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Anyone here into FOREX?

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Music_Producer said:
So I checked online with various exchange offices.. being used to the wholesale rates on FX platforms.. I was a little taken aback to see a 1000 pip spread when trying to purchase physical currency i.e. at retail fx locations :eek: Spreads vary according to currencies.. but they're easily at 300-400 pips or so.

Now, if you could find someone on the black market (call Soros!) who could get you physical notes at wholesale rates.. hmmmmm. Take physical delivery of CNY (like, say, $10,000 worth) Hold it for a year or however long.. and you don't have to pay interest. It's also a good way to diversify your savings.

What do you guys think?
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I like it (especially because it has a sense of bastardliness to it! :D) but I'm not sure how easy it would be to execute. Let us know what else your research uncovers... :cool:
 
Thanks

Hi Everyone,

Just want to thank you all for sharing your experiences and insight on this forum. This is quite a thread! I would have never expected to find a Forex resource on MacRumors, but I should have known better;)
 
Gryffindor75 said:
Hi Everyone,

Just want to thank you all for sharing your experiences and insight on this forum. This is quite a thread! I would have never expected to find a Forex resource on MacRumors, but I should have known better;)
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Glad you have found it useful. If you have any questions, just ask, and if you would like to share your own trading experiences and knowledge that would be most appreciated as well. :)
 
~Shard~ said:
Glad you have found it useful. If you have any questions, just ask, and if you would like to share your own trading experiences and knowledge that would be most appreciated as well. :)
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Thanks Shard! I definitely will in both cases. :D

Right now I'm working with my Oanda Game Account, watching and seeing how different news and other factors affect things and absorbing and using all the resources and information you all have posted here.

If there's one theme I could grasp from the many pages of this thread (no I haven't read every single one yet, but I have read a considerable portion),
it would be "Practice makes Profits or Practice makes Pips"
 
Gryffindor75 said:
If there's one theme I could grasp from the many pages of this thread (no I haven't read every single one yet, but I have read a considerable portion), it would be "Practice makes Profits or Practice makes Pips"
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Yep - just like anything else in life, there is no substitute for experience. :cool:
 
Ok, so interest rate decision tomorrow morning. Markets have priced in a 50bps cut.. so be careful with your trades. I personally won't trade if the cut is 50 bps.. some traders are even expecting 75 bps.

If it's a 100 bps cut.. I'll go long on GBP/USD, GBP/JPY for sure (all carries will rally) If it's no cut.. then I'll short carries and GU (EU won't move that much.. in recent days GU has been moving up)

50 bps cut.. and the markets might range.. I'll stay out. Then everyone will focus on what the Feds are going to do next.. or the carries will pick up direction from the stock markets.

Britguy, I didn't trade that CAD report.. I got 40+ pip spreads.. so I left it alone. How did that go? I heard it was a bad number.. not too sure. I was trading GBP/JPY.

I traded the durable goods orders this morning.. got about 16 pips, number came out quite positive. I traded USD/JPY on that one.

Good luck tomorrow!
 
50bps - no trade
75bps+ - buy GY
25bps - sell GY

I think they'll cut 50bps. Goldman called for 50bps, and they usually do what they suggest.
 
Britguy said:
Shard,

Which broker are you with? I got nothing but requotes.
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I still use CMC Markets. They dick me around sometimes, and if I were a serious full-time day trader I'd move to an ECN like Currenex, but for my purposes they still work fine most of the time. In fact, some of their tactics backfire sometimes. For instance, they no longer allow news trading in terms of trading the spike - they hold their orders and their pairs will not react until a good 15-20 seconds after an announcement sometimes. This worked out perfect this morning, as TTN reported a lower than expected US GDP # so I went long on EURUSD and got in before it moved. It gave me enough time to open up my closing order as well so I was all ready to hit SELL once it moved. It doesn't always work this way and I'll get the odd requote, but for the most part I don't have problems.

CMC has fixed spreads as well which helps for news trading.

But yeah, requotes suck. You definitely need a quick reaction time and trigger finger!
 
I used to use CMC too, but about last june they stopped filling me on the spike. I find with retail brokers, as soon as you make £5k+ they limit you. Thats why currenex is the way to go, if you get widespreads, you can benefit from getting filled on big movers. But i havent got the 40k+ needed yet.
 
Interesting, I haven't experienced that yet and my account has grown substantially over the last year. I do get requotes from time to time, but nothing too annoying or prohibiting when it comes to my trading. They definitely still like messing around with their latency during heavy trading though, bastards.... :p ;)

I was thinking of opening a Currenex account but am not trading often enough nor seriously enough to take the step yet. If it was my day job and if I was trading every day, then sure, but right now CMC is adequate for my needs.
 
Fxcm

By the way, what is everyone’s opinion on FXCM? I never really did any due diligence on them when I was researching platforms and the like back in the day so I am curious how reputable they are...

The reason I ask is that they now have managed Forex accounts which one of my friends is interested in investing with. Very decent returns from the looks of it, at least compared to mutual funds! Also quite decent for someone who isn’t into hands-on trading themselves and such, as is the case with him...

Anyway, he was asking for my opinion on it and I thought I’d see if anyone else has anything good or bad to say about them. Any red flags I should know about, or just indifference?
 
Shard,

with Cmc do you ever get filled on a spike, or is it 30 secs later or so?

Does anyone believe this post-FED rally. I think its a short.
 
Britguy said:
with Cmc do you ever get filled on a spike, or is it 30 secs later or so?
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30 seconds?! No, it's never that late for me. If my order doesn't get executed immediately I usually just cancel it. If the market moves too fast I'll get the odd requote but that happens pretty quickly.

Britguy said:
Does anyone believe this post-FED rally. I think its a short.
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Do I believe that the US economy is magically fixed due to the rate cuts? God, no. :cool:
 
Britguy said:
Shard,

with Cmc do you ever get filled on a spike, or is it 30 secs later or so?

Does anyone believe this post-FED rally. I think its a short.
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Yep.. this is a short - the - rally market. That's what I've been doing since the last few weeks. Just made 147 pips on GBP/JPY :D Could have made more though.. it's still dropping.

This is exactly what happened during the last cut as well.. GJ went up 300 or so pips (because the rate cut was huge) .. and then completely collapsed.. so did the markets.

Funny thing is all the USD pairs are lower today. Same thing as last time.. they all went low.. and then once they started their upward trend.. they continued for a couple of weeks. It seems as though traders are pushing the USD pairs down, so that they can get good rates.. and position themselves accordingly for the rally ahead.
 
Made 46 pips on the US reports - there were so many reports that I got in about 15-20 seconds after the initial spike.. traded GBP/JPY since it's pretty volatile today (especially after the MBIA announcement that they have a 2.35 billion $ loss)

I've been shorting GBP/JPY everytime it rallies. Of course, I also look at the economic reports/news.. to see what the market sentiment is. I've been waiting for the USD Pairs to rally, but they haven't begun to do so. I was long GBP/USD and got out with 14 pips after waiting for an entire day. It gave up at 1.9920.. was expecting it to go to at least 1.9950. It has potential to go to 2.000.

I feel sorry for all the noobs on forexfactory.com who go long every time GJ drops.. it's amusing and sad at the same time, because I'm sure they blow up their accounts pretty soon. I think even a child can understand that GJ is in a downtrend.. for more than a couple of months now.
 
Nice job Music_Producer! I'm seriously going to have to look at trading that pair instead of my usuals... it might be time to change things up a little...

Regarding my post above, have you had any experience or heard anything about FXCM? As I mentioned above re: their managed funds, any feedback would be appreciated.
 
~Shard~ said:
Nice job Music_Producer! I'm seriously going to have to look at trading that pair instead of my usuals... it might be time to change things up a little...

Regarding my post above, have you had any experience or heard anything about FXCM? As I mentioned above re: their managed funds, any feedback would be appreciated.
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It's the best pair to trade when it comes to reports affecting market sentiment, as I mentioned earlier. Just keep in mind that it's still in a downtrend, this pair can move 300-400 pips either way. The worst part about shorting GBP/JPY is the swap. I so want to short GBP/JPY.. and get out at sub-200 levels.. but I don't know how long that might take, and I don't like paying interest daily.

I had a fxcm mini account a long time ago, it was the usual - freezing.. slippage, etc. Don't know how they are now.. no clue about the managed funds either. I'll ask around if any of my trading friends have used their services and let you know.
 
Music_Producer said:
It's the best pair to trade when it comes to reports affecting market sentiment, as I mentioned earlier. Just keep in mind that it's still in a downtrend, this pair can move 300-400 pips either way. The worst part about shorting GBP/JPY is the swap. I so want to short GBP/JPY.. and get out at sub-200 levels.. but I don't know how long that might take, and I don't like paying interest daily.

I had a fxcm mini account a long time ago, it was the usual - freezing.. slippage, etc. Don't know how they are now.. no clue about the managed funds either. I'll ask around if any of my trading friends have used their services and let you know.
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Thanks for the feedback Music_Producer, always appreciated! :) :cool:
 
~Shard~ said:
Thanks for the feedback Music_Producer, always appreciated! :) :cool:
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FWIW, I've never used FXCM or dealt with them at all, but, from everything I've read, I have yet to hear a good review about them as a broker...not sure about the managed accounts.
 
Nfp

What a stinker. -17k jobs. I didnt get filled on the spike, but shorted the AUD/JPY at 95.72 for 40pips. Looking to sell bounces.
 
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