From 12 pips to 1 pip.. re-quotes are killing me.. what a waste of time to stay up to trade and then make close to nothing.
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Anyone here into FOREX?
- Thread starter Music_Producer
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No trade on Consumer Confidence, but I had something weird happen....5 seconds before the report until 5 seconds after, my buy/sell buttons blanked out, meaning they were "non-clickable" and my response time sent to like 2000 milliseconds.
I wasnt doing anything different than what I normally do, so the only thing I can think of is its a glitch in the software or CMC froze my account during the news release because I always trade news.
Hmm...I dont know what to think, but hopefully it doesnt happen again.
Edit: Hey, Music_Producer, I dont know how much capital you have but I was reading about currenex the other day and one guy was saying he trades the news on currenex through ODL, which is white label so the deposit is $25K, but he was saying he trades 40 lots without a problem.
...something to think about, I guess.
I wasnt doing anything different than what I normally do, so the only thing I can think of is its a glitch in the software or CMC froze my account during the news release because I always trade news.
Hmm...I dont know what to think, but hopefully it doesnt happen again.
Edit: Hey, Music_Producer, I dont know how much capital you have but I was reading about currenex the other day and one guy was saying he trades the news on currenex through ODL, which is white label so the deposit is $25K, but he was saying he trades 40 lots without a problem.
...something to think about, I guess.
No trade on Consumer Confidence, but I had something weird happen....5 seconds before the report until 5 seconds after, my buy/sell buttons blanked out, meaning they were "non-clickable" and my response time sent to like 2000 milliseconds.
I wasnt doing anything different than what I normally do, so the only thing I can think of is its a glitch in the software or CMC froze my account during the news release because I always trade news.
Hmm...I dont know what to think, but hopefully it doesnt happen again.
Maybe they just don't want you to trade.. with me, it's as if they want me to open an position and then never close it.. or close it after I go in a loss. I'm moving most of my money out.. it's a little scary what they are doing.
Question
I'm a little confused on when to jump into a trade.
I've never traded but plan to start practicing and will trade only EUR/USD, make it easier on my brain
BASED ON FUNDAMENTAL TRADING...
For example: You're trading EUR/USD and got an announcement from an economic calendar and on the day of the the official announcement via live trading news the interest rate for USD goes up, would you jump in by buying EUR with USD? Then, once you feel you've made enough profit (excluding the fact that you might lose profit) would you sell the EUR to buy back the USD?
If so, what would be the case if it was the opposite, USD interest goes down...Would you stay out and not buy or sell?
Also, when trading EUR/USD do you look out for news pertaining to EURO rates going up or down? Because the way I see it right now if it were both ways you would never lose money??? Please shed some light on this.
I understand most of the basics pretty thoroughly like basic terms, margins, etc. but just a couple things keep confusing me.
I'm a little confused on when to jump into a trade.
I've never traded but plan to start practicing and will trade only EUR/USD, make it easier on my brain
BASED ON FUNDAMENTAL TRADING...
For example: You're trading EUR/USD and got an announcement from an economic calendar and on the day of the the official announcement via live trading news the interest rate for USD goes up, would you jump in by buying EUR with USD? Then, once you feel you've made enough profit (excluding the fact that you might lose profit) would you sell the EUR to buy back the USD?
If so, what would be the case if it was the opposite, USD interest goes down...Would you stay out and not buy or sell?
Also, when trading EUR/USD do you look out for news pertaining to EURO rates going up or down? Because the way I see it right now if it were both ways you would never lose money??? Please shed some light on this.
I understand most of the basics pretty thoroughly like basic terms, margins, etc. but just a couple things keep confusing me.
Sorry to hear about these experiences. It looks as though no one is with a service that does not have its issues, whether it's CMC or Oanda! If anyone finds one, please let the rest of us know!
I'm a little confused on when to jump into a trade.
I've never traded but plan to start practicing and will trade only EUR/USD, make it easier on my brain
Let me try to help...
First of all, no - if the US interest rate goes up, you want to go long on the USD, not short. Higher interest rates may technically be bad news from an economic standpoint, but from a currency valuation standpoint it is positive. In this case you would short EUR/USD and then to close your position and secure a profit (hopefully!) you would then buy the same lot size.
If the US interest rate went down, I would buy EUR/USD.
Of course - if you are trading the EUR/USD pair, then Euro-related news is just as important as US news in terms of what might move the currency. Again, if EUR rates go up, I would buy EUR/USD.
I do not understand what you mean by this, can you please clarify this comment?
Any other questions, just ask!
JAM3, I would simply advise you to read this entire thread.. you have your basics wrong. There are a lot of topics regarding interest rates, how currencies move if there is an *unexpected* interest rate change.. etc.
Don't confine yourself to trading only interest rate decisions.. there are tons of economic reports to trade.. just read this thread. It's hard to explain everything that has already been mentioned.. in a new reply.
Shard pretty much explained what happens when interest rate goes up or down.
Shard.. I don't understand why brokers would do this i.e. freeze trades.. cause customers to go in a loss, etc. I mean, they are making their money on the pip spread anyway.. that's the whole point of the spread. So when I see people state 'Oh, if you make too much money they go in a loss' How does CMC go in a loss if we make money on trades?
Don't confine yourself to trading only interest rate decisions.. there are tons of economic reports to trade.. just read this thread. It's hard to explain everything that has already been mentioned.. in a new reply.
Shard pretty much explained what happens when interest rate goes up or down.
Shard.. I don't understand why brokers would do this i.e. freeze trades.. cause customers to go in a loss, etc. I mean, they are making their money on the pip spread anyway.. that's the whole point of the spread. So when I see people state 'Oh, if you make too much money they go in a loss' How does CMC go in a loss if we make money on trades?
Shard might know more about it, but from what I understand, the reason CMC(or whoever) goes in a loss when we make money is because they are taking the other side of our trades...so if we buy, they sell...we make 20 pips, they lose it.
Supposedly, our trades never touch the real market, unless a lot of the customers have trades one way, then they will place a big order in the actual market to cover all those trades.
I don't know if any of this is true or even why they do it, but thats what Ive heard.
That's why I was saying above that supposedly you dont have these problems with currenex...even though its a white label thing.
Speaking of which, I found a video today that shows what happens during news in the real market(currenex) compared to oanda...
http://www.youtube.com/watch?v=5CSbzera08o
I could be completely wrong on all this...Im just relaying what Ive heard.
Supposedly, our trades never touch the real market, unless a lot of the customers have trades one way, then they will place a big order in the actual market to cover all those trades.
I don't know if any of this is true or even why they do it, but thats what Ive heard.
That's why I was saying above that supposedly you dont have these problems with currenex...even though its a white label thing.
Speaking of which, I found a video today that shows what happens during news in the real market(currenex) compared to oanda...
http://www.youtube.com/watch?v=5CSbzera08o
I could be completely wrong on all this...Im just relaying what Ive heard.
Nathan, that's kinda what I've heard too. If this is true, and it must be.. it seems as though all these brokers (market makers such as oanda, cmc, etc) are all out just to make money out of amateur traders ($400 mini accounts being destroyed in a matter of days, or hours) since most of them don't even know what they're doing.
It's amazing how they are allowed to operate like this.. if a 'one click dealing' is advertised.. it should be one click.. and not multiple clicks to deal with re-quotes.. slippage, freezing, etc. Just plain ridiculous
Brokers offering currenex, well I hope they don't do the same thing, I mean I wouldn't want to put all my money in there and go through the same thing all over again!
It's amazing how they are allowed to operate like this.. if a 'one click dealing' is advertised.. it should be one click.. and not multiple clicks to deal with re-quotes.. slippage, freezing, etc. Just plain ridiculous
Brokers offering currenex, well I hope they don't do the same thing, I mean I wouldn't want to put all my money in there and go through the same thing all over again!
Real smooth trade this time. 15 pips.. gbp gdp *and* current account came out lower than forecast.. so there was no other way for gbp to go but down.
Is your response time in the platform more than 500 ms? Mine was , luckily, 172 ms.. so my trades went through. Yes, I'll be trading the CHF report..hopefully no re-quotes!!
I didn't even try and trade this one.. it took me 6-7 attempts to log into CMC's platform (at 5.15 am) .. when I finally got in, the response time was 2100 ms I let this one go, although it would have been a beautiful trade.. durable goods report came out horrible.. the US economy is looking pretty screwed right now.
Would have been a nice 30+ pip profit had the f$%^@@# platform allowed me to trade
I let this one go, although it would have been a beautiful trade.. durable goods report came out horrible.. the US economy is looking pretty screwed right now. Would have been a nice 30+ pip profit had the f$%^@@# platform allowed me to trade
You're not alone Music_Producer - CMC seemed to be "experiencing technical difficulties' this morning, as I could not log in either. Too bad, because as you say, it would have been a good trade. Oh well, what can ya do... I'd look for other forex brokers just to see how they compare, but here in Canada my options are a little more limited, as I do not want to hand my money over to a US operation for security and tax purposes...
Hmm, I haven't received one yet, if I don't perhaps I'll contact them and try and get compensated for the virtual trade I would have made.
I didn't trade this morning cause the news from OandA was confusing.
The news looked like it was good news for the dollar but obviously it was not cause the Euro spiked.
Now that I look at the Forex Factory results from this mornings Core Durable Goods Orders, I can see why the Eur/USD went up.
I hope the Tradethenews service is much clearer on the news.
The news looked like it was good news for the dollar but obviously it was not cause the Euro spiked.
Now that I look at the Forex Factory results from this mornings Core Durable Goods Orders, I can see why the Eur/USD went up.
I hope the Tradethenews service is much clearer on the news.
What exactly did Oanda's report say to give you that impression? Just curious...
I can't go back that far on the news reports but there was about 6 or 7 news flashes that had durable goods info, it didn't say -0.1 but it had 2.5 or something like that. There were many items with many different numbers.
That is why I was confused.
How did Tradethenews report it today? Was it just one line that had -0.1% ?
Weird... Yeah, TTN is usually pretty simple and accurate. I can't speak to what it said for this specific report though since CMC decided that I wasn't tradingn this morning...
Weird... Yeah, TTN is usually pretty simple and accurate. I can't speak to what it said for this specific report though since CMC decided that I wasn't tradingn this morning...
OK, I am gonna sign up for TTN today and hope that its better than OandA.
Thanks
Keep in mind it isn't free.
Text is $40/month and audio is $180/month. The audio is noticeably faster.- Status