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Any FX traders out there? I have been trading the EUR/USD this week and trading 100k lots ($10 a min fluctuation aka a pip)....a friend recommenced the FX market, He thought it was more my style and since I had never tried it I thought I would give it a go. I have an account at it was faster to get an account and fund it than opening a checking account. And I love the 24/hr market.

And it does trend/range better than the ES IMHO. Which I am more of a trend trader at heart. The only draw down is there is no official open...

I recommend FX to anyone new to trading. You can trade mini lots at $0.10 a tick or 1/10 a pip. The only question I have is does any one know how this market is taxed?
Hi there, Joe :)

Since this is a "Traders" forum, and you ask if there are any FX traders here.. What other kind of traders are there?

The platform I use is Alpari/Metatrader 4 (I chose an FXGame account, not an FXTrade one off course :).

How do you trade? Automatically, manually?

As for taxing, I stumbled upon this web page but I'm not sure I understand. But maybe it answers your question? :p

Most here trade the US index mini's I do believe...we never have taken a vote. I was always told that all markets are basically the same. And in many ways they are, for ever seller there's a buyer. Price and charts are the best way to trade....then come indicators. I traded forex all last week and I could always find a trending market on any time frame...1, 5, 15, 4 hour. I define a trend as this, on my monitors I have 1/2 charts...usally a 1 min and a 5 min on the other I have a 15 min and a 4 hour. If the one min on the left hand of the screen is at the top and the right hand is at the bottom its a down trend. The ES or S&P 500 emini moves in a period of contraction and expansion, and is not as trendy as currencies, And I make the most on expansion days or trend days where price moves away from the open or the other side of the screen. What I am doing is scanning about 4 pairs looking for pullbacks in trends, and break outs.

The only downside to FX is there is no official open, the RTH open in the index's is where I trade a systematic approach.
I am trading with Market scope 2.0 with I really like there basic layout. Nice charts easy on the eyes after looking at them for 12 hours.

What are the spreads on the EUR/USD? mine is 1.5 pips, and the USD/JPY is 1.2 pips

btw are you educated in the carry trade? I really don't think trading could be as easy as buy the pair with the strongest interest rate and hold it for a year. In the small amount of backtesting I have done its like %1,000 a year. I must be doing something wrong.
I am targeting the 1.4462 area on the EUR/USD thats about -60 pips from here....done for the night.
"What are the spreads on the EUR/USD? mine is 1.5 pips, and the USD/JPY is 1.2 pips"

I am sorry, I don't know how I can answer. I know what 'spread' means. But from where should I get the value?

As for the carry trade = I don't know what it is.

You seem to know quite a bit about all this. I have a hard time understanding all the things you say :)

I'm going to bed (4am here). Bbye
rainman99 in the COG thread....

So if commissions are paid by the spread are the spreads wide? Or are they as tight as the ES?

So I thought it best to answer in here;

Right now in the low volume overnight with just the Asian and Sydney banks and markets open the spread on the EUR/USD is 1.5 pips. And thats about as low as it gets. It does change during high volume and news release's I have seen it as high as 5 or 6 pips during these major news release's. But these times are known before time, and the wide spreads quickly pull back to normal. GBP MPC meetings, USD FOMC meetings, USD Fed fund rates ect ect. The reason they widen is because the bid and asks simply dry up. Just simply don't trade during those times or trade less if you need too.

Spreads are quite tight on most retail margin trading solutions. Auto-rollover could be a bad surprise (not as visible as spread: tom/next rate). If rolling position overnight/weekends its good to calculate position*leverage and rollover based on your planned investment horizon.