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Anyone here into FOREX?

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Mp,

Just about to complete my cnx forms. Can you tell me roughly what % of time you get filled on the spike with limit orders?

Regards,

Britguys
 
Music_Producer said:
Nathan, I've been watching it for the last few minutes - spread ranges from 1 to 2 pips. Spread on gbp/jpy has been strange - from 2 to 6 at times. I don't know if I'll be able to sleep..
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Thanks man...dukascopy is giving me between 2-3 sometimes 4, and rarely 1 pip.

How much are your commisions? I know you said but I forgot 😛
 
Nathan, cnx commissions are $25 per million traded.. but that varies depending on the amount of deposit and the volume of trades on a monthly basis.

Britguy, I would say 70% of my limit orders go through on spikes.. but on volatile reports I don' bother to use limit orders, because I know they just won't go through.

As far as the current jpy pairs situation goes.. I was waiting for the DOW to drop this morning, but I was so sleepy that I went off to bed at 8.30 am pst. After that, apparently, the dow did drop.. and so gbpjpy dropped almost a 100 pips 😡 All the action always happens as soon as i leave lol.

What do you guys think is going to happen as soon as the weekend is over? There might be a retracement, but in the long term, it still looks like a drop for jpy pairs.. too risky to make any predictions or to get in. I've seen gbp/jpy move up by 200 pips.. and then down by 150.. in a matter of minutes.

Let's see if the world stock markets stabilize on monday.. any signs that they are ok and we should see a retracement on gbp/jpy and other pairs.
 
nhallmark said:
MP, were you watching a dow chart or were you waiting on news about it?
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Nathan, I was just checking yahoo finance and refreshing the page every few seconds. How've you been.. all of you.. I was out of town.. in San Diego, just got home. Feels good to be back 🙂

UK interest rate decision tonight.. watch out for any surprises, although at this stage I doubt they will raise. If they do, GU and GBP/JPY will be going through the roof.

As for other reports, I want to wait for this market volatility to calm down a bit. Too many reports of hedge funds going bankrupts, credit tightening, carry trade unwinding going on.. not a good atmosphere to trade. You might see a small spike, and then some crazy action.

Looks like jpy pairs are taking a little breather.. but I think the action is far from over.

Shard.. remember Amaranth? Same thing happened to Bear Sterns, Goldman Sachs, etc. How in the world these guys can invest more than 80% of their portfolio in a single industry (subprimes) is beyond the imagination. Nice, they keep repeating the same mistakes.

Can you imagine going from being a solid company to bankruptcy in a few days 😱
 
Music_Producer said:
remember Amaranth? Same thing happened to Bear Sterns, Goldman Sachs, etc. How in the world these guys can invest more than 80% of their portfolio in a single industry (subprimes) is beyond the imagination. Nice, they keep repeating the same mistakes.

Can you imagine going from being a solid company to bankruptcy in a few days 😱
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It's called greed.
Nothing motivates men like money.
I am sure they made plenty of money in the hey days when they charged $15K-$25K per loan to unsuspecting buyers who otherwise could not qualify for a loan.
They are getting what they deserve, after all, they did have a hand in creating this situation.
 
Music_Producer said:
Shard.. remember Amaranth? Same thing happened to Bear Sterns, Goldman Sachs, etc. How in the world these guys can invest more than 80% of their portfolio in a single industry (subprimes) is beyond the imagination. Nice, they keep repeating the same mistakes.

Can you imagine going from being a solid company to bankruptcy in a few days 😱
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Yeah, I totally hear ya. Scary stuff, yet not surprising (unfortunately). It's the nature of the beast... 😱

Even more reason we need to set up our fund and show 'em how it's really done. 😉 😎
 
Bear Sterns.. you guys need me to improve your portfolio 😉 I got 60 pips on the NFP today.. didn't trade the spike at all.. waited for the retracement.. came in nice and smooth.. eur/usd fell from 1.3720 to 1.3706.. got in.. and exited after 20 pips.

Did that 2 more times.. it even went down to 1.3702 at one point.. and went up all the way to 1.3725. NFP was bad, and unemployment rate went up by 0.1% as well.

Let's see how the stock markets perform - I wanted to short GBP/JPY .. good thing I didn't.. stupid thing shot up in the last few minutes. I have a feeling it's going to drop later during the day.. but you never know.. that thing is seriously unpredictable.
 
Oh great.. EUR/USD is now 1.3750. Always moves when I exit my trade 🙄

Edit : - AND GBP/JPY dropped a 100 pips. Now if only I can follow my own advice..
 
New to forex

hi,

Iim very interested in forex and really want to start tradfing..i have started to read as much as i can etc and set up demo accounts..however i have a mac and was wandering what the best forex sites to use are with a mac and what charting software i can run..as meta trader is not available on the mac.. music producer you seem to know your stuff...any advice?

cheerz
 
Welcome to our thread mrhurley1 and the wonderful world of forex! 😀 😎 Unfortunately there are no good clients for Mac - the best you'll find are Java-based versions which will run in web browsers, but they aren't the most reliable in my opinion - I'm thinking of Oanda specifically. Unfortunately, I have to use my PC for all my trading.

Speaking of trading, I took a bit of a risk last night and entered the carry trade after the Aussie news. Entered AUDJPY at 101.81 and woke up this morning to find my TP hit at 102.41 for a 60 pip gain on a $100K lot! Nice... 😉 😎

Slow news day today though it seems...
 
mrhurley1, oanda runs on a mac. I like their charts but I wouldnt suggest trading with them.

Their site is oanda.com

Also, if youre just looking for charts, prorealtime.com is web based and it runs in safari.

As for trading platforms, dukascopy works on a mac(web based) and I think MP said currenex will now run in safari....both of those have high minimum deposits though.

Hope that helps,
Nathan

Edit: Shard, I guess we posted at the same time 😛
 
Shard,

Glad to hear someone is still making some money.

I've been watching on the side lines and playing with a demo account on some new strategy myself. MP's comments on playing after the initial spike got me thinking and so I am trying to implement it.

Hope it works cause I want to get one of the new iMacs with the 24" screen. 😀
 
nhallmark said:
Edit: Shard, I guess we posted at the same time 😛
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Yep - and we posted pretty much the same thing too! Ah well, no surprise - as they say, great minds think a like... 😉 😀

OceanView said:
Shard,

Glad to hear someone is still making some money.

I've been watching on the side lines and playing with a demo account on some new strategy myself. MP's comments on playing after the initial spike got me thinking and so I am trying to implement it.

Hope it works cause I want to get one of the new iMacs with the 24" screen. 😀
Click to expand...

Yeah, I've been either too busy lately or not hitting any good trades myself as of late. Hopefully things will start to pick up again. I, too, am going to try Music_Producer's strategy. Since I am still stuck with CMC, it might be the only way to trade due to their behavior as of late wrt news trading. 🙄
 
7 pips off the Aussie report. The #s weren't quite as good as expectations, but still better than previous report. And, the unemployment rate was forecasted to rise by 0.1% however it remained constant.

I'll take it! 😎
 
thanks guys...ive been playin with oanda but i cant figure out how to set fibonacci numbers on there charts does anyone know?

also where do you guys get your currrency news from and know when to trade etc
 
No trade on Canadian housing starts... will be watching the next batch of news in 10 minutes...

mrhurley1 said:
thanks guys...ive been playin with oanda but i cant figure out how to set fibonacci numbers on there charts does anyone know?
Click to expand...

Sorry, can't help ya on that one, I have never used fib at all with my trading. When I do technical trading (as opposed to news trading) I have other indicators which I rely on for signals such as MACD and the like.

mrhurley1 said:
also where do you guys get your currrency news from and know when to trade etc
Click to expand...

The majority of us use Trade the News (TTN). They have a free 14-day trial I believe. Great service. If you are serious about trading the news, you can subscribe to the Bloomberg terminal for $1800/month. 😱 😛 😉

As for the news releases, you can find a calendar on Oanda's site right here under "Decision Support". 😎
 
400 pips today. My best achievement ever - and GBP/JPY is still dropping. It all started at 11.45 pm PST when BNP PAribas announced that they were freezing 3 funds.. confirming that the effects of the US subprime meltdown has spread to Europe. Then another fund company stated that they lost $180 million or so.. european markets plunged.

GBP/JPY is still dropping.. US markets open soon.. in all probability, DOW will crash as well. I've exited my position though.. I think it has dropped enough for today.. but you never know.. it could go 200 pips lower.

Shard, I traded aussie report today.. bagged about 8 pips on it.. it was too slow to respond. Then on NZD report I got about 5 pips.. nothing great.. but man, trading GBP/JPY is something else. Just a word of caution Shard, don't get into any carry trades right now (like you bought aud/jpy) Markets are still very unstabe.. very volatile.. if any more banks come out with reports of losses.. trust me.. there will be another 400-500 pip drop.

Keep checking bloomberg.com.. their news are usually delayed.. I think TTN updates it earlier.. but be on the lookout.
 
Great work Music_Producer, well done! And yeah, I'll be staying out of this mess for a little while. 😉

... And there goes the opening bell - should be a wild ride today... 😎
 
mrhurley1 said:
thanks guys...ive been playin with oanda but i cant figure out how to set fibonacci numbers on there charts does anyone know?

also where do you guys get your currrency news from and know when to trade etc
Click to expand...

First break off the chart into a new window(the button in the top right hand corner) then drag your mouse over the buttons that are now in the top right hand corner of the new chart and the mouseover on one will say "draw advanced trendline".

Click on that and click fibonnaci retracement. Now when you move your mouse in the chart window it will appear as crosshairs.

Click on your high or low and drag it to the other and you should see it appear.

Hope that helps,
Nathan
 
If you guys are going to trade the Canadian employment report.. please be very cautious. Markets are crazy right now.. FTSE's down 175.. DOW might do another -200 or -300 day.. hopefully it won't.
 
You guys are missing out on all the action.. hope you are trading GBP/JPY.. it fell another 300 pips today.. might go more.. depends on markets (DOW looks set to crash.. FTSE is now 212 points down) Add bad news - Deutsche bank funds are down 30%.. SEC starts investigating hedge fund losses and mortgage companies, etc etc.

Not to sound overly exaggerative.. but if ECB/Feds don't do anything to calm the markets down.. it's very possible to see this thing go down to 224 or lower.
 
Damn, I've just been too busy lately! I'll have to free up some more time next week and capitlaize if it's not too late! Thanks for the head's up Music_Producer! 🙂 😎
 
Shorted everything I had out of GBP/USD and GBP/JPY when the PPI came in at -0.5%. For the first 20 minutes or so.. nothing much happened.. and then the drop began. I got 100 pips on GBP/JPY (when that pair moves, it MOVES) and 40 on GBP/USD. 😀

Still has the potential to go down more because of 'Russian sellers' in the market.. but I'm out for now.
 
Good job, MP! Im still learning but last week UK industrial production came out as expected but it was still way lower than previous...no spike but then 30 minutes later GBP/USD dropped 80 pips.

Im still catching on to it and trying to figure out whats going to cause a move, etc. but it looks more consistent than spike trading and a lot more pips.
 
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