IM BRAND SPANKING NEW TO FOREX HELP ME OUT WITH THIS

help me out on theese if im wrong correct me

thanks guys

[Seraph]

for a ABC/USD, the prices shown are USD. that means that 1 Euro = 1.21 USD at that time. For USD/ABC, it shows the prices for ABC. the 00 and 03, I'm assuming thats the pip spread. What broker do you use?

[StockJock-e]

Oh boy! You are in a for a ride if you cant even decipher the quote At least you are asking questions!

Ok, starting from the top left, that is the current bid obviously. It looks like you are using FXCM, if you want to sell, you click that side. To buy or go long, you click the ask side. You can go short (sell) just as easily as you go long.

The 00 are the next two decimal points after the 1.21, so the current quote is actually 1.2100 as is seen at the bottom. FOREX moves in small incriments, we call them pips, as you can see the current ask is 1.2103, thats 3 pips higher.

You can make $100 off a 10pip move in you mini account, so those little pips are important.

Good luck!

[wolf825]

Good info Seraph and SJ...


woore, check out these links as well for info.

There are some excellent articles to get you started in understanding what Forex is, how it works and trades... But unfortunately Investopedia keeps altering their LINK set ups... So go here:

www.investopedia.com and type in FOREX BEGINNERS in the Keyword Search box. When the new pages loads--scroll down and you will see the Articles.

This link still works tho...

http://www.gftforex.com/forex/24houraccess.asp (This page shows you the Forex Market time-zones and how they overlap and interact)


-w

thanks guys for all the help

[palmtops]

Here's some free Forex ebooks that you should download and read:

http://free-ri.t-com.hr/free-forex-ebooks/

doing good so far

[StockJock-e]

Keep on your toes, it can change real fast.

[Woody55]

OK, second day on FOREX demo account and am trying a strategy called channel surfing.....real simple, I find the support and resistance levels of a pair and I go long at support ans short at resistance......I made about 30 PIPS in five hours last night...slow and steady wins the race.......but I don't want to have to stare at the screen all night so I would like to automate the process.......DOES THIS SOUND RETARDED?-----LOOK AT THIS SCENARIO AND TELL ME IF YOU THINK IT WILL WORK.

For ease support is at 1.00
resistance is at 3.00
it's at 1.50 now
every PIP is .10
I set a sell order at 2.80 (close to resistance)
I set a stop loss at 3.20 (in case it breaks resistance)
I set a buy at 1.20 (close to support)
I set a stop loss at .80 (in case it breaks support)
AM I FAR OFF, THIS SEEMS TOO EASY.....I'M GONNA TRY IT TONITE AND SEE WHAT HAPPENS.

[Woody55]

OK 3rd day at FOREX.......big lesson.....LEARN HOW TO SET IN AUTO ORDERS. Was channel surfing...see previous post, and didn't set my orders right....came home and went fron 2500 bucks down to 700 when the EUR/USD ran REAL high......THANK GOD FOR DEMO ACCOUNTS....NOW I GOTTA START AT ALL OVER AGAIN. LOL