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Anyone here into FOREX?

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Yeah, Music_Producer, news trading(if you know what youre doing) has the least amount of losses and when you do have a loss, its always your fault(or the brokers) and with techs you can say "the system was wrong" which doesnt help you become a better trader.

I find it weird how techs work because if the currency is going to move up 100 pips there is proabably a reason for it. Im sure the guys at Citi arent all "OMG!! OMG!! the MACD crossed...buy $7 billion!!!" :p

For example, today the dollar fell across the board because(from what I could tell from TTN) there are rumours going around that the US is invading Iran this weekend. After that came out, everyone started selling dollars.

Im sure there is some system out there that would have given a signal on that but its always better to know why.

Thats why I was asking about the carry trades a few days ago. Because GBP/JPY dropped 600 pips last week, yet there are so many reasons for it to go back up.

So, according to what I thought, I traded on that and made 72 pips. Then, after I looked a PiP Dictator's system, oddly enough it showed a signal about 50 pips before I bought.

So, I guess what I am trying to say is, yeah, the news wins at the end of the
day because whats actually happening in the world is what causes people(or banks) to buy/sell...but the techs also help confirm it and I get to make money that I otherwise wouldnt be making :)
 
Lol nathan @ the MACD comment.. that one cracked me up as I was actually imagining it :p

Carry trades will always be inflated.. everyone just wants the interest. Another thing that helps carry traders is that japan *wants* its currency to remain at low levels.. and interest rates low. Nobody would buy stuff from japan if they raised their currency.. I mean, japan is losing out to china anyway.. so why make the situation worse?

If any JPY positive news does come out.. JPY pairs will dip of course.. but then eventually go back up. Also note that a lot of traders take their profits.. accounting for those dips.. and then they get back in the trade. Accumulating all that interest *plus* thousands of pips in profit = bliss.

We might have a good New Zealand trade coming up on sunday (NZD trade balance) Gaucho, this is a good opportunity for you to watch and see what happens to NZD/USD if there is a nice deviation on the report. Shard, nathan..hopefully you guys will trade and not be asleep :p :D
 
Music_Producer said:
We might have a good New Zealand trade coming up on sunday (NZD trade balance) Gaucho, this is a good opportunity for you to watch and see what happens to NZD/USD if there is a nice deviation on the report. Shard, nathan..hopefully you guys will trade and not be asleep :p :D
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No worries, I'll be watching that one for sure - no sleeping for me this time! ;) :D

That being said, I'm leaving for vegas on Tuesday for a week and a half, so no trading for me until mid-March...
 
I'll definitely be trading it. I assume CMC will let you trade on sunday?

Im asking because oanda widened their spreads to where you couldnt trade until monday morning.
 
nhallmark said:
I'll definitely be trading it. I assume CMC will let you trade on sunday?

Im asking because oanda widened their spreads to where you couldnt trade until monday morning.
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If the markets are open, CMC should be open and will allow you to trade. I haven't had any troubles with them in the past when I've been logged on on a Sunday night, so we'll have to see about a late Sunday afternoon this time. ;)

The number is expected to be lower than last report which therefore would be construed as negative for the currency, correct? Or, since this lower # is expected, if it does indeed come out as such, will the currency not move at all? Thoughts?
 
Music_Producer said:
In my personal opinion.. *any* system will fail. I've read through all of them and they are nothing more than subtle variations of a main theme - i.e. support and resistance.. and macd, ema lines.

Additionally, another thing I've noticed is that the authors of such systems.. when they make these e-books or whatever, conveniently show trades which are successful.. and their entries/exits are almost always *before* the ema or macd lines cross :p

Sure, they might work.. but I doubt they work all the time. This is just a personal opinion, before you guys swallow me :D Just looking out for your best interest. Trade technical’s, but watch out for any report that can screw up your trade for good.

Shard, tell your wife's friend's friend 'Show me the news and i'll tell you the charts’:p lol.. I jest of course, but I just had to put that in here!! :)
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Hey man I am not sure how much experience you have but you are mostly right.

What the system i posted teaches is that you need to be able to use support/resistance and candle patterns. What that means is you need to know how to trade before using this system. At its core technical analysis is just price action and she stresses that you need to be able to understand price action and the MA's, Parabolics, MACD's are jsut a secondary to that.

Anybody can give you a bunch of indicators but nobody tells you that you have to have an intimate knowledge of the market before you can actually make money trade them.

She also stresses fundamental analysis.

To me a real trader does not trade just Technical’s or just News Reports. A real trader knows
1) Economics and how they affect the market (this includes News Reports)
2) Technical’s this ranged from basic price action analysis to the use of indicators.
3) Money Management

That is the only reason why I would share this system with everybody because I am a professional trader and when I see a direct, honest piece of work I let people know about it. That system is not just another system telling you to bunch together indicators it tells you that you need to understand technical’s and fundamentals.

Support/resistances lines and candles are at the core of technical analysis and without understand that this system is useless. The same with fundamentals if you don’t bother to learn them this system is useless.

I wouldn't post just another system (a bunching of indicators) I only post thing that work.
 
It just make me angry when I here people say fundamentals are better than technical's or vice versa. The real traders those of us who have been around for a while and are still going strong and will be for the next 10-20-30-50 years to come are successful because we understand its a balance of both forms of analysis that makes a trader.

It took me 5 years to figure that out but she apparently got it straight away and that's why the girl that wrote that system is already a millionaire at the age of 24.
 
P.S. Market opens at around 4pm (NY EST) on Sunday because this is when the Sydney market opens. The currency trading market opens when Sydney opens so from 4pm Sunday you are able to trade normally.

Oanda allows trading on the weekend, it is only useful if you are holding a position and you hear a report of a terrorist attack or a natural disaster and want to exit.
 
TTN was about 2 minutes late...wow. So, I didnt trade because I didnt get the news. Did you guys get it on time?

Edit: Im talking about NZD trade balance in case that wasnt clear.
 
nhallmark said:
TTN was about 2 minutes late...wow. So, I didnt trade because I didnt get the news. Did you guys get it on time?

Edit: Im talking about NZD trade balance in case that wasnt clear.
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Nope, saw nzd move before the news came out.. so I suspected something was up. I guess the folks at TTN are all being lazy.. its a Sunday :p
 
Me too - saw things move before the news so I didn't feel confident on what would happen when the news actually came out - further move, or a correction? Didn't trade...
 
Music_Producer said:
Nope, saw nzd move before the news came out.. so I suspected something was up. I guess the folks at TTN are all being lazy.. its a Sunday :p
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Does anybody here have a Bloomberg Anywhere (BBA) account? I've been looking all over the web for for more information but BBA is amazingly undocumented. I know a guy who has it (works at a hedge fund) but feel a little silly asking him what his company pays for it. Anybody know?
 
savar said:
Does anybody here have a Bloomberg Anywhere (BBA) account? I've been looking all over the web for for more information but BBA is amazingly undocumented. I know a guy who has it (works at a hedge fund) but feel a little silly asking him what his company pays for it. Anybody know?
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Ive heard its around $1700 a month. Reuters is comparable and its supposed to be $750 a month. I havent used either of the services, so I dont have any details beyond that.
 
savar said:
Does anybody here have a Bloomberg Anywhere (BBA) account? I've been looking all over the web for for more information but BBA is amazingly undocumented. I know a guy who has it (works at a hedge fund) but feel a little silly asking him what his company pays for it. Anybody know?
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Like Nathan said.. its $1700 a month but its not as easy as just signing up for it online or over the phone. Apparently they send someone over to see if you are capable of paying that much in the long run.. how much you trade.. etc. They require an upfront deposit of $5000 or something of that sort.. and a minimum 1 year contract that cannot be cancelled.

The terminal also has some sort of fingerprint identification software.. so only you can use it.

You might want to check out reuters.. their news should be on par with bloomberg.
 
PiP Dictator, that intraday system seems to be working out good. I made 12 pips yesterday and Ive already made 18 pips today...and Ive only been awake for 2 hours :)

I missed the signal on the main system for GBP/JPY on sunday night(which would have made me 200 pips already), but Ill make sure Im awake next time.

Im trading on a demo account until I make consistent profits...I'll keep you guys updated on my progress :cool:
 
Nathan, are you talking about that vanessafx system? I glanced through it once but found it a little confusing.. what's the time period on those charts? 4 hours or 30 mins? :confused:
 
Music_Producer said:
Nathan, are you talking about that vanessafx system? I glanced through it once but found it a little confusing.. what's the time period on those charts? 4 hours or 30 mins? :confused:
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Both time periods, actually. It says it in the PDF. What I did, though is put the same indicators(except for the awesome oscillator) on the 5 minute chart on oanda. Then I use the 30 minute charts on MT4 to confirm.

The support/resistance helps a lot though. I was looking at the chart yesterday and I would have had 4 losses in a row...but because of the support/resistance lines, I stayed out until it broke one...which allowed me to avoid those losses.

US Durable Goods in 45 minutes...

Edit: yeah, its the vanessaFX system. Its the second one in the PDF.
 
Just traded the US data and made 10 pips! My timing was actually very good on this one, usually I get in too late or out too late! :eek: ;)

So I'm pretty happy about that - a good trade for my last trade for a while. I'm off to Vegas for a week and a half (to partake in other forms of gambling :p ;)) so no more trading for me for a while. Good luck to you all though and I'll see ya when I get back... :cool:
 
16 pips on the Durable Goods Orders report.. both came out extremely negative.. was a very easy trade. :)

I want to trade the Existing home sales but there's consumer confidence also coming out at the same time.. I'll probably pass. If you guys are trading.. watch out for any possible conflicts.. if both come out negative, then it will be an easy trade of course. (I think both will come out -ve)
 
~Shard~ said:
Just traded the US data and made 10 pips! My timing was actually very good on this one, usually I get in too late or out too late! :eek: ;)

So I'm pretty happy about that - a good trade for my last trade for a while. I'm off to Vegas for a week and a half (to partake in other forms of gambling :p ;)) so no more trading for me for a while. Good luck to you all though and I'll see ya when I get back... :cool:
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Hey, have fun in vegas shard! Me and the wife *might* go there for a weekend.. if we do, let's meet up! Don't blow all your forex winnings on those darn coin machines.. technicals don't work there :D :p
 
Music_Producer said:
Hey, have fun in vegas shard! Me and the wife *might* go there for a weekend.. if we do, let's meet up! Don't blow all your forex winnings on those darn coin machines.. technicals don't work there :D :p
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Thanks Music_Producer - I think something will be seriously wrong if I don't have fun in Vegas... ;)

As for gambling, I'll be sticking to the poker tables - I know what I'm doing and you're playing against other people, not the House odds, which is definitely the way to go.

I'll be there until March 8th. Were you thinking of going this weekend? ;) Meeting up would definitely be cool... :)
 
I made 10 pips. CMC requoted me on closing my order again or I would have made more. Im up 28 pips for the day though, so Im happy :D

Have fun in vegas, Shard...and dont lose your money...or rather make some so youll be ready to camp out at the apple store if they do release leapord in a few weeks :p
 
Music_Producer said:
Like Nathan said.. its $1700 a month but its not as easy as just signing up for it online or over the phone. Apparently they send someone over to see if you are capable of paying that much in the long run.. how much you trade.. etc. They require an upfront deposit of $5000 or something of that sort.. and a minimum 1 year contract that cannot be cancelled.

The terminal also has some sort of fingerprint identification software.. so only you can use it.

You might want to check out reuters.. their news should be on par with bloomberg.
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I wasn't talking about the terminal -- BBA is like having VPN for Bloomberg. It looks just like a Bloomberg terminal except you access it from any PC through a web browser. It's got to be less than the cost of the full terminal, right?
 
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