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Best paper trading solution?
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Best paper trading solution?

  #11 (permalink)
Trading Apprentice
Detroit MI/USA
 
Futures Experience: Beginner
Platform: Zen Trader
Favorite Futures: Dunno
 
Posts: 6 since Oct 2012
Thanks: 7 given, 0 received


Big Mike View Post
Currency futures and major spot forex pairs trade more or less identically. Only with spot forex, you can risk $5 a day (or less) while you learn the ropes, and with futures, even micro currency futures, it is many times higher risk (and less liquidity). For a beginner, spot forex is great for controlling risk. Once you are consistently profitable, move to futures. Watch this for much more detail: Webinar: Where to start as a trader? (Part I: Instruments and Brokers)[/url]

Awesome response. Thanks a lot.


tderrick View Post
Forex is unregulated so there is no volume data per se....
It is a great arena to learn to read pure Price Action.

Put on larger time frames ... 15, 30 and hourly and trade the bounces between the Support and Resistance
Levels
Look for consolidation around these areas and place limit orders
up in the middle of the 15 min bars wicks you will see spike up
and trade to the next level in the opposite direction. Keep
your stops 5 to 10 ticks above the tallest wick to be safe from
stop hunts.

That is the easiest and most calm way to trade currencies ... do not scalp ... the spreads will eat you
alive.

It sounds like the lack of data can actually work towards a retail trader's benefit since it levels the playing ground a bit with institutions. Might be wrong, but sounds like FX primarily comes down mastering price action.

I find it interesting you mention ticks instead of pips. I usually associate pips = Forex, and ticks = stocks, futures, etc. In FX, I wasn't aware that stop hunting was that easy. Pretty much all of my trading experience up to now has been CME e-minis.

Thanks a lot for the response.

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  #12 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received


rxtrade View Post
Awesome response. Thanks a lot.


It sounds like the lack of data can actually work towards a retail trader's benefit since it levels the playing ground a bit with institutions. Might be wrong, but sounds like FX primarily comes down mastering price action.

I find it interesting you mention ticks instead of pips. I usually associate pips = Forex, and ticks = stocks, futures, etc. In FX, I wasn't aware that stop hunting was that easy. Pretty much all of my trading experience up to now has been CME e-minis.

Thanks a lot for the response.


Sorry... I have a bad habit of calling everything ticks...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #13 (permalink)
Elite Member
Norwich, UK
 
Futures Experience: Beginner
Platform: Multiple:research&executi
Broker/Data: Started with Stage5/OEC ... multiple
Favorite Futures: Anything found profitable goes ...
 
andby's Avatar
 
Posts: 141 since Jul 2012
Thanks: 82 given, 55 received



tderrick View Post
I would Recommend Oanda and trade some currencies. The Euro / USD is the most popular and tightest
spreads.
Being (IMHO) the most reputable Market Maker
in the business, they can control their pip size giving you the opportunity to trade from pennies to
millions.

The second you believe you have an edge, begin wagering.
Start with $100 at a time and trade 250 size nano lots. If you lose it, trade on their practice account
until you get your mojo back, then toss another $100 in.
Even if you are betting and winning quarters, you begin the long process of controlling your emotions.


Good Luck!!!

Does anyone have any feedback about Plus500 | Online CFDs trading, Plus500 forex trading platform, commodities, CFD, trade stocks, shares , equities, securities, Indices. ? They seem to offer an unlimited paper account (plenty of other instruments in addition to currencies can be traded).

thx

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  #14 (permalink)
Elite Member
Norwich, UK
 
Futures Experience: Beginner
Platform: Multiple:research&executi
Broker/Data: Started with Stage5/OEC ... multiple
Favorite Futures: Anything found profitable goes ...
 
andby's Avatar
 
Posts: 141 since Jul 2012
Thanks: 82 given, 55 received

Best paper trading solution:

Ninja Trader

Why ?

90 days history data, no broker/data provider required.

You get futures/forex down to tick level directly from NinjaTrader servers, data that you can replay and try your stuff on.

The only disadvantage - you'll have manually download each and every day, for each and every instrument you want to try.

Check it out: Market Replay - NinjaTrader Training - 2/12/2013 - YouTube

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