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Anyone here into FOREX?
- Thread starter Music_Producer
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Thanks Crimson and Shard.. it'll be a lot easier for me to post images now. Oanda apparently has API - so you can program the trading platform? 
I am not sure if thats what API means.. but I have heard that a few people have customised their oanda trading platform, and maybe thats how they incorporated the quick keys for 'buy' and 'sell'. I would have no idea about programming though.. maybe if you guys do, you could create a customised solution.
The EUR is still dropping.. been dropping since yesterday like I mentioned.. because the USD is getting stronger (the war) and the Fed chief is going to let us know what he thinks of the economy.. I think thats tomorrow morning, not sure.. will check later.
Also just read that NKorea has put their military on alert. I wonder what the hell they're planning now Anyway JPY has dropped 50 pips so far because of this news.
I am not sure if thats what API means.. but I have heard that a few people have customised their oanda trading platform, and maybe thats how they incorporated the quick keys for 'buy' and 'sell'. I would have no idea about programming though.. maybe if you guys do, you could create a customised solution.The EUR is still dropping.. been dropping since yesterday like I mentioned.. because the USD is getting stronger (the war) and the Fed chief is going to let us know what he thinks of the economy.. I think thats tomorrow morning, not sure.. will check later.
Also just read that NKorea has put their military on alert. I wonder what the hell they're planning now
Anyway JPY has dropped 50 pips so far because of this news.
The Bank of England had a unanimous decision regarding the rates, and they are not going to raise it anytime soon. Unfortunately I got the news a little late, so I jumped in by the time most of the action was over. The GBP dipped 50 pips against the USD.. and I got in at 2 points (sold GBP/USD) .. making only about 4 pips total.. better than nothing though. I would still expect the GBP to fall against the USD..but I am not going to enter the trade now.. its time to go to gym
Last time I trade with another broker
I tried FXDD this time (before the US CPI numbers were due) I had a 'feeling' that the Euro would drop against the USD because of increased CPI (it came out 0.3% instead of expected 0.2%)
So I had 2 windows open.. one was the Oanda window.. and the other parallels - running FXDD and tradethenews. I sold the EUR/USD on FXDD *before* the news came out.. I just had a hunch.. and besides, the Fed chief is going to talk today at 10 am EST.. so the USD should go higher. So I am looking from side to side (macbook screen to 19 inch lcd) The news came out and the Euro dropped a massive 35 pips. It dropped ultra fast.. so I said 'screw oanda'.. let me capture my profits on FXDD.. since it showed a profit of 35 pips. Guess what? I clicked 'close' and it said "Sorry, this trade has not been executed since the market has moved" WTF??
I must have clicked 'close' multiple times.. like a maniac yelling 'Give me my profit!!' Finally it closed, but i got 15 pips instead of 35 pips. I was pissed, so I turned back to Oanda.. and traded on the 'correctional' patterns. After every dip or rise, usually there are correctional dips (or rises) and I traded those.. and got about 10 pips total.. so 25 pips in all.
Good day today - 25+4 pips = 29 pips (29 * 50 = $1450) but I've been taught a lesson.. don't try stunts while trading And, I shouldn't have sold the EUR before the news, I know.. I know I made a profit.. but.. had it gone the reverse direction?
Another thing I am looking at.. besides trading the news (where the main spike occurs) is the correctional dip/rise. As soon as there's the big spike/rise.. there's a correction (most of the time) and I am thinking.. what if I trade that as well? Hmm.. just a thought.. let me know what you guys think. I traded the corrections today, and I was lucky.
I tried FXDD this time (before the US CPI numbers were due) I had a 'feeling' that the Euro would drop against the USD because of increased CPI (it came out 0.3% instead of expected 0.2%)
So I had 2 windows open.. one was the Oanda window.. and the other parallels - running FXDD and tradethenews. I sold the EUR/USD on FXDD *before* the news came out.. I just had a hunch.. and besides, the Fed chief is going to talk today at 10 am EST.. so the USD should go higher. So I am looking from side to side (macbook screen to 19 inch lcd) The news came out and the Euro dropped a massive 35 pips. It dropped ultra fast.. so I said 'screw oanda'.. let me capture my profits on FXDD.. since it showed a profit of 35 pips. Guess what? I clicked 'close' and it said "Sorry, this trade has not been executed since the market has moved" WTF??
I must have clicked 'close' multiple times.. like a maniac yelling 'Give me my profit!!' Finally it closed, but i got 15 pips instead of 35 pips.
I was pissed, so I turned back to Oanda.. and traded on the 'correctional' patterns. After every dip or rise, usually there are correctional dips (or rises) and I traded those.. and got about 10 pips total.. so 25 pips in all.Good day today - 25+4 pips = 29 pips (29 * 50 = $1450) but I've been taught a lesson.. don't try stunts while trading
And, I shouldn't have sold the EUR before the news, I know.. I know I made a profit.. but.. had it gone the reverse direction? Another thing I am looking at.. besides trading the news (where the main spike occurs) is the correctional dip/rise. As soon as there's the big spike/rise.. there's a correction (most of the time) and I am thinking.. what if I trade that as well? Hmm.. just a thought.. let me know what you guys think. I traded the corrections today, and I was lucky.
I tried trading the CPI news today also on FXCM (Man) and I had to keep clicking on it to execute. When they finally filled my order, the move was over and I was stuck in a losing trade.
Then of course Bernanke opened his pie hole... Needless to say it was a losing day for me thanks to my trade station.
That's it for me... I'm switching to Oanda.
For long term trades FXCM or any other platform is probably fine but for quick pips we need a broker/platform that doesn't screw us around.
Then of course Bernanke opened his pie hole... Needless to say it was a losing day for me thanks to my trade station.
That's it for me... I'm switching to Oanda.
For long term trades FXCM or any other platform is probably fine but for quick pips we need a broker/platform that doesn't screw us around.
Curren~Sea.. actually you could have made a profit on Bernanke's statement. That was scheduled for 10 am EST.. and I was playing with my Oanda game account (I wish I had logged into my real account.. but i was satisfied with my profit for the day)
So anyway, soon as I got the news.. I jumped in.. and Oanda executed beautifully.. and the Euro soared.. for quite some time, and I made $7100 profit God damn i wish i was trading with my real money!!
I'll stick with oanda too.. their speed of execution is unmatched, AND they pay interest on my balance and trades (interest positive trades) Don't worry curren~sea.. there are lots of opportunities to make that loss back into a profit
So anyway, soon as I got the news.. I jumped in.. and Oanda executed beautifully.. and the Euro soared.. for quite some time, and I made $7100 profit
God damn i wish i was trading with my real money!!I'll stick with oanda too.. their speed of execution is unmatched, AND they pay interest on my balance and trades (interest positive trades) Don't worry curren~sea.. there are lots of opportunities to make that loss back into a profit
Crimson said:
Crimson, no clue.. I was asleep at that time.. that's just profit taking, the Euro had been sold relentlessly since the last 2 days, so banks figured its time to make some profit. I never enter the markets out of my specified time.. I never know when I can be caught in the upswings/downswings.
Btw.. that rise was nothing compared to the one when Bernanke made his speech (and when i could have made $7100 in real money
) Here's my game trade:
Yep, I would have like to trade Bernanke but I was doing *work* (which I hope to someday not be doing).
At first I was put off by Oanda's trade station but I'm getting more comfortable with it and it has some very nice features. Everyone I talk to about it or almost every post on the net about Oanda is positive, which is far better than most other FX brokers/trading companies. The biggest negative is their very low leverage of 50:1. I realize I can trade less than a standard lot (100,000 base currency) but it takes a larger account balance to secure trades. However, this should not be an issue if a person is risking no more than 5% of their account balance on any given position.
I also like the Oanda charts. FX Trek charts are better, for sure, but the Oanda charts are very good for free java based charts.
At first I was put off by Oanda's trade station but I'm getting more comfortable with it and it has some very nice features. Everyone I talk to about it or almost every post on the net about Oanda is positive, which is far better than most other FX brokers/trading companies. The biggest negative is their very low leverage of 50:1. I realize I can trade less than a standard lot (100,000 base currency) but it takes a larger account balance to secure trades. However, this should not be an issue if a person is risking no more than 5% of their account balance on any given position.
I also like the Oanda charts. FX Trek charts are better, for sure, but the Oanda charts are very good for free java based charts.
If you trade a standard lot, you are trading a $100,000 block of currency and if it goes one pip in your direction then you make $10 per pip.
If you trade less than a standard lot, say a $50,000 block of currency then you're getting $5 per pip.
Oanda lets you determine exactly the size of the currency block you want to trade. So you can trade $23,456, or $198,290, or even $1. Of course, the smaller your block then the less worth for each pip of movement.
Other companies will only let you trade blocks of 100,000 if you have a standard account, or blocks of 10,000 if you have a mini account.
Does that make sense?
The best way to learn about it is to open a practice (game) account and trade trade trade. Don't worry about making or losing money, just learn the mechanics of trading. Once you know how to open, close, modify trades, then you can work on your strategies.
If you trade less than a standard lot, say a $50,000 block of currency then you're getting $5 per pip.
Oanda lets you determine exactly the size of the currency block you want to trade. So you can trade $23,456, or $198,290, or even $1. Of course, the smaller your block then the less worth for each pip of movement.
Other companies will only let you trade blocks of 100,000 if you have a standard account, or blocks of 10,000 if you have a mini account.
Does that make sense?
The best way to learn about it is to open a practice (game) account and trade trade trade. Don't worry about making or losing money, just learn the mechanics of trading. Once you know how to open, close, modify trades, then you can work on your strategies.
njmac said:Ahh, ok. You mean that without the extra leverage, its harder to trade a $100,000.00 lot?
Thanks for the response. I did get a game account but it is still very, very confusing.
Yes, with 100:1 leverage it would only take 1000 to secure a 100,000 lot. Therefore, with lower leverage you can trade fewer lots. But as mentioned, that should never be a big issue.
Plan to practice and play for a few months at least. I'm a software engineer and most applications come pretty easily to me, but it still took time for me to learn how to navigate around the various trading platforms that I've tried. Plus, learning all of the trading concepts and terminology takes awhile.
MP, do you ever use Oanda FXNews, and if so is it very fast during announcements?
Or, do you just use Trade the News? And if so, how is that?
I have found that I don't realy need to see the news... all I have to do is watch the charts and the spike tells the story.
Or, do you just use Trade the News? And if so, how is that?
I have found that I don't realy need to see the news... all I have to do is watch the charts and the spike tells the story.
Crimson, thats the cardinal sin of forex trading. Look at the few examples above, and you will see the spike in the opposite direction, and then quickly change at the same time. This happens all the time, so don't go on that alone.. you will hit your stop loss quicker than you can blink. Tradethenews is faster than oanda's news - in fact, on thursday night the Canadian data came out way faster on tradethenews than oanda's news server.. and I was able to make 40 pips.
I am sorry I have not posted any trades, thats because there was only trade I did since Wednesday. My wife's pet cat passed away that day - was run over by a car.. and she, as well as I are deeply affected by that. She had him for 13 years, and I just don't feel like doing anything these days..the loss is too much.
I am sorry I have not posted any trades, thats because there was only trade I did since Wednesday. My wife's pet cat passed away that day - was run over by a car.. and she, as well as I are deeply affected by that. She had him for 13 years, and I just don't feel like doing anything these days..the loss is too much.
Sorry about your cat My cat was hit by a car a few years ago, and I'm still not completely over it.
Glad to hear you make 40 pips though Im having a hard time knowing which news to follow and how it is affecting the prices. I've made about 40 pips just guessing this week - just see how the mechanics of trading works. I'm going to start taking notes on the announcements and will subscribe to trade the news and see if I can make some (pretend)money.
You should start doubling your money on trades because you have such a great track record, you could make some serious money
My cat was hit by a car a few years ago, and I'm still not completely over it. Glad to hear you make 40 pips though
Im having a hard time knowing which news to follow and how it is affecting the prices. I've made about 40 pips just guessing this week - just see how the mechanics of trading works. I'm going to start taking notes on the announcements and will subscribe to trade the news and see if I can make some (pretend)money. You should start doubling your money on trades because you have such a great track record, you could make some serious money
For US announcements, Yahoo has a good calendar complete with rating each announcement's relative importance.
http://biz.yahoo.com/c/e.html
Forex Factory is also good.
http://forexfactory.com/
DailyFX lists both US and Global announcements.
http://www.dailyfx.com/calendar/briefing/
http://www.dailyfx.com/story/calend...Economic_Calendar_For_Week_1153514863050.html
None of the sites above provide instant feeds for breaking data, but they will let you plan your trades.
Sorry about your cat MP.
http://biz.yahoo.com/c/e.html
Forex Factory is also good.
http://forexfactory.com/
DailyFX lists both US and Global announcements.
http://www.dailyfx.com/calendar/briefing/
http://www.dailyfx.com/story/calend...Economic_Calendar_For_Week_1153514863050.html
None of the sites above provide instant feeds for breaking data, but they will let you plan your trades.
Sorry about your cat MP.
Think this one's for you Curren_Sea!
Curren_Sea, just thought this one was for your post about reading charts.
MP, I'm so sorry to hear about the cat... I accidentally ran over my own a few years back and it still haunts me. I'm really sorry for your loss! Don't forget us all though! We need you! (I'm probably taking a week or so off from Oanda since I'm due to have a baby any day now - today was the expected due date so I'm a bit scatterbrained!) But I'll be back with more questions!!!
Music_Producer said:
Curren_Sea, just thought this one was for your post about reading charts.
MP, I'm so sorry to hear about the cat... I accidentally ran over my own a few years back and it still haunts me. I'm really sorry for your loss! Don't forget us all though! We need you! (I'm probably taking a week or so off from Oanda since I'm due to have a baby any day now - today was the expected due date so I'm a bit scatterbrained!) But I'll be back with more questions!!!
Yeah, I figured that was meant for me. I've followed big announcements for over a year and by far in the great majority of them the first spike tells you the direction. There have only been a couple of times that I remember where it immediately reversed and those were due to corrections in the announcement text. I've been watching Oanda's FXNews and it's pretty fast, certainly fast enough to trade off of. I took a few pips off of the Tuesday CPI and I'm planning on taking more from Thursday morning's slew of announcements.
My Oanda account is setup and fully funded. The more I play around with it, the more I like it. It was a nice greeting when I saw my funds in there along with an interest payment for the day. If nothing else, at least I am getting decent interest on my money.
Good luck with the delivery - I hope everything comes out ok I've been through that a couple of times and it's an amazing experience.
My Oanda account is setup and fully funded. The more I play around with it, the more I like it. It was a nice greeting when I saw my funds in there along with an interest payment for the day. If nothing else, at least I am getting decent interest on my money.
Good luck with the delivery - I hope everything comes out ok
I've been through that a couple of times and it's an amazing experience.
What happened today that caused this spike?
The only significant news today seemed to be about gold
EDIT: aaahhh... I guess it was this news about the feds Beige Book. Its really difficult to understand what news is important!
And just to get a basic straight: The news was not great for the US, so the Euro rose against the dollar? So if the dollar goes down against the euro, we buy (go long) euros/usd? And if the news was good, we would have shorted Eur/USD?
The only significant news today seemed to be about gold
EDIT: aaahhh... I guess it was this news about the feds Beige Book. Its really difficult to understand what news is important!
And just to get a basic straight: The news was not great for the US, so the Euro rose against the dollar? So if the dollar goes down against the euro, we buy (go long) euros/usd? And if the news was good, we would have shorted Eur/USD?
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Basic sentiment that the Fed will not be increasing interest rates, which means the USD is not as attractive for certain kinds of investments. I didn't trade today because I'm waiting for the bigger announcements Thurs morning. I expect to snag a high probability 20-30 pips.
On the EUR/USD chart, you "buy" on US dollar weakness or dollar negative announcements (chart rises). "Sell" on US dollar strength (chart falls). Does that make sense?
On the EUR/USD chart, you "buy" on US dollar weakness or dollar negative announcements (chart rises). "Sell" on US dollar strength (chart falls). Does that make sense?
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Hey guys, started trading again today. Has been a depressing week, but the pain has subsided.. just feels better to know that we gave our kitty a long, loved life.. and that he was happy all the way till the end. Have saved his fur though, in the event that they can clone him in the future!! (Yes, my wife only wants him back.. not another cat)
Ok, so I traded the durable orders today, and as a bonus.. the us jobless rate was lower than expected as well.. so the Eur dropped. Only made about 5 pips as I'm still out of it.. but could have made about 25 pips. I don't like waiting too much though.. new home sales are due at 10 am EST.
Crimson and curren_sea.. yes i confused you guys.. sorry about that.. my thinking was a little impaired that day..understandably. Good luck with the delivery crimson! Let us know asap about crimson jr.
And nj, just as curren~sea explained.. hawkish and dovish comments really move the market. Here's a funny thing that happens - every time the market 'expects' news that will make the Feds raise interest rates.. they buy the US$. Eventually, the day comes when the Feds do raise the interest rates (widely epected) and what happens? Does the $ rise? No, it falls. Buy the rumors, and sell the news.. perfect example. Remember, its still humans who are doing the trading and they're an emotional bunch.. or rather, a retarded bunch.
Hey guys, started trading again today. Has been a depressing week, but the pain has subsided.. just feels better to know that we gave our kitty a long, loved life.. and that he was happy all the way till the end.
Have saved his fur though, in the event that they can clone him in the future!! (Yes, my wife only wants him back.. not another cat)Ok, so I traded the durable orders today, and as a bonus.. the us jobless rate was lower than expected as well.. so the Eur dropped. Only made about 5 pips as I'm still out of it.. but could have made about 25 pips. I don't like waiting too much though.. new home sales are due at 10 am EST.
Crimson and curren_sea.. yes i confused you guys.. sorry about that.. my thinking was a little impaired that day..understandably. Good luck with the delivery crimson! Let us know asap about crimson jr.
And nj, just as curren~sea explained.. hawkish and dovish comments really move the market. Here's a funny thing that happens - every time the market 'expects' news that will make the Feds raise interest rates.. they buy the US$. Eventually, the day comes when the Feds do raise the interest rates (widely epected) and what happens? Does the $ rise? No, it falls. Buy the rumors, and sell the news.. perfect example. Remember, its still humans who are doing the trading and they're an emotional bunch.. or rather, a retarded bunch.
Ok, traded a huge lot right now (2 million units).. and got out with 3 pips (3*200 = $600) With that kind of risk, I get out as fast as I can.. I don't care if its a 1 or 2 pip profit. I got in pretty late as well, I saw the news, but for some reason.. had a little brain lag!
Could have made 7 pips if i had waited a few seconds more (and 14 pips if i had got in earlier).. but no biggie. Profit is profit.
How did you do nj? I have a feeling you got in late, and now you're looking at a eur/usd dip after the initial rise. Remember that this was a very small deviation.. the market was expecting 1.16 million.. and it came out at 1.13 million.. which is a pretty lame deviation. If it was 1 million.. the USD would have dropped 20 pips atleast.. if it was 1.2 or 1.3 million.. the USD would have gone up a lot (also aided by the previous news reports of durable orders and jobless reports)
Could have made 7 pips if i had waited a few seconds more (and 14 pips if i had got in earlier).. but no biggie. Profit is profit.
How did you do nj? I have a feeling you got in late, and now you're looking at a eur/usd dip after the initial rise. Remember that this was a very small deviation.. the market was expecting 1.16 million.. and it came out at 1.13 million.. which is a pretty lame deviation. If it was 1 million.. the USD would have dropped 20 pips atleast.. if it was 1.2 or 1.3 million.. the USD would have gone up a lot (also aided by the previous news reports of durable orders and jobless reports)
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