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Anyone here into FOREX?

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Oh yeah, I made 18 pips this morning on GBPUSD, after the ADP report actually. I had a feeling there would be a slight correction, so I bought at 9735 and put a TP in at 9753 which appeared to be a level of some resistance. The pair blew through it, but whatever, I got my pips, I'm happy. :cool:

So Music_Prodcuer, what are your thoughts on the NFP report Friday, being that the US markets are closed and all - do you believe that will that affect things any differently?
 
nhallmark said:
Hey, Music_Producer, don't go to sleep yet....Apple just released the 8 core Mac Pro!!!:D :D

Damn, I just need a few more interest rate decisions and I'll have enough..lol :p
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Lol.. sweet.. get to work nathan! I can't wait for my mac pro :p :D

Yes, I did fall asleep! I went to gym last night and was so exhausted that I couldn't stay up to trade.. besides the aussie trade made me feel quite satisfied, so I went to bed and slept for a good 12 hours. :)

I've traded a million units with CMC before nathan.. and i didn't get a re-quote. My response time was below 200 ms though. What I've found is that during very significant UK or US reports, the response time goes up. It's obviously CMC doing this.. because the Currenex platform shows '4 bars' which means excellent connectivity. So yes, CMC is obviously trying to cut down on news traders.

Oceanview, shard is right.. you may have sailed through this one.. but sometimes the currency can go the opposite way by 50-60 pips. In that case, instead of your 2 pip profit, you would be down by quite a number of pips. So, be careful.. it's ok to lose a few pips if trades don't go your way.

I think the GBP interest rate statement is more important.. I'll be looking out for that one. If they don't do anything, no big deal.. I'll miss out on the canadian trade. Ugh, why can't they come out half an hour apart?!!

Shard, I think the non farm will be important regardless of whether it's a holiday or not. I'm wondering though, is CMC open on friday morning?
 
~Shard~ said:
Great job, but just a word of constructive criticism for you. If a trade ever goes bad, or you end up "missing the boat", you have to be able to realize it might be in your best interests just to take a loss as opposed to "riding things out". Many people have a psychological barrier whereby they feel they must always at least break even, but the markets don't know that and they don't care. :cool: If you ever guess wrong, get in late, etc. be mindful and open to the idea that you may need to take a loss to prevent a larger loss down the road. If you are trading the news, then trade the news - get in, get out - don't trade the movement afterwards, hoping it will go in one direction or another because then you are not trading the news, you're trading on speculation and might as well put your money on RED at the roulette table simply because BLACK has hit the past 4 spins. :p ;) have a plan and stick to it. Forex trading takes a lot of discipline. :cool:

Not trying to be hard on you, just offering some advice to be of help to you.

:
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No Problem Shard.
Actually thanks for saying that. Now that I read your comments, it made me realize that the strategy should be followed to a T and there should be no deviation which can get me into trouble. :rolleyes:

It's a lot harder for me to make the pips right now because I am using and OandA account. I didn't like the CMC interface and with all the talk of re-quotes from MP, I was just using OandA hoping for another platform solution. Gonna try CMC again and hope that it works for me.
One of the things that I like to see is the movement in the graph. Although I know its too fast to actually do something with it. I will try using the OandA for the visual graph while trading with CMC. :D

Shard, I think I might just print out your comment and post it in front of my computer to remind me. :D

Again, thanks
 
Hey, Music_Producer, TTN was saying this morning that the Shadow MPC voted 8-1 for a rate hike tomorrow...so if we don't see one, do you think it could turn out like Australia yesterday...meaning it would be safe to short on a no hike?

I guess we'll see. If TTN starts going on and on about the mixed opinions like they did for australia, then I would think it would be safe to sell on a no hike.

Oh..one other thing...you had posted earlier that you were going to pull up the currenex charts to see about the intervals in lot sizes or something like that...I was under the impression that currenex didn't have charts. Is that right, or do they?
 
This could have been another excellent trade (gbp industrial production).. but when I hit 'sell' CMC magically disconnected me. It was a good thing those f@ckers didn't execute my trade and just gave me a re-quote when I was able to 'log back in'

Utter and absolute bastards. Giving me a re-quote is one thing, but completely disconnecting me (while everything else connected to the internet was working just fine) .. give me a break.

Nathan, i think it would be safe to short the gbp/usd if there is no hike. but still, be careful. There might be a spike in a few seconds.. who knows. The one thing for sure though, is, obviously if they hike it.. it's going to shoot up.
 
damn, man...that sucks. Im sure they're going to start pulling that sh*t with me soon.

Luckily, I didn't have any problems. I made 15 pips on it.

Have you traded a report with currenex successfully yet? or is TTN really that slow..lol?
 
14 pips on UK interest rate decision.. rates stayed the same, so I shorted GBP/USD. I was at 27 pips at one point.. but it took me something like 7-8 clicks to close my position! :mad: :mad: Oh well, at least I got 14 pips instead of 0.

Holy crap.. I just saw the Canadian numbers.. that would have been a blockbuster trade.. damn it, I wish these reports came out separately.

Edit : - I just saw the USD/CAD charts.. that was a 50 pip move!!!
 
yeah, I was trying to trade both but I opted for the CAD report so I got in late because I was paying attention to the UK...I still made 35 pips on CAD though :D
 
nhallmark said:
yeah, I was trying to trade both but I opted for the CAD report so I got in late because I was paying attention to the UK...I still made 35 pips on CAD though :D
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Nice! Get those superpowers working so you can trade 2 reports at the same time in the future :p

for tomorrow's NFP, I'm simply going to watch (on the currenex platform) and see if it moves before TTN comes out with anything.
 
You guys are doing good.
I must have been too tired cause I didn't wake up till 7 AM (PST) and missed my trades.

MP, Its aweful that your having problems with CMC but Nathan is not.
Wonder if it was your connection or they singled you out cause your making too much money. :eek:

Hopefully it wont happen again.
By the way, why didn't you use your Currenex account?
 
Great work guys! Sorry for checking in late but after trading this morning it was off to work right away! This has been my first break all day...

Anywho, traded the GBPUSD although I wish I would have traded the USDCAD - what a move! I made 20 pips on the interest rate announcement so I was pretty happy with that.

CMC has been fine for me lately, so that's really too bad Music_Producer. :( I've had the odd requote, but nothing along the lines of the troubles you've been having. Are you going to go solely with Currenex? How are you going to handle the news reporting situation? As nathan asked, is TTN really that slow compared to Currenex? And what are the differences between the $25K account and the $50K account? (What exactly does "white label" mean?)

NFP report tomorrow - I'll be ready to trade again! :cool:
 
OceanView said:
MP, Its aweful that your having problems with CMC but Nathan is not.
Wonder if it was your connection or they singled you out cause your making too much money. :eek:

Hopefully it wont happen again.
By the way, why didn't you use your Currenex account?
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Nathan does have problems too.. check the previous posts.. it seems that as soon as customers start making some money, brokers come up with various ways to stop them from doing so.


The currenex account i have is only a demo account. I didn't want to miss out a GBP rate hike (if there was one) on my real account.

Shard, TTN is slow compared to Currenex.. I've applied for a Reuters news demo, let's see how that goes.. nobody has got back to me from Reuters though, so they have deplorable customer service for sure.

I've heard that account minimums for Currenex range from 50k-75k. Nathan mentioned that ODL accepts 25 k minimum for currenex.. no difference, it's just that different brokers have different minimum requirements.

White label is basically a customized solution.. but using the Currenex interface. For e.g. I open a brokerage firm, and I want to offer the Currenex platform to my customers. So I sign up with Currenex as a white label.. my customers will have access to Currenex.. but the name on top will be that of my brokerage firm's. It's just a label thing.. kinda like Samsung makes a TV but Sony puts it's name on it. Of course, currenex gets a little commission for using their platform.
 
34 pips! Now that's how you trade NFP! :D Perfect trade for me (I haven't had one in a while) - no CMC lag, no requote, just a perfect in and out within 2 seconds. What a great feeling. :)

Well, back to bed for me - it's a holiday after all. Hope you all fared just as well. :cool:
 
~Shard~ said:
34 pips! Now that's how you trade NFP! :D Perfect trade for me (I haven't had one in a while) - no CMC lag, no requote, just a perfect in and out within 2 seconds. What a great feeling. :)

Well, back to bed for me - it's a holiday after all. Hope you all fared just as well. :cool:
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Nice Shard!
That's gotta feel great!

Didn't do so well myself as I was fumbling on the controls of MarketMaker.:mad:
By the way, TradeTheNews service disconnected a few times after the announcements. Has anyone else had that problem today?

EDIT: TTN problem was associated with my wireless router. It disconneced me a few time. Going to change to wired LAN this weekend.
 
~Shard~ said:
34 pips! Now that's how you trade NFP! :D Perfect trade for me (I haven't had one in a while) - no CMC lag, no requote, just a perfect in and out within 2 seconds. What a great feeling. :)

Well, back to bed for me - it's a holiday after all. Hope you all fared just as well. :cool:
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Nice one Shard! I managed to get 22 pips on the Currenex Demo.. it's much faster than TTN.. lol.. so i got in late.. but execution was beautiful. If the US markets were open today, gbp/usd would have dropped 100 pips for sure, because both reports came out usd positive (NFP and Unemployment rate)

Another reason why cmc didn't mess around is because it's a holiday.. so market volume is relatively low. If this were a regular work day, oh boy.. you would have seen quite a few 'incidents' :D
 
OceanView said:
Nice Shard!
That's gotta feel great!
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Thanks, it most certainly does! :)

OceanView said:
Didn't do so well myself as I was fumbling on the controls of MarketMaker.:mad:
By the way, TradeTheNews service disconnected a few times after the announcements. Has anyone else had that problem today?
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That's odd for TTN, when I had my 3 week trial for it it was rock solid. As for MarketMaker, yeah, as with anything, it takes time to get used to it. Just keep it up and you'll be a pro at it in no time. ;) :)

Music_Producer said:
Nice one Shard! I managed to get 22 pips on the Currenex Demo.. it's much faster than TTN.. lol.. so i got in late.. but execution was beautiful. If the US markets were open today, gbp/usd would have dropped 100 pips for sure, because both reports came out usd positive (NFP and Unemployment rate)
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Yeah, I know - but we'll be happy with the pips we did get. :D

Now, you mention that the Currenex demo is faster than TTN - you're not talking about a Currenex news service being faster than the TTN news service, correct? I assume what you mean is that the platform itself reacts quicker than TTN can report it, causing you to effectively get in late correct?

Music_Producer said:
Another reason why cmc didn't mess around is because it's a holiday.. so market volume is relatively low. If this were a regular work day, oh boy.. you would have seen quite a few 'incidents' :D
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Heh heh, perhaps... ;)

But if you'll excuse me, I really have to get back to bed now... ;)
 
Yes, I meant that the price levels on Currenex move before TTN comes out with anything, although this time the gap was hardly a second. I also noticed that the spread on gbp/usd increased to 8 pips.. this is obviously not carried out by Currenex.. but by the broker.

There are different 'tiers' apparently.. and it depends on how much of a deposit you have.. institutional clients like banks have a 1/2 pip spread (sometimes even zero) Everything's too fast when it comes to currenex.. the only way to trade with that platform is to subscribe to reuters or bloomberg.

Go to bed already Shard :p Time for me to go to bed as well, enjoy the weekend everyone!
 
new to forex

Hello I am new to forex - I have a long term plan to eventually trade. If possible can someone answer my questions:

Which site publishes the outcome of economic news the fastest?

As a mac user which platform is best to open a demo account with?

Thank you
 
I overslept :p ,,,so obviously I didnt trade, but good job, guys!

Music_Producer, Ive heard that the reason spreads go crazy on currenex is because you're actually buying/selling in the real market so if someone decides they'll let you buy it at 1.9750 and someone else is willing to sell it at 1.9748 then the spread is 2 pips(Im sure you already know that..just sayin)

...and supposedly, the bids/offers go crazy at news time and Ive even heard someone say that the spread will be inverted for a split second during news sometimes.

And so the broker isnt making the spread...they charge you a commision like a stock broker, supposedly.

I could be wrong on all this and you probably know more since you're actually using it and Im just relying on rumors :p ...but Im just saying what Ive heard.

Anyway, have a great weekend guys :D
 
Hey guys, not much going on these days I see.
Looking into tomorrows announcements, how important is the CAD Housing Starts? Does the USD/CAD move much during this announcement?

How about the GBP House Price Balance announcement?
 
Oh Really?!
You know something that other people don't know? :rolleyes:

Gonna have to set the alarm early for this one. zzzzzzzzzzzzz

Happy trading Shard.
 
Not much movement.
Should of stayed in bed.

Should be more exciting later today.

Happy trading everyone :)
 
Yep, no trade this morning, but I would have been awake regardless so it wasn't a big deal to watch - not like I had to get up early or anything. ;)

No more trading for me today - I have to head off to work son and then I have a rehearsal this evening for our upcoming symphony performance. Ah well, more trades to be had tomorrow... :cool:
 
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