I put this in the rookie section because when it comes to forex I'm a rookie, but not a rookie for trading. I'm a full time futures trader, I day trade mainly ES & Bund and also swing trade ES. I'd like to swing trade the euro but I use scaling out in my trading and my account isn't big enough to trade the euro off a daily chart and do many contracts. There are micro futures accounts but they have high commission and very little liquidity so I prefer not to go that route although if others here successfully trade with the micro futures I will reconsider. So I'm interested in forex.
From what I read OandA would be a good choice. I hesitate to do business with a "bucket shop", it reminds me of the Jesse Livermore stories. But it seems everyone is happy with OandA.
I'd probably start micro and then if successful go with a regular account. With futures I'm used to 1 pip spread and I read that's usually the spread with OandA for the euro (is that correct?). Since there aren't commissions I'll have to factor the spread into my costs.
Doing forex would also let me trade other currency pairs, something that's less available with currency futures due to lower liquidity.
I already have my method & I don't need any special charting, just to draw lines.
Anything else I should be aware of? Does all that sound logical?
If there is one must-read thread about trading without indicators, which would it be? I've already read Feb's threads which are excellent and the basis of what I do.
From what I read OandA would be a good choice. I hesitate to do business with a "bucket shop", it reminds me of the Jesse Livermore stories. But it seems everyone is happy with OandA.
I'd probably start micro and then if successful go with a regular account. With futures I'm used to 1 pip spread and I read that's usually the spread with OandA for the euro (is that correct?). Since there aren't commissions I'll have to factor the spread into my costs.
Doing forex would also let me trade other currency pairs, something that's less available with currency futures due to lower liquidity.
I already have my method & I don't need any special charting, just to draw lines.
Anything else I should be aware of? Does all that sound logical?
If there is one must-read thread about trading without indicators, which would it be? I've already read Feb's threads which are excellent and the basis of what I do.