Anyone here into FOREX?

[Music_Producer]

Hey, congratulations Crimson!!! What are you naming her? Not 'Apple' right

I can just imagine you with your laptop.. ignoring her during a news announcement.. lol. About that money withdrawal thing..

Shard.. your explanation confused me for a few minutes Let me try it..

Say you have $5000 in your account, just like you said.. and you have a 10:1 margin. That means $50,000 purchasing power. Now out of that $5000, I use $4000 to make a trade. So you just bought $40,000 worth of units.

You *can't* withdraw that $4000.. because its locked up in the trade.. its being used as margin for that $40,000. You can withdraw $1000.. because thats free.. but I'm sure you shouldn't withdraw the $1000 because you need to leave some room for any dips.. if you withdraw that $1000.. you will get a margin call almost immediately if there's a slight dip in the currency level.

Thats how I see it.. I hope I'm right.. if I am.. then my crack is better quality

 

[Music_Producer]

Nice trade

Just traded the USD Retail sales news.. grabbed 15 pips.. traded twice actually. The first time I grabbed 13 pips and exited, then I jumped in again, and got 2 pips and got out. Finally, a nice end to a boring week



Hope you guys traded this one, it was pretty easy.

 

[elfin buddy]

I barely got up in time to catch the USD announcements just a few minutes ago I was late to the punch, but I still snagged about 5 pips out of it, so I'm a happy camper. I was scared there for a moment, but I hung on and didn't get greedy.

Funny though, FXTrade decided to crash Safari again about five minutes after the trade I'm going to look into using another browser.

 

[Curren~Sea]

Yep, I think the Oanda servers went down. I haven't been able to log back in for about 10 minutes now. The good news is that I have at least 5 pips locked in and according to my other charts, I just keep making pips so it's ok! But this downtime during prime trading hours is worrisome.

 

[Music_Producer]

Hmm.. my oanda window seems to be working fine. In fact, I have a bunch of windows open. I find that sometimes, a news article on cnn.com almost always crashes safari. I experienced no lag on this trade. Maybe you guys are using game accounts.. so..

 

[Curren~Sea]

Hmm.. my oanda window seems to be working fine. In fact, I have a bunch of windows open. I find that sometimes, a news article on cnn.com almost always crashes safari. I experienced no lag on this trade. Maybe you guys are using game accounts.. so..

Nope, I'm live holding 100,000. I don't mind though, as long as I don't stop out. I'll be earning interest on this trade so I'm happy to just let it run as far is it wants. If it stops, I make 5 pips and I'm happy enough with that. If it keeps running that's all just icing on the cake!

I definitely see a long downtrend (USD strength, I trade only the EUR) so I'm comfortable in a long term trade. I've rebooted already but I'll keep trying. On the main login screen there is a message about the system being down tomorrow. Nothing about today though.

Edit: Ok, it's back up now. Still in my trade and looking good.

Lots of volatility today... interesting. Yes Shard, there are always more opportunities to trade! That's why if I miss a move or only take a few pips from a larger move I try not to care because there will always be another trade.

 

[~Shard~]

Didn't get a chance to trade this one myself, but there's no lack of announcements in the next couple of weeks.

This short term trading, in for only a few seconds then out, is cool and exciting, but I think I am also going to seriously consider doing long term trades without stop losses. Sure, there will be dips and so forth, but if I really believe currency X is going to go up/down over the next few months, I have no problems buying/selling and holding. I know it doesn't always work, and I know you can probably make more by buying and selling multiple times as you ride the valleys and peaks, but I think this could be profitable as well. Plus, on a currency pair such as AUD/JPY you make that nice little chunk of interest.

Oh, and Music_Producer, you'll have to send me some of your crack, as you explained what I was trying to explain much easier.

 

[elfin buddy]

I don't think Oanda's downtime was only affecting game accounts...I was also live and got shut out. I'm happy I closed my trade before it happened though, even if I would have made a few extra pips by staying in. I don't think I'd have peace of mind knowing that I have money on the market and there's nothing I can do to get at it

I was planning on trading the BOJ interest rate decision last night, but I don't know, something weird happened. I specifically remember the decision being scheduled for 2:00am Atlantic time, so I made a point of logging onto Oanda around 1:50am. I waited for 20 minutes with my finger on the button, but nothing happened. No announcement. Then I checked through the Oanda FXNews history and on Forex Factory, and apparently the decision was made hours earlier

Did anyone else notice that or have problems with it? Or have I been smoking crack too?

 

[Curren~Sea]

Did anyone else notice that or have problems with it?

Yep, I noticed that also. I have seen it before where JPY announcements are due to come out during a range of times, like for instance sometime between 12:00 and 6:00. Perhaps this was the case yesterday. It was a non-event anyway.

If I hadn't already locked in profit, I would have been very upset with the Oanda downtime today. I ended up well ahead on two trades this morning so it was a good week

 

[Music_Producer]

JPY interest rate announcements are never announced at any given time. I remember, once, waiting for 2 bloody hours.. staring at the screen for something to happen. The only reason I traded the JPY interest rate decision last time was because they were going to raise interest rates for the first time in six years.

Curren~Sea.. I was looking at Deutsche Bank's website, and they have a forex trading service.. called dbetrade or something. I figure, that would be a good service, you think? I mean, after all they are a bank.. so they might provide better spreads? Or execution? Not that I'm unhappy with Oanda or anything, but I'm trying to see if there are banks that provide this kind of service.

Also, I didn't see mention of any margin anywhere.. so I am guessing banks don't give you a margin to play with.

 

[Music_Producer]

Didn't get a chance to trade this one myself, but there's no lack of announcements in the next couple of weeks.

This short term trading, in for only a few seconds then out, is cool and exciting, but I think I am also going to seriously consider doing long term trades without stop losses. Sure, there will be dips and so forth, but if I really believe currency X is going to go up/down over the next few months, I have no problems buying/selling and holding. I know it doesn't always work, and I know you can probably make more by buying and selling multiple times as you ride the valleys and peaks, but I think this could be profitable as well. Plus, on a currency pair such as AUD/JPY you make that nice little chunk of interest.

Oh, and Music_Producer, you'll have to send me some of your crack, as you explained what I was trying to explain much easier.

I wish I could do long term trading too.. but I've tried it before and failed miserably. I used to hold on to a 300 pip potential loss and pray everyday that the 'trend' would reverse. But it never bloody would.. it would always wipe out my positions.

The method I use now works for me, so I use it. If anyone has any long term trading tips, that would be great. Somehow, I just don't like holding on to a trade when I have no idea of what could happen to the currency in the future. If you're holding AUD/JPY.. and something happens in Australia.. I don't know.. terror attacks, war.. whatever (unlikely but still).. AUD would drop at the same rate your blood pressure would rise.

I know a few folks who were long GBP/USD a day before the UK terror plot was uncovered. Needless to say, they have lost quite a bit of money .. the GBP tanked after the news bit.. and it sunk even more today after the US retail sales came out. Stuff like that scares me.. so I'll be a 2 second trader for now

Edit - when i was into stocks.. i remember going long on Worldcom.. we all know what happened to that *grrr*

 

[njmac]

Also, I didn't see mention of any margin anywhere.. so I am guessing banks don't give you a margin to play with.

Looking around on their site - http://www.dbfx.com I did notice they offer leverage

from their site

Margin Watcher

All account information is updated on a tick-by-tick basis, giving clients a complete view of their account activity. Clients have the ability to select the degree of leverage for their account. Margin requirements are fixed for both intra-day trading and for positions held overnight.

Based on each client's margin requirement, the dbFX Trading Station will calculate in real time both the funds needed to maintain current positions (Used Margin) and the funds available for taking new positions (Usable Margin). If the equity in the account drops below the margin required to maintain open positions, all open positions will be closed by the dealing desk at the market price.

But it doesn't say what the margin is. I notice they have a 3 pip spread on EUR/USD so because that's double Oanda, what significance would that have on your overall profits?

 

[elfin buddy]

The only glaring problem I see with Deutsche Bank is that their trading platform is Windows-only.

 

[njmac]

The only glaring problem I see with Deutsche Bank is that their trading platform is Windows-only.

haha, yup and that excludes me. I don't have a pc or an intel mac. I still have a power book.

 

[~Shard~]

I wish I could do long term trading too.. but I've tried it before and failed miserably. I used to hold on to a 300 pip potential loss and pray everyday that the 'trend' would reverse. But it never bloody would.. it would always wipe out my positions.

The method I use now works for me, so I use it. If anyone has any long term trading tips, that would be great. Somehow, I just don't like holding on to a trade when I have no idea of what could happen to the currency in the future. If you're holding AUD/JPY.. and something happens in Australia.. I don't know.. terror attacks, war.. whatever (unlikely but still).. AUD would drop at the same rate your blood pressure would rise.

I know a few folks who were long GBP/USD a day before the UK terror plot was uncovered. Needless to say, they have lost quite a bit of money .. the GBP tanked after the news bit.. and it sunk even more today after the US retail sales came out. Stuff like that scares me.. so I'll be a 2 second trader for now

Edit - when i was into stocks.. i remember going long on Worldcom.. we all know what happened to that *grrr*

Yeah, that's totally fair enough - you have to go with what works for you. And due to the sensitive nature of the Forex market, things can indeed change very rapidly, and I totally see your point where you could wiped out pretty fast. I'll do some research and see what happens. I still have to get familiar with trading Forex in general though before I attempt anything like that. Otherwise I might as well just be throwing a dart at a dart board and making blind guesses. "Hmm, I think I'll sell USD/CHF... just cuz..."

I think one thing that helps individuals like you and I (and other here as well, obviously) is that we are not greedy - at least not to the point of recklessness. We cash out when we're ahead (even if it's only after a few seconds, as in your case!) and we attempt to exercise common sense. So many people's downfall is getting emotional about a stock, currency pair, etc. That just leads to trouble.

P.S. I was going to mention that I actually shorted Worldcom during the tech bust for lots of $$$, but decided not to since that would be bastardly of me.

 

[Music_Producer]

I notice they have a 3 pip spread on EUR/USD so because that's double Oanda, what significance would that have on your overall profits?

oops.. I meant the spread before news announcements. Typically, spreads get widened a minute before any important news event. GBP/USD jumps to a 15 pip spread.. and that pisses me off. I have seen EUR/USD jump to 10 pips too. Most of the time it stays at 3 or 3.5 .. but at times, it does go really high. And that just throws off my mental preparations.. kinda like, you're getting ready to take off in a 747.. taxiing down.. full throttle.. and just as you're taking off the ATC radios "There's no fuel left in yer plane!"

I don't mind if its windows only.. I can use parallels on my macbook.. I wish bank of america and citibank.. all the regular banks would offer forex services as commonly as stock trading services. I wonder why they don't

 

[Music_Producer]

I think one thing that helps individuals like you and I (and other here as well, obviously) is that we are not greedy - at least not to the point of recklessness. We cash out when we're ahead (even if it's only after a few seconds, as in your case!) and we attempt to exercise common sense. So many people's downfall is getting emotional about a stock, currency pair, etc. That just leads to trouble.

True.. I used to be like that.. and hence I lost all my money. I did learn from that however and now I'm back. Most people give up, and if they do come back.. they get emotional again.

When I visit forex forums to see what everyone's discussing.. its quite amusing and sad at the same time. I see so many newbies taking advice from members.. and losing everything. There will be so many different opinions on where the EUR/USD is heading " Oh the MACD shows this.. so there will be a breakout.. so EUR will drop" .. "The COTS report shows commercials are going long on Euro so EUR will rise"

And then, of course, there are those who predict currency directions based on crystal ball gazing I don't care if I make a 5 pips a week.. as long as its steady profit

 

[Hoef]

Hmm.. everyone I see here (almost) is from Canada.. how's it like living there?

Hey man, don't forget the Dutch guy in Texas

 

[Music_Producer]

Hey man, don't forget the Dutch guy in Texas

Lol.. you must be bullied everyday

 

[~Shard~]

I found one interesting offering here in Canada called CMC Markets. They trade CFDs and do Forex as well. Their Forex services seem to be fairly decent on the surface, as they have been around a while and their pip spreads are low. The only drawbacks I see are that it only runs on Windows (although I'd need to be running Windows for the FXCM News plug-in regardless) and that they require a $2000 CAD minimum balance - that personally doesn't make a difference to me, but I could see where it might be a limiting factor for other investors.

Anyway, I'm going to investigate them a little further and see what I can find. If anyone knows anything about them, has had experience with them or finds any "red flags" on their website, please share your comments here. Obviously I'll do likewise.

 

[~Shard~]

Oh yeah, and what's everyone's thoughts on the US economic data being released on Wednesday this week? Looks like it might be a busy day...

 

[Curren~Sea]

For Canadian brokers, I looked into Questrade. They seem like a strong company with a good offering. However, I don't see any drawback to Oanda at this time. Their news service and execution provide everything I need to make good money and I am very happy that I am using them. My next account will probably be with ACM, but I'm happy for now.

I think there will be some good volatility in the USD this week. It's possible that good news in the middle east and some strong numbers at home will give it some strength.

 

[~Shard~]

For Canadian brokers, I looked into Questrade. They seem like a strong company with a good offering. However, I don't see any drawback to Oanda at this time. Their news service and execution provide everything I need to make good money and I am very happy that I am using them. My next account will probably be with ACM, but I'm happy for now.

Cool. Yeah, I'll probably stick with Oanda too, since I am now familiar with their platform tanks to my account and all that. But if I come across a decent one based in Canada I suppose that might be technically preferable - it depends. I'll let you know what else I find out about CMC Markets, as they looks fairly good from the initial look I took at them. The ability to trade commodities 24 hours interests me as well, which they offer.

I think there will be some good volatility in the USD this week. It's possible that good news in the middle east and some strong numbers at home will give it some strength.

Yeah, I was thinking there will probably be strength in the USD as well this week, but who knows - guess we'll see. This is one of those situations where I ask myself, "Should I just watch the data real-time and pop in and out in a matter of seconds based on the news, or, since I truly believe the USD will strengthen, should I just put in a sell order right now on EUR/USD without a stop loss and see what happens long term (long term being 3-4 days). Ah well, it is just a play money account, so it's nice to be able to try different strategies without the risk of a real loss. That being said, of course, I am taking my play money account seriously and am not being reckless with it. It's all about the learning experience.

 

[Music_Producer]

I think the USD will be weaker.. if you're basing its strength solely on the war. Remember that the USD strengthened when the war started, as investors looked at the USD as a safe, liquid haven unlike gold. In fact, its the first time I've seen banks buy currency instead of gold during war-time. Of course, the US wasn't involved in this, so that could be one explanation.

If the US data comes out good.. USD will rise.. but i still think usd should go down.. and jpy up. The USD seems to be overbought.. i can almost feel the strain .. lol.

Whichever way it goes.. I'll be sure to trade

 

[njmac]

What will everyone be trading this week? anything particularly good for a first time real money trader?