Anyone here into FOREX?

[nhallmark]

I took your advice and overslept I seem to have a habit of doing that on fridays lol

That's crazy about ODL....and you know theyre lying because the only time the price gets changed without people buying or selling is the initial spike on NFP(which is an artificial spike put in by the banks)...or thats what Ive heard, at least.

It seems to me that even if you traded technicals...say you bought at 1.9650 and hold for a few days, then sell at 1.9800 making 150 pips that youre style of trading isnt "fair" because when you bought at 1.9650, the bank didnt have time to move it to 1.9800..it took them a few days

So, yeah, its bullsh*t. There is something I was reading last night about aaronfx and they were actually saying on their website that they dont play those games and how different they are...I cant seem to find the page now.

Maybe I was dreaming

Anyway, Im going to get on the phone with them either today or monday and talk to them openly about news trading on their retail platform and their currenex platform( its $25K also).

Edit: just got off the phone with aarontrade and they said their policy is 50/50...meaning if youre taking other types of trades aside from news you'll be fine but if news trading is all youre doing, you'll run into problems.

I applied for a demo of their retail platform last night so we'll see how they turn out I guess. Ive been done with the vanessafx thing for quite awhlie though, so Im not sure what I would do for "other types of trading"

 

[OceanView]

Core PPI stayed the same, but i jumped in on the trade balance report (although the deviation was small, and also.. the regular ppi was up by a bit) Made 7 pips on currenex.

Anyone traded CAD?

Nope,
Sleep this one out.

Which brokers do the people on Forex Factory use? They seem to be trading with some software that allows custom programming.

Hope that you can find a good broker MP.

 

[astro1]

Morning everyone.

I've been reading this thread for the past few days (all 57 pages of it) I want to thank everyone for starting this and the wealth of info here. I'm new to Forex so trying to edumacate myself and this sure helps. Going to start a game account in the next few days to put your tips to good use.
Anyways, thanks again for this great thread.

Richard
(A Canadian eh)

 

[~Shard~]

I'm glad you have found the thread of value Richard - and always nice to see a fellow Canadian on board!

If you have any questions at all, just post them. Happy trading and welcome to the world of forex!

 

[astro1]

well so far I am reading and reading and reading...............and reading some more. So far I think 1/4 of 1% has stuck That should improve (I hope) . Question I have lots of but will wait to see if I can figure some out myself before I make an ass out of myself here.
I took the kindergarden quiz over at babypips and scored 60% !!!!!!!!!!!! back to the drawing board, LMAO

 

[Music_Producer]

Edit: just got off the phone with aarontrade and they said their policy is 50/50...meaning if youre taking other types of trades aside from news you'll be fine but if news trading is all youre doing, you'll run into problems.

Just got another email from the customer rep at ODL.. btw, I don't even know if he can speak/type English well.. check out his reasoning:

"If you buy at a bank rate that the whole world can buy at then the risk
is mkt up or down , it's a 50-50 risk m, if you buiy at a rate that is
not their then well do the maths
Its like buying a brand new jaguar for 5 000 when the mkt is 45000
It doesn't happen

I assume you will be know through 40-50 brokers within your time and
make a couple of pound at each one but never come back we are simply
avoiding this from the beginning "

A brand new jaguar for 5000 when the mkt is 45000

And just like you said.. if you made pips via technical trading.. there's no difference in that and trading the news. But like this idiot rep stated.. there's a risk when you're doing technical trading.. you could go in a loss.

The one thing I don't get is.. how do these slimy bastar@ds make money if we go in a loss? It's a market. They get their commission, they make money on the spread. The currency we are trading.. isn't that free flowing? If I made 18 pips profit on something.. someone somewhere else lost 18 pips by entering a wrong trade.. so in the end it all evens out.

 

[nhallmark]

yep..its bullsh*t. the whole basis of trading is exploiting a change in market prices for a profit...but if the prices change to fast in your favor, your not allowed to do it because it isnt fair

Check this out...

http://www.forexfactory.com/showthread.php?t=24672

I will be staying far, far away from ODL.

You had mentioned earlier that you were trying PFG currenex...have you asked them about news trading?

On monday, Im going to get on the phone with all these different brokers and ask them straight up what their policy is on news trading...we'll see how it goes.

 

[Music_Producer]

Wow.. that's nuts about ODL giving such slippage. Yeah, judging from the response of that nut, I won't be signing up with ODL for sure.

I haven't asked PFG yet about the news bit, but I will on monday.. let's see if they give the same bull. I think we need to start our own brokerage firm.. I wonder if that would work.

 

[~Shard~]

Yeah, all of these experiences are pretty discouraging, yet unfortunately the way it is in the finance industry. A friend of mine is a day trader and all their firm does is essentially stop hunt and place ghost orders to lure people into taking a position. It's greed, it's corrupt, it's the wonderful world of the markets!

I think we've discussed setting up our own firm a few times Music_Producer - myself on the stocks and commodities side, you on the forex side - our own little hedge fund. But I know nothing about subscribing to direct-to-market access, what the fees are, what needs to be done with regards to registration with the SEC i this respect, etc. etc. There would be no point in starting our own firm if we still needed to rely on some of these back-end providers for our trading platform!

It is all very frustrating, but what can you do? We're still making money (just not as much as we potentially could be...) so I guess we can't complain too much. They say only 5-8% of traders are actually successful consistently and over time, so I guess we can consider ourselves among the elite.

 

[nhallmark]

I think the ideal thing would be to start our own bank because then no one can tell us what to do

That aarontrade platform is a joke. It's browser based, but it only runs on windows and get this, it only runs on IE...it wouldnt even let me log in on firefox.

That's not a big deal, but what got me is that the platform is sooo 90's and it takes 2-3 seconds(Im serious) to execute an order.

I've emailed them about their currenex so we'll see how that goes.

After reading around, Im hearing that futures might be an option because the brokers legally can't pull all the crap they do with spot forex.

Of course, there are a lot of rules with futures that make it difficult, but it might be a possibility.

 

[OceanView]

I think the ideal thing would be to start our own bank because then no one can tell us what to do

That aarontrade platform is a joke. It's browser based, but it only runs on windows and get this, it only runs on IE...it wouldnt even let me log in on firefox.

That's not a big deal, but what got me is that the platform is sooo 90's and it takes 2-3 seconds(Im serious) to execute an order.

I've emailed them about their currenex so we'll see how that goes.

After reading around, Im hearing that futures might be an option because the brokers legally can't pull all the crap they do with spot forex.

Of course, there are a lot of rules with futures that make it difficult, but it might be a possibility.

How would you place an order before the news if you dont know what the news announcement is?

Hope we can find a good solution.

 

[nhallmark]

How would you place an order before the news if you dont know what the news announcement is?

Hope we can find a good solution.

err...Im not sure what you mean. I was saying, with aarontrade, it takes 2-3 seconds for the order to go through, so you get the news, click, and then its too late by the time the order actually goes through...which is unacceptable for news trading.

Please elaborate if you meant something else.

 

[Music_Producer]

Nathan, i think ocean meant that question in regards to futures.. but i don't know.. i could be wrong. Lol about aaron platform being so 90s I checked with them about currenex.. minimum is 75 k and 500 k units for every trade.

Shard, I guess even if we do start up our own little fund.. we would need massive capital to be connected directly to something like the CME marketplace, instead of relying on a third party that could potentially screw us over.

On a slightly positive note though, my Aussie carry trade is up 339 pips Will it shoot beyond 100? It should, .. remember I told you that carry trades will always go on as long as there is a nice interest differential. Look for any 'doomsday' reports where ***/JPY pairs get shorted to hell (400-800 pips) and then buy and get back in the ride.

 

[OceanView]

err...Im not sure what you mean. I was saying, with aarontrade, it takes 2-3 seconds for the order to go through, so you get the news, click, and then its too late by the time the order actually goes through...which is unacceptable for news trading.

Please elaborate if you meant something else.

Nathan, I was talking about futures market.
You mentioned it in your previous post.

 

[nhallmark]

Im still confused

I think my post is being interpreted differently than I intended since MP said you were talking about futures also.

What did I say that implied I would take a position before news?

Just trying to understand

 

[OceanView]

After reading around, Im hearing that futures might be an option because the brokers legally can't pull all the crap they do with spot forex.

Of course, there are a lot of rules with futures that make it difficult, but it might be a possibility.

Nathan, this is your quote that you mentioned about futures.
Can you elaborate on it?

 

[OceanView]

Im still confused

I think my post is being interpreted differently than I intended since MP said you were talking about futures also.

What did I say that implied I would take a position before news?

Just trying to understand

You did not imply that you would take position.
I may have put that in there thinking thats how you would buy/sell in the futures market. I must be confused.

 

[nhallmark]

Well, I don't really know much about futures which is why I am still deciding.

I've heard people say that they can trade the news spike without a problem on CME because, in futures, your broker really isnt trading against you so they don't care if you win or lose.

As far as the process goes, you trade the future of the currency rather than trading it against another currency.

For example, the EU raises interest rates, so you would buy 6E(the 6 month contract on the euro) instead of EUR/USD.

I don't have any more info on futures...this is just what I have learned from reading around. I might get a demo from a futures broker next week and start figuring it all out.

Oh yeah, one more thing about ODL...

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0330396&case=07BCC00006&contrib=NFA

 

[Music_Producer]

ODL just keeps getting better and better Thanks for the info nathan, really appreciate it.

I checked out a list of brokers on the CME website, and signed up for a demo with Terra Nova trading and ApexFutures.com. Let's see how that works out.

Don't forget the UK and US reports tomorrow morning

 

[nhallmark]

I got 5 pips on UK PPI...however, I went to sell and close my position and it cleared my margin but my balance was still going up/down...WTF? Then finally the sell order shows up as executed.

I can't believe theyre pulling this sh*t. Hopefully it wont happen again.

 

[Music_Producer]

I made 3 on this one.. but something weird happen (or maybe it's me) As soon as I hit 'buy'.. the price merely fluctuated from 1.9885 to 1.9887, back and forth.. and then it actually *went down* to 1.9884. Then it went a little bit up to 1.9889, and I sold.

Immediately after that, price jumped to 1.9898. The odd thing is, I had Oanda charts open as well.. and the price on oanda did not move around like that. Fishy, that the ppi came out so good, and the price didn't even move on the cmc platform, or.. it went down after i hit buy. Hmmm....

 

[nhallmark]

Same thing happened to me...I waited for longer than I normally would to close because I was waiting for it to go up to b/e at least. f*ckers.

 

[Music_Producer]

Same thing happened to me...I waited for longer than I normally would to close because I was waiting for it to go up to b/e at least. f*ckers.

I don't know what to think.. that would be downright illegal. Maybe we're just imagining it.. or maybe the price did move that slow.. heck, I'll video tape my trades from now on.. see if something strange pops up. Atleast, I'll have some evidence in the event that they screw around with me.

 

[~Shard~]

Meh... made 3 pips on the US news - not much movement on the news. Luckily CMC didn't jerk me around as it apparently has been for you guys. That being said, perhaps I simply am not acting as quickly as you guys, as my trades seem to last a few seconds as opposed to the split seconds on of some of your trades Music_Producer. Nonetheless, thanks for the PM and I think it's wise to explore all of our options...

 

[Music_Producer]

Meh... made 3 pips on the US news - not much movement on the news. Luckily CMC didn't jerk me around as it apparently has been for you guys. That being said, perhaps I simply am not acting as quickly as you guys, as my trades seem to last a few seconds as opposed to the split seconds on of some of your trades Music_Producer. Nonetheless, thanks for the PM and I think it's wise to explore all of our options...

I made about 4.. cmc didn't mess with me either. They let the little 3-5 pips go by. but when you make 20-30 pips.. they freeze everything Perhaps you don't have problems because you are not just trading the news.. you are also trading commodities and stocks. They might be just cracking down on only news traders.