Did anyone know any desk or non deskbroker that permits forex scalping. I want to enter go into forex trading with $1000.
I have used interbank meta trader 4 demo for 4 weeks now.Any advice on interbank or any other better broker.Is there going to interest on money like tax if you make a profit apart from the spread taken by the broker. Any information will be appreciated.If scalping is not allowed then What is the minimum minutes on a particular position be4 closing it. Thx.

You are asking several questions here.

1) Which forex brokers permit scalping?
Answer: Most retail forex brokers, dealer desk or non-dealer desk, all claim to permit scalping. It is in their best interest to attract as many traders as possible regardless of what the term "scalping" means to them. There are daily scalpers, hourly, min, second scalpers. All brokers dislike quick entry and quick exit traders, on the order of seconds that is. When you place a trade, there must be someone else on the other end to accept your trade. Brokers have the ability to pass your offer onto the interbank market. Unless your order size is large, it won't be in the broker's best interest to do this. They are likely to simply take the opposite trade that you take, in effect "executing" your order with the house (a casino term). At $1000, your best bet is to find a broker that acts like a casino and takes in every scalping order and executes it on the spot.

To date, the best one for this purpose is Oanda.com.

2) Interest or gains taxable?
Yes your interest is AND your profitable trade gains are taxed. You will be responsible for paying federal taxes, depending on where you live. In the US, you will face short-term gains tax rates on all spot forex gains unless you take other measures.

How does currency exchange work?

I am comparing a possible benefit compared to using Forex Foreign Exchange software that trade currency.

Is it anything different or is it better to show up at the NYSE or Dow Jone Merchentile trading?

James Dicks wrote, “Forex Made Easy”. It’s a good book for self-starters.

I'm looking at the Forex, Stock, Options, Commodity markets and anything else I can think of. Exactly what are the pros and cons of each and where is a knowledgeable trader most likely to make gains?

First off, you should know that "predicable" and "day trade" should never be used in the same sentence. If there was a predictable way to profit by day trading, a lot more people would be doing it.

That being said, if your looking to investing something that is the "least risky" and "most predictable" you should look at a low cost fund that tracks a broad market index . Check out VFINX, Vanguards mutual fund that tracks the S&P 500. If you looking for pure predictability, try a bond fund.

The others you mention Forex, Options and Commodities, are the MOST risky and LEAST predictable. And while they can be quite profitable for a professional trader, they are not suitable for the average/rookie investor.

I think if I was trying to make £1000's each week it would be very hard, but would £20.00 a day (£100 per week) be easier to achieve, I have done a bit of research but have not found a definitive answer yet.

If there is an expert out there who will answer my question and point me in the right direction I would be very grateful. thanks in advance

pazzamex,

I trade forex and I would not say that is unrealistic. Im not sure what research you've done but the answer lies in your ability to read and predict price movement, which takes time, sometimes years. But again id say with a $2500-5000 account balance, risking 2% of account each trade.. you can achieve $40(20pounds) a day with a profitable strategy.

How to find a profitable strategy? Study technical analysis and learn charts, dont get caught up on anyones system or magical indicator. Get addicted to your pair and learn how it moves. Then you will find that your consistency becomes quite routine and easy.

Check out www.trading-strategies.info. It costs but for a reason (free trial offered). Fxstreet.com is also a good site.

i am a new trader in currencies i have a forex platform i work on and i am facing a little problems , i am wainting an answer to my problem 10x

Best way is to learn from books. Don't trust the e-book courses online. Books give a more comprehensive look into how to use technical anaysis.

I need the credit card for online money transfer,ticket booking and little bit purchase.suggest me the cheapest and best value credit cards having low interest and annual charges.
ICICI ,HDFC ,AXIX ,SBI ,BARODA banks are avaialable in my town.
Thanks in advance !

ICICI

I’m not sure what you actually call these automated trading system, but i’m guessing they use some kind of algorithm software to sought through markets etc.

My question is really this. I’ve been trading Forex for 5 months now – mainly jpy/gbp market – and it’s about time that I got my hands on some automated software – but which one.

I like the look of the PipBoxer – but a bit too pricey, but maybe doable. Otherwise Forex EA looks pretty sweet at $200. The alternatives I’ve seen are like those spammy sites like the forex killer, which supposedly get you pips while you sleep. Not convinced.

Anyway, has anyone used any of these or recommend a decent package which has genuinely helped there overall forex trading profit,

Thanks all.

Most of what is mentioned is basically spot on. If your new to Forex, only 5 months in like you said then automated trading may only work for you if your already having success. If your using it as a means of income then this is not the idea.

You mentioned the PipBoxer. The Pipbover is by far the most comprehensive software out there as it’s more than just a software package as it comes with real people at hand 24/7. It’s worth the cash and if you’ve done your research you’ll have discovered this.

You can read a review of this here:

http://pipboxer-review.blogspot.com/

If you don’t want to shell out a load, those spammy sites you mentioned are slightly dubvious but the best out there maybe in your price range is probably the forex tracer,

You can view this here:

http://www.forextracertrading.com/

Good luck. Don’t scrimp if your serious about this trade.

My Avonko Elite EA is up 88% in 6 weeks in a demo account I purchased for use with MT4, and I'm starting to get anxious to make real money with it.

Am I being in too much of a hurry? I know trading is full of ups and downs and I've heard my fair share of horror stories. I'm just wondering how much time is adequate for testing something out in the FX markets. I feel it is probably less time than in the stock market (since currency is more active, more liquid, more transparent) but I really have to admit I don't have the experience to be a sound judge of this.

Any advice would be excellente – thanks!
Based on Linda S's question, from what I can tell it uses a simple trend breakout strategy, nothing overly complex. I have read everywhere that the simple systems are generally the best, provided they find a good indicator, which this one seems to have done.
Does that change your answer?

You should backtest your EA for the last years to know how successfully was it.
Depending on the performance your system achieved, you must trade it on a demo account for at least 2 or 3 months.

It's just my opinion, but if your EA is a good one, 3 months for now it will make you money anyway. So why should you be in a hurry?

I understand in Canada there is insurance on investments. Would it be possible to get an insured managed fitures/forex/stock account for a US citizen? If so, which companies would offer one?

Yes, its called a Segregated Fund. Its basically a mutual fund with an insurance wrapper around it that offers principle protection, and the ability to reset those guarrantees at higher rates throughout the life of the contract. The protection ranges from 75% to 100% protection.

However, you should have them in the US as well. They are also called Individual Variable Annuties Contracts. I am assuming they are linked to mutual funds as well. Although, I don't know for sure. You should speak to a US Advisor.

Chances are you probably couldn't get a Seg Fund from a Canadian insurer because its technically an insurance contract, so you would have to sign the application here in Canada.

… only over longer periods of time can there be any rationale to currency price movements, as regards the fundamentals of the economy.

In other words, is intraday trading more like setting chips on a roulette table?

Also, how much of the future (i.e., to what period of time in the future) is priced in to a currency? Does trading in anticipation of the future (speculation) create severe irrationality in price movements in currency? Is speculation a majority of the force behind currency price levels?

Technical analysis sometimes feels like meaningless, wishful thinking.

Also, how do hedge funds trade currencies? Which market do they go through (directly through banks and central banks?) or do they use the market makers that individual traders use?

What is the most theoretically (and practical) way to go about trading currencies? I don't mind sleeping 3 hours a day for fundamental analysis, I've done it- but am I winning for the reasons I think I'm winning?