take comfort in telling me i'm providing liquidity to facilitate the world business so i'm not exactly a leech .

Ok enough with all the crap, just wanna ask what's your forecast in the next week and so for the major currency pairs and why. The RBA is highly expected to be announcing a 50 basis point cut tomorrow, i suppose AUD/USD and AUD/JPY should be short?

woohoo made my first trade shorting AUD/USD and got a 50% profit! what a good way to start trading in forex, granted it's only 50 bucks

anyway anyone uses Oanda here? what's the boxes and box resale value?

i closed my positions at 0.6652, was thinking there could be some support at this level since that was the swing low point before
and placed a limit sell order at 0.6625, which opened earlier...hopefully AUD keeps going down

This post has been edited by orangysb: Nov 7 2008, 10:44 AM

wtf Oanda's spread for AUD/USD is 20 pips right now, all the other major pairs are a whopping 10 pips...this is ridiculous

do the other brokers give such wide spreads when trading resumes?

Right, do other brokers do the same?

Wanted to close my position before trading resumed but the spread was 15 pips, but being a newb i thought it would go back to normal when it opened this morning, but instead the spread widened to 20 pips and shot up against my position...zz profit turned loss, sad.

Now i know i should close my positions over the weekend if i don't wanna hold it for long.

Oanda accepts paypal

btw kelvin you're an Oanda user right? how did you transfer funds into your account? since they only accept major currencies, did you convert MYR to USD then wire transfer?

i'm studying in aussie now so i have a paypal account so transferring funds is not a problem for me, just wondering how malaysia-based people use oanda

if you change your money at the exchange dealer, how do you transfer the cash over? pass the cash to the bank and then make a tt?

i think commodities are rising because of the stimulus package that's just been announced in China, few hundred billions of fiscal spending in infrastructure that should sustain their demand for commodities in the near future despite the slowing growth, hence the price hike, my guess anyway

I guess you can call me one, from the way i've been trading in the past few days, i trade on the hourly chart and try to ride along each anticipated movement using the fibonacci levels, so far it's been pretty good, which is kinda worrying me since it feels a bit too easy, but i know forex trading is a risky business so i always trade no more than 5 times leverage and always have a stop loss order.

Anyway i'm pretty damn new to forex and am only in the 4th grade in the babypips school , i probably shouldn't start trading real so early on but what the heck can afford to lose 100 USD, so just learn in real-time.

Any thoughts?

Likewise here haha, wherever i go, if i have my laptop with me and if there's wi-fi i'll be checking my Oanda account.

But i'm not a scalper according to the definitions in goforex.com, i'm more like a day/swing/range trader, time frame ranges from minutes to hours.

Oanda do have a foreign exchange service for people who just wanna exchange currencies and not trade, it's called fxglobaltransfer and they let you exchange at the trading price, meaning 10 pips' difference, but the minimum lot size is probably like 100k, and i don't think they have Malaysian ringgit.

If you're changing a large amount, you can probably bargain hunt around and negotiate with different forex dealers.

zz keep getting distracted by the chart right in front of me, should probably turn off my comp and concentrate on studying, exam in 7 hours' time!!!

anyway shorted AUD/USD at 6645, TP at 6520

Haha you wanna know my day-to-day portfolio growth rate? I've only been trading for a week.

Making 400 off 3000 consistently week after week? That sounds pretty damn good, that's like 11% every week. What's your trading style or strategy?

50% ROI in 2 years is a poor investment? You're kidding right, i would think 20% per annum is considered good even during the good times in the stock market, and right now the climate is just depressing, i would say 50% in 2 years is pretty good. I mean i don't think there's any stock market index that gives more than an average compound return of 13%.

Forex is a different story, the return can be much higher but so is the commensurate risk.

The RBA is intervening right now, AUD/USD is hovering around 0.64, i think it's not gonna last long and aussie will be going down once it breaks through this barrier, prolly down to 0.60, the previous low few weeks back.

Sigh i should've read this post earlier, and i told myself to never leverage more than 5 times, or always have SL, right then i broke both rules and lost 30% of my balance, sad. And i should at the very least finish my babypips education first lol.

Are you a full-time trader?

Cool, mind telling which one? Accept retail investors? What's your track record so far?

Hehe and i lost 30% in 1 day, beat that!

Sigh tell me about that when i shorted it earlier and it went up by 400 pips.

Anyway recovered all my losses yesterday by shorting AUD/USD, yippie.

AU has reached 0.6066 before on the 27th of October.

can someone explain to me what factors affect UJ? what to look out for when i trade in this pair