Hi all, I'm currently testing out trading bull/bear call spreads on forex options with IG markets and although there's no commissions, the spread on those options are extremely high. Does anyone know any good brokers/CFD providers that offer relatively tight spreads on forex options? The thing that is good with IG markets is that it offers weekly options along with the standard quarterly expiration which allows me to tailor my trading strategy to avoid major interest rate news announcements. So I tried looking on Google for similar companies and nothing really stands out, I'm hoping someone who has some experience in this arena can point me out to some brokers to test out. Thanks!
Yeah, their economy is not one of the greates. New Zealand is the 54th largest export economy in the world and the 56th most complex economy according to the Economic Complexity Index (ECI). Their export is mostly Concentrated Milk (13%), sheep and goat meat (6.3%) and Frozen bovine meat (5.9%). (source: http://atlas.media.mit.edu/en/profile/country/nzl/) Here are some facts: Population: 4.55 million people GDP: 185 Billion $ GDP per capita: around 39 000$ Now lets get some facts about other random countries: South Korea: Population: 49 Million people GDP: 1.411 Trillion $ per year GDP per capita: about 28 000$ per year per person Norway: Population: 5.02 Million people GDP: 370.6 Billion $ per year GDP per capita: about 71 000$ per year per person Sweden: Population: 9.6 Million people GDP: 495.6 Billion $ per year GDP per capita: about 51 000 $ per year per capita Singapore Population: 5.34 Million people GDP: 297 Billion $ per year GDP per capita: about 53 000$ per year per person United Arab Emirates: Population: 8.28 Million people GDP: 348 Billion $ per year GDP per capital: about 38 000$ per year per person Perhaps i'm missing some other well developed countries, which are not considered as forex majors and which have bigger economy than NZ. But the question still remains: Why one of those countries is not considered as forex major currency, but NZD is considered as such? Is it considered as a safe heaven alltogether with Switzerland and Japan and why is it so? If that is true, why are there so much safe heavens in the forex major pairs? Thanks.
Just some inspirations / reminders on strategy development
I just talk about really major pairs like EURUSD, USDJPY, etc. Forget about catching a trend, if you wanna trade trends, commodities, stocks, index funds trend way better, a lot more opportunities than forex. Major currencies range at least 70% of the time, if not more. Learn how to make money from ranging markets and hold a trend once you catch it. The biggest purpose of currency is for settling transactions, not for scalping profits. That's why it doesn't trend (aka remaining stable). Stability is why a currency being "major". Therefore most indicators don't work well with these currencies because first they are not designed for forex, second most of them only tell trends or overbought/oversold. Unless you are Soros or central banks etc no major currency can be overbought or oversold. Take advantage of "fakeout" (I still wonder if it's the right way to call it so, Trump's Tweets are one of the sources IMO). Accept the fact that it happens and think about how to profit from it. Market makers and big banks are also just market players, even though very much bigger, they are also profiting from each other. If you can't beat them, join them. Choppy market is still better than a still market. No market maker cares about support or resistance. Like no insider or institutional money (i mean human not machines) would spend hours and hours on charts drawing trend lines before they place an order. Why would you? Planning how to react in different scenarios after a position is opened is much better than trying to act like a crystal ball by looking at history when you trade something that ranges most of the time. The moment you observe a trend, chances are the trend is (almost) over. Even if things are against you, most of the time you can turn it to break even without using lots of margin. (Most news are just as big as baby's cough.) But still, very few news are really big (911, fukushima, brexit, covid, name it), don't ignore the news completely. Money management is very important. Most traders (of course including many of those on reddit) just talk about how to make an entry but seldom talk about how to manage an already open position or how to close a trade. The latter is way more important than the former. Besides japanese candlesticks, there are a lot more charting options out there. Be creative and know what you are trading to the deepest !
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How to derive historical financial data for forex instrument backtesting
Hello, If you believe backtesting strategies for forex major currency pairs is unhopeful please leave a comment with an explanation. I'm a CS major at Columbia with internships in back office global bank infrastructure positions here in NY and have great interest in trading algorithmically because I can't trust my behavior to enter trades, among other obvious reasons. I would like to know what the best sources are for obtaining historical data (OHLCV, etc) for (forex) backtesting purposes. Is a large excel file used in practice, or are historical prices derived via API's? It seems that I need to pay after some research online, but I know you redditors can deliver. edit I found a free source here for EURUSD. There are other pairs available too.
http://twitter.com/forex_in_world/status/1276083632587800576International exchange technical evaluation and forecast: Majors, equities and commodities https://t.co/ktlg9IpjEL— FOREX IN WORLD (@forex_in_world) June 25, 2020
What are the major forex pairs? Opinions differ slightly over a definitive list of major currencies, but most will include the traditional ‘four majors’ – EUR/USD, USD/JPY, GBP/USD and USD/CHF – as well as the three most-traded ‘commodity currencies’ against the US dollar, which are AUD/USD, USD/CAD and NZD/USD. While most lists only include these seven majors, some traders would ... Analysis of the Seven (7) Forex Majors. What are the Forex Majors? The Forex Majors are the most liquid currency pairs that contain the US Dollar either on the base side or on the quote side. The majors include seven (7) pairs. 1. EUR/USD (Euro / United States Dollar) 2. USD/JPY (United States Dollar /Japanese Yen) 3. The majors and minors (plus exotic forex pairs) are categorised by popularity and liquidity. The majors are the most commonly traded currency pairs globally. These are the cheapest and have the fastest execution to market plus pricing tends to be less volatile. Major pairs are the most traded foreign exchange currency pairs. There are four major pairs based on the USD, EUR, JPY, GBP, and CHF. The reason that the majors are made up of the USD is because of how Forex was historically created and also the amount of trade the USD carries out. USD Forex pairs trade by far and away the most currency of any world currency.
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