When you start your Forex trading you will find that the Forex brokers - online or conventional, do not ask for a commission for their service. But of course, they do not perform their operations for free. They make money by charging a "spread" from the investor. It is therefore very important to find out a low spread Forex trading platform.
Foreign currency trading is done in real time while every second exchange rates quickly change. When a trader executes a forex trade and locks in the exchange rate that transaction should be recorded immediately.
Since a quote can only be precise at the moment it's displayed any delays in processing the trade will cost traders in lost profits. Your forex trading platform software should access servers with the most accurate exchange rates available.
The popular currency pairs like the EUR/USD or GBP/USD typically have the lowest spreads. Some brokers offer different spreads for different types of accounts. A low spread Forex trading platform may not offer good mini trading and may have higher spreads than a full contract account. Obviously the smaller the spread on currency pairs the better the conditions for you as investor and trader.
You will find many online sites offering different platforms for Forex trading. Through these platforms you can actually buy or sell the Forex. You will have to identify a low spread Forex trading platform from them. A good Forex trading platform shows live prices that you can actually trade at, and not indicative quotes. The low spread Forex trading platform should be fair and should let you know the actual prices so that you can have an idea of the spread.
The low spread Forex trading platform allows the investors and traders to trade on a fractional basis. Instead of full lots "100,000 units" or "300,000 units", it allows you to trade "163,345 units" or "325,911 units". This is very helpful for traders risking certain percentage of their balance on each trade.
BUT a trick i use with the LRC is one i thought good enough to pass on ---------
can be used on any time period chart, but i find it great on the D1 charts (what we call the 3 (or longer) month/daily charts !
once you have one open, draw an lrc from the LOWEST PRIOR POINT on the chart and then draw another from the HIGHEST PRIOR POINT on the chart (if the highest prior point is just a day or two before the present candle, use a high candle from further back )----- WHERE THE TWO LRC's MEET NEAR YOUR PRESENT CANDLE IS THE POINT TO WATCH FOR A BREAKOUT OR BREAKDOWN. (its either gonna go thru and therefore up or down, depending on its direction or its gonna reverse at that point !)
NOW, look at your stochastics, cci and adx and you will be able to tell pretty well what is about to happen !
IF THE SYMBOL BREAKS THRU this resistance point, the LRC lines that have broken thru and are heading up, away from the old LRC, BECOME YOUR NEW TREND LINES, and each day you should draw another LRC from the LOWEST point on your chart to establish new "breakout points" Essentially, by using this modified TREND TRADING system, you can do away with fibs, gann and all the latest and greatest, cause all the points you need to watch are right in front of you !
once you watch a few of these, youll get pretty danged good at entering a currency reversal --- just watch them for a little so that you can estimate well !
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