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Best Forex Market To Trade
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Best Forex Market To Trade

  #1 (permalink)
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Best Forex Market To Trade

I'm wondering what Forex market a person would suggest for myself, who needs hours between 8:00 am to 4:00 pm. What forex market do you think is the best to trade with a 1000 dollar account? Thanks for any help

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  #2 (permalink)
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  #3 (permalink)
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skyfly View Post
I'm wondering what Forex market a person would suggest for myself, who needs hours between 8:00 am to 4:00 pm. What forex market do you think is the best to trade with a 1000 dollar account? Thanks for any help

I assume you are talking about spot forex here.

Trade whatever market is active for the hours you want to trade. If you don't pick a market that is in play all you are going to see is a lot of slow sideways movement. As to which pair that is I suggest you get some screen time. I don't want to give you any biases when it comes to fx pairs.

In terms of account size are you going to be trading 0.1-0.5 micro lots with your $1000 account?

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  #4 (permalink)
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GPB/USD and EUR/JPY

Hi Skyfly,

There is a thread in which you can find recommendation for FX pairs and some great advice regarding forex trading:

https://futures.io/forex-currency-trading/6356-new-trading-start-forex.html


Good luck,
Arpad

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  #5 (permalink)
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Which currency to trade?


skyfly View Post
I'm wondering what Forex market a person would suggest for myself, who needs hours between 8:00 am to 4:00 pm. What forex market do you think is the best to trade with a 1000 dollar account? Thanks for any help

The EUR/USD is the pair of choice. This assumes you have a good trading strategy and are trading micro lots. (1000 or 10000 in size) The AUD/USD would be a good second choice. I would stay away from the GBP/USD. This pair tends to have larger moves and can eat up your account capital if the trade goes against you.

If your going to be doing intra-day trading, ie multiple trades a day, I would suggest keeping your profit targets and stops small. This will preserve your account capital. I used a 10 tick target and 10 tick stop when I started trading the EUR/USD. You can check out my thread here: https://futures.io/elite-group-trading-methods/11196-cci-simplified.html

Finally, you may consider your changing your hours from 8 to 2. The Euro tends to move sideways and be less predictable after 2 pm.


SD

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  #6 (permalink)
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Silver Dragon View Post
The EUR/USD is the pair of choice. This assumes you have a good trading strategy and are trading micro lots. (1000 or 10000 in size) The AUD/USD would be a good second choice. I would stay away from the GBP/USD. This pair tends to have larger moves and can eat up your account capital if the trade goes against you.

If your going to be doing intra-day trading, ie multiple trades a day, I would suggest keeping your profit targets and stops small. This will preserve your account capital. I used a 10 tick target and 10 tick stop when I started trading the EUR/USD. You can check out my thread here: https://futures.io/elite-group-trading-methods/11196-cci-simplified.html

Finally, you may consider your changing your hours from 8 to 2. The Euro tends to move sideways and be less predictable after 2 pm.


SD

I concur, stick with the E/U and stop trading at 1:00 EST (an exception to this is if things are really active)

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  #7 (permalink)
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open up a futures account and save up like another thousand and trade 6E future contract(euro/usd). More bang for your buck. Of course train on the demo till your profitable consistently before you start trading your real money. In other words, its hard to trade smaller than an hourly chart for currencies outside of the futures market because of the spread. While for 6E you can trade the euro and only pay one tick. The Euro/Usd is the most popular and stable currency in my opinion.

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  #8 (permalink)
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Thanks

O wow thanks for all you guys suggestions and information, really really apprecaited! Happy 4th!

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  #9 (permalink)
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sidney7g View Post
open up a futures account and save up like another thousand and trade 6E future contract(euro/usd). More bang for your buck. Of course train on the demo till your profitable consistently before you start trading your real money. In other words, its hard to trade smaller than an hourly chart for currencies outside of the futures market because of the spread. While for 6E you can trade the euro and only pay one tick. The Euro/Usd is the most popular and stable currency in my opinion.

I strongly disagree. Futures are not a good match for beginners. Better to do $1/pip forex accounts until you learn to be profitable. MB Trading offers spreads of 1 pip or less. I've been using it for a while now for my "swing" forex account, and I have zero problems with spreads or getting fills on limit orders @ the bid/ask.

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  #10 (permalink)
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Big Mike View Post
I strongly disagree. Futures are not a good match for beginners. Better to do $1/pip forex accounts until you learn to be profitable. MB Trading offers spreads of 1 pip or less. I've been using it for a while now for my "swing" forex account, and I have zero problems with spreads or getting fills on limit orders @ the bid/ask.

Mike

I agree ! Spot fx is just as cheap if not cheaper in terms of spread+commissions. If you want to trade 6E, you better have 10k USD and more in your trading account per contract.

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