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Anyone here into FOREX?
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No nhallmark.. i think the adp report should move the market anyway (as long as its a nice deviation from the expected number) Never take anything for granted in this market.. even the dullest of reports can cause ripples if they turn out deviate by a big margin.
For instance, no one really cares about UK consumer confidence.. but once it deviated quite a bit.. and the pound dropped 90 pips. I missed that trade and since then I pay attention to every report.. well almost every report.
I'm feeling more giddy about the macworld expo than trading at this point
Here's hoping that they come out with quad core macbook pros.. (just kidding.. before i get beat by somebody!)
For instance, no one really cares about UK consumer confidence.. but once it deviated quite a bit.. and the pound dropped 90 pips. I missed that trade and since then I pay attention to every report.. well almost every report.
I'm feeling more giddy about the macworld expo than trading at this point
Here's hoping that they come out with quad core macbook pros.. (just kidding.. before i get beat by somebody!)Yeah, I've been ignoring the minor reports, but I'll start paying attention.
I stopped watching USD/CAD because it never moved and then as soon as I stopped there were some good trades that I missed. Im keeping a log in iCal now so I can look back m/m to see what happened with each trade.
I'm feeling more giddy about the macworld expo than trading at this point
Im right there with you.
Um...right...so...uh about the uh...US trade bal...screw it-so what do you guys think about the iphone?!!!
I woke up this morning thinking yesterday was a dream, and then I freaked out all over again when I remembered that it really happened.
Did you guys see the other stocks(RIM, Palm, Moto, etc.)?
That was crazy. If...Im sorry, WHEN the iphone takes over, do you think there might be a broker that will finally make a platform for the mac, since they make platforms for Blackberry?
I dont want to trade on my phone, but Im thinking, if the iphone runs os x and they make a trading app for it, then 90% of the work would be done to port it to the mac.
just a thought.
I didnt trade the US trade balance this morning. It didnt deviate that much(because 1.8 billlion isnt "that much" ) and it only moved about 10-15 pips initially.
Anyway, I'll be trading every trade I can so I can get that phone!!
Nathan
P.S. I am a little worried that steve said nothing about leapord or new mac hardware, but its the second week of the new year, so Im sure he'll pull through.
I woke up this morning thinking yesterday was a dream, and then I freaked out all over again when I remembered that it really happened.
Did you guys see the other stocks(RIM, Palm, Moto, etc.)?
That was crazy. If...Im sorry, WHEN the iphone takes over, do you think there might be a broker that will finally make a platform for the mac, since they make platforms for Blackberry?
I dont want to trade on my phone, but Im thinking, if the iphone runs os x and they make a trading app for it, then 90% of the work would be done to port it to the mac.
just a thought.
I didnt trade the US trade balance this morning. It didnt deviate that much(because 1.8 billlion isnt "that much"
) and it only moved about 10-15 pips initially.Anyway, I'll be trading every trade I can so I can get that phone!!
Nathan
P.S. I am a little worried that steve said nothing about leapord or new mac hardware, but its the second week of the new year, so Im sure he'll pull through.
Yeah, the new iPhone looks pretty sweet. No mention of Mac updates, iLife, iWork or Leoaprd though, but all in good time. Personally, I wouldn;t be surprised if iLife and/or iWork undergo some significant updates/enhancements which will be incorporated into Leopard, thereby resulting in a tandem release. I guess time will tell...
As for this morning, I traded the US #s and made 4 pips on a $100K lot - so $40 isn't bad. I'm in my AUDJPY carry trade again and am about break even on it (including the interest) so I'll hold it until the BoJ announcement next week, let the dust (if any) settle, and decide where to go from there.
Personally, I wouldn;t be surprised if iLife and/or iWork undergo some significant updates/enhancements which will be incorporated into Leopard, thereby resulting in a tandem release. I guess time will tell...As for this morning, I traded the US #s and made 4 pips on a $100K lot - so $40 isn't bad.
I'm in my AUDJPY carry trade again and am about break even on it (including the interest) so I'll hold it until the BoJ announcement next week, let the dust (if any) settle, and decide where to go from there.Im getting up early to trade the GBP and EUR interest rates tomorrow. forexfactory is saying they will stay the same. Have you guys heard anything to the contrary?
Oh yeah, I went back and looked at the spike on the US #s after I woke up more and I realized that I even if I had got in at the very bottom and closed at the very top of the spike, I still would have lost money because oanda widened the spread to like 20 pips!! . The spread was wider than the actual spike. I really hope they dont do that again.
Oh yeah, I went back and looked at the spike on the US #s after I woke up more and I realized that I even if I had got in at the very bottom and closed at the very top of the spike, I still would have lost money because oanda widened the spread to like 20 pips!!
. The spread was wider than the actual spike. I really hope they dont do that again.
Not really, although there's always a ton of speculation out there.
Just remember, interest rate hikes = good for the currency since more people will want to invest in it. Oh yeah, I went back and looked at the spike on the US #s after I woke up more and I realized that I even if I had got in at the very bottom and closed at the very top of the spike, I still would have lost money because oanda widened the spread to like 20 pips!!
That pretty bad. I'm glad CMC has fixed spreads.
Oh, and I traded the AUD employment #s half an hour ago, in a manner of speaking. I was already into my carry trade for $50K (I got back in a couple days ago with a relatively small amount, just in case...) so I watched for the announcement (ready to bail if necessary!) but saw that it was positive, so I doubled down!
So, a nice jump of almost 60 pips has made me a very happy Forex trader tonight!
I sold half my position to take some money off the table and lock in some profit and will let the rest ride to see if there is further upswing or not - and if not, I'll just carry it for the interest. I'll probably put in a stop in case there is a significant correction, just in case.Anyway, awesome day for me - a profitable USD trade this morning and now this one!
This sounds very interesting. I've had a go with the demo play of a forex program before.
I'd really like to start trying with real money. Does anyone know of any goods sites to start off with? What program do you use to buy and sell?
Also, how much does someone really need to start trading money wise?
I'd really like to start trying with real money. Does anyone know of any goods sites to start off with? What program do you use to buy and sell?
Also, how much does someone really need to start trading money wise?
Oanda is good for practice. The majority of us here use Oanda or CMC Markets (the latter being my platform of choice.)
Very tough question. Don't trade with any more than you're willing to lose. And please, I beg of you, make sure you fully understand the concepts of margin and leverage. Otherwise you could end up in a world of hurt.
On the one hand, due to margin, you don't need a lot of money, but this can also get you into lots of trouble. I would recommend starting off with a small amount of money, concentrate on making only a few dollars here and there, and slowly double your initial investment. Sue, it might be only doubling it form $50 to $100, which may not seem like a lot (not enough to retire on, that's for sure!
) but it's an important first step. With the trading that myself and Music_Prodcuer do for instance, we're essentially risking hundreds of dollars every second. If things went really wrong for us on a trade we could lose $1000 in a minute! Anyway, I would recommend reading through the entire thread. It may be long, but it will answer a lot of your questions and be educational. Any other questions, please by all means post them here and we'll be happy to help you out.
Edit: As for informative sites, just do a Google search. Also, you can try out these sites. This is an excellent book as well in my opinion.
As an Amazon Associate, MacRumors earns a commission from qualifying purchases made through links in this post.
Thanks! Some good stuff to keep me going there. Right now I'm not working. I make all my money buying and selling items. Stuff from carboots, ebay, charity shops and make money on them. It's not loads but it's nice to know I'm living off my own instinct and flipping everything I buy.
I think it's interesting to follow what's going on the world to predict how it will effect currency.
I think it's interesting to follow what's going on the world to predict how it will effect currency.
Absolutely! It's not easy though.
In terms of economic data, here are two sites where you can view calendars so you know what announcements are coming up and when.
That's one of the things I like about forex trading - barring the unpredictable world events obviously, you know which announcements are released, what time and what the analysts are expecting. That makes trading on fact very easy to do and you don't have to get into the whole speculation game that is the stock market for the most part (trust me, I've lived there for many many years now.. ) Plus, stocks can go to zero or move significantly in pre-market when you don't have a chance to act - the forex market is open 24/7 almost!
For me I find forex trading it is a nice balance between stock, equity and index trading. And it gives me a bigger picture on how everything is interrelated, which enables me to capitalize in many different ways. For example, the USD has an inverse relationship with Gold, so if the US announces a rate cut, I'll sell USD, buy Gold, probably buy an Oil futures contract and act on the S&P500 as well.
As I said, any other questions, feel free to ask.
In terms of economic data, here are two sites where you can view calendars so you know what announcements are coming up and when.
That's one of the things I like about forex trading - barring the unpredictable world events obviously, you know which announcements are released, what time and what the analysts are expecting. That makes trading on fact very easy to do and you don't have to get into the whole speculation game that is the stock market for the most part (trust me, I've lived there for many many years now..
) Plus, stocks can go to zero or move significantly in pre-market when you don't have a chance to act - the forex market is open 24/7 almost!For me I find forex trading it is a nice balance between stock, equity and index trading. And it gives me a bigger picture on how everything is interrelated, which enables me to capitalize in many different ways. For example, the USD has an inverse relationship with Gold, so if the US announces a rate cut, I'll sell USD, buy Gold, probably buy an Oil futures contract and act on the S&P500 as well.
As I said, any other questions, feel free to ask.
Ahh, I missed out on that AUD trade today Completely forgot about it! Made 15 pips on the UK report (Trade balance).. zero on the US trade balance because I got a re-quote.. don't think I would have made anything anyway as it was a no trade.
But yeah, that iphone is sweet! I think I was quite distracted while trading (which is why i made only 15 pips instead of 25-30).. I kept dreaming about it, 8 core mac pros, steve jobs inviting me for lunch and making me his successor and so on.. lol. I was actually hoping that the iphone would have video iChat capabilities.. like folks in the far east have (video calling) Why the heck is mobile technology so slow here?
Shard.. nice trades! I know that feeling.. when you make more than one profitable trade in a single day JPY is getting weaker again.. haha.. poor thing can never stay up for long. Hmm if AUD raises rates to 8% one day.. I think japan will run out of yen
Today (or tomorrow rather) I'll be trading the UK report at 1.30 am PST.. interest rates.. as always, I'll be ready. I don't think there is going to be any change.. but if there is.. I will trade accordingly.
Completely forgot about it! Made 15 pips on the UK report (Trade balance).. zero on the US trade balance because I got a re-quote.. don't think I would have made anything anyway as it was a no trade. But yeah, that iphone is sweet! I think I was quite distracted while trading (which is why i made only 15 pips instead of 25-30).. I kept dreaming about it, 8 core mac pros, steve jobs inviting me for lunch and making me his successor and so on.. lol. I was actually hoping that the iphone would have video iChat capabilities.. like folks in the far east have (video calling) Why the heck is mobile technology so slow here?
Shard.. nice trades! I know that feeling.. when you make more than one profitable trade in a single day
JPY is getting weaker again.. haha.. poor thing can never stay up for long. Hmm if AUD raises rates to 8% one day.. I think japan will run out of yen Today (or tomorrow rather) I'll be trading the UK report at 1.30 am PST.. interest rates.. as always, I'll be ready. I don't think there is going to be any change.. but if there is.. I will trade accordingly.
68 pips on GBP Rate Hike!!!!
I knew those BOE guys have a tendency to shock the markets!!!! They hiked the rate from 5% to 5.25%.. 68 pips on a HUGE A$$ lot.. (it went to 150 pips.. and then came down quick.. by the time i got out i nabbed 68) Right now I want to get naked and run on the streets!!!!!
I knew those BOE guys have a tendency to shock the markets!!!! They hiked the rate from 5% to 5.25%.. 68 pips on a HUGE A$$ lot.. (it went to 150 pips.. and then came down quick.. by the time i got out i nabbed 68) Right now I want to get naked and run on the streets!!!!!
One of my friends is a manager at cingular(read: I get a discount) and he is always bitching about europe and asia and how they give them all the cool phones first and we get the leftovers.
But, Im sure they'll have iChat at some point, just like they added photos, video, etc. to the ipod.
Anyway, I made 30 pips on the GBP Interest rate
!!! Thats the most Ive ever made in one trade, so far. Im glad I got up early.Damn, I still can't believe I didn't get out when it was at 150 pips... whooo.. I think I was just like 'huh?' Man, this just woke me up! Hopefully let's see if the EUR interest rates shock everyone too (generally no.. because ECB is quite boring)
I love the Bank of England and I love the Brits. This is how George Soros made his billion in one day.. (and I could have too.. if I had the funds to trade with) Ahhhh.. satisfied
I love the Bank of England and I love the Brits. This is how George Soros made his billion in one day.. (and I could have too.. if I had the funds to trade with) Ahhhh.. satisfied
Way to go nathan! If that spike had lasted a longer time, we would have made much more.. but there must have been tons of profit taking in a few seconds.
Stay alert for the ECB rate decision.
Stay alert for the ECB rate decision.
Thanks,Music_Producer. Ive emailed tradethenews about getting a trial of the audio so hopefully, I can work my way up to that 68 pips!! .
Yeah, EUR didnt move. I was thinking I would get up this morning, both of them would come out as expected and I would go back to sleep. But, that GBP rate hike woke me up!! Now, Im all excited but the fun is already over.
.Yeah, EUR didnt move. I was thinking I would get up this morning, both of them would come out as expected and I would go back to sleep. But, that GBP rate hike woke me up!! Now, Im all excited but the fun is already over.
No change in eur rates, so obviously a no-trade. It was a little amusing to watch the EUR/USD climb up though.. in anticipation of a rate hike. Anyway, next important trade is tomorrow US Retail Sales report. I won't be trading the ECB chief's speech.. because i hate trading speeches.
Well done guys! I managed to nab 25 pips myself on the GBP trade, so not too shabby being that I wans;t prepared and not using a proper news service! Unfortunately I only had my default $50K lot going since I wasn't expecting a hike, but hey, no need to get too greedy!
I also woke up to find my AUDJPY carry trade is doing even better now - she's over 94, up roughly 150 pips in the past couple of days! I have a stop in to protect my profits, but otherwise I'll let it ride.
I'll have to look at my economic calendar - when is the next really busy week in terms of major announcements? I should sign up for my free week trial of tradethenews during that week to make the most of it.
Unfortunately I only had my default $50K lot going since I wasn't expecting a hike, but hey, no need to get too greedy!I also woke up to find my AUDJPY carry trade is doing even better now - she's over 94, up roughly 150 pips in the past couple of days! I have a stop in to protect my profits, but otherwise I'll let it ride.
I'll have to look at my economic calendar - when is the next really busy week in terms of major announcements? I should sign up for my free week trial of tradethenews during that week to make the most of it.
OK, So I've got a question - assuming Im an experienced trader, would it be reasonable to expect to make 300 pips a month?
It just occured to me that if you make 300 pips a month and you're trading on a 50:1 margin, you would roughly double your account balance every month.
And then it occured to me that if that worked and I took the equity from my house to trade on which is roughly $20K(not very smart, but just follow me), I would make something like 36.4 MILLION dollars in 1 year. and after two years I would be a billionare at the ripe old age of 22!!!
But Im sure Im missing something, and theres probably a cap on how much you can trade on margin or something.
Anyway, its just a thought I had.
Any feedback?
It just occured to me that if you make 300 pips a month and you're trading on a 50:1 margin, you would roughly double your account balance every month.
And then it occured to me that if that worked and I took the equity from my house to trade on which is roughly $20K(not very smart, but just follow me), I would make something like 36.4 MILLION dollars in 1 year.
and after two years I would be a billionare at the ripe old age of 22!!! But Im sure Im missing something, and theres probably a cap on how much you can trade on margin or something.
Anyway, its just a thought I had.
Any feedback?
It is possible to make 300 pips a month nathan.. but obviously that depends on how many economic reports are to be released in that month, the general trading volume (during the holiday season it gets really weak) and your broker execution.
I know its just a thought.. but do NOT get a loan, or home equity.. even if it's just a hypothetical calculation. You will be stressed in a manner that's hard to explain.. you will then be forced to make so many pips so as to cover your payments, etc. It's best to trade with 10% or so of your savings (that's my theory)
There's really no cap or anything as to the volume you can trade with.. but if you're planning on trading with big money (like hedge funds do) you'll be better off with an ECN broker that provides Currenex, or FXall, etc. They provide solutions for banks and individual fund managers.. so you can be assured that you will get better execution. Also, it would then be imperative to get a bloomberg or reuters news platform.. trade the news won't cut it.
But, yes, it is possible to make 300 pips in a month, and to double your account. My modest goal is 5% a month, but I frequently exceed that. This month my return is 124% so far.. but one bad trade (especially with a huge lot) could bring that number down. So you would have to exercise caution when trading highly volatile events like Non Farm Payroll, or any report which can cause whipsaws. They can make you rich.. or make you go bust.
I prefer trading highly volatile reports with a small lot.. and regular reports with bigger lots. That would be the one reason why my profits have been consistent. And that I have developed, by now.. crazy trigger fingers
If you do become a billionaire you owe me and Shard a couple of millions each for prodding you on
I know its just a thought.. but do NOT get a loan, or home equity.. even if it's just a hypothetical calculation. You will be stressed in a manner that's hard to explain.. you will then be forced to make so many pips so as to cover your payments, etc. It's best to trade with 10% or so of your savings (that's my theory)
There's really no cap or anything as to the volume you can trade with.. but if you're planning on trading with big money (like hedge funds do) you'll be better off with an ECN broker that provides Currenex, or FXall, etc. They provide solutions for banks and individual fund managers.. so you can be assured that you will get better execution. Also, it would then be imperative to get a bloomberg or reuters news platform.. trade the news won't cut it.
But, yes, it is possible to make 300 pips in a month, and to double your account. My modest goal is 5% a month, but I frequently exceed that. This month my return is 124% so far.. but one bad trade (especially with a huge lot) could bring that number down. So you would have to exercise caution when trading highly volatile events like Non Farm Payroll, or any report which can cause whipsaws. They can make you rich.. or make you go bust.
I prefer trading highly volatile reports with a small lot.. and regular reports with bigger lots. That would be the one reason why my profits have been consistent. And that I have developed, by now.. crazy trigger fingers
If you do become a billionaire you owe me and Shard a couple of millions each for prodding you on
Wait nathan.. lol.. you got your math wrong. You make 36 million in 1 year.. so in 3 years total..you will have made $108 million. $100 million is not a billion $.. its $1000 million (one thousand million) that makes a billion!
So when you realize that Soros made a billion pounds (or almost 2 billion $) that's - 2,000 *million* dollars. In one day. That's why he's probably like the 'God of forex traders' .. atleast to me
So when you realize that Soros made a billion pounds (or almost 2 billion $) that's - 2,000 *million* dollars. In one day. That's why he's probably like the 'God of forex traders' .. atleast to me
If I actually did that, it would be from selling my house, so I wouldnt be paying it back and its money I wouldnt have otherwise. In other words, I can get buy without it.
If you do become a billionaire you owe me and Shard a couple of millions each for prodding you on
No problem!!!
That's if you're adding. If I made 36 million in one year by doubling my account balance every MONTH, then by month 13 I would be at 72 million, month 14 = 144 million, month 15 = 288 million, etc.
right?
Ahh.. then yes, you are right.. I was simply adding. I didn't do the math by doubling the account bit.. but it seems like you would reach a billion. Well, get there fast!!
Would be even better if that money was earning interest all the time.
Would be even better if that money was earning interest all the time.
Traded this one on Oanda and profited about 11 pips because of the spread. CMC has been behaving erratically today.. so I didn't want to risk trading on it. It kept freezing.. and then shutting down.
Oanda's spread was just nuts.. 20 pip on GBP/USD. Anyway, a small profit is better compared to a platform that was glitchy. How did you guys do? God, I love Oanda's execution and no re-quote crap.. but their spreads are just too much. Although yesterday, I am sure it was worth it because of the pound's huge move.
Oanda's spread was just nuts.. 20 pip on GBP/USD. Anyway, a small profit is better compared to a platform that was glitchy. How did you guys do? God, I love Oanda's execution and no re-quote crap.. but their spreads are just too much. Although yesterday, I am sure it was worth it because of the pound's huge move.
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