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Thread: Newbquestion

  1. #1
    Rookie Member

    Newbquestion !!!

    Hello, I'm absolutely new in the forex trading.

    Is there 'rake' in the forex trading, like in poker? My instincts tell me there should be, because you must get your cut from somewhere, but it isn't mentioned anywhere. How much is it?

    Is the MT4 software integral part of the trading, or is it more like a poker client (PokerStars, Unibet, etc)? I.e., is there other software allowing me to trade?

  2. #2
    Rookie Member
    And there're more important questions:
    I want to learn to day trade however i'm not 100% sure if its possible as i work 9-5 Mon-Fri.
    My question is as i work from 9am-5pm in the UK, am i able to day trade on the US market?

    I want to learn and then put into practice my skills onto a demo account and eventually a real money account.

  3. #3
    Legendry Member milos's Avatar
    Welcome to Communitraders!

    You can trade later but after London closed low market volatility.

  4. #4
    Legendry Member Michael Hodges's Avatar
    Like Milos said, there are all kinds of markets open when you are working, just use those assets instead of ones on your local market. Not sure what rake is but in trading you win the trade or lose it, like when you put in your ante. You ante for each trade, if it wins you get the payout and if you lose you lose you bet. Does that make sense or even answer your question?

    Also, since you seem to be asking about forex/spot trading instead of binary options those positions make money on movement. the "spot" is the price of the asset at time of purchase. If you buy, go long, buy a call etc and price goes up you win. The further up it goes the more you win. in binary the profit is a fixed amount unless you are using NADEX when it can vary based on the market and when you sell, I suggest NADEX they allow UK residents.

  5. #5
    Moderator Kolyo's Avatar
    Quote Originally Posted by Ethanolmos View Post
    Hello, I'm absolutely new in the forex trading.

    Is there 'rake' in the forex trading, like in poker? My instincts tell me there should be, because you must get your cut from somewhere, but it isn't mentioned anywhere. How much is it?

    Is the MT4 software integral part of the trading, or is it more like a poker client (PokerStars, Unibet, etc)? I.e., is there other software allowing me to trade?

    Of course there is a rack like in poker, although I am not very familiar with poker I know what rack is. The same with binary options, you give 100% upfront and receive if your trade is success 170-180% which is 70-80% gain, but if you lose you lose 100%. This is what makes the broker profit. In forex it is a bit more complicated. On first site there is no rack. You trade with very tinny spread but the broker keeps A and B books and all the A book are traders which are categorized as losers. All their loses goes directly in the pocket of the broker. On the other hand B book is where all profitable traders are and all their trades are hedged and forwarded to the market. Brokers don't earn much from these traders,unless they generate big volume and some modest commissions.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  6. #6
    Moderator Kolyo's Avatar
    Quote Originally Posted by Ethanolmos View Post
    And there're more important questions:
    I want to learn to day trade however i'm not 100% sure if its possible as i work 9-5 Mon-Fri.
    My question is as i work from 9am-5pm in the UK, am i able to day trade on the US market?

    I want to learn and then put into practice my skills onto a demo account and eventually a real money account.

    It is possible to trade US trade session up to 21 pm UK time. After that Asia session is very slow for most strategiesm but why don't you consider more long term position trading. More relaxing and good for newbie traders like you?
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  7. #7
    Legendry Member Okane's Avatar
    Regarding MetaTrader, you should read this article about charting.
    The reason you study charts is for finding patterns, trends etc and not just gamble up/down on the broker's platform.
    Most brokers nowadays offer charts but most are not as complete and good as other charting platforms you can find online.
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