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Anyone here into FOREX?

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elfin buddy said:
I made about 20 pips profit, but I was sh*tting my pants there for a second because the server refused to close my trade and then disconnected me! :eek:

I'd like to think that it's because I was on a game account and the server demand was so high that they allocated all resources to real money accounts, but still...

Either way, a good morning! I went long on 1'000'000 units of EUR/USD, and netted around $2'000 out of it. I'm totally loving this...:D
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Lol! Yeah, I can imagine that feeling. Now imagine sitting in an actual investment office, and dealing 100 million units instantly, with no browsers to deal with :p
 
K, goodnight folks (yeah, this is when i go to sleep!) Will keep you updated over the weekend regarding potential trades. Now stop looking at the forex screens and do something productive :D
 
Here's a screenshot of Oanda's screw-up.

I was also late to the trade, but managed to catch the second ride just like Hoef. I'm only glad it stabilised after the second ride, or it easily could have gone the other way.

server_reject.png
 
Music_Producer said:
K, goodnight folks (yeah, this is when i go to sleep!) Will keep you updated over the weekend regarding potential trades. Now stop looking at the forex screens and do something productive :D
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Haha, goodnight, Music_Producer! Have a nice weekend :D

I'm looking forward to more trades and moving into small money soon. Now, off to work to make a measly $70 in eight hours...:p ;)
 
Music_Producer said:
$1500 in 2 seconds.. I like the sound of it :) :D
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Excellent!! ... I netted $200 with 20 pips ...

Music_Producer said:
$And here's a tip for you guys.. well i just discovered it last night. Don't have just one window open (the trade window - where you choose buy or sell, and then hit submit) Instead, have two trade windows open, and keep them side by side. On one trade window, select 'buy'.. on the other, select 'sell'. Now all you have to worry about is which 'submit' button to hit i.e. the one on the buy window or the sell window.
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Nice tip! :eek:
 
It wasn't a huge move this month. We've seen a lot of volatility in the last few days and often that means the non-farm move won't be a big one. Additionally, we have an even more important announcement next Tuesday when the Fed releases their next interest rate decision (expected to be no hike). But if there is a hike, then the dollar should strengthen a bit (and stocks crumble).

Anyway, I made a few pips this morning, nothing much. I was happy with Oanda's execution. The 10 pip spread was annoying but I still managed to make money. And you know what? It's all about making money and not losing it!! It's waaaay too easy to lose money so if you are a net profitable trader then you're ahead of 80% of everyone else who trades (or traded) Forex.

I'm still of the opinion that the dollar will strengthen in the short term. It obviously didn't happen today but that is my bias. That doesn't stop me from making pips on upward moves though ;)
 
I don't know about all of you, but I'm more excited about the WWDC on August 7 than the Fed's decision regarding US interest rates :D
 
Music_Producer said:
I don't know about all of you, but I'm more excited about the WWDC on August 7 than the Fed's decision regarding US interest rates :D
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haha :D yes, I can't wait for monday! But I'm anxious to learn this stuff so I can start making real money.
 
Music_Producer said:
I don't know about all of you, but I'm more excited about the WWDC on August 7 than the Fed's decision regarding US interest rates :D
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I'm excited about both, but in different ways :D

On one hand, WWDC is going to be awesome and we'll see the future of the Mac along with some awesome new products.

On the other hand, the Fed's interest rate decision will help me get more money to realise my dreams of buying all the new stuff that'll be announced tomorrow... :p
 
I just re-read this entire thread! whew... there is a ton of info here and I was taking notes - 15 pages of notes!!

Who is trading the Fed announcement tomorrow? I will be watching just to learn.

What does inflation normally do to currencies and why? I might have missed that somewhere in here, I'm getting a little forex-bleary eyed trying to understand.
 
I'm planning on doing some more practice trading on the Fed announcement tomorrow...also going to the bank to wire $50 to Oanda tomorrow, so that I can get experience with real money.

There are some announcements coming from Germany early Tuesday too, but they're too early for me to bother getting up and trading. I am curious as to how they'll affect the value of the Euro though. I mean, Germany is only one country that uses the Euro as its currency, so will announcements coming out of Germany have any noticeable effect on the currency at all?
 
Count me in.. I'll be trading the EUR/USD on the USD interest rate decision. Markets expect no change (current rate is 5.25%) I expect the USD to drop (I think!) if this stays the same.. or if they raise the rates to 5.50% (totally unexpected) I expect the USD to skyrocket.

Lets hope they surprise the markets.. but knowing the Feds, they probably won't. I mean, look at the real estate market.. its close to collapsing.. if they raise rates you can be sure that the collapse will be imminent. I don't know.. lets see tomorrow..or rather, today.

*DON'T* trade before the news, there will be a lot of volatility, and I mean a LOT .. usually this is true before interest rate decisions. Also, the spread on EUR/USD will widen, because the whole god damn world will be trading on this report. If you're on a demo, trade confidently.. if you're on a real account.. be cautious.

Elfin.. I wouldn't worry about the german reports.. I have never seen any activity related to these news... the currency doesn't move much. I am not saying that the same thing will happen.. but usually, they don't care for reports of individual countries. Only the US news, and interest rate decisions matter. GBP news matter as well, but the spread on GBP/USD gets upto 10 pips or more.. so i don't trade that pair much.

Canadian news matter too.. especially GDP. Again, USD/CAD spread widens a lot.. which is why I stick to EUR/USD. Study one pair, and trade it effectively.

Btw, somewhere in this forum, theres a trade I made last month during the US interest rate announcement (with graph attached) You can see the EUR zoom up against the USD.. because the Fed raised the rates. This was a highly expected move, raising the rates by 25 bps.. so the USD dropped.

Remember, anything *unexpected* moves the market in the opposite direction. So if USD rates stay the same, I expect the USD to drop.. if rates are hiked, USD will rise.. if for some god damn weird reason they *lower* the interest rate.. I would expect the USD to drop.

I still can't get the Mac Pro outta my mind :D
 
Hoef said:
German economy pulls quite heavy in Europe.... who knows
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Yeah hoef.. but usually.. nothing happens.. nada. If the EUR does move, its by 6-8 pips. For me, its not worth the stress of getting ready to trade, analyzing the news..doing all that.. and landing up with 0 pips or even a loss.
 
Music_Producer said:
Yeah hoef.. but usually.. nothing happens.. nada. If the EUR does move, its by 6-8 pips. For me, its not worth the stress of getting ready to trade, analyzing the news..doing all that.. and landing up with 0 pips or even a loss.
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True ... the real pain is to over come the buy / sell spread :mad:
 
When the Euro currency was introduced, it was valued based on the German Deutsche Mark, so if you look at a 30 year chart for the Euro, you'll see history there even though the Euro as a currency has only been around for seven years. The German economy is probably the most powerful of all the Euro nations. However, as mentioned, individual Euro nation announcements are not as important as central bank announcements (ECB).

It should be an interesting afternoon of trading. Even if the Fed does not raise interest rates, as expected, the language of the announcement will be closely watched. Any hawkish or dovish verbage will be interpreted by the market as a prediction for future policy.
 
Yee haw! Made $2'400 on the interest rate decision in FXGame. I grabbed something like 22 pips on that one, and better still, the game account didn't refuse to close my position this time :p :D

Music Producer, I tried that new trick of yours (having two trade windows open at once, one set to 'Buy' and the other to 'Sell'), and it worked remarkably! Great idea!

Now all I need is something bigger than the 12" screen on my PowerBook to make everything even easier, haha...

Good trade!
 
Music_Producer said:
Count me in.. I'll be trading the EUR/USD on the USD interest rate decision. Markets expect no change (current rate is 5.25%) I expect the USD to drop (I think!) if this stays the same.. or if they raise the rates to 5.50% (totally unexpected) I expect the USD to skyrocket.
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Music_Producer, thanks for the info. I made about $400 in my game account. I hope you put some decent money on the line since, like usual, you were 100% correct!:cool: And you didn't have to be up at 5am ;)


I'm going to put $50.00 into Oanda and start playing (carefully ) for real.

How did everyone else do? And what's next that will be important to trade?


EDIT: good for you Elfin!!! I'm surprised you didn't trade curren~sea, you are usually pretty confident.
 
Yeah, I was considering not trading too if the interest rate came out the same (5.25%, which it did), but I figured that the USD would drop against the Euro if expectations were met, so I gave it a go. I got out quick too, and it's a good thing because a downswing quickly followed the rise.

It is just play money for me at the moment...were it real money, I probably wouldn't have pulled the trigger just to be safe.
 
Curren~Sea said:
Nice.

I didn't actually pull the trigger on this one because I didn't trust it. And even as I type it reverses... Interesting!
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That's why its so important to get the news quickly, get in, get out just as fast.
 
The reason I didn't trade is because for me, I am looking for the announcement to be different than what the market expects. That's when I know for sure which direction the market is going to move. It's a high percentage trade and that's what it's all about. It's ok if I miss a big move as long as I'm following my strategy.

For this announcement, it's equally important what the language is, and that isn't known until traders have had a chance to read the report, which is usually a few minutes after they see the number. That's how I explain this whip-saw. Yes, there is no rate increase, but the Fed is "keeping an eye" on inflation. I still expect the USD to strengthen but I'm patient for all the stars to line up.
 
I just woke up! :mad: I am so used to staying awake till 6 am, so I went to sleep at 4 am thinking I have to get up at 10.30 atleast.. and right now its 12.26 :D

Ahh.. no big deal.. I'll trade the next time.. I am so not a morning person.. lol!

I'm friggin thrilled that you guys got some good trades :) Elfin and nj.. great trades.. and great reasoning. If expectations are met, currency drops. Just like I said.. god damn Feds never surprise anybody. They're lame :p

Also, this is the last time I trust my wife to wake me up.. :rolleyes:
 
It's great to see how active this thread has become - especially since it's technically on a Mac Forum, not an investing Forum! ;) :D

Now that I've returned from my 3 weeks of vacation I am going to start playing as well with my Oanda account. Just play money for the next few months and then I'll dump a few grand into a real account and (as other have stated) carefully see how it goes with real money. ;) :cool:
 
Welcome back Shard :)

To all of you who traded.. what time did the news come out? At 2.15 or 2.14? Also, I checked the graph.. and it looks like there might have been a 'leak' or a tip.. that interest rates were to stay the same. The spike occured much earlier than it would have at news time (yeah, inspite of security and stuff.. leaks do occur at times)
 
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