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Originally Posted by dawsion  I'm a purely technical stock trader. Would the transition to forex be tough? |
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Forex, along with the spyders and the Q's are one of the most technically driven trading vehicles on the face of the planet and are traded that way by every bank, institution and home trader the world over.
Forex has a culture of following the LRC, Fibs (retrace and extension) very strongly, and since that culture is in place, traders rely on them, use them and find they tell the truth.
Forex has some of its own rules and ways of performing, such as trend reversals at noon (est) and then again at 2:30 or so, with another at 5pm, so one can learn their currency and trade long or short depending.
It differs from penny stocks in that its in constant motion, up or down, and if the long term is an uptrend (most are) then the currency will most certainly go back up, even if there is a major downside correction.
Get yourself a demo account and see for yourself --
enjoy and trade well
mp