Anyone here into FOREX?

[Britguy]

MP,

I got slipped royally by using a market order on currenex. What orders do you place to get fills?

[brucefenn]

I found my laptop really isnt up to the task of serious trading and actually have considered to buy a PC for specific programs dedicated to it.

Anyone have experience with Boot Camp running 2 or 3 Quad Processors and 2-4 monitors?

[nhallmark]

I found my laptop really isnt up to the task of serious trading and actually have considered to buy a PC for specific programs dedicated to it.

Anyone have experience with Boot Camp running 2 or 3 Quad Processors and 2-4 monitors?

No experience with Boot Camp. I just run everything through Parallels on a 15 inch MBP which suits my needs for the time being.

[Music_Producer]

MP,

I got slipped royally by using a market order on currenex. What orders do you place to get fills?

BritGuy, I always use market orders. I only place limit orders for taking profits or specifying a stop loss. What trade did you get slipped on?

Nathan, good to see you trading regularly bro :)

Today's UK employment reports were good trades.. got about 30 pips (and then after I exit GU goes up 50 more pips.. hmmm!)

Also EUR CPI came out higher than expected, so got about 34 pips on that one, again EU has shot up another 50 pips or so. There should be good resistance at 1.6000 though.. those are some high levels!

I've started my blog site, it's at www.ezpips.com (http://www.ezpips.com).. :o I know, cliched name, but easy to remember. Some posts are already up, but the domain hasn't completely been forwarded yet so you can go here till then - http://homepage.mac.com/vishalj/ezpips/

Pardon the look of the site - it's very basic. I will add some pages eventually.. if anyone has questions feel free to ask and I will post them up.

[Music_Producer]

I found my laptop really isnt up to the task of serious trading and actually have considered to buy a PC for specific programs dedicated to it.

Anyone have experience with Boot Camp running 2 or 3 Quad Processors and 2-4 monitors?

What kind of laptop do you have? FX Programs aren't really intensive, I use a MBP with Fusion running Win XP for win-fx platforms, while Java on the mac works fine with Oanda, Currenex, etc.

[Britguy]

MP,

I used a mkt order on cnx, always slipped and widening of spread. Do you autoclick news? Or how do you trade a news release?

Britguy

[nhallmark]

MP,

I used a mkt order on cnx, always slipped and widening of spread. Do you autoclick news? Or how do you trade a news release?

Britguy

Which broker is it? ...if you dont mind saying.

[Britguy]

capforex

[Alysia]

Made a killing today on the NFP. Keep going long on GU every time it dips (GU was very bullish since the start anyway) Made tons of pips.. still am.. also shorting UJ every time it bounces. However, there are rumors of a Fed emergency cut, so stay away from carries until that issue clears up.

Right now GU seems to be the pair to trade.. there are option barriers at 2.0200.. and 2.0250 so it might go through a bit of resistance.

Honestly, I was expecting GU to go down today after the really bullish run it has had, but NFP seems to have really cast a doubt on USD buyers.



I've recently created a free site that shows you how the forex market has reacted in the minutes and hours after the NFP and other economic news releases. Lots of charts! Hopefully, this will be helpful.
http://www.forexnewspatterns.com

[~Shard~]

Hey everyone, sorry I've been MIA for a while, I've had a lot on the go. I've managed to trade a few reports here and there the past couple months but have mostly been focusing on the stock markets as there have been some excellent opportunities. My real estate ventures have been occupying a lot of my time as well. ;) Just wanted to pop in, mention that I'm still reading the thread and will definitely continue to trade when I can.

Happy trading everyone! :cool:

[tribble222]

Great thread, I've just finished reading the entire thing! :eek:

HUGE thanks to the contributors! It is hard to find good information on this topic without the posts being seemingly dominated by teenage "veterans".


So I'm trying to wrap my head around what happened on Tuesday after the CAD interest rate statement.

I read on ezpips ;) that the CAD dropped because consumer sentiment had some people expecting a smaller cut. This makes sense.

An hour later out come some US numbers (multiple report, eek, but FF tells me to concentrate mostly on the Existing Home Sales number).

- EHS comes out slightly higher than expected
- House Price Index comes out way higher than expected (this is good because this is a measure of inflation - better chance of raising interest rates)
- Richmond Fed Index comes out lower than expected (this is bad)

With two positives and one negative, I would expect the USD to rise against the CAD. But it dropped significantly. So I thought maybe it just dropped because of the jump an hour earlier due to CAD interest rates. But it looks like USD lost on all the pairs. :confused:

Is Richmond Fed Index that important? Or is something else going on here that I'm missing??

[MrSmith]

Well I've got as far as page 38, but I'm going all the way...

Thank you Music_Producer for all the information and help you've given freely over the length of this thread. I hope you haven't disappeared off the scene!

I've opened a practice account with Oanda (you really should get some commission) and am coming to grips with the mechanic of it all. I have a couple of questions I'd like to ask you, if I may:

Firstly, the attached picture shows a stop loss activated at far below the (5 second) graph. Is there a reason for this? Is the graph inaccurate?

Secondly, my sister-in-law started forex a little while ago and has sold the equivalent of $10,000 of JPY/NZD. This is money she can put aside for the long term. She is using no leverage. She is earning 8% or whatever interest it attracts. Far better than anything else she'd get here in Japan. Of course the value can drop but if she just left the money there for 20 years, with no leverage she's in the game unless it drops to zero. Even if the value never reaches the level at when she bought the compounded interest will more than make up for the shortfall after a few years. Is there anything I'm missing about this scenario? It seems too good to be true. I mean, why doesn't everyone do this?

[Music_Producer]

Is Richmond Fed Index that important? Or is something else going on here that I'm missing??

tribble, the Richmond Fed Index had nothing to do with the USD/CAD moves. The way I trade reports is.. I'm in and out in a few seconds.. sometimes I do hang around for a few minutes depending on the report.. but basically, if you have USD/CAD moving 100+ pips.. there is bound to be some profit taking at some point.

Also, it will be pretty evident when the dollar is going to have a weak session or a strong session. All $ pairs will usually rise in tandem.. or fall.. depending on the 'mood' of the market. Now why has the dollar been rising lately? Because there is talk in the market that the Feds are done with cutting rates (because of high inflation) and that they will cut by 25 basis points.. next week. That should be the final cut, this is what the market chatter is.

Where do you read this market talk? On any financial site, I remember seeing this on bloomberg.com (or cnbc) Just market sentiment can move currencies..

Now if the Feds cut rates by 50 bps next week.. and they say something like 'There is still more room for cuts' then look out for a massive dollar fall.

Mr. Smith.. thanks for the kind comments! I am trying to update ezpips everyday, but I was on a little break.. am back now, will update it accordingly :)

I don't see the Japanese hiking rates.. it would be detrimental to their economy. They are mostly export-oriented.. Toyota and other companies have been experiencing losses due to the stronger Yen.

Yes, NZD/JPY would be a good trade to hold on to - by the way, everyone *does* it! Look at the risk factor though - if some day, that trade collapses.. you see massive falls .. like GBP/JPY went through a 5000 pip loss. If you have enough capital and can withstand such fluctuations, then the interest should pay off handsomely.

It's just that most people invest by maxing out their margin accounts and then they cannot withstand such moves.. and blow up their accounts. NZD and AUD (aussie $) are relatively strong.. I prefer them compared to the pound. Good luck with the demo account!

What I have been doing lately is look for dips in the Euro/Pound/Ausie $.. and then buy. Markets are still dollar bearish.. so the overall trend is up for the $ pairs. I am going to wait for the US rate decision and take it from there..

[Music_Producer]

Firstly, the attached picture shows a stop loss activated at far below the (5 second) graph. Is there a reason for this? Is the graph inaccurate?



Oops, forgot to answer this one - there could have been a 'spike' which you cannot see on a 5 second chart.. as that would probably have lasted for a second or less. It's fishy though, because apparently (this is what the general rumor is) brokers carry out 'stop loss hunting'

They will deliberately cause such spikes (which are entirely fake) simply to take out stops. This will not happen with a true direct platform, but with market makers (like Oanda and most of the retail platforms) it's possible that they do this. Again, the incident you show can be a temp spike (a real spike)

[MrSmith]

Thanks a lot MP!

Since my sis-in-law is not using any leverage, she could ride dips down to, well, anything above a zero value NZD. I mean she can't get a margin call and if it drops 5000 pips it won't stay down there. Is that correct thinking?

I guess I'm at the stage of understanding where most people give up...

My wife is also starting Forex trading (training) on a separate account. I'm wondering whether we'll double our profits/losses or cancel each other out. :D

[Music_Producer]

Thanks a lot MP!

Since my sis-in-law is not using any leverage, she could ride dips down to, well, anything above a zero value NZD. I mean she can't get a margin call and if it drops 5000 pips it won't stay down there. Is that correct thinking?

I guess I'm at the stage of understanding where most people give up...

My wife is also starting Forex trading (training) on a separate account. I'm wondering whether we'll double our profits/losses or cancel each other out. :D

I think it will be a good investment - might carry a little risk but it's better to diversify one's assets. Right now, risk appetite seems to be returning to the markets, and we had Bank of Japan state that their exports are slowing down (which basically hints at their discomfort with their interest rate levels)

You and your wife can become hedging partners :D In fact, tomorrow we have the Non Farm Payroll report - since you are both on demo accounts.. try this out. One of you buys GBP/USD (2 minutes before the report comes out) and the other sells. Keep a limit for a profit of 30 pips (i.e. if you buy GU at 1.9800.. set the limit target profit for 1.9830.. if she sells at 1.9800.. she will have a limit to close the trade at 1.9770)

During NFP, EU, GU, etc tend to completely reverse direction after the initial spike (most of the time) So let's see if it works this time :)

[MrSmith]

I presume the Non Farm Payroll report is what ForexFactory calls 'Nonfarm Employment Change'. If so, that's at 9:30pm our time so a very convenient time. One question, what about setting stop losses? I'm still getting to grips with the mechanics. And why 30 pips? Is that a figure you use from experience?

[Music_Producer]

I presume the Non Farm Payroll report is what ForexFactory calls 'Nonfarm Employment Change'. If so, that's at 9:30pm our time so a very convenient time. One question, what about setting stop losses? I'm still getting to grips with the mechanics. And why 30 pips? Is that a figure you use from experience?

I wish I lived in London.. I'm up all bloody night trying to trade :mad: (well, nights are ok - but I hate staying up till 7-8 am .. when certain reports come out)

30 pips is the number I chose because of the spreads.. Oanda will probably add 20 pip spread. So taking that into account, 30 pips would seem a decent amount. Euro seems to be weak today, and the pound is really strong - if NFP comes out really good, that could lead to a euro drop.

I really want to see if this hedging strategy works (buy and sell at the same time, and lock in profits if the trade moves both ways) Of course, I will be using a small lot - and if you are doing this, then use a demo account only.

[MrSmith]

Thanks for the Info, MP. Actually I won't be at home at that time, but I'd like to read your report. :) I'm now up to page 57 of this thread... :cool: BTW I live in Japan. As in 'too far from London'. Like I couldn't be any bloody further. :(:D

[Music_Producer]

Ahh, then you're closer to me :D

NFP was excellent! For the first time, it came out with no annoyances like a conflicting unemployment rate and all that - both numbers came out much better than expected (I have a feeling they're made up) Look at the carry trades! -

GBP/JPY - jumped more than 150 pips! Still going higher..stocks will rally today unless ISM comes out bad.


114341

[rey46]

maybe stupid questions about forex, excuse me guys
is it difficult to get some cash sometimes?
where's your money? your normal bank?

rey

[nhallmark]

maybe stupid questions about forex, excuse me guys
is it difficult to get some cash sometimes?
where's your money? your normal bank?

rey

Not really. Of course, you don't keep all your available funds in a trading account....at least, I don't. Withdrawal only takes 2-5 days, depending on the broker. With bucket shops, you can usually get your money the same day.

[rey46]

thanks for your answer.
I can read in this forum that you do it alone like a "pro" not using companies like Forex Automoney charging 99$ a month, etc...
They say we need them coz just 2% of the people win money in forex.
Is that true? what do you think, guys?
thanks again, I'm ready to trade but I have a couple of questions.

rey

[OceanView]

thanks for your answer.
I can read in this forum that you do it alone like a "pro" not using companies like Forex Automoney charging 99$ a month, etc...
They say we need them coz just 2% of the people win money in forex.
Is that true? what do you think, guys?
thanks again, I'm ready to trade but I have a couple of questions.

rey


Not many people make money with 4X.
Take your time to read and test your methods before opening an account.

[MrSmith]

I wonder if I may share a link that other beginners preparing to stake their pennies might find useful? It's about money management; in particular, limiting risk to a percentage of your balance. Real basic nuts 'n' bolts stuff, but I can imagine myself with a wiped-out account wishing I'd studied that kind of thing before jumping in. :D

Forex Money Management (http://forexplace.blogspot.com/2006/12/money-management.html)

If any of you pros have anything to add we'll be all the better for it. :)

[rey46]

thank you guys, I'm reading.
"autopilot"programs; are really useful?

[rey46]

hi Music Producer what kind of music do you produce?

[nhallmark]

thank you guys, I'm reading.
"autopilot"programs; are really useful?

No, you're just wasting your time with those, IMHO. Unless you are talking about autoclickers for news trading which can be useful only under certain circumstances, but they're really not viable anymore.

[greenspanke]

Anyone here still into forex? If so maybe can share trade ideas :)

[OceanView]

Anyone here still into forex? If so maybe can share trade ideas :)

Wow!
This is really an old thread revival!

I'm not playing in the market anymore as I lost my A$$.
Not sure about anybody else.

Are you playing or just trying to learn now?

[greenspanke]

Yeah, I'm currently in the game now and have been trading forex for the last 6 years or so :)

[greenspanke]

Wow!
This is really an old thread revival!

I'm not playing in the market anymore as I lost my A$$.
Not sure about anybody else.

Are you playing or just trying to learn now?

BTW how long were you at it and how much did you lose? Not a lot I hope.

[OceanView]

BTW how long were you at it and how much did you lose? Not a lot I hope.


Are you making money?

I lost over $30K :(
I'm looking at options and just plain stocks these days.

[greenspanke]

Are you making money?

I lost over $30K :(
I'm looking at options and just plain stocks these days.

That's a lot of dough to lose :( I feel for you man.
I think in forex everybody will lose at one point but its what you do after that matters. Yes I'm doing quite well now. Thanks for asking.

[OceanView]

That's a lot of dough to lose :( I feel for you man.
I think in forex everybody will lose at one point but its what you do after that matters. Yes I'm doing quite well now. Thanks for asking.

Good for you!

Which service are you using?
Are you trading the news?

[greenspanke]

Too bad there's no PM's here otherwise I can show you some charts and perhaps share some helpful Ebooks :)

[greenspanke]

Good for you!

Which service are you using?
Are you trading the news?

I use IBFX and GAIN as brokers. I was with Oanda in the beginning but I prefer using MT4 as there's just so much more you can do with it and really helps with my analysis.

I dont trade the news anymore although I used to but since I learned to do tech analysis it is much more stress free than trading the news.

[OceanView]

I use IBFX and GAIN as brokers. I was with Oanda in the beginning but I prefer using MT4 as there's just so much more you can do with it and really helps with my analysis.

I dont trade the news anymore although I used to but since I learned to do tech analysis it is much more stress free than trading the news.

We have PM's here.

I'm curious as to how you found this thread?
Looks like you just joined today.

[greenspanke]

We have PM's here.

I'm curious as to how you found this thread?
Looks like you just joined today.

Well I was just looking for anything FOREX and had a buddy wanting to learn more about forex and we got into discussion regarding EA's. I'm not a programmer but am a quick study. I was just googling Forex , Expert Advisors and FX Strategies and ran into this forum here.

To be honest and a bit embarass to admit.:o I didnt even realized it was an old thread. LOL Otherwise I would have probably just moved on. :)

[JLatte]

It's not necessarily a dead thread, the people in it just seem to have gotten quiet the past few months. I was actually wondering about them because I used to read their replies every day. I learned a lot from babypips.com. While I don't currently trade with real money (I'm a very poor student) I have an account with Oanda and use their platform for practice. I don't honestly have enough time to trade the news and have been looking more towards long term swing trades based on technicals.

Do you do more technical analysis or fundamental? News is much too stressful, even if I had time to check it.

[greenspanke]

It's not necessarily a dead thread, the people in it just seem to have gotten quiet the past few months. I was actually wondering about them because I used to read their replies every day. I learned a lot from babypips.com. While I don't currently trade with real money (I'm a very poor student) I have an account with Oanda and use their platform for practice. I don't honestly have enough time to trade the news and have been looking more towards long term swing trades based on technicals.

Do you do more technical analysis or fundamental? News is much too stressful, even if I had time to check it.

I'm more into Tech analysis and currently trying to improve on Elliot Waves :)
I had Oanda as well but MT4 makes for better trading for me. JMHO of course.

[MrSmith]

What is MT4 exactly? How does it work, vis a vis brokers? I'm currently using Oanda with a very small practice account. Trouble is finding the time for any continuity.

[greenspanke]

What is MT4 exactly? How does it work, vis a vis brokers? I'm currently using Oanda with a very small practice account. Trouble is finding the time for any continuity.

MT4 is Meta Trader 4. Nice platform ,it is just better for me than Oanda just for the simple fact it has more indicators available for traders and chartists. It also has an Expert Advisor feature where you can create or program your trading strategy and have it trade for you automatically. It uses MQL language. Though I dont know anything about programming, I'd really like to learn as most say it is not that hard if you're willing to learn it. plus I can also get someone to code for me if I chose.

[MrSmith]

If MT4 is a platform, is there a broker involved (like Oanda) or is it directly connected to the markets? Excuse my ignorance, but outside of Oanda I know next to nothing.

[greenspanke]

If MT4 is a platform, is there a broker involved (like Oanda) or is it directly connected to the markets? Excuse my ignorance, but outside of Oanda I know next to nothing.

There are many brokers that uses MT4. Myself I use both IBFX and Gain Capital.

Nothing to excuse my friend. I wish someone helped me as well but it was hard as I didnt know anyone then and I had to learn by myself. I'm happy to help anyway I can.

[c2v4l]

There are many brokers that uses MT4. Myself I use both IBFX and Gain Capital.

Nothing to excuse my friend. I wish someone helped me as well but it was hard as I didnt know anyone then and I had to learn by myself. I'm happy to help anyway I can.

I just want to know one thing. Do you trade using MAC? Mind to share with me your trading setup(using MAC)?

[~Shard~]

Ah, the good old Forex Thread, this takes me back. ;) Glad to see some people are still trading. I myself have focused more on commodity futures trading as well as day-trading stocks - not much forex anymore. I've been really busy in general with other interests and investments lately (rental properties, etc.) so I simply haven't had the time.

Glad to see there's still an interest though! Good luck to everyone, this thread is a great resource. :cool:

[greenspanke]

I just want to know one thing. Do you trade using MAC? Mind to share with me your trading setup(using MAC)?

I am now currently using XP for my trading. The MAC now belongs to my daughter who is in her 2nd year of University and is in her room and "no one else is allowed to touch it".

For some reason my platforms works better with the XP.

[MrSmith]

There are many brokers that uses MT4. Myself I use both IBFX and Gain Capital.
I've been reading some reviews around the place and read some bad ones about Interbank FX. Yes, reviews of every other broker are full of horror stories, too, so it's hard to get an honest opinion. What's your opinion of them? How long have you used them? In this thread Music_Producer thought he'd found a good broker that then seemed to make life difficult for him (though he was trading the news).

I'm sorry, I don't understand the finer details, but is the fact that IBFX uses MT4 a guarantee of some sort that the feeds and prices are accurate and honest? What's the difference, say, between using MT4 with IBFX and the Oanda software with Oanda (apart from being different software)

Nothing to excuse my friend. I wish someone helped me as well but it was hard as I didnt know anyone then and I had to learn by myself. I'm happy to help anyway I can.
I appreciate that. Many thanks.

[greenspanke]

I've been reading some reviews around the place and read some bad ones about Interbank FX. Yes, reviews of every other broker are full of horror stories, too, so it's hard to get an honest opinion. What's your opinion of them? How long have you used them? In this thread Music_Producer thought he'd found a good broker that then seemed to make life difficult for him (though he was trading the news).

I'm sorry, I don't understand the finer details, but is the fact that IBFX uses MT4 a guarantee of some sort that the feeds and prices are accurate and honest? What's the difference, say, between using MT4 with IBFX and the Oanda software with Oanda (apart from being different software)


I appreciate that. Many thanks.

I've heard the stories about IBFX also. I've been with IBFX for about 4 yrs. now and I was with Oanda before that. I left Oanda because of the MT4 platform and most of all was the ever changing spreads were just too ridiculous for me.

I dont think you can attach the word honest with either one of them with what I've seen of them and any other for that matter. Gain I've just started using and so far so good but still I've come to realize that everyone of them are just the same in their practices.

I also trade a large account but its an institutional acct so its different.

I will have more time later on and i can expand on my experiences with Oanda and IBFX. I've just accepted that its all part of doing business.

[bollard]

Hi everyone, I am just after some advice from all you good people that trade FX.
I have traded different instruments including FX, Interest Rate Futures and Options for the last 20 years or so, for a medium sized bank in London. I have been out of the market for a couple of years now, but I have kept up-to-date as in my most recent role I was analysing the FX markets for a fledgling blog start-up. Even though there are more day traders in FX by the day the powers that be pulled the plug on the idea in August. So now I am seriously considering going for it on my own.
My questions are :-
Which web brokers do people recommend ? Are they OS X compatible ?
On the issue of hardware, I currently have a MacBook Pro, but will need to invest in a desk top model with a minimum of two 24" screens. Realistically I presume I will have to go down the PC route unless any of you good people can suggest otherwise ?
Finally as I am in the UK are your profits taxed or are they treated like betting winnings i.e tax free ?

Cheers for the advice

[~Shard~]

Which web brokers do people recommend ? Are they OS X compatible ?

The majority of us here use(d) Oanda and Currenex as an ECN. I use CMC Markets and have surprisingly had little issues with them (at least compared to what other people have experienced). There always seemt o be trade-offs between fixed/non-fixed spreads, slippage and so forth no matter who you deal with. Currenex as an ECN is good, however there are restrictions with it, such as minimum account balances, lot sizes etc.

Unfortunately none of the platforms I have come across are Mac-compatible, with the exception of Oanda, but this is because it has a Java client, which isn't really true Mac compatibility. ;)

On the issue of hardware, I currently have a MacBook Pro, but will need to invest in a desk top model with a minimum of two 24" screens.

More real estate is always better. ;)

Realistically I presume I will have to go down the PC route unless any of you good people can suggest otherwise ?

As I mentioned above, yeah, unless you want to use Oanda. Personally I wouldn't trust a Java interface to handle my trading needs though. :cool:

Finally as I am in the UK are your profits taxed or are they treated like betting winnings i.e tax free ?

Can't speak for UK tax law, as I live in Canada. Here, profits are basically treated as self-employed income, so technically it's up to the trader to report his own income off trading - but there is nothing saying you'd have to I suppose... :p ;)

Hope this helps!

[nhallmark]

I would find it extremely amusing if the USD interest rate dropped to a level where it became a carry trade currency. :p :D

Actually, that has begun. There are stories floating around that people are looking at the USD as a carry funding currency. Lol.

Damn, it's been almost a year...look at those rates now :eek:

[~Shard~]

Damn, it's been almost a year...look at those rates now :eek:

Yeah, I guess me and MP do sometimes know what we're talking about - scary! ;) :D

Good to see you again Nathan - how are things with you and what's your current trading situation? As for myself, I've been sticking more with day trading stocks (there have been plenty of good shorts out there!) and commodity trading (oil futures have been excellent to day trade due to volatility).

Hope all is well. :cool:

[nhallmark]

I'm ok...still trading but not as often because of all the BS and indecision these days.

Are you still with CMC? I read an article that their Aussie unit was filing bankruptcy...don't know if that affects the Canadian unit.

[~Shard~]

Yeah, but I'm planning on closing my account soon and moving on, so it shouldn't affect me regardless. I've been hearing about a lot of closures and such in the industry, so they're definitely not alone - not that I'm surprised of course. ;)





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Mod note: This thread is continued here, (http://forums.macrumors.com/showthread.php?p=6848835#post6848835) thanks. BV.

:)