L
Liam
@liam_calgary
Last seen:
6 days ago
Use sessions as ranges
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I think its bearish, the USD is also getting stronger which could push price down further. DXY is around 99 points today
Spread is a trading fee which you dont see stated in your trading account statement because the prices of the instruments you trade have been inflated by the broker
been trading with raw spread accounts for a while, the major benefit for me is that you can set a tighter stop loss on raw accounts than on standard ones.
When you look at a clock, the seconds hand moves a certain distance every second, if you were to measure that distance that would be like a clock-pip. But when it comes to trading a pip is the distance an exchange rate moves each time it changes.
The Asian session is a combination of the New Zealand, Sydney, Tokyo & Singapore sessions but when the Asian session is open, London & New York sessions are closed. According to the Bank for International Settlement (BIS), London alone accounts for 45% of OTC liquidity in the forex market so if you trade when the London session is closed you will definitely face slower price discovery, higher spread, and even slippage
On raw spread accounts brokers earn most of their money from commissions, spreads play a little role
@teefx01 the Frankfurt session starts and ends one hour before the London session. The Frankfurt and London sessions don't start and end at the same time.
8 am UTC+1 today and Singapore, Frankfurt & London sessions are active at the same time. By the way, Tokyo just closed at 8 am sharp
Wellington Session - New Zealand
This session starts from 8 pm UTC+1 and it overlaps with the ending hour of the New York
Sure it does ! high spread is also counterproductive because every time you try to test the market (get in and get out quickly) you pay a high price. Sometimes when trading, you need to get into the market and if its not working you get out quickly to keep losses minimal but high spread will mess this plan up
Trading on a higher timeframe keeps stuff simpler and helps you avoid fakeouts, I am talking daily or weekly timeframes.
High leverage is really for expert traders who are so sure that their strategy works because they have tested it in different market conditions for years. They can use high leverage to trade bigger lot sizes even when their account balance is low. But as a beginner who doesnt have a tested strategy if you try using high leverage on a low account balance, you are just going to be dashing the broker your money cos you will get stopped out over and over again. Remember, the market can remain irrational for longer than you can remain liquid.
Automated trading & bots remove emotion from trading and I strongly beleive they were brought into trading to manage this issue of discipline. I think hedge funds and prop firms use these bots for some form of High Frequency Trading (HFT) and this has been known to cause stock market crashes in the past. Read more here https://en.wikipedia.org/wiki/2010_flash_crash
It will surprise many to know that even the best traders struggle with this issue of discipline, thats why automated trading and bots were brought into trading.
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