Forex Tradingwithrayner

[blurinvestor]

EURUSD has been dancing too long at 1.05xx. Hope it will step into the hole at 8.

 

[tradingwithrayner]

Hey rayner I want to try forex trading how do I go about it? Which account should I open and how much money do I need to start investing in forex please advice ty

Hi xternity,

do check out the forex education provided by babypips

www.babypips.com/school before considering trading live.

Rayner

 

[xternity]

I suggest you try demo account first, if you have not.

MT4 demo is a good start.

I will like to have a real account and start with 2000 , is it possible? I wanna do spot trading on iOS iphone which platform offer lowest bid spread?

 

[xternity]

Hi xternity,

do check out the forex education provided by babypips

www.babypips.com/school before considering trading live.

Rayner

Hi rayner I am studying a finance degree so I know abit about forex trading will like to trade live and learn it the hard way how things work

 

[blurinvestor]

I will like to have a real account and start with 2000 , is it possible? I wanna do spot trading on iOS iphone which platform offer lowest bid spread?

I'm using KE. Min $3000 to start. No comment about mobile platform as i use 2 computers for forex.
I don't know alot about forex, I just trade it to augment my year end holiday budget.

BTW I hope you have an understanding of forex in regards to news events -
Will tomorrow ECB push EURUSA to 1.07, just as tonite news of weak US retail sale push EURUSD up? What will happen to EUR pair in the event of Greece default?

 

[tradingwithrayner]

Hi rayner I am studying a finance degree so I know abit about forex trading will like to trade live and learn it the hard way how things work

If you want to get started i would suggest looking at the different trading approach traders employ.

Some trading candlestick patterns, some are trend followers and some trade harmonic patterns.

There's simply so much out there and you've got to try it till you know which suits you.

And if you want to start live, be discipline and risk no more than 1% a trade. You will survive for quite a long time with that risk parameter.

And put 50% in a bank and fund with the remaining 50%. You can always scale back in again when you're consistent with your approach.

Rayner

 

[blurinvestor]

EURUSD touched 1.07x for both news for last 2 days. Next, will see where it dance before the 'nothing new' Greece news.

 

[Kissmequick]

I will like to have a real account and start with 2000 , is it possible? I wanna do spot trading on iOS iphone which platform offer lowest bid spread?

Allow me to answer your question. Yes, it is possible to open an account with S$2,000 if you open a trading account with Oanda, with platforms for PC, mobile apps eg Android/ iPhone and decent spreads, actually pretty low. For a start, you can even trade macro lots of say, EURO 1,000. (My advice is to trade macro lots since you are starting with a capital of S$2,000 or even US$2,000)

In my opinion, trading real money with a real account (start with macro lots) beats trading a demo account which involves no real money, and may give you a false sense of confidence in your trading skills. Be prepared to blow up your initial capital but if you can learn enough from it, it will be worth the lessons paid from the trading experience.

All the best in your trading journey!

 

[adammax]

Hello. I'm using Oanda to trade LIVE. Can anyone advise a suitable windows tablet cheap and smaller than 8 inch that can use the desktop version. The Android version is very lagging and the indicators are not as user friendly.

 

[jgyy1990]

Any one trading usdchf now?

 

[Shalomp]

Hello. I'm using Oanda to trade LIVE. Can anyone advise a suitable windows tablet cheap and smaller than 8 inch that can use the desktop version. The Android version is very lagging and the indicators are not as user friendly.

tablets can only use the oanda app and mt4 app. but if u want the full desktop versions u need either a laptop or something like microsoft surface pro 3

 

[tradingwithrayner]

How To Tell When A Trend Is Ending?

In this video, I share with you 2 trading tools I use to tell me when a trend may be ending.

I hope you have enjoyed this week’s video post. As always, comments are welcomed and encouraged. Cheers!

Rayner

 

[CookieMonsta88]

Any one trading usdchf now?

usdcad and nzdusd looks nice to trade, eurusd might be a good long too

usdcad fundamentals look bearish, nzdusd fundamentals look bullish, eurusd grexit might decide if eurusd is bullish or not.

pa on each looks very nice and the start of new trends too.

 

[Kissmequick]

In this video, I share with you 2 trading tools I use to tell me when a trend may be ending.

I hope you have enjoyed this week’s video post. As always, comments are welcomed and encouraged. Cheers!

Rayner

Thanks for sharing your trading strategies on this week's video post. If I may, allow me to add my contribution with regards to how I deal with the situation ''when a trend may be ending". And to adopt this approach, I will constantly be mindful of the following:

1. When trading a currency of a country (eg Europe) we are trading the entire economies of this region. If the economies of Europe are weak as it is now, it will often remain weak for a number of years. The perceived economic weakness of Europe is currently reflected in the underlying currency, ie the Euro. Therefore, we shouldn't be looking to fight this downtrend but instead look for opportunities to go short on a pullback and reject trades that go against the primary downtrend (like buying just because it is hitting 'new lows')

2. As a trend follower, how do I go short on pullbacks? I incorporate FIBONACCI retracement percentages as you can see in my attached Euro daily chart below together wtih Rayner's favourite combo of 20 and 50 MVG (Exp) which I am also in favour of, you can decide on your own how to trade the Euro based on your own risk tolerance and money management.

3. Disclaimer applies, this is not an advisory nor invitation to trade and purely to share my views.

I hope you all enjoy my small contribution.

Note: If prices failed at Fibo 61.8 % we can assume that the downtrend will continue, even break new lows. But if prices continue to retrace higher and remain above the 50 % we have to take precautions that the trend may be changing to sideways or up.

Take note of the current 3 Resistance levels 1.08722 (38.2%), 1.1000 (50 %) and 1.1130 (61.8%) to gauge if the Euro trend will correct on pullback and then down or start breaking the levels above and move higher into an uptrend.

 

[neanea]

From which price to which price did you put your fibo on?

Thanks for sharing your trading strategies on this week's video post. If I may, allow me to add my contribution with regards to how I deal with the situation ''when a trend may be ending". And to adopt this approach, I will constantly be mindful of the following:

1. When trading a currency of a country (eg Europe) we are trading the entire economies of this region. If the economies of Europe are weak as it is now, it will often remain weak for a number of years. The perceived economic weakness of Europe is currently reflected in the underlying currency, ie the Euro. Therefore, we shouldn't be looking to fight this downtrend but instead look for opportunities to go short on a pullback and reject trades that go against the primary downtrend (like buying just because it is hitting 'new lows')

2. As a trend follower, how do I go short on pullbacks? I incorporate FIBONACCI retracement percentages as you can see in my attached Euro daily chart below together wtih Rayner's favourite combo of 20 and 50 MVG (Exp) which I am also in favour of, you can decide on your own how to trade the Euro based on your own risk tolerance and money management.

3. Disclaimer applies, this is not an advisory nor invitation to trade and purely to share my views.

I hope you all enjoy my small contribution.

Note: If prices failed at Fibo 61.8 % we can assume that the downtrend will continue, even break new lows. But if prices continue to retrace higher and remain above the 50 % we have to take precautions that the trend may be changing to sideways or up.

Take note of the current 3 Resistance levels 1.08722 (38.2%), 1.1000 (50 %) and 1.1130 (61.8%) to gauge if the Euro trend will correct on pullback and then down or start breaking the levels above and move higher into an uptrend.

 

[Kissmequick]

Recent swing high / low on the Daily chart. (See Arrows)

 

[tradingwithrayner]

Recent swing high / low on the Daily chart. (See Arrows)

Thank you for sharing Kissme!

Honestly there's more than one way to skin a cat, and likewise in trading there's more than one way to go about it.

Cheers!

Rayner

 

[tradingwithrayner]

I hope you have enjoyed this week’s market analysis. As always, comments are welcomed and encouraged. Cheers!

Rayner

 

[blurinvestor]

Grexit might get another extension, hence nothing new. Only thing is tonite option expiries ranging from EURUSD 1.0650 to 1.0835. Will price move down to 1.06XX before 10pm then climbing back to 1.08xx? This will be interesting to see how option play out.

 

[tradingwithrayner]

Rayner