Dark Theme
Light Theme
Trading Articles
Article Categories
Article Tools
Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to
register in order to view the content of the threads and start contributing to our community.
It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Best paper trading solution?
Updated March 28, 2013
Top Posters
looks_one
rxtrade
with 4 posts (0 thanks)
looks_two
tderrick
with 4 posts (1 thanks)
looks_3
andby
with 2 posts (1 thanks)
looks_4
Quick Summary
with 1 posts (0 thanks)
trending_up
6,954 views
thumb_up
2 thanks given
group
5 followers
forum
13 posts
attach_file
0 attachments
Best paper trading solution?
October 21st, 2012, 12:28 PM
Detroit MI/USA
Posts: 6 since Oct 2012
Thanks Given: 7
Thanks Received: 0
Big Mike
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
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.
Can you help answer these questions from other members on NexusFi?
Best Threads (Most Thanked) in the last 7 days on NexusFi
October 22nd, 2012, 08:57 PM
Nashville, Tennessee
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
Posts: 1,588 since Sep 2010
Thanks Given: 4,260
Thanks Received: 2,532
rxtrade
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"
February 10th, 2013, 06:28 PM
Norwich, UK
Experience: Intermediate
Platform: Multiple:research&executi
Broker: Started with Stage5/OEC ... multiple
Trading: Anything found profitable goes ...
Posts: 168 since Jul 2012
Thanks Given: 88
Thanks Received: 88
tderrick
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, [AUTOLINK]CFD[/AUTOLINK], 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
March 28th, 2013, 03:55 PM
Norwich, UK
Experience: Intermediate
Platform: Multiple:research&executi
Broker: Started with Stage5/OEC ... multiple
Trading: Anything found profitable goes ...
Posts: 168 since Jul 2012
Thanks Given: 88
Thanks Received: 88
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 - [AUTOLINK]NinjaTrader[/AUTOLINK] Training - 2/12/2013 - YouTube
Last Updated on March 28, 2013