Hello, i trade forex markets and i want to find an indicator similar to "volume" which i use when i trade commodities because this indicator is very critical in my trading disicions. Can someone help?
Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, the market is just too random and unless risk is controlled over time your account will slowly get wiped out, regardless how good a “trader” you think you are.
This question was about forex indicators and there have been some pretty good answers that should help in your trading, the answer has been posted in
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If your trading decisions are short term, as already suggested volume will only reflect your brokers data and platform not the entire market. metatrader charts is widely used and has vol indicator, free also, so it might help. OBV (on balance volume indicator) might also be of aid.
If your trading decisions are longer term then look at the Official COT report ( Commitments of Traders)
http://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm. (scroll to Chicago Mercantile Exchange). It’s lagging data but it does give you a heads up on volume of short and long positions.
Hi buddy,
due to the decentralized nature of forex, there is no real volume. The best volume you can get is only your broker’s.
Do read my article on what forex is at my forex learning blog to understand more.