I also wanted to point out that there are more courses in that link. I just linked you the Economic ones. So if you wanted you can learn mathematics or computer science. Or if nuclear science and brain and cognitive sciences is your thing have at it 🙂
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Anyone here into FOREX?
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And it's those automated trading models or various computerized strategies that have also caused the biggest losses and bankruptcies.. read up about various hedge funds losses.. Bear Sterns trading methods, etc.
The most common trading pattern is DOW and GBP/JPY. Both are strongly co-related. However in the last few trading times, that pattern has been broken. All the traders have switched off their trading strategies because the markets are clearly driving on fundamentals right now.
Fundamental trading + technicals is the best - because you can enter a trade with more confidence. However, it's easy to be tempted by a technical indicator.. especially when fundamental reports don't come out every hour or so.
The most common trading pattern is DOW and GBP/JPY. Both are strongly co-related. However in the last few trading times, that pattern has been broken. All the traders have switched off their trading strategies because the markets are clearly driving on fundamentals right now.
Fundamental trading + technicals is the best - because you can enter a trade with more confidence. However, it's easy to be tempted by a technical indicator.. especially when fundamental reports don't come out every hour or so.
Tell me you guys traded this one! NFP came out -4K (expected 110K) I mean.. sheesh! What a deviation! LMAO.. I'm still reeling from this one..
Got tons of pips on GBP/USD .. it's still rising.. and I shorted GJ .. showing resistance at 232.. but I'm sure it will go lower.. and the DOW should plummet. Crazy crazy crazy.. I think the recession has begun.
Got tons of pips on GBP/USD .. it's still rising.. and I shorted GJ .. showing resistance at 232.. but I'm sure it will go lower.. and the DOW should plummet. Crazy crazy crazy.. I think the recession has begun.
~Shard~
macrumors P6
You bet Music_Producer! After a quiet summer, it looks like I'm back! 😉 😀 Well, at least reports like this one sure make me feel back in the game... 😀
Traded EURUSD due to the smaller spread and also because GU is a lot more volatile. Good for making more money off it, however when it comes to NFP, I'm not sure I need the extra volatility. 😉
Anyway, got in late at 1.3731 but rode it up to 1.3768, so 37 pips! 😱 Obviously could have had more, but I'll take it. Traded a $100K lot only though, again, due to it being NFP - I don't like the potential of whipsawing around with larger lots. 😉
Yep, this could finally be the start of a down-turn. The whole sub-prime mess is finally starting to spill over into the job market and elsewhere. And now the Feds are not only going to cut rates (idiots) but might be forced to do it sooner than Sept 18. This will exacerbate inflation and cause mroe problems.
Good thing I put a short on the NDAQ100 and S&P500 last week... 😀
Oh, and Gold is performing great as well. I haven't spoke about it here lately but I entered my seasonality play on it a little while ago and it's finally starting to take off. This USD weakness will only improve the situation as well. 🙂
Hope everyone else caught a piece of this trade - it was a great one! 😎
I watched what happened during it to see what it would do to price 🙁
Ive been reading mostly. I just got trading in the zone. Then its on to some Tom de mark books. Patience is key 🙂
Ive been reading mostly. I just got trading in the zone. Then its on to some Tom de mark books. Patience is key 🙂
joshmv
macrumors member
Ya, that job report was a shocker, and an easy trade.
I'm in mourning a little bit because it's taking forever for my funds to clear in Oanda and I was planning on getting long in the Euro about 175 pips ago 😡
Anyways, I'm wondering what you guys think the reaction is going to be to the feds cut interest rates (whenever that comes). It looks like it's coming in the very near future, and the only question is whether it will be .25 or .5%.
I'm in mourning a little bit because it's taking forever for my funds to clear in Oanda and I was planning on getting long in the Euro about 175 pips ago 😡
Anyways, I'm wondering what you guys think the reaction is going to be to the feds cut interest rates (whenever that comes). It looks like it's coming in the very near future, and the only question is whether it will be .25 or .5%.
~Shard~
macrumors P6
I understand your frustration josh, but keep in mind there is always another trade to be made. If you want to feel bad over missed trades, then start with the year that you were born and think about all the trades you could have been in on over the past couple of decades! 😱 😉 😀
If US interest rates do indeed get cut (which is fundamentally the opposite of what the US needs to do so address inflation, etc. concerns) the USD will tank. No offense to anyone but man am I glad I'm not living in the States right now - the economy there is in a world of hurt on so many levels and due to so many factors... and it's only going to get worse before it gets better...
Ah well, what do I care, I'll be profiting from it all... 😱 😛 😉 😀
Hey Shard! Good to see you back again! 🙂 You still want to buy real estate in Las Vegas? 😉
Yes, patience is required in this business.. but not when the trend is against you. Don't hold on to a position if all the fundamentals say completely the opposite. Sometimes it's hard to close a losing position so you tend to hold on to it.. hoping it will recover.
It may recover.. but by that time you'll probably face a margin call and your position will be closed for a loss. And then in an hour.. the currency pair will go back to where you initially opened the position! Happens all the time.
Don't overleverage your position - brokers love it when customers do that. People tend to put 90% of their funds in one trade.. which is kinda crazy.
This morning I was very tempted to put most of my funds on the GBP/JPY short trade.. had I done so I would have made enough money to buy a house.. but the Feds could have announced a surprise rate cut.. and the position could have gone against me.. effectively blowing up my account.
Like Shard said.. there will always be trade opportunities.. don't despair.
Again on the patience factor - had I held on to my gbp/jpy short.. I would have made 250+ pips as it did keep falling.. I mean with that NFP report it was obvious it would. But you always, always have to keep in mind that anything can happen.. for instance:
A surprise fed rate cut or
intervention by the bank of japan (to sell the yen.. so usd/jpy doesn't fall too much)
Take your profit, and be happy. I'm more than happy that I got some good pips this morning.. am I upset that I didn't make more? Nah.. I'll keep making them anyway. There's no rush.
Then there are people who think that a currency pair can't fall too much.. on forexfactory there was this one chap who actually went long on GBP/JPY an hour after the NFP! He thought it would go to 233 (after it dropped to 232) NEVER be foolish like that.. he probably blew up his account if he didn't have a stop loss.
I think a 25 bps rate cut on Sep 18 is fully priced in. Obviously I don't think they should cut rates (I've been waiting for a hike lol) If they don't cut rates, the stock markets will probably collapse (maybe on sep 18 only but who knows) Then everything depends on the statements the Fed comes out with - if they are hawkish.. GBP/USD will fall.. GBP/JPY will be doomed.. stock markets will go to hell, etc. If they're dovish.. I don't know.. you might see pairs jumping around a bit.
If they do cut by 25 bps.. since that's already priced in.. you might not see a lot of action.
Yes, patience is required in this business.. but not when the trend is against you. Don't hold on to a position if all the fundamentals say completely the opposite. Sometimes it's hard to close a losing position so you tend to hold on to it.. hoping it will recover.
It may recover.. but by that time you'll probably face a margin call and your position will be closed for a loss. And then in an hour.. the currency pair will go back to where you initially opened the position! Happens all the time.
Don't overleverage your position - brokers love it when customers do that. People tend to put 90% of their funds in one trade.. which is kinda crazy.
This morning I was very tempted to put most of my funds on the GBP/JPY short trade.. had I done so I would have made enough money to buy a house.. but the Feds could have announced a surprise rate cut.. and the position could have gone against me.. effectively blowing up my account.
Like Shard said.. there will always be trade opportunities.. don't despair.
Again on the patience factor - had I held on to my gbp/jpy short.. I would have made 250+ pips as it did keep falling.. I mean with that NFP report it was obvious it would. But you always, always have to keep in mind that anything can happen.. for instance:
A surprise fed rate cut or
intervention by the bank of japan (to sell the yen.. so usd/jpy doesn't fall too much)
Take your profit, and be happy. I'm more than happy that I got some good pips this morning.. am I upset that I didn't make more? Nah.. I'll keep making them anyway. There's no rush.
Then there are people who think that a currency pair can't fall too much.. on forexfactory there was this one chap who actually went long on GBP/JPY an hour after the NFP! He thought it would go to 233 (after it dropped to 232) NEVER be foolish like that.. he probably blew up his account if he didn't have a stop loss.
I think a 25 bps rate cut on Sep 18 is fully priced in. Obviously I don't think they should cut rates (I've been waiting for a hike lol) If they don't cut rates, the stock markets will probably collapse (maybe on sep 18 only but who knows) Then everything depends on the statements the Fed comes out with - if they are hawkish.. GBP/USD will fall.. GBP/JPY will be doomed.. stock markets will go to hell, etc. If they're dovish.. I don't know.. you might see pairs jumping around a bit.
If they do cut by 25 bps.. since that's already priced in.. you might not see a lot of action.
www.forexfactory.com
www.investopedia.com
www.babypips.com
And get "Trading in the Zone" by Mark Douglas.
Hope that helps,
Nathan
Yea these sources have been great for me. The only one I havent spent much time on is investopedia but I've been too enthralled with FF.
Also I started to read "The Candlestick Course" by Steve Nison which I feel is a very good way to break into understanding candlestick charting. Its good to build a strong foundation. Even if you are going to be a fundamentalist trader you may find some strengths in technicals. The thing I've found most interesting about currency traders who have been successful and made it to the "elite 5%" is that they seem very self actualized. You would think that these guys would be arrogant 😱 but they just seem so laid back and helpful. To me that is a good motivator to know that something about being successful at this can turn you into a great person.
That comes from the market kicking your a$$ so many times that you stop and learn how to do it right 😛
I know what you mean though. It's cool that so many are so willing to help.
Hey, MP and Shard, what's the vote on whether the JPY pairs will tank this week after NFP and the fed not cutting rates(yet...lol)?
Yea Im trying to feel as though I have gotten my 😱 😛 before I even trade. Im glad there are so many examples of losses out there and its already pounded in my head to be disciplined. Ive read some on technical analysis and reading through the thread I understand what shard is talking about. Although I am only at page 40 of the thread.
Ill be actually starting my two demo accounts monday. Ill have to reset them though because ive done some blind trading just to get the feel of it all. Im going to use one demo account that I will use as if it was my money and the other Im going to use to practice perhaps all news trades just so I can experience the worth or worthlessness of them. I may also play with some technical indicators on the "play" account to put into use what im learning.
Also for newbies reading this like myself if you didnt read the thread or did you will catch onto something MP has said about learning. That was that he wrote down the news and what happened as he went along. I think a good idea is to have a tabbed notebook ready and have the different types of news in the tabs. Do the trade in your demo account and write down what happened. I even suggest this to you educated noobs 😉. To help you prepare for a news report read over your notebook. Take into account what happened to the market when this or that happened. Reading the posts what MP does is simple but what sets him apart is his process time. He spends more time clicking buttons then he does actually deciphering whats going on.
Invest in yourself. If you really want to take this serious you must do the extra things to give you an edge. I own my own business and deal with regular stocks but upon learning about forex and seeing how the lifestyle is I decided its perfect for me(irregular sleeping, gambling like excitement, ability to make a profit at certain time of day and sleep in a hammock the rest)
If I find myself a successful trader and get to the point of some of these guys Ill have to fly out and buy a beer for the contributors of this thread. Hopefully one day I can bring my own style to the table and help you guys profit in other ways.
Also I sent an invite to get part of the .mac group. If you didnt get it let me know Ill PM you my address.
Im on page 55 so I haven't got all the way through so sorry if this gets answered later on.
1. I see problems with latency which can be at fault of the actual broker but at the same time if you were making some decent money wouldnt it be just to invest in a T3 line. Im actually surprised I read MP trading on a laptop. I play games on my computer and I would never go wireless if it was a FPS. I would want as much reduced lag as possible.
2. It was mentioned when ordering the Bloomberg package for $1750 that you get a direct line to them? What exactly does that mean. Im assuming it means a VPN . Then it goes back to why not invest into a sturdier connection. Again sorry if this was discusses later on I should be caught up by tonight.
1. I see problems with latency which can be at fault of the actual broker but at the same time if you were making some decent money wouldnt it be just to invest in a T3 line. Im actually surprised I read MP trading on a laptop. I play games on my computer and I would never go wireless if it was a FPS. I would want as much reduced lag as possible.
2. It was mentioned when ordering the Bloomberg package for $1750 that you get a direct line to them? What exactly does that mean. Im assuming it means a VPN . Then it goes back to why not invest into a sturdier connection. Again sorry if this was discusses later on I should be caught up by tonight.
Well I just got done reading the "trading chronicles". It was intense. I laughed, I cried and I was held in suspense. Its some great reading I dedicated my weekend to it. I shouldve printed itout because its very hard to read fast on the computer.
Well time to get busy.
Well time to get busy.
I wouldn't hold any long term trades at all.. especially right now.. but if I really had to do it - it would be AUD/JPY. Nice interest, aussie economy is solid (unlike the US) Fundamentally Aussie is very strong.. it's just the carry trade fears that are driving aud/jpy down.
In the event of a massive drop down.. aud/jpy has the potential to go down 3000 pips.. while gbp/jpy has the potential to go down 10,000 pips. So I feel 'safer' with aud/jpy.
Nathan, right now jpy pairs all seem to be looking downward.. if Feds don't cut, AND BoJ hikes.. lol.. party time. If Feds hike and boj hike.. then you know what to do right? (short your house, car, pet, etc on GJ)
ROFL
I was hoping they would get started tonight but it seems like london is just ignoring NFP.
Also, I read on FF that the overnight rate is already around 5.00% but they haven't "officially" cut rates...whatever. Im just tired of this BS like last week where we're stuck in an 80-100 pip range(for E/J at least).
All the hedge fund managers are protesting...
http://www.forexfactory.com/showpost.php?p=1585235&postcount=17
LOL...you guys gotta read it 😛
http://www.forexfactory.com/showpost.php?p=1585235&postcount=17
LOL...you guys gotta read it 😛
LMAO. What a bunch of sorry babies - so the government should cover their a$$es for bad investment decisions? 🙄 Very funny..
ctrack.. I use a laptop because currenex operates even with a 20 kbps connection.. yep I've tried. CMC markets would show a 'lag' time of 250ms or more even when I had directly connected my ethernet modem to the macbook.. just shows how much crap they were giving.
A wireless connection works fine with any broker.. Bloomberg probably does not want to take any chances of customers suing them for non-performance in the event their (the customer's) internet connection has disconnects or something of that sort. With a direct line, there is no way that anyone can make up a story about Bloomberg being slow.. and of course, to offer the most stable and fastest connection for news.
Reuters has been working great for me, but some reports lag.. which is why most professional traders use both platforms.. which would be overkill for me.
So im assuming the new platform has been working out for you as far as news goes? Haven't seen much activity lately.
Works great.. but you have to be very fast. I got screwed today on the UK trade balance.. an example of how 'patience' can get you in the wrong place!
UK trade balance came out much worse than expected at -7.1 Billion. So I shorted GBP/USD at 2.0255.. it dipped to 2.0245.. but I didn't cover the short since I knew it was a bad number.
Bloody thing moved all the way up to 2.0307 in about 45 minutes. 😡 Absolutely surprised, I went back to see if they made any kind of revision to the trade balance. Turns out that the trade balance had been 'distorted' by errors in oil pricing. WTF? Lol.. that;s what I get for just looking at the number and not the accompanying statement.
I was about to close my trade when I noticed that the Debt Management OFfice in the UK had auctioned off some units, and that the bids received were 'disappointing' I saw the pound drop to 2.0300 and I shorted with a bigger lot.. closed it at 2.0285. So I broke even.. with a 3 pip loss.. which was all right.
It's rare that a currency pair moves in the opposite direction of that of the report.. in this case, I missed out on that explanation for the wide deficit. I should have closed my position for that 10 pip profit.. oh well, there's always another time. 😛
The one thing I notice about your trades. I read that you got a lose and then I wait to see how you recover it. Always amazes me how you recover this stuff.
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