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Anyone here into FOREX?

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Hello Forex Traders

I am new here.
Logged on to MacRumors to get info on buying my first MBP but stumbled on this thread by accident. Glad that I did.

I think its great that you guys are teaching others to make money trading the news.
I too am interested in trading and want to learn as soon as possible.
I am on page 9 of this thread and I am trying to read as fast as possible to catch up to where everyone is.

Just wanted to say hi and thanks.
Keep on posting.
 
OceanView said:
I am new here.
Logged on to MacRumors to get info on buying my first MBP but stumbled on this thread by accident. Glad that I did.

I think its great that you guys are teaching others to make money trading the news.
I too am interested in trading and want to learn as soon as possible.
I am on page 9 of this thread and I am trying to read as fast as possible to catch up to where everyone is.

Just wanted to say hi and thanks.
Keep on posting.
Click to expand...

Hi OceanView, yeah just keep reading and practice. Once you understand how the different reports move the prices, then its just a matter of how fast you can click :D
 
nhallmark said:
Hi OceanView, yeah just keep reading and practice. Once you understand how the different reports move the prices, then its just a matter of how fast you can click :D
Click to expand...

Thank you.
I did open a demo account at OandA and will be practicing at the critical news announcement times. Guess that means I have to wake up really early or stay up really late. I am in So Cal (PST).

So far it seems like everyone is making money here. Is that the case or maybe I haven't gotten to the parts that some of you have actually lost money.
Just wondering.
 
OceanView said:
Thank you.
I did open a demo account at OandA and will be practicing at the critical news announcement times. Guess that means I have to wake up really early or stay up really late. I am in So Cal (PST).

So far it seems like everyone is making money here. Is that the case or maybe I haven't gotten to the parts that some of you have actually lost money.
Just wondering.
Click to expand...

Hey Oceanview.. welcome to the thread.

99 trades are wins.. 1 will be a loss. The losses are usually due to either

1. Platform issues - such as a delayed trade, or a re-quote and then accidentally hitting the wrong button (buy/sell) Things happen so fast that its easy to make a mistake when you first start.. but with practice that is limited. Other things like a software freeze (its windows.. what do you expect?!) can affect trading as well.

2. Conflicting reports - If there are two important reports coming out at the same time, and they conflict.. you could have an initial upward spike.. and then a downward one.. so its best to stay out of such trades.

It's very easy to make up for a loss though. Cardinal rules to avoid losses:

1. If your broker gives you a re-quote when you place a trade.. let it go. Don't chase a trade, it will always lead to a loss. There's always another report that you can trade another day.

2. Don't set a goal i.e. 'I have to make 20 pips everyday' Be happy with whatever profit you make.. eventually, as you start trading big lots.. and 1 pip = $100.. you could be making $500 per trade with 5 pips movement.

3. Don't be frustrated or pissed if you make a losing trade. Don't try to 'revenge trade' and recover your losses by entering into foolish trades.. it's very tempting to see a currency fall by 100 pips and assume that it should recover and rebound.. it can still fall by another 200 pips.. and your account will be wiped out if you don't exit your position.

It's happened to me before.. i.e revenge trading. I made a loss of $70 once and got real mad.. 'How could i make a loss?' kind of thing. It wasn't my fault.. it was the platform. Anyway, I proceeded to carry out a few 'revenge trades' .. when I saw the currency go up.. I would 'sell at the peak' thinking it was going down.. but it went up instead. I exited.. with a loss.. and then my total loss was $150. More anger.. so i traded again.. loss again.. $200.. until I finally stopped with a $500 net loss.

After that, I put 3 stickers on my desk that state in bold fonts "No revenge trading!" , "No emotional trading!" and more importantly.. "Let it go!" lol.. trade sensibly and you'll be successful :)
 
yeah, Ive lost money a few times and I think Music_Producer has had one loss, but once you get it down its smooth sailing for the most part...As you read further into the thread you'll see that none of us are using oanda anymore because they started raising their spreads 10-20 pips during news...its a good platform to learn on though

Edit: Music_Producer got it..I was posting at the same time, but yeah, what he said ;)
 
You know, nhallmark, I'm going to hold you to that. :p ;) :D

Yeah, I know what you mean about getting out too soon Music_Producer - it really comes down to your trading strategy. Technically, if you're trading the news, you should trade the spike, get in and out and your trade should last a matter of seconds - that's trading the news. If you hold onto a trade any longer, you're essentially deviating from your initial plan and you're not trading the news anymore. Not that it matters, and of course it can pay off if there's a trend, but just thought I'd say that for what it's worth... :eek: ;)
 
Oh, and welcome OceanView. Any questions, just ask. Music_Producer pretty much outlined the basics perfectly for you, so definitely follow his advice. One of the hardest things to do with trading is to stick to your plan. It requires a lot of discipline. You have to remove all emotion from trading, and trust me, that's even harder than you'd think.

Keep reading and post when you can! Good luck with your practice Oanda account as well. :cool:
 
Music_Producer said:
Hey Oceanview.. welcome to the thread.

99 trades are wins.. 1 will be a loss. The losses are usually due to either

1. Platform issues - such as a delayed trade, or a re-quote and then accidentally hitting the wrong button (buy/sell) Things happen so fast that its easy to make a mistake when you first start.. but with practice that is limited. Other things like a software freeze (its windows.. what do you expect?!) can affect trading as well.

2. Conflicting reports - If there are two important reports coming out at the same time, and they conflict.. you could have an initial upward spike.. and then a downward one.. so its best to stay out of such trades.

It's very easy to make up for a loss though. Cardinal rules to avoid losses:

1. If your broker gives you a re-quote when you place a trade.. let it go. Don't chase a trade, it will always lead to a loss. There's always another report that you can trade another day.

2. Don't set a goal i.e. 'I have to make 20 pips everyday' Be happy with whatever profit you make.. eventually, as you start trading big lots.. and 1 pip = $100.. you could be making $500 per trade with 5 pips movement.

3. Don't be frustrated or pissed if you make a losing trade. Don't try to 'revenge trade' and recover your losses by entering into foolish trades.. it's very tempting to see a currency fall by 100 pips and assume that it should recover and rebound.. it can still fall by another 200 pips.. and your account will be wiped out if you don't exit your position.

It's happened to me before.. i.e revenge trading. I made a loss of $70 once and got real mad.. 'How could i make a loss?' kind of thing. It wasn't my fault.. it was the platform. Anyway, I proceeded to carry out a few 'revenge trades' .. when I saw the currency go up.. I would 'sell at the peak' thinking it was going down.. but it went up instead. I exited.. with a loss.. and then my total loss was $150. More anger.. so i traded again.. loss again.. $200.. until I finally stopped with a $500 net loss.

After that, I put 3 stickers on my desk that state in bold fonts "No revenge trading!" , "No emotional trading!" and more importantly.. "Let it go!" lol.. trade sensibly and you'll be successful :)
Click to expand...


Thanks for those tips! I am sure that took many months (years) of experience to learn those. I will write these down.
Also, I would be happy to just get 60-70% win versus loss averages let alone 99% win percentage.

Once again thanks and I hope to be trading along side of you and everyone else on this thread.
 
nhallmark said:
yeah, Ive lost money a few times and I think Music_Producer has had one loss, but once you get it down its smooth sailing for the most part...As you read further into the thread you'll see that none of us are using oanda anymore because they started raising their spreads 10-20 pips during news...its a good platform to learn on though

Edit: Music_Producer got it..I was posting at the same time, but yeah, what he said ;)
Click to expand...


I didn't realize everyone stopped using OandA, what is the new company that you use to trade? Also, do they have a game/demo account?

Thanks
 
~Shard~ said:
Oh, and welcome OceanView. Any questions, just ask. Music_Producer pretty much outlined the basics perfectly for you, so definitely follow his advice. One of the hardest things to do with trading is to stick to you plan. It requires a lot of discipline. You have to remove all emotion from trading, and trust me, that's even harder than you'd think.

Keep reading and post when you can! Good luck with your practice Oanda account as well. :cool:
Click to expand...

Thanks Shard for the warm welcome!
 
OceanView said:
I didn't realize everyone stopped using OandA, what is the new company that you use to trade? Also, do they have a game/demo account?
Click to expand...

I use CMC Markets. They have a 14-day free trial but to use their actual trading platform you ned to open an account with at least $2000 and also be an accredited investor (at least up in here in Canada...)

OceanView said:
Thanks Shard for the warm welcome!
Click to expand...

My pleasure, the more the merrier! :cool:
 
~Shard~ said:
I use CMC Markets. They have a 14-day free trial but to use their actual trading platform you ned to open an account with at least $2000 and also be an accredited investor (at least up in here in Canada...)
Click to expand...


Oh, I will have to look into that.
Which News reporting agencies are you using?
 
Hi OceanView,

We're using tradethenews...their site is www.tradethenews.com

And Im not sure about having to be an accredited investor...they let me
open an account with 2 months experience, but yeah, there is a minimum
deposit of $2k.

Oh, and with tradethenews, the text is $50 a month and the audio/text is $180 a month...its better to get the audio...its about 1-2 seconds faster, and that makes all the difference in the results, IMHO.

Hope that helps,
Nathan
 
16 pips on the UK trade balance report. Trade balance came out at -6.2 billion pounds.. which is more positive than the -7 billion pounds expected.

Don't tell me you beat me at this trade too nathan :p :D
 
8 pips on eur/usd on the zew sentiment.. it went up higher after I closed my positions. Again, I had to click on 'sell' to close my position.. multiple times. :mad:
 
OceanView said:
Just wondering how many people here are doing this as full time basis?
Click to expand...

I am.. after trading on a demo account for quite a bit.. and then moving on to a real account with small lots. Now I trade bigger lots.. so I can do this full time.

10 pips on gbp/usd.. on the us retail sales report.. came out lower than expected (why am i not surprised :rolleyes: )
 
~Shard~ said:
Technically, if you're trading the news, you should trade the spike, get in and out and your trade should last a matter of seconds - that's trading the news. If you hold onto a trade any longer, you're essentially deviating from your initial plan and you're not trading the news anymore. Not that it matters, and of course it can pay off if there's a trend, but just thought I'd say that for what it's worth... :eek: ;)
Click to expand...

Absolutely. Hold on to a trade longer than a few seconds, and it could very well go against you in a matter of milliseconds. It's best to mentally prepare yourself for a 'I made 6 pips profit on one trade" rather than 'I could have made 20 pips if i had held on'.. as that often becomes 'I held on a little longer and i lost 30 pips'
 
I made a whole pip! ...that was kind of a delayed reaction. I got scared and closed too early.

OceanView, Im doing this full time but only because Im in a position where I dont have to work right now...Im not paying my bills from it(yet!)
 
nhallmark said:
I made a whole pip! ...that was kind of a delayed reaction. I got scared and closed too early.

OceanView, Im doing this full time but only because Im in a position where I dont have to work right now...Im not paying my bills from it(yet!)
Click to expand...

Yeah, that happens to me at times (NFP time :p ) I get even more anxious when I've had 2 good trades.. and then there's a 3rd one. All sorts of thoughts cross my mind 'what if i lose my previous profits on one stupid trade' etc.

Lately though, I've been more concerned with my stupid windows machine. It shuts off randomly at times.. I think it gets too hot. So i usually turn it on 10 minutes before a trade is going to occur.
 
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