WelshDragon
Newbie
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Which FX Account:
First I read many people are wondering what company is best to open an account with. If you are you to the FX market then Finspreads is your best option as they will allow an opening deposit of just 100 gbp and for the first 8 weeks you can deal from 1p-upwards. This will give you the chance to test your trading strat BUT it generally takes a lot longer than 8 weeks to even get a feel for the market (unless you are in front of your screen 12 hours a day), plus Finspreads has a spread of 8 pips!!! on the gbp/usd and eur/usd and upto 15 pip spreads for other currencies!!!.
You will also need to acquire a demo account from fxcm to receive tick graphs and the latest news (which is the min you need to deal successfully). I personnally would advise people to goto a company like fxcm as soon as they fell comfortable trading as their spread is only 5 pips and they dealing system is very fast.
Whats Happening with the gbp/usd today?
Well, yesterday Mr.Blair was cleared by the Hutton report and the gbp went up +130 pips unfortunately the same day 19.15pm gmt the Americans announced that the Fed removed its 'Phrase Considerable Period' sending Us interest rates+dollar higher, to be honest the American economy is so crap that if the Fed hadn't announced that yesterday the pound would have continued its run upto 8500+, today and friday. I expect a nice push through the 8300+ barrier tomorrow as everyone forgets the US hogwash.
Once last piece of advice, don't forget, "The Trend is my Friend" - when it comes to FX generally.
First I read many people are wondering what company is best to open an account with. If you are you to the FX market then Finspreads is your best option as they will allow an opening deposit of just 100 gbp and for the first 8 weeks you can deal from 1p-upwards. This will give you the chance to test your trading strat BUT it generally takes a lot longer than 8 weeks to even get a feel for the market (unless you are in front of your screen 12 hours a day), plus Finspreads has a spread of 8 pips!!! on the gbp/usd and eur/usd and upto 15 pip spreads for other currencies!!!.
You will also need to acquire a demo account from fxcm to receive tick graphs and the latest news (which is the min you need to deal successfully). I personnally would advise people to goto a company like fxcm as soon as they fell comfortable trading as their spread is only 5 pips and they dealing system is very fast.
Whats Happening with the gbp/usd today?
Well, yesterday Mr.Blair was cleared by the Hutton report and the gbp went up +130 pips unfortunately the same day 19.15pm gmt the Americans announced that the Fed removed its 'Phrase Considerable Period' sending Us interest rates+dollar higher, to be honest the American economy is so crap that if the Fed hadn't announced that yesterday the pound would have continued its run upto 8500+, today and friday. I expect a nice push through the 8300+ barrier tomorrow as everyone forgets the US hogwash.
Once last piece of advice, don't forget, "The Trend is my Friend" - when it comes to FX generally.
