Your Questions About Forex Trading Charts

Linda asks…

Suitable Forex stop loss day trading m5?

I am stuck between using a 5 or 10 pip stop trading the m5 charts, please help! My stratgey is based on break of support/resistance, therefore I believe a tighter stop could be used because if price is going to breakout it should not be turning back 10 pips. However I need someone experiencd to help?

kenspong answers:

On the 5 min – I’m guessing you’re trading one of the major pairs like the EUR/USD. The answer really depends on what swings you’re playing

My advice would be to

control risk/reward – don’t have your stop at 10 pips if you only expect to make 5. It should be at the very, very least 10 and preferably much more.

Watch the markets and try to define where the best “point” to place the stop – this is the price at which if it is hit your target will likely not be hit. For trades similar to yours I put them around the 80% retracement of the prior swing (I think there is a fib like .782 which I used but haven’t traded since the summer).

Really, just watch the market, watch the market, watch the market, be creative, be smart, and protect your money.

Sandra asks…

where can i see the common chart indicators free of charge ??( for forex trading)?

i am a beginner in forex trading and would like to know most popular set of indicatores that are used by the successful traders??

kenspong answers:

Forex made easy is a simple and productive tool… You can also utilize the MACD on just about any platform… Depending upon how much you trade I would suggest Oanda as the best beginner platform.

Mandy asks…

How can I start online Forex Trading??? I need Help.?

Hi guys,
I’m very new to online forex trading. I’ve got a little money to start with but I don’t know the minimum balance to start forex trading. Also, could someone tell me the best site (that accepts paypal) that I can trade on. I’d also like to know the basics of forex trading i.e how to read the charts, how to start trading, etc. and finally, could someone please tell me the pros and cons of online forex trading. I would appreciate every answer to my question.

kenspong answers:

A short and EASY answer. Http:// Go to their online “School of Pipsology”. It is free, hilarious, and an excellent education. I am in no way affiliated with them. I just honestly believe it is the best online resource for people wanting to get started with Forex.

James asks…

If FOREX trading is suppose to 24hrs trading, why is there a daily chart?

kenspong answers:

A day is a 24 hour period, whether trading stops or not. There have been hourly charts and 1-minute charts for years. Whatever period a trader finds useful.

Forex needs a cutoff each day for accounting and interest adjustments. This means 5PM New York time because 5PM is the end of the banks and New York is the last currency trading center to be open. The day starts at the international date line and the first banking center is Sidney, then the Asian banks and then European banks open.

Daniel asks…

The Best Forex Trading Internet Course?

I have done all my research, read the countless number of web pages about Forex trading, visited the forums, looked at the blogs – basically ready to go full steam ahead. I have a pretty good trading bank in place but I need to know from you out there, which website/course organisation to hook up with. One condition is that the website offers me real-time streaming charts!

Any serious advice on this matter would be greatly appreciated…… thanks…..

kenspong answers:

I use FXCM. Great educational center tons of free stuff and online courses for beginners. 1st course is $20. Free webinars every evening. Get a demo account 1st to see if you like them

Crawl, Walk, Run. Sen. Clay Davis – The Wire

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