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Anyone here into FOREX?

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Glad to hear people are doing this full time. I want to as well as my industry is dying and I need to find my next cheese.

I made 15 pips on todays retail sales numbers on my demo account.:)
But my lot size was too small. Initially I started it at 10 (first trade mistake) :mad:
 
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!)
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This is nhallmark's first bill he has to pay (from me), lol:

Picture 26.png


Jokes aside.. nathan.. why don't you start trading with a bigger lot? I think you've traded enough to step it up a bit. You don't have to double your lot size.. maybe increase it 10-15% more or so.. instead of a 100% increase. That makes it easier to get used to trading larger numbers.
 
Well, I haven't been wanting to tell you guys this, but a few weeks ago I had a signal on the vanessafx system as well as 5 other systems and the news according to bloombergs site..all telling me to take this trade on gbp/jpy.

So, I had already stepped up my lot size some on news trading but with this trade I got greedy and went all in with $10 a pip on my account of $3k and I lost $600 :eek:

Ive heard over and over again, "dont trade gbp/jpy unless you can afford a 100 pip stop loss" and of course I didnt listen.

So, when it went down 60 pips I got scared and closed...then, of course it turned around and went 300 pips in my direction.

...should have followed the system. Actually that was my second mistake, the first was trading that much money with what little I had.

So, Ive learned my lesson and Im just watching and I refuse to trade that pair at all until I know what Im doing.

The good news is that Ive made it all back except for $50 from news trading over the past two weeks.

Ive taken a few vanessafx trades with $1 a pip, today I made 13 pips on USD/CHF doing that, but the only reason Im going that far is because that pair is a lot safer and I understand it...Ive made about 4-5 trades on that pair over the past 2 weeks and they have all been profitable.

But, yeah, I have stepped up my lot size for news trading only, because I have proven to myself that I can be consistently profitable with that.

Anyway, thats the story...its so cliche. Everyone seems to have that same story more or less.

The important thing is that I learned my lesson and I wont do it again.

Nathan
 
nhallmark said:
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.
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Okay, then the rules are definitely different in the US versus Canada. Here, to use such a platform you have to be an accredited investor which means you need to meet one of the following criteria:

- be registered under the securities legislation within Canada as an adviser or dealer
- have a net income before taxes which has exceeded $200,000 in each of the last two years
- alone or combined with a spouse, own financial assets with an aggregate value before taxes (net of any liabilities) exceeding $1,000,000
- alone or combined with a spouse, have net assets of at least $5,000,000

So yeah, not just anyone can do it. ;) :cool:

nhallmark said:
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.
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Yeah, I noticed a big difference during my free trial between the text and audio. The audio is much better, but at this point in time (and since I don't do this full time) I can't justify paying $180/mo for the audio. If I start trading more often or trade bigger lots like Music_Producer then maybe I can justify it, but right now, my monthly expense for it would equate to a decent percentage of my profits... ;)

nhallmark said:
Well, I haven't been wanting to tell you guys this, but a few weeks ago I had a signal on the vanessafx system as well as 5 other systems and the news according to bloombergs site..all telling me to take this trade on gbp/jpy.

So, I had already stepped up my lot size some on news trading but with this trade I got greedy and went all in with $10 a pip on my account of $3k and I lost $600 :eek:

Ive heard over and over again, "dont trade gbp/jpy unless you can afford a 100 pip stop loss" and of course I didnt listen.

So, when it went down 60 pips I got scared and closed...then, of course it turned around and went 300 pips in my direction.

...should have followed the system. Actually that was my second mistake, the first was trading that much money with what little I had.

So, Ive learned my lesson and Im just watching and I refuse to trade that pair at all until I know what Im doing.

The good news is that Ive made it all back except for $50 from news trading over the past two weeks.

Ive taken a few vanessafx trades with $1 a pip, today I made 13 pips on USD/CHF doing that, but the only reason Im going that far is because that pair is a lot safer and I understand it...Ive made about 4-5 trades on that pair over the past 2 weeks and they have all been profitable.

But, yeah, I have stepped up my lot size for news trading only, because I have proven to myself that I can be consistently profitable with that.

Anyway, thats the story...its so cliche. Everyone seems to have that same story more or less.

The important thing is that I learned my lesson and I wont do it again.
Click to expand...

Sorry to hear that nhallmark, but as you say, you've learned your lesson and in the grand scheme of things, a $600 loss is nothing (well, okay on a $3K account it is I guess, but still... :eek: ;)) I've lost thousands before in the markets. Your analysis is right though, in terms of sticking to the plan and knowing what you're getting into, so I don't even need to make any comments since I'd be preaching to the choir. ;) The only thing I'll say is yes, that GBPJPY pair is extremely volatile - I don't even watch it as a result...

As I always say, "nothing is a waste of time/money if you use the experience wisely". Don't worry, you'll make back your money sooner than you think. :cool:
 
Music Producer or anyone else:

I don't know if this has already been discussed but have you tried using straddle to trade the news or is this just too fast to set up a straddle?

Just wondering.
 
OceanView said:
Music Producer or anyone else:

I don't know if this has already been discussed but have you tried using straddle to trade the news or is this just too fast to set up a straddle?

Just wondering.
Click to expand...

Dangerous and not worth it in my opinion. The price can move so fast your order might not even fill, or a blip could fill it as it spikes the other way. If you're trading the news, trade the news, i.e. trade the facts. Starddling is not trading the facts. If you want to straddle, that is fine of course, but you aren't really trading the news in that way, so you might as well just take a position in the currency before the move and pray that you're right after the release. Of course, there's no logic to that, so you might as well just put $100 on red at the roulette table... ;)

My thoughts at least. Everyone has their different styles though, so I am by no means trying to be judgmental or overcritical. :cool:
 
If you are straddling then you might as well give all your money to me.. because that's what the brokers are going to do. Your stops are going to be hit before you know it. Brokers love straddlers.. they make the most money out of them.

There are only 2 ways to trade - technicals and news trading. I prefer news trading, because it works for me. I can't deal with setting stop losses.. and then seeing those stops being hit. I would rather have regular, 5 pips a day.. then 300 pips one day and then a 400 pip loss the next day, and so on.. too much of a rollercoaster. Technical trading gives me heartburn, news trading does not (because i'm used to it now)

Like nathan mentioned.. all the signs were in place for gbp/jpy to go the direction he intended it should.. but it didn't. Nathan, you got lucky that you only lost $600.. and not more. Just one statement from any Bank of japan executive could have pushed it down 300 pips and you wouldn't even have had time to react.

I could setup my own trading system.. buy or sell at any given point and employ a 500 pip stop loss. Eventually, the trade will go your way.. but is that any way to trade? No.. any setup where there are huge stop losses is basically a risky setup. Period. You should be confident enough that your strategy is good and will work, everytime.
 
Bloody whipsaw time.. got out just in time with 4 pips :eek: A lot of selling pressure on the pound today, both reports came out positive though.. and the pound still refuses to rise!
 
nhallmark said:
yeah...I just stayed out. I haven't traded it before but Im glad I didn't get in.
Click to expand...

Yeah, this was one of 'those trades which are best not entered. Funny thing is, usually this report does move the currency quite a bit.. and the numbers were a good deviation.

The aussie employment change report's next (later in the day)
 
Didn't get up to trade this morning. Watched the US data a few minutes ago, but not much of a move there - at least nothing I could capitalize on. AUD employment #s are due out later today so I'll be watching that one. The forecast seems rather high compared to the previous report so I have a gut feeling the numbers might be lower than expected, but I guess we'll see.... ;)
 
I watched the US data also...GBP/USD didn't really move but I had a USD/JPY chart open in the background and it jumped up 20 pips...might be something to keep an eye on for future reference.
 
nhallmark said:
I watched the US data also...GBP/USD didn't really move but I had a USD/JPY chart open in the background and it jumped up 20 pips...might be something to keep an eye on for future reference.
Click to expand...

Actually I think that might be due to the Nikkei nhallmark. Which, yes, is a factor you can take into account as well if you like, but if you're going to do that you should probably also familiarize yourself with all the other indices as well and their resultant impacts to currencies. In the end, it's a lot more to think about so it's your call. I know personally, being a stock market guy first and foremost, I watch the indices and commodities (don't have time for t-bills, bonds, etc. anymore!) and it's quite a lot to keep track of. I do enjoy it though - it's really cool to see the big picture and see why a move in the Asian markets adversely affects the US markets, causing bonds to rise, causing the USD to drop, which then triggers a rise in gold and... well, you get the idea. ;) :cool:
 
no trade on the AUD employment change. The # came out good but the unemployment rate went up so I stayed out.
 
nhallmark said:
I watched the US data also...GBP/USD didn't really move but I had a USD/JPY chart open in the background and it jumped up 20 pips...might be something to keep an eye on for future reference.
Click to expand...

The US data today wasn't really that important to trade with anyway.. and usd/jpy has a mind of its own (all jpy pairs) Like shard said.. has to do with the asian stocks.. and of course, anything related to carry trades or jpy reports (significant ones)

On aud/usd trade I got a re-quote..
 
I won't be getting up for it myself. They are planning on raising the rate 25 bps and that is what the market expects, and I don't see them deviating from that so I doubt there will be a significant move. Of course, never say never!
 
not much of a mover on the CHF.
Squeaked out 3 pips though.
If your sleeping, your not missing much.
 
Yeah, I was just going to watch. ForexFactory says it was delayed though. That's probably why there was no move, OceanView, but thanks for the update. :)
 
I would advise to exercise caution while trading the US PPI report.. another report coming out at the same time is the Empire State business conditions index. At the rate at which global markets are looking at us manufacturing activity to look for any positive signs in the US economy.. this report might actually turn out to be more important than the PPI report.

I'll be personally trading a very small lot on these 2 reports.. chances of conflicts could arise.. with resulting whipsaws.
 
Stayed out.. both reports conflicted.. but like i mentioned earlier.. the empire state business index was more important this time.. and also the fact that it came out way worse than expected!
 
Damn it, I guess I should have checked the forum before trading...lost 8 pips trading PPI..didn't realize the empire state business index until afterwards. :mad:

I'll be aware of this in the future though.
 
I'm tired of god damn re-quotes $$!#$@.. this was an easy 20 pip trade.. TIC report came out fantastic. Bloody hell, looks like cmc doesn't want to keep me as a customer :mad:
 
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