Sidebar Sidebar
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.

Anyone here into FOREX?

Status
Not open for further replies.
StuNew78 said:
MP, I was thinking more of the video as an example of how MB Trading is currently operating. Seems alot of news traders are moving over to them, and with your CMC problems thought it might be an option? I've just opened up an account but won't know for several weeks how it performs for me.
Click to expand...

Ahh.. sorry :eek: I do have a mb trading account, with very little money in it though. I'll give it a try soon enough.. there was a lot of slippage when I first tried it (like 20-40 pips) So I just gave up on it, and completely forgot about it.

A few weeks ago I tried it out and it had significantly improved, most of my trades were executed instantly, and no slippage. Of course, I was trading with very small lots, just to make sure I lost a little bit in the event of slippage.. but it seemed great.

I'm just waiting for my currenex account to be active. I already have the account #, have wired the funds.. but am waiting for confirmation, etc. Should be up and running, hopefully by tomorrow.
 
Weird morning - things I thought should happen didn't. ;) But, since there was no movement I didn't take any trades, so no harm no foul. The Canadian data came out way worse than expected, yet the USDCAD didn't move much - perhaps due to the US data? :confused: Then EURUSD tanked for some reason <shrug> - I can only assume it perhaps had something to do with Trichet's speech?

No worries - hopefully the kiwi report this afternoon will provide some trading opportunity.
 
~Shard~ said:
Weird morning - things I thought should happen didn't. ;) But, since there was no movement I didn't take any trades, so no harm no foul. The Canadian data came out way worse than expected, yet the USDCAD didn't move much - perhaps due to the US data? :confused: Then EURUSD tanked for some reason <shrug> - I can only assume it perhaps had something to do with Trichet's speech?

No worries - hopefully the kiwi report this afternoon will provide some trading opportunity.
Click to expand...

Shard, Looks as if the AUD/NZD is a strong buy a the moment. I just watched the head forex analyst on CNBCplus from UBS say it should hit up to 1.14/1.15 I'm trying to get my confidence back after my last TA trade :) What would your take on this be?

www.ubs.com/1/e/ubs_ch/wealth_mgmt_ch/research/research_update.html#ForexNews_D
 
StuNew78 said:
Shard, Looks as if the AUD/NZD is a strong buy a the moment. I just watched the head forex analyst on CNBCplus from UBS say it should hit up to 1.14/1.15 I'm trying to get my confidence back after my last TA trade :) What would your take on this be?

www.ubs.com/1/e/ubs_ch/wealth_mgmt_ch/research/research_update.html#ForexNews_D
Click to expand...

My general rule of thumb is that if I read about something in the news, it's too late to trade. ;) Currency strategies only hit the "common folk" after all the insiders have established their positions and then disseminate this information throughout the media to generate hype. The speculators will then jump all over the news, the insiders will get out with their profits and leave everyone else high and dry. This is why trading on speculation is one of my cardinal no-nos of trading - I never do it. :cool:

So, in this specific case, if they are saying AUDNZD is a strong buy right now, I'd take that with a grain of salt. Also, this has no bearing whatsoever on the techical aspect of the pair, so regardless of the news, I would only enter a technical trade on the pair if several of my indicators lined up and were consistent. In other words, if my strategy is to enter a technical trade on a pair, then news such as this is irrelevant, as I am trading the techicals not the news/hype.

I do not watch the AUDNZD pair at all, so I can't comment on its current levels. Watching too many pairs makes me lose focus. I prefer to watch 6-7 pairs max and dedicate my attention to just them so I can be in better touch and have a better feel and understanding of how the pairs behave and such. Normally I watch EURUSD, GBPUSD, USDCAD, AUDJPY, USDCHF and USDJPY. I follow AUDUSD and NZDUSD from time to time but not on a regaular basis.

I will be watching the NZD report this afternoon though. It's a really interesting situation - fundamentally, NZ has no need to increase rates, yet the expectation is that they will and furthermore this has already been priced into the currency. Also, there is the artificial inflation to consider, what with the kiwi being a carry currency. If the BoNZ does indeed hike rates, I don't see the pair going up (these levels are currently technically unsustainable) yet there that's damn carry influence again. ;) The hike appears to be priced in tough, so if they chose to leave rates the same, look out below! :D ;)

Not sure if I've been much help, but these are just some of my thoughts on the matter... If you have any other questions just ask. :cool:
 
Crap! This one moved before I could react.. could have been an easy 40 pips *sob!* How did you guys do? Hey Shard, if you had still held on to your nzd short you would have been screwed :p
 
Yeah, I saw it spike before I got the news so I stayed out. I got 12 pips on AUD GDP yesterday though...guess we tied, Shard :p

MP, Have you got in on one trade since you traded $2 mil on that AUD trade a few weeks ago?

I haven't tried trading more than 1 mil yet and I dont think I will for fear of being upgraded to the unlimited requote package :p

Let us know how currenex goes. What broker did you decide on?
 
nhallmark said:
MP, Have you got in on one trade since you traded $2 mil on that AUD trade a few weeks ago?

I haven't tried trading more than 1 mil yet and I dont think I will for fear of being upgraded to the unlimited requote package :p

Let us know how currenex goes. What broker did you decide on?
Click to expand...

LOL.. unlimited requote package.. yeah that's what I currently have. You want one? :p

Nope, I haven't been able to trade anything at all with cmc.. last time they didn't even let me log in (they blamed server issues.. sure, the server doesn't like me apparently)

My currenex account is up and running :D I'm gonna try it on the aussie trade today.. will let you know how it goes. Where have you been?! I thought your internet died or something.
 
Damn, Im jealous ;) I was happy about my 16 pips trading $1 mil until I read that :p

I haven't been posting lately because Ive been out enjoying california and sleeping through trades...I slept right through UK PMI and ISM the other day and then the EUR rate decision today :rolleyes:

What's the minimum deposit for the broker you went with?
 
nhallmark said:
What's the minimum deposit for the broker you went with?
Click to expand...

Oops, I forgot to answer that one - I went with Capital Forex - their minimum requirement is 50 k to open a currenex acct..and you have to submit paperwork that shows assets, experience, etc.. that's why it took a long time to open.

However, I opened with a 100 k account as they charge slightly lower commissions with that. The larger the deposit amount, the lower the commissions go.
 
StuNew78 said:
Oh my god. :D Inspiring MP... inspiring.

It might be time for a bloomberg feed MP hahaha
Click to expand...

Hopefully all my trades go in that manner.. and it's not just one blockbuster one :p I contacted bloomberg a long time ago, but they never got back to me. Sent them emails, left messages.. but nothing. Maybe there's some sort of selection criteria and I obviously don't match that (because I'm not a bank or a hedge fund)

No luck with Reuters either. So I'm dealing with TTN for now.. so far so good.. but the currenex platform seems to react faster.. so i have to be really, really quick.
 
12 pips on the UK interest rate report.. they kept the rates the same, so the pound dipped. Went about 20-24 pips more further down.. interestingly the pound dropped from 1.9940 or so.. down to 1.9880 during the london session.. maybe they expected rates to remain the same?
 
Music_Producer said:
Crap! This one moved before I could react.. could have been an easy 40 pips *sob!* How did you guys do? Hey Shard, if you had still held on to your nzd short you would have been screwed
Click to expand...

Yeah, it moved too quickly on me as well. I honestly didn't think it would shoot up so much, so I technically could have got in near the bottom of the spike, but was then concerned that I had missed the opportunity and that it might only be a small spike upwards. So, I missed this one, but there will always be another... ;)

And yes, the whole NZDUSD thing further illustrates my point of having a strategy and sticking to it. I shorted it, a ket resistance line was crossed, I knew the trade was broken, so I got out for a slight loss. If I would have been stubborn or tried to at least break even, I would have lost my shirt. :cool:

Music_Producer said:
22 pips on a 5 million lot :eek: :D Currenex rules!!! Rocks! :D Everything!
Click to expand...

Holy crap! So Currenex works pretty slick does it? No requotes, slippage, spread increases during news, or server lag? Not yet at least? ;) If so, I might have to try them as well... I have often thought of moving up to $1M lots on CMC since my confidence and trading skills are improviong, however I don't know if I feel comfortable trading such large lots with them due to the hitgh possibility of getting requotes, etc.

So remind me again (I know it's mentioned earlier in the thread, I'm just too lazy to find it right now... :eek: ;)) - what is the minimum deposit you must make? And a $1M lot is the smallest you can trade, correct? Lastly, what margin do you have? 100:1, 200:1?

Great job again Music_Producer - I wish you continued success and am hoping that this wasn't a one-time thing (i.e. that you'll soon be upgraded to the unlimited re-quote package ;))
 
Hey guys :) I set my alarm for 5:30 thinking the UK rate decision was at 6 ...which it was in texas time. So, I missed the trade by 2 hours :eek:

Oh well, I probably wouldnt have traded anyway. Do any of you have experience with dukascopy? Im looking at them but with the 50k minimum I might as well go with currenex.
 
20 pips on USD/CAD trade :D

Shard, currenex is great (so far) No slippage, no re-quote cr*p. I've seen spreads widen .. but usually not more than 2-3 pips. I'm sure they get wider during interest rate announcements.. but I haven't traded those on that platform yet so I don't know.

The minimum deposit is $50,000 and minimum trade is 1 million units. I think you also have to meet a minimum requirement of 20-30 million units/month or something of that sort. My current margin is 100:1 but that can change depending on what documents you sign, and submit some kind of collateral (additional deposit) etc. It's all negotiable.

Nathan, I've heard that dukascopy has lower spreads than currenex. Maybe i'll sign up for a demo and check it out. So far currenex seems good, hey maybe 2-3 more profitable trades and they'll kick me out :p

Oh, btw my wife just traded on cmc (I yelled 'BUY!' lol) and she got a re-quote. I loved that she instantly blurted out 'that's cheating' :D
 
12 pips on a 4 million lot, currenex was a little faster than me but what the heck.. still made good profit :D :D :D Excellent week, great platform.. how did you guys do?
 
Hahahaha! :D

CMC just re-quoted themselves out of money! I shorted the USDCAD based on the news just now but got in a little late. Sold at 1.0651, bought at 1.0647 - only 4 pips, but with a $200K lot I was fine with that.

So, I'm thinking my trade is done. 4 pips, not bad, acted late, my own fault (since I was watching GBPUSD as well). Well, then I notice my balance was still moving. :confused: Then a requote pops up. Turns out my initial sell order didn't get executed but my buy order did! :eek: Well, after a second of panic to figure out what the heck the situation was, I realized I technically bought at 1.0647, which was the bottom of the news spike, and I watched with a sigh of relief as the price recovered back to 1.0656. So, thanks to CMC being re-quote happy, I more than doubled my earnings and made 9 pips instead of 4. :D When I finally figured out what happened a bastardly smirk appeared on my face. ;)

So there you have it everyone, that's how you fade the spike on a news trade. Lesson learned. Please do not try this at home. :p :cool:
 
Lol Shard! Good going.. teaches them a lesson.. suckers. But you see how scary that can get? Now imagine if you were trading a 2 million lot.. and those a$$holes didn't let your trade go through when you clicked it.. but let it go a few seconds later. Hell, that infuriates me.. I have had that happen a few times. Especially with the barrage of re-quotes.. and when you're clicking buy/sell those idiots trigger an order that you didn't want executed!

Currenex is vastly different.. you press one key, it executes.. no games. No sweating around and trying to see if your balance is intact or still moving around. I hope to get my hands on that currenex keyboard, that's one toy I'm dying to have after I can get a bloody macbook pro in stock at an apple store!!
 
I don't think we need much more than this thread in terms of trading discussion. There are only 4 or 5 regulars here so I think this thread is adequate. :)

Plus, this is MacRumors, it's not exactly meant to be heavily focused on other interests. ;) I think having this thread in the Community Discussion section is just fine. If we all wanted to get more in depth we'd join an actual forex forum methinks... ;) :cool:
 
News trades

Hi,

I traded the news with CMC, and I was relatively successful (over 8 months), but all of a sudden, my order just hangs for 30secs. So I guess, it is time to move on. I asked the helpdesk why this was, and they said I would have to speak to the dealers, and hung up on me. Is manual/slow execution reversable, or is it permanent with CMC?

I was curious to hear Music Producers comments on Currenex (a move I have contemplated for a while). Can you tell me do you use limit orders for the news, or market orders?

Regards,

Britguy
 
Hey Britguy, CMC will obviously employ every tactic in the book to shut you down (manual execution, slippage, re-quotes, etc) They don't want profitable traders.. as soon as you start having problems, you should withdraw your money and close your account. It makes no sense losing all your profits because of one bad (caused by cmc) trade.

Currenex is a great platform, it all depends on the host broker.. on whether they want you to be profitable or not. So far, since I'm new with capital forex, I have had no problems. Let's see how long that goes on for. I use market orders for trades.. but i won't be trading very significant reports like the NFP or interest rate reports, where the spread may widen quite a bit.. or I might not get a good price. Email the capital forex folks, and ask for a demo of the currenex portal. Try it out and see if it suits your trading strategy.

There are more than enough reports to trade, which yield some good profit and there's not that much spread madness going on.
 
Just got my SR MBP 2.4 ghz today :) God, this thing is gorgeous. I've been buying apple products since 2001, you'd think I'm used to it by now, but no.. right from opening the packaging of this baby to powering her up.. ahhh.. my wife caught me giggling and frothing at the mouth.

She went "So if this macbook pro was alive, who would you choose? Me or her?" I replied, "No contest baby, sorry!" and stroked my macbook :D Don't think I'm gonna get dinner tonight lol.
 
Status
Not open for further replies.
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.
Top Bottom
Back