forex question?
Monday, June 29th, 2009 at
8:31 am
i'm a newbie of forex (foreign exchange currency), i wonder why most of trader using multiple monitor to see their chart, if you and experience trader please help me, tell me what are they looking on first monitor and the second one.
what are the most important of being a forex trader?
does it need a specific time to do a trading?
thank you..
Tagged with: foreign exchange currency • forex trader • multiple monitor • newbie
Filed under: Currency Trading Charts
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Hi,
There's actually no need to use multiple monitors when trading Forex.
Although multiple monitors do help a trader to better visualise relative price movements (i.e. compare movements between currencies and time frames), you can already do that using multiple "windows" in one single monitor.
Multiple monitors are honestly more a luxury than a necessity, at least at the retail trading level.
Now, to answer your other questions…
The most important thing about being a Forex trader is money management. There are many free resources available on the internet where you can learn from.
About your last question…
There is no specific (or compulsory) time to trade, although there are better times to trade than others. The better times to trade typically coincide with the London and U.S. trading hours because of the high liquidity.
Hope I've been of help to you. If you want more information, you may like to get a free copy of my Forex trading report at http://forexsystemprofits.com
Hello there after 15 years of being a trader in Forex (FX)
Some traders in the banks that called dealers are market makers so they use one screen for trading balance and execution, the other is looking at major facts of indexes and news and charts also they use reuter's dealing system which is like icq for banks and if you are an option trader another screen is of volatility skew etc. today some use more than 4 screens!
The first monitor is for showing a large time frame, for example a Daily Chart.
The second screen is for a small time frame, for example a 15-Minute Chart.
In order to take advantage of these charts, I would recommend you learn how to trade the "50% retracement" rule, as described in the book "The Trading Rule That Can Make You Rich" by Edward Dobson. If you cannot buy this book, then simply google for the rule online.
The most important thing about being a forex trader is to have a plan that *controls your losses*, either by using something called a "stop loss" or by using some type of "hedging."
You may also wish to subscribe to forexbastards.com which is an interesting site that actually gives very good trade recommendations based on Government reports.
Good luck.
perhaps you may want to check out this site and register. they provide free e-books on forex market and they even offer live one one help as you need.
good luck.
The core basic reason for this is that there is a lot of information involved in forex and, especially when you get more advanced you will often want to be able to compare different data and not have to keep switching windows. It makes things easier and faster.
I've also read that using 2 screens significantly improves productivity in any type of work. I can agree with that as I went 2 screen back in September and cannot imagine only using 1 screen any more….Doing 2 things at once is now almost possible!
For forex trading, timing etc, see the site below where there is a free beginners course you can get by daily email. It is a good introduction I think.