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Anyone here into FOREX?

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Music_Producer said:
Haha.. just like I said.. it's a damn rollercoaster. Made 16 pips riding it (selling at the peaks and closing at the bottom) with multiple trades. It's a perfect 12-15 pip whipsaw range. I'm done for the day.. don't want to ruin all those profits.
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Nicely done! I was thinking about popping in and out too, but just didn't want to trade on speculation, as I got burned by doing that before on the previous NFP report. :eek: ;)

Next year one of my resolutions is to turn it up a notch and start getting more serious with my trading. Larger lots, a tradethenews subscription possibly, that sort of thing. The past couple months have been good practice, but I'd confident and ready now to start making hundreds of dollars on average per trade instead of tens of dollars... ;) :cool:
 
I didnt trade either. The first spike was over when the news came out so I just watched it. I get so impatient when I dont make any money, but I keep reminding myself that Ive been doing this for less than a month.:)
 
nhallmark said:
I didnt trade either. The first spike was over when the news came out so I just watched it. I get so impatient when I dont make any money, but I keep reminding myself that Ive been doing this for less than a month.:)
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Yep - patience is a virtue. You would be well advised to try and remove as much emotion from trading as possible. When emotions gets involved, nothing good comes of anything... ;) :cool:
 
Merry Christmas everyone! Just thought I'd post the little present which CMC seems to have given to me for Christmas.

As you can see, even though CMC is closed for Christmas, apparently the AUD has magically appreciated over the JPY by a staggering 1900%! :eek: :eek: :eek:



As a result, if I could sell right now (which I can't :() the $50K I currently have open on my carry trade would be worth quite a bit! :D

I'm sure that once CMC reopens things will correct themselves, but man, would it ever be nice to be able to sneak a SELL order in right now... :D :cool:

Just thought I'd share this little amusing "glitch" which caught my eye when I logged on this morning. ;)

Merry Christmas to all and I hope 2007 is a prosperous year for everyone, both on the markets and otherwise. :cool:
 
Wow, Shard, that would be cool if you could sell right now.;) :D

Ive got a question: Chicago PMI is coming out thursday at 9am(central) and forexfactory has it listed as high impact and it says chicago PMI is a good gauge of the health of the business enviornment in chicago.

So my question is why is this high impact? Does chicago have more impact than, say, NY or LA. And why would any single city have a big impact on the economy when there are so many other cities?

Hope that makes sense:eek:
 
Merry Christmas everyone!!! Man, Shard.. that would have been an awesome trade.. had you managed to execute it! Once Oanda 'deposited' 40 million $ in my account. :D Should have sued them.. they almost gave me a heart attack :eek:

nhallmark.. I am sure every city's PMI would be important.. but I don't know why they select Chicago. Maybe it's because it is the center of all currency, commodities trading and all that? There's nothing to trade this week really.. volume is going to be very thin.. I think I'll start trading soon as the new year rings in. Right now i feel lazy (after all the food and wine everyday) :p
 
Just traded the PMI, etc. #s and made a modest 5 pips by shorting the EUR/USD. Didn't know how things would react with the lighter trading volumes and such this week, plus with multiple reports, there's always the chance they might be conflicting...

Yay for my AUD/JPY carry trade though! :D Not only am I making interest on the trade but the pair itself has been performing great! I'm apprehensive on how much longer this can continue, but will enjoy the ride while it lasts! Next stop - 94 cents! ;) :cool:
 
I din't trade PMI. I just watched and now I see what you guys mean by "low volume".

Did that earthquake by japan have any affect on your carry trades?
 
Interactive Brokers

I am not into forex trading, but I would to hear your advice in picking an online broker.

I intend to invest into ETFs for my retirement. I came across Interactive Brokers and am attracted by:
- the accessibility for international investors (I live in Taiwan and am susceptible to move anywhere in the world)
- the opportunity to hold accounts in different base currencies (I have savings in TWD, USD, EUR),
- the low transaction costs for securities and forex (to translate my TWD earnings into EUR investments)

The downside is that I will make a few transactions every year (I believe in efficient markets and intend to mostly buy and hold for many years) and will be charged a monthly fee of 10USD regardless.

I also have questions about the broker's financial strength, as it is not adossed to a well-known financial institution.

Do you have any recommendation?
 
made 4 pips on the ADP employment report today. Im about to trade the ISM reports. It seems that the news keeps coming out maybe half a second before the spike and Im wondering if the audio is really that much better?

I was thinking about it and it seems like the audio would take longer. For example, this morning, if the guy said "ADP employment" "-40K V 120KE", then by
the time he has named the report a second or two has gone by. Am I right or does it come out with enough time to get in?
 
made 3.5 pips on the ISM reports. oanda slipped on my game account. if they hadnt I would have made over 20 pips.

Did you guys trade this morning?
 
Well done nhallmark! Alas I am at work today and unable to trade. :( I would have liked to, but there'll always be another time. ;)

Is that the tradethenews service you're using? Sounds good, especially if you get data just before the spike (sometimes at least). I plan on demoing it out in the near future, and if it works that well I might just have to invest the $40/month in it... :cool:

In the meantime, go AUD! ;) :D
 
Happy New Year my trader friends :D

I tried trading the ADP but CMC gave me a re-quote.. so that was a no trade. I traded the ISM for 25 pips.. was a great trade.. can't believe that the GBP dropped more than a 100 pips last night (from the london session onwards)

nhallmark.. the way they 'say' the news on ttn is 'minus 41, minus 41.. adp is minus 41'. So they will say the number rightaway.

Shard.. lol.. yeah AUD's going crazy. I see 96 being approached and then i'll back off. It might go above 100 but I'd rather collect some profit than nothing. Cheers!!
 
Music_Producer said:
Happy New Year my trader friends :D
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And the same to you my friend - you're pretty much the reason I'm doing forex trading now, you realize, so thank you! ;) :)

Music_Producer said:
I tried trading the ADP but CMC gave me a re-quote.. so that was a no trade. I traded the ISM for 25 pips.. was a great trade.. can't believe that the GBP dropped more than a 100 pips last night (from the london session onwards)
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Yeah, I wish I was home for that one. I guess that's the trade-off between having a day job and just doing day trading itself - I can't always have it both ways... :eek: ;) Too bad these announcements didn't come out at 7:30AM CST like the majority of them do, as I can at least trade those before I head into work at 8:00.

We'll see how this year goes - perhaps I will make enough to justify quitting my day job and just trade for a living. Still interested in starting up some type of fund Music_Producer? ;) :D

Music_Producer said:
Shard.. lol.. yeah AUD's going crazy. I see 96 being approached and then i'll back off. It might go above 100 but I'd rather collect some profit than nothing. Cheers!!
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Yeah, I'm in the same boat. Rumor has it Japan will announce another rate increase this month, which might at least put some temporary downward pressure on the AUDJPY trade. I'll be watching closely and will not get too greedy... ;) :cool:

Ooh, looks like NFP is this Friday - that's always a fun trade... :D
 
Music_Producer said:
nhallmark.. the way they 'say' the news on ttn is 'minus 41, minus 41.. adp is minus 41'. So they will say the number rightaway.
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Is it fast enough to get in before or right at the spike? because the text is coming out to where I get in at 2/3 of the spike at the soonest.

You've already said it was faster. I guess Im just wondering if its worth the $175 ?
 
I just watched the ISM Non Manufacturing this morning. The numbers came out roughly as expected and its just now causing a small spike of about 7 pips. glad I didnt trade.
 
nhallmark.. it's worth the money if you're trading significant amount of units.. doesn't make sense to spend $175 on news subscription and making $150 a month ;) I think they have an audio trial though.. so check it out and see if it works for you.

Shard.. hope you've exited your carry trade position.. it's the new year.. so jpy's coming back up :p

ISM trade yesterday was crap.. hardly any deviation.. was a good thing I didn't enter. Just made 21 pips on the USD/CAD on the Canadian report.. loved it.. nice smooth ride. No whipsaw crap.

Now for today's NFP. Am I trading? Yes.. I know i have to.. because it's fun. Be prepared for freezing platforms.. slippage, etc.. lol. I'm just trading with 10,000 units. It's pretty easy to wipe out a month's profits with one NFP trade. I probably won't even get my trade executed by cmc (btw.. they let me trade CAD with no problems) Good luck!
 
Music_Producer said:
Shard.. hope you've exited your carry trade position.. it's the new year.. so jpy's coming back up :p
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Yep! Believe it or not, I sold before the dip - exited at 94.67 actually. :) A combination of my technical analysis as well as a correct prediction on a correction in the commodities sector led me to pull the plug, and it was definitely the right call! Also made some nice money shorting oil... she's just below $55 as we speak...

Music_Producer said:
Now for today's NFP. Am I trading? Yes.. I know i have to.. because it's fun. Be prepared for freezing platforms.. slippage, etc.. lol. I'm just trading with 10,000 units. It's pretty easy to wipe out a month's profits with one NFP trade. I probably won't even get my trade executed by cmc (btw.. they let me trade CAD with no problems) Good luck!
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Yeah, I'll be trading it too, but only because it's so much fun. ;) :D I'll be using smaller lot sizes as well and we'll see what happens. I believe the #s are supposed to be lower than last months, so I guess I'll be prepared to SELL the USD, but who knows! I'll report back in after the trade and once I get to work. :cool:
 
Yeah, apparently there are rumors flying around that it's going to be a bad number.. so I'm wondering if the markets are driving down the GBP/USD.. and then will pounce back with a vengeance with a bad NFP report.

More than that, I am extremely wary of deviations. Stupid deviations can throw off even a horrible report and make the trade go the opposite way. Better be high on caffeine and get those trigger fingers ready!
 
54 god damn pips!!!!!! :D :D :D Imagine the profit if i had traded my regular size!!!! :mad: Man, this was the most fun I've ever had.
 
Damn!! That was smooth! I only made 9 pips(Im still working on my speed), but wow, no whipsaw and no revisions.

Music_Producer, I assume the audio came out soon enough for you to catch the majority of the spike...I'll give it another week and then Im going to have to get the audio. 54 pips...Im jealous:D ;)
 
Actually the audio came out just as the spike started.. I would have made 85 pips or so had the audio come out a little sooner. But this was a nice big drop.. and the deviation was massive. Additionally, there were rumors that the NFP report was going to come out poor.. so this was a double whammy. Hence.. the nice spike down with no whipsaws. :)

Today's trades were terrific.. I just calculated my CAD profit and it was actually 27 pips.. not 21. So 27+54 = 81 pips in less than 3 hours :D

9 pips is good.. you're lucky you even got in the trade! :eek: Most people can't (I get in about 10% of the time) I feel really really sorry for a lot of folks who apparently bought the GBP/USD a few seconds before the NFP report came out .. ouch. I don't rely on rumors.. I would rather wait for the actual report. You never know if the leak came from someone at the Feds or an ice-cream vendor at the beach!!!
 
Well done guys! I ended up just watching this one. :eek: I saw the initial spike down, then the next one down, and I was wary of popping in as I thought there might be some correction, whhipsaws, etc. As it turns out there wasn't, but hey, hindsight is 20/20. ;)

So, I didn't pull the trigger this time, but there's always a "next time". ;) :cool:

Any thoughts on the next US report coming out this morning? I think it's in about half an hour...
 
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