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Trade Trends with Bollonger Bands and Twiggs Money Flow

Currency Trading

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davkell
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Sunday, October 29, 2006 - 11:00 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



I am just wondering, is there anyway to view currency trading through IC.

I've never seen it discussed or mentioned, so am assuming that means NO, but thought I would ask anyhow.

Cheers.


"Trade Your Way To Financial Freedom" - Van K Tharp

"Manage the downside; the upside will take care of itself" - Donald Trump

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colin_twiggs
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Davkell,
We are busy implementing a forex and precious metals feed at present and will announce when available.

Regards,
Colin







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ingot54
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Any progress on the FX feed Colin?

Just came across the thread and wondering ...


Keep Smiling - Don't look back

Trading style: Chartist Artist _ Breakouts and Shakeouts.

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davkell
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Can anyone tell me what is the best 'time' for Forex trading? I know it is 24hr, but is there a better time for trading (more so if you're short term trading!).

Cheers.


"Trade Your Way To Financial Freedom" - Van K Tharp

"Manage the downside; the upside will take care of itself" - Donald Trump

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lafee
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4-6pm to 8am

Cheers

Lafee


If nobody can be certain of anything, how can I be certain of that?

Ayn Rand

When I was young people called me a gambler. As the scale of my operations increased, I became known as a speculator. Now I am called a banker. But I have been doing the same thing all the time.

Ernest Cassel

"My major hobby is teasing people who take themselves & the quality of their knowledge too seriously & those who donít have the guts to sometimes say: I donít know...." (You may not be able to change the world but can at least get some entertainment & make a living out of the epistemic arrogance of the human race).

Nassim Nicholas Taleb

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davkell
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Old thread - New Question.

What in your opinion are the top 5 or so currency pairs for trading purposes. Or is it a longer list?

Cheers.


"Trade Your Way To Financial Freedom" - Van K Tharp

"Manage the downside; the upside will take care of itself" - Donald Trump

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ingot54
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Friday, May 29, 2009 - 09:37 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Depends on trading style - scalping or position/swing.(imv)

For scalping I like anything GBP or JPY because of the nice Average True Range in daily candles for those currencies when paired.

GBPUSD
GBPJPY
USDJPY
EURJPY

For position trading (over a few weeks) you can get in nicely now to the USDCAD.

As a commodity-based currency, particularly in OIL, the CAD always experiences beautiful long trends when OIL is on the move - either up or down - irrelevant. Currently SHORT the USDCAD is a good start. The Loonie (Canadian dollar) should break through parity once again with the USD.

The CAD won parity with the uSD in June 2007, and lost it again in September 2008. Currently hotly running after that goal again. That's about 1150 pips away - money in the bank if you short the pair now, and hold.

I usually trade pairs I understand a bit - like the AUDUSD and EURUSD, and the GBPUSD.

Get yourself a subscription to the Daily Pfennig (google it) and become a daily reader for excellent and broad background on currency trends over time, plus what drives them.

That's my take Davkell.

Works for me.

In the end, it's NOT how many pips you make, it's how much you have riding per pip. In order to make serious money trading, you really need a method which consistently gives you setups with very high probability of 10 or 20 pips per trade, and to do that once a day.

You can forget all the associated study of fundamentals when scalping - only of course you'd need to know the longer term trends so as not to be counter-trend trading.

The opposite is true when position trading - a few technical mistakes in entry can be forgiven easily when trading daily or weekly candles. But in that scenario, you do need a firmer grasp of the key economic drivers, in order to know if the market is likely to be pulling your leg, only to run the opposite tack.

Probably information overload for you mate - but that's about how I see it.

Tip: NZD has just been given an upgraded credit rating by S&P due to their Res bank Governor recently saying NZ's debt has peaked. Apparently it's all good news for the kiwi now, so expect nice rallies now in the NZDUSD.

It should finish the week around .6275 on its way to .82 again in the next few months.

EURUSD
GBPUSD
AUDUSD
NZDUSD
USDCAD

Watch spread if scalping.

(Message edited by Ingot54 on May 29, 2009)


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


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davkell
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Thanks for that. Very interesting. Yep, just looking at technicals, short term stuff.

Thanks again.


"Trade Your Way To Financial Freedom" - Van K Tharp

"Manage the downside; the upside will take care of itself" - Donald Trump

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msparks
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Hi Ingot / Lafee
is this senario correct???

If i like the AUS/USD for a short position and trade the chart,say take 100,000 short.

So the trade goes against me and i stop out for loss of a couple hundred bucks.

Then i get hit for loss on the currency conversion for the trade for a couple hundred bucks as well, because i own AUS dollars in the account.

is this correct ?
************
senario 2
suppose i trade the gbp/jpy and the ozy dollar moves lower against the gbp or jpy while i have the trade on, i could actually lose any profit i make on the gbp/jpy trade !!!

it all gets a bit tricky,
how do i manage these senario's ???

********************

using G_F_T deal_book_360
is this the best platform ?

QUERY - "What is the best platform for index trading"

does anyone know the BEST platform for index trading like the ozy,dow,FTSE etc ......... G_O MARK_ETS was great but only 4x now .
They had a volume indicator and minimal spread , all the other providers ,IG,CMC, seem to have a 2 point spread which approach's 4 points if they feel like it and they do not have any volume indication- ar_eholes

Cheers
msparks


" I have my own unique system "
" I buy high and sell low "
"Money is not the main game , it is sticking to the plan, through thick and thin , unwavering from a disciplined approach to share trading "

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ingot54
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"Is this scenario correct???

If I like the AUS/USD for a short position and trade the chart, say take 100,000 short.

So the trade goes against me and I stop out for loss of a couple hundred bucks.

Then I get hit for loss on the currency conversion for the trade for a couple hundred bucks as well, because i own AUS dollars in the account.

Is this correct ?"


Hi Mark - there are some things to iron out a little here:

The short answer is "No" you do not get hit for any currency conversion fees if you are trading the Spot Forex markets with an OTC (Over The Counter) Market Maker like GFT, CMC, IGM and so on.

But you will be required to pay a "SWAP" charge on the interest rate differential calculated on the size of the position, and the interest rates of the two currencies involved.

In the scenario you described, you have actually Sold the AUD and simultaneously Bought the USD. Using a platform like the GFT Dealbook 360 you do this in the Spot Market on Margin.

You sold AUD$100,000 and bought USD$80,600 at current quotes. Because the interest rate in Australia is 3.0% and the USA has 0.25% you will be required to pay the swap.

Had you actually BOUGHT the pair, you would have been PAID the swap, because you would have been selling a cheaper rate (0.25%) and purchasing a higher yielding currency (AUD) at 3%.

AUD$100,000 x 3%/365 - AUD$0.83/day you get paid if you are LONG the AUDUSD and vice versa if you are short. This is how "Mrs Watanabe" in Japan (fictitious stereo-type for the Japanese housewife who trades currencies in the Carry Trade, after her family goes off to sleep at night!) makes her money - she gets paid the "swap" dollars when LONG the high yielding currencies like the AUD, NZD or the BRL (Brazilian Real - currently 9.25%) and simultaneously SHORT the very low yielding currencies (JPY, USD, CHF) which are all around the 0.25% mark.

You can imagine if you have positions in the $Millions, that you could very quickly make some free bucks in swap, while you make a few in the currency position as well.

If you are trading with Tricom, or Saxobank or Sonray or alifax with a capital "H", for example, and you are actually depositing $100,000 in your account with them, and using very little leverage, then you will find that your position will need to be "rolled over" every day.

I don't know if you are familiar with the "Tom-Next" mechanism used by Saxobank - but essentially your position is closed every day and automatically re-opened at the prevailing rate at the time. The profit or loss is credited/debited to your account, and you are charged a fee - usually a couple of bucks/day at the swap rate.

I have not traded this way, though did have a very brief encounter with Sonray about it a year or two back. I do not like rolling positions via the close/re-open mechanism - I see it as a fee-generator for the company - and unlike the Bucket Shops, they do charge a commission on the trade, as well as swap.

atm it is still complicated in my mind, and I would need to have some further education to understand it well.

Meantime - trade on!

As far as having to pay "a couple hundred bucks" currency conversion fee - I seriously doubt this is likely - can't see any scenario that would justify this, unless you actually deposited in AUD, converted to USD for the trade, and then withdrew as AUD again.

The fee would relate to a large sum of money ($100,000) being converted in and out of USD if the AUSUSD were to fall between open and close of the account.

Scenario 2
"Suppose I trade the gbp/jpy and the ozy dollar moves lower against the gbp or jpy while i have the trade on, I could actually lose any profit i make on the gbp/jpy trade !!!

It all gets a bit tricky, how do i manage these scenario's ???"


Yes - you could - if using a trading company as mentioned above. Those companies are generally patronised by people who are seasoned in the game - and take a long term position based on Market Fundamentals. Short term moves can kill a position trader who doesn't keep his nerve. The drawdowns can be very frightening.

But when the chickens come home to roost - ie the trade conforms to the longer term fundamentals - it can be very satisfying indeed to have held the position through that drawdown.

As stated - this stuff is only for the seasoned position trader. I can not see this happening when trading using a Bucket Shop like IG markets, or CMC. The positions are not controlled at end of day, but by YOU through an electronic trading platform, where you can control margin, position size and Stop Loss levels.

Some do charge a fee (commission) but I wouldn't bother with them. Bucket Shops (market Makers) like IG markets are the go for currency trading, though ODL Securities and IBFX have both opened Sydney offices now, and offer the MT4 platform in Australia, for the first time.

This gives the opportunity for Aussies to actually fund an account with a MT4 provider, without the sovereign risk of having your money in some crazy overseas operation, where they choose whether they will answer their emails, or the phone when you have a complaint!

Now you can go and knock on (knock down!) their front door if they won't answer the phone!

"Using G_F_T deal_book_360
is this the best platform ?"


By the sounds of it ... probably not.

I had a demo through GFT about 18 months ago (I still get phone calls asking me if I am "ready yet to fund a live account".)

Companies like IGM are probably the go - though you do have to watch out for widening spreads at Fibonacci or Pivot points of confluence. These are areas where it is most likely traders will have placed their stops.

Stop-hunting! The subject deserves its own thread!

IG markets deny that they widen spread, but I have screen-shot evidence of stops being hit when there is NO sign of price near that level on the tick-chart!

It DOES occur.

It only takes an instant for this to happen - and bingo! It's all over red rover!

The way around it of course, is to NOT use your SL for trade management at all. SL is for catastrophic events over which you have no control. For the record, you need to be aware that in the business there is such a thing as a "broken trade" or "broken data".

I am unsure if this is the correct term for it. But effectively it means that when a spike in data occurs though a technical glitch, the resulting damage to traders' positions is to be reversed or remedied. Trades are reinstated to where they were before the dirty data glitch caused the triggering of entries/exits/stops/contingencies and so on.

Of course, reputable companies will do this automatically, but traders are generally unaware that they have the legal right to restoration of these trades. Companies will do it at their discretion at times - generally in their favour if disreputable - and only if you contact them and complain. I shudder to think how many traders lose their accounts due to dirty data spiking them out of positions, and the company not blinking!

So ... keep your wits about you.

TradeStation (dot com)could be a good platform Mark. I have not used it - but I hear it is expensive. It may be restricted to the USA - don't know.

odlsecurities dot com are now in Oz and I think their platform may be MT4 ... or proprietary - unsure. They do have an equities and indices software setup/data etc.

As I have no clue about other than what I have personally used, I think you may be stuck with whatever you can dig out yourself.

I use MT4 for planning and IGM for executing!

Hope that helps mate.

Best wishes

Ingot54


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


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ingot54
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Tuesday, June 30, 2009 - 12:53 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



Further to the above:

IG Markets revised their PDS from 22nd June 2009.

http://www.igmarkets.com.au/content/files/090622_IGM_SPDS_N06_aus.pdf

3.11
For CFDs on forex - adjustments to reflect the effects of interest are calculated and posted based on positions held at 10.00pm London time.
The exception to this is a weekend posting which takes place as follows:

For CFDs on forex - a three day weekend interest adjustment is posted based on positions held on Wednesday at 10.00pm London time.
Interest adjustments for Forex CFDs, which reflect the relative interest rates of the currencies concerned, are calculated according to the formula D = V x R; in
each case where:
D = daily interest adjustment
V = the current value of the position in the second currency (equal to number of contracts x contract size x spot exchange rate)
R = Tom-Next pips required to borrow overnight the currency that is being notionally sold less any interest earned from depositing overnight the currency that is being notionally bought (including an administrative charge not exceeding 0.3% per annum).

In the case of Forex CFDs, interest in respect of long or short positions may be debited or credited from your account depending on the overnight Tom-Next.

The maximum interest rate that may be levied under this PDS is the relevant interbank or central bank cash rate target +3% (for long positions) or -3% (for
short positions). The relevant interbank or central bank cash rates used are available on request.


Make sense?

In short, it seems they have gone from the "swap rate" system to the "Tom-Next" system used by the Saxobank group.

The effect on your account?

Negligible.

The effect on the broker - not too bad, considering taking a little from the many will add up over time, but "the many" may not notice the few cents difference.

So how is this system different from the "old system?

I suggest interested persons download the adjustment to the PDS at the link I gave above, and actually look at the worked example.

It shows that when you are LONG a specific pair, you may be debited a daily charge ... that's OK.

But the new change means that when you are SHORT the same pair, under the identical market conditions (ie same days traded ... different direction) you may STILL incur a daily charge, instead or previously you would be PAID the interest swap.

Confusing?

Not really - you may still gain on a positive swap if the TOM-NEXT Charge is negative after considering SWAP. This is because the current Interest rate differentials do not always provide for a profit for those who are LONG the higher-interest-rate pair.

What it means is that in the past, the Bucket Shops could take their pound of flesh out of the +ve or -ve interest incurred. But now, because some countries have interest rates at 0.2% or 0.25% they are unable to get their commission this way any more.

When interest rates rise again, I suspect they will go back to the LIBOR system because there is more meat in the meal!

Maybe not.

btw - all of the above is just my personal opinion and interpretation of the changes. I may well be incorrect.

A quick call to IGM would clarify the veracity or otherwise of it.

Bottom line - you may gain or lose a dollar or two a day!

Hopefully your trading profits will far outweigh any charges!

IGM_PDS


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


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reealjrd
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hello davkell

What in your opinion are the top 5 or so currency pairs for trading purposes. Or is it a longer list?

Top 5 Currency Pairs are,

1) EUR/USD
2) USD/JPY
3) GBP/USD
4) USD/CHF
5) USD/CAD
These are the top five currency pairs.but according to me only 3 currency pairs are best to trade and only above 3 pair are best.


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reealjrd
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hello davkell

Can anyone tell me what is the best 'time' for Forex trading? I know it is 24hr, but is there a better time for trading more so if you're short term trading.

We must trade hen volatility is higher, liquidity is much higher and trading opportunities are more frequent with
biggest moves. These Four hours are most important to trade, 3 am to 11 am EST, 7 and 11 am EST for New York and London.



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davkell
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Thanks for your input. All noted.


"Trade Your Way To Financial Freedom" - Van K Tharp

"Manage the downside; the upside will take care of itself" - Donald Trump

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ingot54
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reealjrd wrote on Monday, July 06, 2009 - 04:22 pm:

What in your opinion are the top 5 or so currency pairs for trading purposes. Or is it a longer list?

Top 5 Currency Pairs are,

1) EUR/USD
2) USD/JPY
3) GBP/USD
4) USD/CHF
5) USD/CAD
These are the top five currency pairs.but according to me only 3 currency pairs are best to trade and only above 3 pair are best.




Hi Reealjrd

I can't confirm or refute which of your list are the "top 5 currency pairs" though it is likely they will be in the top 8 for sure.

Criteria to consider is the time frame for the trade (short-term, swing or position trading) as well as whether you are looking at EOD candles (daily) or weekly for positions, or down to 5 min for scalping.

To further muddy the waters, it is always going to be a subjective issue anyway. Some very successful traders (and some of the other kind may favour the EURUSD because of its role as the reserve and back-up currencies of the world. It therefore will have very high liquidity, and therefore lower volatility (generally speaking) during "normal trading sessions.

At times this pair too will have high volatility - for example around news release times - especially critical economic news - given that both currencies represent a huge portion of the world's economies.

Therefore, because of the amount of trade with Japan that the Western world does (in some places Japan STILL does more trade than China, though by now China has overtaken then slightly) currency pairs with JPY will also be highly liquid.

Pairs with the ***JPY have an added advantage, in that generally speaking (again) very good volatility goes with the liquidity. This can be good, as I said, for scalpers, but anathema for position traders who mostly NOT looking for the daily swings that come with the ***JPY pairs.

By now I have probably thoroughly confused the issue. The bottom line is that we need to define what we mean by "top" currency pairs, with regard to volatility, liquidity, trend, stability, reliability for scalping or for swing or position trading.

It will come down to experience and personal choice for some, and for professionals, they won't give a rat's ... they will simply trade what the market is doing without much opinion at all.

Hope that helps.

Best wishes

Ivan

"Good" is still subjective for some ...

1_1


Keep Smiling - Don't look back

Hell, there are no rules here - we're trying to accomplish something ~ Thomas A. Edison

Never believe that a few caring people can't change the world. For, indeed, that's all who ever have ~ Margaret Mead


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ingot54
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reealjrd wrote on Monday, July 06, 2009 - 04:14 pm:

Can anyone tell me what is the best 'time' for Forex trading? I know it is 24hr, but is there a better time for trading more so if you're short term trading.




In answer to your question, Reealjrd, look no further than Lafee's post from 28/02/2007 above.

I see you are in Indonesia, so you would be looking at the London open as your prime time. To me this makes excellent sense - the Asian session is usually fairly tame, with fewer market moves happening than in the European session or NY session.

Jakarta is GMT +7 hours.

http://awesomeforexalerts.com/best-time-to-trade-the-forex/

London Trading Session

In London, the forex opens at 8 am GMT. It closes at 4 pm GMT. Typically, the most active currency pairs that trade during this session is the EURUSD. This pair usually makes up nearly 40% of the trading volume. Second to the EURUSD, would be the GBPUSD with nearly 25% of the volume. The next most active pairs are: the USDJPY with 17% of the volume; the USDCHF with 6%; and the USDCAD with 5%.

European Trading Session

The European currency trading opens at 7am GMT, and closes at 3 pm GMT. Typically, the European session is the most volatile session of all.

New York Trading Session

The New York forex session is open from 1pm GMT until 8pm GMT. The New York forex market is the second largest market place in the world. The busiest time is from 1pm GMT until 5pm GMT. Market volatility can be dramatically impacted by news releases. Trading activity is usually my lighter during the final three hours of trading each day.

Asian Trading Session

The Tokyo forex opens at 1am GMT and closes at 8am GMT. Sometimes volatility is low and sometimes good moves occur. In the market, as you might expect, the USDJPY pair is the most active currency pair traded. It dominates this market with nearly 80% of the volume. Much of the remaining volume is made up of the EURUSD and the EURJPY.

That should shed some light on it for you.

When London opens, it is normally 1pm in Jakarta and Europe opens an hour earlier. Currently they have British Summer Time, so they will be opening an hour earlier compared to previously. That makes it NOON Jakarta time at the moment.

I have been watching a currency pair for the London open at times, and the activity from Europe, during days of currency tension, can sometimes set a currency pair moving well before London gets into the act.

Sometimes a pair will a begin a strong move before London opens, only to reverse powerfully after the move begins.

When NY opens (also having Daylight saving Time)it is 5pm Jakarta time. To me this is a session you really need to be aware of news releases - more so than in the UK. Important news can rocket a currency pair 150 pips in 15 minutes - sometimes less.

This has its own special set of dangers, and should not be done by the novice. You have to deal with immensely widened spread, which can sometimes take out your position even when price is 20 pips away from the mean price.

Then, when you think you have it all going for you, price will retrace, as it hits overbought/oversold price areas. Retracements can be 50% of the initial move.

I don't go near news trading - it's for specialists.

Finally, here is a good link to a free news calendar - one of the best on the net, and often updated 3 seconds after the news is released. (Refresh browser a few times if necessary.)

http://www.forexfactory.com/calendar.php

Best wishes

Ivan

Violence and Volatility can be real issues for the unwary!

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reealjrd
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davkell: Can anyone tell me what is the best 'time' for Forex trading? I know it is 24hr, but is there a better time for trading (more so if you're short term trading!).

Best trading hours for trading in forex market. now you have to choose.
* New York Market trade times: 8am - 4pm EST
* London Market trade times: 2am - 12Noon EST
* Great Britain Market trade times: 3am - 11am EST
* Tokyo Market trade times: 8pm - 4am EST
* Australia Market trade times: 7pm - 3am EST







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reealjrd
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devkell: What in your opinion are the top 5 or so currency pairs for trading purposes. Or is it a longer list?

top five traded currency pairs:
1.) EUR/USD
2.) GBP/USD
3.) USD/JPY
4.) USD/CHF
5.) USD/CAD

These currency pairs are highly traded currency and a good trader looks for liquidity. so these are liquid currency pairs.}

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