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Anyone here into FOREX?

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elfin buddy said:
Well done on the 14 and 28 pips, guys! But njmac, I'd give you a smack if you were in range ;)

I kinda figured that the EUR/USD would rise too, but I wasn't nearly confident enough to gamble on it. Actually, the quirk of this trade for me was that the news didn't appear on Oanda's FXNews service :confused: I saw the wave and rode it, but never actually got the bad news. Anyone else notice that?
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Elfin.. i use tradethenews.. and i got all the news in one line.. i don't have the oanda channel open. And they tend to display the news on multiple lines.. kinda makes you think harder.
 
Music_Producer said:
Elfin.. i use tradethenews.. and i got all the news in one line.. i don't have the oanda channel open. And they tend to display the news on multiple lines.. kinda makes you think harder.
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If only I had a Windows box to use tradethenews...:rolleyes:

Music_Producer, what do you think of the Industrial Production and Capacity Utilization Rate announcements to come in a half hour? Are they even worth trading?
 
elfin buddy said:
If only I had a Windows box to use tradethenews...:rolleyes:

Music_Producer, what do you think of the Industrial Production and Capacity Utilization Rate announcements to come in a half hour? Are they even worth trading?
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Elfin.. i don't think it will move much.. but go ahead and trade.. i might or might not trade it.. am way too sleepy right now. If you're trading.. use a small amount to trade.. since its not that important as the ones that just passed.
 
Well I didn't fare as well as the rest of you, but for my first trade of this manner I was happy with my result - 7 pips. I only traded 1 lot (100,000), so that made me $70 in 5 seconds - not bad at all. Just wanted ot be a bit conservative for my first time out. :)

And I was almost in the same boat as you njmac - I've done my share of speculative trading on the stock market before (i.e. buy before news, earnings reports, etc.) and was thinking of buying when you bought, but I'm trying to treat this game account as real money, (otherwise I'm just fooling myself and hurting myself in the long run), so I didn't pull the trigger early. I was tempted to though, trust me! ;) Regardless, well done. But as Music_Producer said, just don't come crying here when you find yourself looking at a 28 pip loss and you get a margin call... ;) :)

I'll continue practicing over the next couple months and maybe in the winter I'll start with real money.

Edit: Aplpogies for the crappy graphic... :eek:
 
... And ironically, I just closed a much more successful, overnight trade!

I bought AUD/JPY last night and just closed it for a 30 pip profit! Even better, I bought 3 lots (300,000), so that worked out to $900 profit! :cool: I like making money while I sleep... :D ;)
 
Good job all you pipsters!

I didn't pull the trigger on this one because to me, the numbers looked exactly like expectations which, in my mind, meant there probably wouldn't be a very big reaction. Again, I am looking for numbers that do not match expectations which will result in a sure-fire move. At this point in my trading career, I am more concerned with protecting my capital and only taking the few trades that have a very high probability of success.

Anyway, there will always be more trades. I'm happy to see everyone else making pips!
 
Careful with the JPY Shard.. I hope you have some sort of definite formula that you're working with.. the AUD/JPY dropped by more than 100 pips just day before yesterday (in the morning) As tempting as the interest is on that pair.. I'm a little wary of the JPY, I feel like its going to rise.. sooner or later.

Anyway, tonight there's the UK Retail sales.. if any of you guys are trading :)
 
Music_Producer said:
Anyway, tonight there's the UK Retail sales.. if any of you guys are trading :)
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Are you trading on the EUR/GBP or the GBP/USD for the UK Retail Sales announcement? Which one do you think it'll affect more, and why?

I probably won't be up early enough (or, conversely, late enough) to trade it, but I'd like to understand what's going on just the same :)
 
Chundles said:
Awful tasting beer XXXX is, terrible stuff.
xxxx_bitter_left.jpg


You do know why they call it XXXX don't you?



It's because Queenslanders can't spell "BEER."
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hey man dont knock it its always good when you run out of the good stuff and its still not as bad as fosters
 
elfin buddy said:
Are you trading on the EUR/GBP or the GBP/USD for the UK Retail Sales announcement? Which one do you think it'll affect more, and why?

I probably won't be up early enough (or, conversely, late enough) to trade it, but I'd like to understand what's going on just the same :)
Click to expand...

Oh definitely the GBP/USD.. I think it would affect that pair more because usually the pairs with USD as one of them move the most.. the EUR/GBP is a 'cross'.
 
Music_Producer said:
Oh definitely the GBP/USD.. I think it would affect that pair more because usually the pairs with USD as one of them move the most.. the EUR/GBP is a 'cross'.
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Aha, I see your point. I've set up a little experiment for tonight with my FXGame account, just to satisfy a curiosity of mine. I'll post about it tomorrow if I find the results interesting :)
 
Music_Producer said:
Careful with the JPY Shard.. I hope you have some sort of definite formula that you're working with.. the AUD/JPY dropped by more than 100 pips just day before yesterday (in the morning) As tempting as the interest is on that pair.. I'm a little wary of the JPY, I feel like its going to rise.. sooner or later.
Click to expand...

Thanks for the concern Music_Producer, but no worries, I'm definitely aware of the situation. :) In this case, I was simply not trading on a whim, or solely for the interest - it was a "test" (since this is, again, my game account) to see if I could use some of my charting/technical analysis expertise from my stock trading on the Forex market. I traded the EUR/USD news this morning, and tried trading AUD/JPY "technically" last night. Luckily, both worked out. :eek:

So yeah, this time is worked, however you don't have to tell me that it will not always be foolproof. ;) I know just as well as anyone that technical analysis means nothing when it comes to fundamentals, geo-political issues, economic announcements, etc. which can throw any predictions or trends right out the window. :cool:
 
elisha cuthbert said:
so... if your growing up in australia you wouldnt know what the hell FOREX is you would only know XXXX
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The point being.. this thread was started as "FOREX" and not "XXXX" or "4X" or "FOURX" :p

The financially motivated mates in Aussie land would surely know what Forex means :D
 
Music_Producer said:
The point being.. this thread was started as "FOREX" and not "XXXX" or "4X" or "FOURX" :p

The financially motivated mates in Aussie land would surely know what Forex means :D
Click to expand...
some people down here do type it the way they say it
so its not as if its the hardest thing to make a connection with
 
UK Retail sales came out way worse than expected.. -0.3% instead of 0.2%. Bagged 15 pips (hate the damn 15 pip spread on GBP/USD) .. really easy trade. :)
 
elisha cuthbert said:
some people down here do type it the way they say it
so its not as if its the hardest thing to make a connection with
Click to expand...

Yes, elisha, we get that based on the title of this thread alone, some aussies might make the connection with beer.

The point is that if you'd read through the thread, you'd understand that we are not talking about beer at all, and Chundles' reply was in jest. :p ;)
 
elisha cuthbert said:
so... if your growing up in australia you wouldnt know what the hell FOREX is you would only know XXXX
Click to expand...

By the way, I thought I should add that I lived in Queensland and went to school there for a bit back when I was a young trooper. They taught us how to spell more than "beer".
 
With respect to the little "experiment" I set up last night, here's what happened.

Basically, since I didn't expect to be awake in time to catch the UK announcement, I thought I would try to set up a situation where I would benefit from any large move of the GBP. Mind you, I did this in my FXGame account, so no need to worry :)

I figured that any change in the GBP should affect all currencies relative to the GBP in the same manner. So, if the news was good news, EUR/GBP would fall, while GBP/USD would rise. I took out two trades with stop-losses, one on each of those currencies.

As you can see from below, I shorted EUR/GBP in hopes of good news, and I also shorted GBP/USD in hopes of bad news. I set semi-generous stop-losses so that they would be triggered by any major announcement that wasn't in favour of my trades, but also large enough so that they wouldn't be affected by market volatility surrounding trades.

EUR-GBP.png
EUR/GBP

GBP-USD.png
GBP/USD

Basically, I wanted one of the trades to be closed by the stop-loss, and the other to sink and make me enough pips to cover the the loss and still be in the black.

Those pictures are of what actually happened, while what you see below is the kind of shape I wished had happened :eek:

GBP-USD_Ideal.png


So, as you can see, things didn't work out quite as I had hoped (I lost more money than I made back when I closed the second trade), but I'm going to keep toying with this over the coming weeks in my FXGame account and see if I can actually get it to work :D

In case I'm wasting my time, can anyone offer me a reason as to why this might never work?
 
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