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Anyone here into FOREX?

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Britguy said:
Yes I got in. It was a great trade. I made over 180pips trading it, and retraces afterwards.
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:eek: See.. most traders just make a living trading the NFP.. you can see how. I've been out for a few days.. down with the flu :mad: (and right after I told my niece that I didn't need a flu shot.. since I was.. er.. strong.. lol)

Right now I want to sleep.. but I'm waiting to see why the Apple store is down :p

Edit - Btw, check out what happened to the GBP/JPY after the NFP and unemployment data came out.. more than a 250+pip drop :)
 
Britguy said:
Yes I got in. It was a great trade. I made over 180pips trading it, and retraces afterwards.
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Good Job man! Even after a year, I still don't have the guts to trade NFP :eek:

MP, Shard, and everyone else, what are your thoughts on the situation we're facing in the US right now?

From my limited knowledge/experience, it seems that back in August when BNP Paribas "froze" that was a "systemic bank failure", was it not?

I'm basing that off of this article...

http://www.mises.org/journals/scholar/oberholster.pdf

If so, it seems very serious for the entire financial system. Like I said, I'm very uneducated in this area and I'm just trying to get an idea of what we're in for...with speculation ranging from "It's no big deal" to "It's the end of the world" LOL.

Thoughts?
 
Wow, that Canadian employment report was a treat to trade :D

Nathan.. US economy.. I'm somewhere between ' it's the end of the world' and 'it's all going to be ok'.. but I'm definitely not optimistic. The worst case scenario would be a complete collapse of the currency system - that's what scares me.. or hyper-inflation. When your $s won't buy you anything - that picture of a woman burning currency notes as firewood, because it wouldn't buy her anything.. always comes back to me.

If that happens, you know how gold and other metals will sky-rocket. I think it's always a good idea to diversify some of your savings into precious metals. For the long term at least.

What bothers me is all this credit system. It always has bothered me.. from the first time I landed in the US and realized how people who make $30,000 a year can 'lease' a BMW 5 series.. no sense of savings at all! It's finally caught up with the banks now. It's amazing to see all the big banks asking investors for funds (Citibank, etc) Bank of America just bought CountryWide.. the stupidest decision I would think. What the hell were they thinking??

Also, there seems to be a growing sentiment amongst consumers, to not pay back their debts. It's a 'I don't want to pay my credit card bill.. what will they do?' scenario going on right now. I don't care about a recession.. sometimes you need a recession to correct a 'bubble'. House prices need to come back to pre-2000 levels, etc.

Right now we have all the factors that can really threaten a global collapse - in place. I think the events started last July..forget housing, wait till credit card debts become the daily news. It's a little scary. And I don't even want to talk about oil lol.
 
What program you use?

I went to a show to check out a program. The one I seen was wizetrade. I went home googled it and the first site i seen under the homepage was informericalscams.com. So, that scared me away from them. The only thing I liked about them was the commmand trade.

I like to play news event the only thing I'm using is the widgets charts and paper trading like that.
 
Street Addict said:
I went to a show to check out a program. The one I seen was wizetrade. I went home googled it and the first site i seen under the homepage was informericalscams.com. So, that scared me away from them. The only thing I liked about them was the commmand trade.

I like to play news event the only thing I'm using is the widgets charts and paper trading like that.
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If you read the entire thread, you will know what to do. :D
 
Beyond beautiful trades today.. US retail sales came out terrible.. PPI also came out negative.. and empire manufacturing was down! Triple shocker - I traded GBP/JPY since it is so sensitive to US reports these days. 60 + pips with big lots :D

I'm looking for a DOW collapse today ..unless by some miracle traders prop it up. Hell, maybe AAPL will make the DOW go up.. oh, and I can't sleep anyway.. have to wait for the macworld!!!
 
oanda

I've been playing around with oanda its a good. GREAT with trading news events but no trailing stop. Does anyone program have a trailing stop? I was using premier trader my buddy spent 3k on it and gave it to me after he lost a bet. It worked good some time then some times I couldn't get a feed. I guess I could just modify my stop lose but I'm so damn lazy.
 
I made $25,000 profit last night on the oanada game (realized P&L $45,000 total) off my original $100,000 free money. I'd love to do this for real because it appears I've got an eye for it. Anybody have some not-so-secret places for news wire looks? Also, a little "for dummies" type of thing would be awesome for picking up the terminology. I've actually got a friend who knows about alot of this stuff so I'm going to talk that out but I want to make me some $$$! :D
 
sjshaw said:
Well, I wanted to contribute to the thread, so I created a PDF of the entire thread up to today's posts. Download the ZIP of the big-ass PDF here:

Download link for the single 7.5 MB PDF file (ZIP)

If you don't want a 7.5 MB PDF, I zipped up each "printable page" of the thread. There are 54 PDF files in this ZIP. Download it here:

Download link for the zipped-up 54 PDF files (ZIP)
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That's great! Thanks .. appreciate the work :)

Street.. oanda doesn't have a trailing stop loss.. there are other forex brokers with platforms that do offer this feature.. I think FXCM does so. You can simply check out the brokers and see if they include this option.

Taylor.. if you have an eye for it.. try this. Open a real oanda account with $200.. and make it $400. Just try that. When you do that 3 or 4 times, *then* you'll have an eye for it. Not trying to discourage you.. but trading with real money is much different than trading with game money.

I've seen plenty of people who make thousands on demo accounts.. and then deposit anywhere from 2K to 5K and lose it all in a few days. If you think you can't let your emotions beat your strategies.. think again.

Like I said, try it out.. make $200 into $400. If you make it the first time, great.. make $200 more.. if you can't .. then stop. Let me know :)

For news feeds.. there are plenty of sites.. free ones, that is. They will be a bit slower than something like paid services obviously, but you can still trade with slow reports too.. especially on major reports.
 
78 pips on GBP/JPY trade.. UK retail sales numbers came out dismal. Again, UK reports remain my favourite to trade :D
 
Well done MP. How do you click so fast after the report? Do you click before the spike or during the spike? Any thoughts where GY will go in the short term? I am currently short, I think we'll go to 207 again.
 
Britguy said:
Well done MP. How do you click so fast after the report? Do you click before the spike or during the spike? Any thoughts where GY will go in the short term? I am currently short, I think we'll go to 207 again.
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Britguy.. I didn't click right away.. took me a little time to register.. but the drop was pretty big to get a good profit. Which is why I mentioned earlier that even if you use free news feeds which are slower.. if a report deviates by a huge amount.. you can still trade it and make good profits.

Btw.. I use two computers - my macbook pro and a macbook.. with platforms running on both. On one my finger is on the 'buy' and the other.. it's on 'sell'. I can click faster with that setup.. at first my head used to hurt lol.. I am pretty much used to it now.

GY long term - I see sub 200 for sure. If the Feds cut rates.. you might see GY bullish - but it will run out of steam (I think) I don't think the fear in the markets is going to subside anytime. This downtrend in the carry trades has been going on since July 2007.

Look for opportunities to sell on rallies.. that's what I would concentrate on.

Shard, wb! Cuba .. nice :) I'm leaving for Bombay in 2 weeks.. will be stopping in London for a day maybe. Not looking forward to the trip.. I absolutely hate flying :eek:
 
Music_Producer said:
Shard, wb! Cuba .. nice :) I'm leaving for Bombay in 2 weeks.. will be stopping in London for a day maybe. Not looking forward to the trip.. I absolutely hate flying :eek:
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I'm sure everything will work out just fine Music_Producer so try not to stress over things too much. ;) :)

I'll post a link to my Cuba pics when I get them sorted out and will expect to see your Bombay pics as well when you return. For now though, let's make some more money! :cool:
 
Mp,

But areent the spreads pretty big when you react & the slippage. Do you use limit or mkt orders for this?

On GY, its a fact that the Fed is gonna cut and cut. But not sure it will make a lot of difference.
 
Britguy said:
Mp,

But areent the spreads pretty big when you react & the slippage. Do you use limit or mkt orders for this?

On GY, its a fact that the Fed is gonna cut and cut. But not sure it will make a lot of difference.
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No, actually, no slippage. Spreads are a random thing - I have seen them remain low on big reports like interest rate decisions.. and sometimes on the smallest ones they get all whacked out - 40 - 60 pips or so. I guess it all depends on the liquidity in the markets.

For this one I didn't have a big spread.. I know it was well under 10 pips.. I am too busy trying to click or think .. but I do have the spreads in my mind as well. If before a report I see the spreads going crazy, I'll be more cautious. I use market orders all the time.. limit orders never get filled.

Remember when the GY fall started in July? There were some days when the spreads on GY were 60+ pips.. even when there were no reports! There was simply not enough liquidity in the markets at that time.
 
Mp

Thanks for the info. You should record your screen when you place a trade. Its good to see the spreads etc at the time. I know the spreads on CAD pairs can be fierce at news time 25-40pips. How many lots did you get away with on the GBP retail?
 
BritGuy, I traded 4 lots with the GU trade. Yes, I've seen spreads on USD/CAD go nuts before CAD reports.. but usually, CAD reports deviate big time (which is again, why the spreads go so wide I am guessing.. because traders expect a lot of volatility) and USD/CAD usually moves 100+ pips after reports.

Btw, check out GJ.. it went close to 204.50 today :D Sub-200 definitely seems a likely target. I'm also brave enough to quote 150 on GBP/JPY if things keep going the way they are. I see no quick-fix to this credit problem.

Again, I am selling GJ on rallies (usually GJ rallies at the end of a market session.. for e.g. during the Asian session it was crashing with the stock markets.. once it ends.. GJ usually rallies till the European markets open. If the EU markets crash.. GJ again resumes it's downward journey)

Lots of rumors going on that Feds are going to have an emergency rate cut today.. so I am not trading GJ today.. it's better to be safe and see if that rumor comes true or not. My opinion.. Feds are absolute a$$e$ if they do cut rates. :mad:
 
Update - It seems that there are rumors that almost *all* the central banks are going to cut rates by today or tomorrow.. to ease the global equities collapse. This has resulted in a 300-400 pip jump in GJ and carry trades.

So now we know who's side these central banks are on.. :rolleyes: Bunch of retards
 
They'll keep cutting and cutting. But i dont think it will be a V shaped recovery like they think. A bounce in stock markets/Carries should be shorted.

I thought you would have traded more than 4 lots on currenex, thats a small trade in the context of currenex.
 
Britguy said:
They'll keep cutting and cutting. But i dont think it will be a V shaped recovery like they think. A bounce in stock markets/Carries should be shorted.

I thought you would have traded more than 4 lots on currenex, thats a small trade in the context of currenex.
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I agree.. I'm just waiting to see if these so called rate cut rumors come true today.. if they don't, look out for a drop in stock indices. Also, Bank of America and some other company are going to come out with their statements.. I'm expecting losses. Let's see..

4 lots (4 million units) is enough for me :p I push up the size when I'm trading interest rate decisions (but today traders are expecting up to a 50 bps cut in CAD.. so I'll be a little careful.. )
 
Sorry i thought you were trading 4 standard lots. 400k. You must have a massive ac then? I have heard stories of big slippage on currenex with market orders, so would be quite scared to try it.

Apparently, according to rumours, it will be a co-ordinated central bank move at 7am ET. So if it doesnt materialise welcome to the downside.
 
Britguy said:
Sorry i thought you were trading 4 standard lots. 400k. You must have a massive ac then? I have heard stories of big slippage on currenex with market orders, so would be quite scared to try it.

Apparently, according to rumours, it will be a co-ordinated central bank move at 7am ET. So if it doesnt materialise welcome to the downside.
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Ahh, I used to trade 400k when I was trading with CMC Markets, Oanda, etc. With cnx.. when I mention a 'lot' I usually mean 1 million units. Not really massive (I wish!) After all, I am using margin.

I have never had slippage on market orders at all. Yes, if I'm a bit slow.. then it might 'slip' 14 or 20 pips max.. but never an extreme amount.

Btw, the cut might also occur at 8 am EST - 8.15 am EST .. the last time they had a surprise cut (bank rate.. not regular rate) was at 8.15 am EST. So keep a look out..
 
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