New to Forex Trading

[rsk11584]

Dear Friends,

Myself a new entry in world of trading. I have account in ICICIDIRECT and attended a introductory session on currency futures and am interested in forex trading.

The Trainer mentioned that now we can exit anytime out of contracts before the expiry date, not necessary that exit should be on the expiry date only.For eg if i buy a contract today 07/10/13 not necessary that I should exit on 29/10/13 but can exit / come out before that date also.

But I am not able to understand some concepts like the information available on website and how to gain maximum from it. I have attached screen shot of CURRENCY-BEST 5 BIDS-OFFERS & OPEN INTEREST how to read and get tips from it so as to know which price should i trade and whether to buy or sell..

Please suggest me..

 

[smartcat]

Don't bother with all this stuff. Just do a "market" order, rather than a "limit" order.

What you see in the screen is "bid ask quotes" (do a Google search for more info), which you should look at if its a limit order. Limit order is required only if the liquidity is low, like when you are trading in certain commodities or stock options.

For a beginner who is doing currency trading, liquidity is plentiful enough to use "market" orders. You basically ask ICICIDirect to buy (or sell) at whatever rate USDINR is quoted at.

 

[rsk11584]

thanks smart cat,, I am looking at putting my first fx order,, lets see how it goes.

 

[dxnation]

What kind of margin / leverage does ICICIDirect Offers ?