By Joe Ross
It is said that to be a successful FX trader, you have to read and research. You need to get a basic Forex education as a foundation.
I agree with that statement if you are going to position or swing trade forex on perhaps an hourly or longer-term chart.
However, trading from 30-minutes down to 1-minute charts does not require you to know much else other than what is going on at the moment.
This is a manual about day trading forex, meaning you are in and out in a very short time. Since forex markets don’t really have a “day,” and are open around the clock, perhaps I should call this manual “very short-term forex trading.”
If you are going to trade the cross rates, you must trade them in forex; volume liquidity in the minor currencies are not good in the futures markets.
If you are going to trade any of the majors against the U.S. dollar, then it’s safer, more regulated, and more transparent to trade in futures. By majors I mean pound, franc, euro, and yen, along with Canadian, Australian, and New Zealand dollars. Other currencies could at any time become major.
Certainly, the Chinese Yuan will become a major if it is ever allowed to float. The Brazilian real and the Indian Rupee may also be headed for status as a major.
If you have limited funds, you are better off with a mini account with a forex broker than you would be with a mini forex account trading at the CME.
If you want to get some of the best moves, the most bang for the buck, try the cross rates. They move a lot more than do the majors, but don’t try to day trade them; the spreads are too wide for you to make any money.
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