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Anyone here into FOREX?

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Thats very true. If you go with a big currenex broker they will have access to more bank feeds and liquidity pools than a smaller one. You can therefore get away with scalping, as you are not hitting the same bank.
Its only when you start making money, you realise how loaded the game of forex trading is. What margin do you get on cnx?
 
Music_Producer said:
10 pips on UK retail sales.. very small deviation.. but it was enough to push it up a bit since gbp/usd was at it's lows before the report.

Stu, you have to remember that NZD is a carry trade currency. So is AUD. So they have a tendency to keep going up. Reports like retail sales, etc.. can make it go down 20-30 pips.. even 40 at the most.. but then they come back up. What makes them move further is reports related to inflation like CPI, etc.. or what the bank chiefs say regarding the currency.

Be happy you got 26 pips.. sometimes they can spike back in the opposite direction before you even have a chance to close!
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MP - You're right on that carry trade thinking. The numbers came out and NZD/USD made a nice decisive move down 39 odd pips, I closed 1/2 of my units and waited to see what would happen, sure enough it retraces about 15 pips and stalls there for about 10 mins. Closed the second half still in profit though.
The carry traders must be all thinking the same thing.... Buy buy buy.
 
yeah, Im way overdue for a straight week or two of requotes but it hasn't happened yet.

The only reason I can think of is my internet here is 8mb/s and in texas I was at 3mb/s. It might also be because Im using SNW on 90% of my trades now...but I've got requotes with it before so Im not sure.

Either way, I just hope I can make it until july 1st without requotes...I'll have enough for dukascopy by then and I wont ever have to worry about CMC's BS again :D
 
Great! Let us know how dukas works out.. just got 6 pips on the us industrial production report.

GBP is very bullish right now. Lets see what consumer confidence comes out. If it comes out positive.. gbp might dip temporarily.. but since it's friday.. it might go up 50-80 pips before the markets close. Of course, this is extremely risky.. but there's a chance that might happen.
 
Kuma76 said:
i like four x beer , does that count?
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It would if that lame joke hadn't been told a million times in this thread already.... :rolleyes:

Seriously, great job on the trades Music_Producer and nathan! I was a little slow this morning and only nabbed 12 pips in total on all 3 sets of reports - but hey, it's Friday!

Have a good weekend guys and I'll do some more research regarding your e-mail Music_Producer this weekend. Let's see what we can figure out.... :cool:
 
~Shard~ said:
It would if that lame joke hadn't been told a million times in this thread already.... :rolleyes:

Seriously, great job on the trades Music_Producer and nathan! I was a little slow this morning and only nabbed 12 pips in total on all 3 sets of reports - but hey, it's Friday!

Have a good weekend guys and I'll do some more research regarding your e-mail Music_Producer this weekend. Let's see what we can figure out.... :cool:
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sorry i should have read the other 1700 posts, please forgive me
 
Kuma76 said:
sorry i should have read the other 1700 posts, please forgive me
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No worries at all. :) It's just that we do have an established thread here with regular subscribers. If you're not interested in the subject, not willing to learn or are not planning to contribute, might as well just keep the useless comments to yourself. ;) :cool:
 
I'd possibly be interested in a carry trade, though I might need to be clear of a few things. Wouldn't you only be making interest on the amount you control? If so, wouldn't a down market eventually take your profits, then account balance, and then give you less interest as your controlling amount goes down with the price? Or is the idea that we will have so much in our account that we can ride through these bears until they become profitable again, and still accrue interest?
What would assure us profit if, say the Aud/Jpy has just reached its peak as we went long, and made a long-term glide down to 90? Would we just wait it out until we were profitable with up-turns or interest?


As to where you might find more potential investors, I have a couple ideas. www.prosper.com is a site I just came across yesterday. It is a person-to-person loan system. People ask for loans, and others bid amounts and interest rates to loan to them. If people are willing to give those in debt and bankruptcy loans, I imagine many more would give to successful FOREX traders.

Second, there is a huge market in HYIPs (High Yield Investment Programs). Generally, these are all pyramid schemes and other scams, but I've seen some Hedge Fund-ish sites advertised (though I don't know their particular system or legitimacy). You can see a large list at www.ministryofgold.com

With these two examples, I'm nearly positive you could find the amount of funding you're looking for, since there are A LOT of people out there trying to make an easy (and sometimes very risky) dollar.
 
First off, thank you very much for this information, I'll definitely check those sites out as I was unaware of them.

As for the carry trade, yes, if the pair drops, the your losses could easily wipe out your interest gains and then some. But, that's the beauty of the carry trade - it just seems to always go up. ;) And yes, if it were to drop and wipe out profits temporarily, we would have enough margin to cover it, and then wait for it to rise again. As long as you don't actually cash out, it would just be a paper loss anyway...

Again, thanks for the information. :)
 
Mp,

What is the minimum ac size for capforex currenex? I requested a demo, but they dont give you a dealing limit to try trades, but just to look at the platform. Also, how long did it take for them to set up an ac for you?
 
Music_Producer said:
No trade here.. no deviation.. so stayed away. Sucks about that requote :mad:
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Yeah, I was using SNW and felix was trading the core y/y # which did deviate...and it gapped 20 pips then retraced.

I was also using TTN though, so if the core m/m deviated and SNW didnt go off, I could still get in.

Oh yeah, one question...FF has the minutes tomorrow as "MPC Meeting Minutes" and its usually BoE instead of MPC. Im pretty sure its the same thing, but I wanted to ask to make sure.

So is it the same?
 
Ahh I was wondering why you were going to trade usd/cad. I was thinking of shorting the pair since there was overall USD weakness.. but i didn't.. and the pair dropped another 75 pips or so :rolleyes:

Yeah, mpc is same as boe..mpc is the monetary policy committee. Same stuff, different fancy terms (it's the brits you know!)
 
THIS is why I love BOE reports! They always deviate! 35 pips on MPC minutes report :D :D I exited at 1.9917 although I think it has potential to go up to 1.9950.. but then again, I didn't want to take a risk.

Currenex was awesome as usual, 2 million lot - traded perfectly.. spread did increase from 2 to 5 pips but that's nothing. How did you guys do?
 
Britguy said:
Mp,

What is the minimum ac size for capforex currenex? I requested a demo, but they dont give you a dealing limit to try trades, but just to look at the platform. Also, how long did it take for them to set up an ac for you?
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Its 50 k for capforex britguy.. took them at least a week to set everything up.. but it took longer for me since i'm in the US.. so I had to deal with the US division.. submit documentation, etc. Since they're based in the UK, the residents there might be able to do it faster.

I love you Brit bank policy makers.. always dishing out surprises :D
 
Toreador93 said:
I'd possibly be interested in a carry trade, though I might need to be clear of a few things. Wouldn't you only be making interest on the amount you control? If so, wouldn't a down market eventually take your profits, then account balance, and then give you less interest as your controlling amount goes down with the price? Or is the idea that we will have so much in our account that we can ride through these bears until they become profitable again, and still accrue interest?
What would assure us profit if, say the Aud/Jpy has just reached its peak as we went long, and made a long-term glide down to 90? Would we just wait it out until we were profitable with up-turns or interest?
Click to expand...

Toreador.. yes.. basically you have to prepare yourself for a massive dip.. in the event it does happen. It doesn't make sense to invest funds in a carry trade and then close the trade when it's at a huge loss. The basic logic behind the huge interest differential is what drives all the jpy pairs up.

If AUD/JPY went to 90 for whatever reason.. I'd be looking at that as an opportunity to buy. In fact, I wish it did drop.. it just keeps going up. Last I mentioned about buying it.. it was at 101.. I bought a few lots.. exited at 102.. since I thought 'Ok, this sucker's going to fall a bit now.. this is too high' Now it's at 104.55 :rolleyes:

Additionally.. I trade multiple reports.. which are profitable most of the time. So whatever carry trade loss that may be pending.. gets reduced thanks to those profitable trades. The interest keeps coming in.. and gets compounded all the while.

Having said that, it doesn't make sense having a balance of $10,000 and investing $1000 in a carry trade (would still net you approx $200 a month) and leaving the rest in the event of a drop. It makes more sense to have a million balance.. and then investing.. say $100,000 in a carry trade.. to get you something like $20,000 a month. Again, you should be the kind to be able to *afford* to lose that million.. in the event something catastrophic happens.. like world war 3 breaking out and china nuking japan.. or australia sinking under.. you get the idea.
 
I held on too long...only got 8 pips. I think it would go for 100 pips like it usually does but that would mean getting close to 2.00 again.
 
nhallmark said:
I held on too long...only got 8 pips. I think it would go for 100 pips like it usually does but that would mean getting close to 2.00 again.
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Yeah.. it should go back to 2.00 but it might take its own sweet time. I honestly think it should test the 1.9950 level. There's probably a lot of profit taking going on as well. I had quite a temptation to jump in at 1.9912 and buy.. but then that stresses me out (the waiting part) and then I wouldn't get sleep lol.
 
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