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Bear in mind that 6$ commissions round trip sounds high to me. By shopping around you can get that down. For certain products you can probably halve it.
One set of videos that goes from the start and I find excellent (and free) can be found here
Thank you all so much xplorer for your help.
Im off to watch some videos and do some reading.
My next question will hopefully be from a more informed understanding.
Have you ever seen Betfair, Grantx? It's exactly the same thing - just set out slightly differently. It effectively shows the "money waiting" to buy/sell at given prices.
Thank you so much for posting these videos. They are quite long so I am working though them slowly because I want to absorb what he has to say. So far I have found it to be excellent material! Just in the 1st video alone I have learnt so much about how and why the market moves.
Quick question: When trading a futures market, I can see at any time if there is a high volume of pending Ask orders above the current price (when the market is trending up) and also I have the tools to see the volume of Bid orders coming in to eat up the Ask orders?
So to put another way: Spot Forex gives you no clue as to volume or where pending orders are sitting, a trader has to determine that for themselves using technical analysis. But in futures, I can see exactly where the pending orders are (because of centralised exchange) and also how much volume/demand is currently flowing in to consume those limit orders? So when price hits a level on the candle chart, I can take a quick look and see the volume of pending orders above versus the volume of pending orders below? If there is more liquidity (in the form of Bid orders) below than above, the market in theory should go and seek that liquidity out?
Yes, however bear in mind that often the liquidity 'stated', i.e. intent does not necessarily correspond to 'fact', as resting orders can be pulled at any time. If you progress in the videos the concept is well illustrated.
But you can still gauge what liquidity does when price approaches it and then trades through it.
