Forex Trading

altin_2

There are any traders(forex) around in this forum?
A couple of questions:
1-What are the brooker's fee(s)?
2-What currency do you normaly trade....if no secret.
3-Do you sugest a good book/website to get starting?
Hope not asking to much.
Thank you.

tradetime

altin wrote: »

There are any traders(forex) around in this forum?
A couple of questions:
1-What are the brooker's fee(s)?
2-What currency do you normaly trade....if no secret.
3-Do you sugest a good book/website to get starting?
Hope not asking to much.
Thank you.

Not a Forex trader but until one comes along...

1) Fees are in the spread between the bid and ask, and thus there is no fee in the standard sense, but it's there.

2) Most people I know tend to trade the majors, EUR/USD, EUR/GBP, EUR/JPY, GBP/USD, GBP/JPY, and USD/JPY.

3) Since it's not my thing I don't know any books to recommend on the subject, but this website/forum will likely answer most of your questions.

altin_2

Thanks trade.....
Forum looks interesting.
A lot of info thou.

altin_2

Fees are in the spread between the bid and ask.

FXCM web-site shown a very little difference between bid and ask.
GBP/USD chart on the home page shows 1.5525/1.5527
So using £200 to buy and sell(same time) will only cost U £0.04(4 pence).
What I'm calculating wrong????

turbobob

My understanding is that this is highly leveraged so your £200 stake would be on something like a £10000 contract. So the charge will work out a lot more than 4p. But I've got no experience in the area..

EDIT - from the site you've been looking at about leverage - http://www.fxcm.co.uk/margin-and-rollover.jsp

purch

FXCM web-site shown a very little difference between bid and ask.
GBP/USD chart on the home page shows 1.5525/1.5527
So using £200 to buy and sell(same time) will only cost U £0.04(4 pence).
What I'm calculating wrong????

You won't be getting a 2 pip spread in 200 quid, more like 2 million !!!

Trading on a 200:1 leverage, £1,000 let's you trade £200,000, which gives you 50 points till you're out !!!

Also using one of these 'platforms' it's their game and their rules !!!

altin_2

Still confused .
I dealed shares some years ago... and as mentioned somewhere in the forum the fees you pay "eat" all your winning(if U win)
So say if I start with £500 can I except to day trade FOREX?

justpaper

read here http://forums.moneysavingexpert.com/showthread.html?t=1101143&highlight=

and read here http://forums.moneysavingexpert.com/showthread.html?t=1674851&highlight=