Trading Platform and Charting Platform Needed

[vchohan]

Hi All,

So I've not been trading for a long time now and have a forx trading strategy that I want to begin trading. I want to start with play money at first then then later in the year (hopefully) fund the account with my own money.

I will be trading the Forex market with about £100 - £1000 when I start. I will be putting through 1 - 2 trades a week.

Any recommendations on free charting platforms and trading platforms that is cheap? In regards to charting I only really need trend lines and that's it for now.

I want to be able to switch between charts easily.

Also, in the Forex market on a daily chart, when is a new bar created? 12am?

Thanks

Vikash

 

[fihunts]

Most of the brokers provide a trading platform right out of the gate. Not sure what type of trader you are but I will name a few for you real quick that I have been interested in and they have pretty good reviews.

ECN Broker - MB Trading, PFG Best, FXCM
STP Broker - FXCM, IBFX
DD - Oanda

All of the Brokers named above have MT4 available and the majority of traders use MT4 to trade forex.

Here is an even larger list of available brokers out there - http://www.100forexbrokers.com/stp-ecn-brokers

At the bottom of the list there is a very good article describing the different types of brokers.

Hope that helps,

fi

 

[fihunts]

Also, in the Forex market on a daily chart, when is a new bar created? 12am?

Depends on the broker, some brokers go off of New York time (GMT -4) and others go off of GMT. However, I think for the most part they go by GMT.

 

[vchohan]

Thanks I'll have a look at it. I'm switching from Spreadbetting to Direct access, is there much difference in terms of opening a ticket, putting in a stop loss, entering the amount and clicking buy/sell?

 

[fihunts]

Thanks I'll have a look at it. I'm switching from Spreadbetting to Direct access, is there much difference in terms of opening a ticket, putting in a stop loss, entering the amount and clicking buy/sell?

Honestly, I couldn't tell you as I have never spreadbet. As far as putting in stops and t/p and trailing stops and placing orders. Its basically very simple. I.e. Your watching your currency pair and if you see what you think is a good entry point. Simply click new order, choose sell or buy and then your in at the current market price. Once you've done that, you can open the order up and modify it with your stops and limits and throw in a trailing stop if you want. Basically it.