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8 Comments

  1. Rob-Reply
    October 6, 2015 at 9:14 pm

    Hi Charlie – a question I have re your trades is do you have any “depth of market” indicator or do you tend to use the order book with Oanda to gauge as to where the market is going/looking to go? Not sure what your experience tells you but it doesn’t always seem to me to be safe to interpret volumes as to where the market will go – which confused me as I thought the volumes of money would always move the market.

    Would really appreciate your thoughts.

    • Charlie Burton-Reply
      October 6, 2015 at 9:43 pm

      Hi rob. No I don’t use market depth as it isn’t true depth anyway in fx just what your broker is showing and besides, orders get pulled all the time so I’m not so sure how useful it would be to me. With regards to be looking at the order book, it has its uses if you can see a level where lots of stops have built up and if the market is moving in that direction then it could well go to fill those stops. But you’re right in that it’s certainly not sonething you can solely rely on. It should only be used in the context of your overall analysis. So in the main, what’s more important is multi timeframe analysis along with support and resistance levels in order to find some clear air and don’t get too caught up in the market depth and order book by themselves.

      Charlie

      • Rob-Reply
        October 7, 2015 at 8:20 am

        Thanks for clearing that up Charlie. You’re always v quick to respond, and helpful – appreciated!

  2. Paul-Reply
    October 7, 2015 at 3:17 pm

    Hi Charlie, what do you consider low leverage? 10:1?

    Thank’s a lot, I really like your videos

    Regards

    Paul

    • Charlie Burton-Reply
      October 7, 2015 at 3:24 pm

      10:1 is still quite high so I would consider low leverage as being less than 3:1 but keep it under 10:1 anyway as that’s more than enough…

  3. Paul-Reply
    October 7, 2015 at 4:01 pm

    Hi Charlie,

    thanks for your answer. I’m starting this week, after 2 years on demo accounts with a real account. I’m starting with 1000 pounds but first of all I’ll start using microlots, so with 0.01 vol, it’ll be 1:1 leverage. But I wanted to increase it to 0.1 after a few months. I don’t know if it’s too much or not.

    Thanks for everything

    Regards

    Paul

    • Charlie Burton-Reply
      October 7, 2015 at 4:24 pm

      0.1 is roughly 60p per point so on a 1000 account it would be a bit rich if you needed anything over a 15 pip stop. Below that it would be fine. So aim to not risk more than £10 per trade.

  4. Paul-Reply
    October 7, 2015 at 6:20 pm

    Hi Charlie,

    my stops are of 8 pips or even less, so I understand that’s not too risk, compared to 15 pip stop per trade.

    Thanks a lot for your answer, it’s helped me a lot!

    Regards

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