Is it best to start with just one currency pair to learn fundamentals?

ElaineMDG

Corporal
Messages
119
The Brokers in the name of the news trading are disguising traders from the actual market spreads and the reason is at any news release also the spreads could never be more than 8 to 10 pips and if at all the prices are moving very fast then you can get a REQUOTE :D

That would be acceptable as that means the orders could not be filled and the markets moved up or down. If the Broker you are trading with has low number of LIQUIDITY providers then this problem will occur.

Also if the Broker is not a TRUE ECN Forex broker then you will not be able to get lower spreads at all :p
I'll go ahead and name the broker (hopefully not get in trouble), since I read all the reviews here at FPA & I certainly was not the only one with this problem. Maybe it will act as a red flag to someone else. Apparently, OANDA is a "market maker" and has a LONG history OS moving stops, prices and having unbelievably huge spreads.
I was only trying them out to give a "US broker" a chance-but they're actually worldwide and as I said-they basically take the trade against you.
NOT a good choice for a newbie like me with a small account!! Shame....
 

Pharaoh

Colonel
Messages
19,771
Technically, we shouldn't be naming brokers here, but I'll throw some catnip out to keep SpamCat busy.

In any event, do 2 things. 1. Turn on the Ask line. This lets you see the spread right there on the shorter time frame charts. 2. Any broker with a 30 pip (make sure we're talking pips and not 1/10 pips - some people do confuse those) spread 12 hours after the news event deserves a review.
 

ElaineMDG

Corporal
Messages
119
Technically, we shouldn't be naming brokers here, but I'll throw some catnip out to keep SpamCat busy.

In any event, do 2 things. 1. Turn on the Ask line. This lets you see the spread right there on the shorter time frame charts. 2. Any broker with a 30 pip (make sure we're talking pips and not 1/10 pips - some people do confuse those) spread 12 hours after the news event deserves a review.
Hey, sorry, been on overload for a few days-Good HEAVENs Jarratt's course is INTENSE!! (Either that or I'm just feeling a LOT older than I should be...:cool:)
I didn't have the "ask" line on then, (I do NOW!!), but when I placed the limit order (about 90 minutes before it was triggered), my MT4 platform said 4.5 BUT, it was fluctuating a LOT-of what I saw, 4.5 was the HIGHEST I saw, 2.2 looked like the lowest-in my notes I put the 3 dots that mean "approximately" in scientific notation).; and yes, considering our conversation, it was DEFINITELY 30 pips. Also, although I don't have it on my iPad anymore, I kept the demo open on the desktop & have rechecked it several times. I spoke to somebody well-known in FX on Fri evening and she said that this broker has this reputation, even in Europe. She said that her company openly advises AGAINST dealing with them for beginners because they're "market-makers" and can be very unpredictable.
I'm chalking it up to "yet another lesson learned the hard way". If you read the comments here about them-obviously I wasn't the only one. I checked on some other sites-and it certainly appears there's a consensus.
The bottom line? I didn't do my "due diligence" so-to-speak, BEFORE I signed up with them because I "assumed" being a US Regulated broker, I had nothing to worry about. I won't be making that mistake again....:)
 

Pharaoh

Colonel
Messages
19,771
Sadly, regulations are generally limited to things like using the Virtual Dealer Plugin to give clients much more negative slippage than positive. There's no regulation I know of about having stupidly wide spreads.
 

EuroTrader

Sergeant Major
Messages
1,041
Sadly, regulations are generally limited to things like using the Virtual Dealer Plugin to give clients much more negative slippage than positive. There's no regulation I know of about having stupidly wide spreads.
I think that time will take its course and these will also get noticed by the Big regulators of the Forex industry :D
 

downtrend

Sergeant
Messages
870
Fundamental or no fundamental its best to start with less as you can gain more knowledge with your attetion on one thing.
 

celeryleaf

Corporal
Messages
91
I'm new to forex, only thing I have ever done is copied trades & used Zulutrade for the past couple of months. I have also watched some training vids on candlestick patterns trying to learn about those in an attempt to teach myself technical analysis.

Now my question is based on trying to learn fundamental analysis after watching Jarrat Davis's free training vids & other research online. I was going to learn all about technical analysis & base my trading on that but now I'm not so sure. Problem I have is I don't watch the news or have any understanding of the world economy, hence the reason I was going to base my trading on technicals.

Now to start learning fundamentals is it best to chose a currency pair & focus on news about that one pair so I'm not trying to take in too much info & get confused & overwhelmed?
Why do you want to switch? If you are good at technical analysis why do you want to start doing something you seem to have no idea about? just do what you know how to do. Otherwise start watching the news and consult with a mentor/find a trader to watch and learn from
 

EuroTrader

Sergeant Major
Messages
1,041
Fundamental or no fundamental its best to start with less as you can gain more knowledge with your attetion on one thing.
We have to look at the markets and understand which is the best trading time for us so that we can start earning some profits from our trades :)
 

kingsman

Corporal
Messages
189
It will be better decision if you will start with only one currency pair as trading with only one pair can keep you away from complication, so my suggestion is that you should start your trading with EUR/USD in order to get the fruitful result.
 

EuroTrader

Sergeant Major
Messages
1,041
It will be better decision if you will start with only one currency pair as trading with only one pair can keep you away from complication, so my suggestion is that you should start your trading with EUR/USD in order to get the fruitful result.
I have dome some of the trades in the EURUSD and i can say for sure that our trading will become easier only when we are able to know the True Trends and avoid the noise :D
 
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