Aloha to you also cifikea...I assisted on this board for a while at the request of the original moderator ...he gave it up for whatever reason and I tried to keep it going for a bit but caused me to lose focus on my board so I just went back there full time..our FOREX board is the undisputed top FOREX board on Ihub and I invite you to join us there if interested in FOREX trading...here is the link..Simple
Board...I went ahead and took the vacated Mod spot here to see if I can help anyone...FOREX can be very good but its as the board name states..IT AINT EASY!...it is very much about trend regardless of the reason for the trend.I will be available to answer any questions that I can.It seems that most folks are either too scared of 4X or not scared enough!(LOL)...a cold emotionless trading style is somewhere in between and thats what I want to see developed in the few wanting to plunge into FOREX.There is a lot more to it than one would think but then there is a simplicity that can be achieved with successful trades becoming the high percentile and bad trades becoming fewer and fewer.NO trading can truly be 100% success rate trading...its a game of percentages....Simple
LOL...because of the new laws, I should change my alias to...~69799~...ROFLMAO...
but what happend to the venture? is that 86'd now?
maybe u should change the handle to 8686? lol
Be sure ta stop by & say hi when ya make your 4x return.
ya, your right, this board is dying away...I hope that some people here have learned something from me...at least in terms of what not to do trading in the forex market...LOL.
I humbly break from forex now...I have learned enough to know that I will be back...For now I must get back to doing what I do know.Options ,shorts, and stocks...GL luck to all PIP'ers...As once the head PIP'ers I must respectfully submit to the FOREX Market...
love where on the Wiki page it also says "see bag hold"....& having said that....hopefully you still have some of those greenback shorts....should be comin home ta roost this next week.
Sit tight....the dollar is due for a stumble.
69....sounds like you're delving into the carry trade strat of sorts....or maybe the straddle trade.
If ya've never heard of these b4 you should google'em.
In short...the straddle is taking positions on both sides of the trade & then when a clear direction is developing, cut the loser. Careful tho w/this one....it's easy ta get whip sawed in 4x.
The carry trade tho sounds more like what you are thinking about. There's tonz of good lil strats out there & these 2 are amongst some of the more popular/conservative strats out there...keep diggen tho....it's fun ta watch the light bulb go on in someone's head....good stuff.
Currency rates move up and down in response to global news events, economic announcements, interest rates, and basic supply and demand factors. In overly simplistic terms, rates rise when there are more buyers than sellers. At some point, the rates become too expensive and buyers stop buying, thus the market corrects and moves in the other direction. On the other hand, rates fall when there are more sellers than buyers. At some point, the rates become a bargain, buyers start buying, the market corrects and begins moving back up.
If you examine the EUR/USD and the USD/CHF and consider them to be fractions, you will see that the USD is the denominator in one and the numerator in the other. If the monetary policies of the European Union and Switzerland remain reasonably constant, these currency pairs are essentially reciprocals of one another. In other words, when one goes up, the other should go down.
Upon examination of the charts, you can see how closely they mirror one another. Historically speaking, when one goes up, the other does indeed tend to go down.
What would happen if you bought both currency pairs? On the surface this makes no sense. If one goes up and the other goes down, you’d just break even. In reality, though, you’d make twice as much money – while at the same time, dramatically reducing your risk.
Possible automated trading strategy in there somewhere???...
got that right SG.....Fri's 'n Sun fo'sho....
safest bet is ta simply wait til Mon prime time London....maybe the Mon prime time Asian session at the very earliest.
Kinda reminds me of the Dire Straits tune Industrial Disease....."....abolish Mon mornings & Friday afternoons.." & ..."these are classic symptoms of a monetary squeeze..."
& a very good wknd to all
Will check it out 69.., I am a blank slate on that.Hope ya had a good day today...mine was rosy for sure...my AUD/JPY finally broke out of the doldrums and I closed a long on it for 76 pips...that was sweet!I usually dont ride one that far but was really busy here at my place and from the look of the action it was trading well above MA(11) all the way up.Actually its looking like a major trend reversal but I wont hold my breath on that yet...this is Friday in FOREX land and I have seen many times that artificial runups happen going into the close on friday.Dangerous day actually.
i would love to have volume, too. it is available - just need to get yourself hooked up with a live EBS feed. last time i checked the sub was $50,000 US per month.
Ike or maybe comments made by Paulson...or maybe simply just basic t/a? How about a combination of all the above?
Vol would only add another level of info that ya really don't need...at least it wouldn't help ya to the degree that it does in stocks. In fact most likely, tracking the vol would throw ya off cuz ya never when at the drop of a dime (excuse the pun) when some large multi-nat institution will come in & go the other way on ya in a heartbeat.
I like to keep it simple myself...especially in 4x...the less info I have...the better....lolol
Seriosuly tho I mainly watch just a few things...MACD & then fast swings to any 1 direction...then when the chart seems to wanna settle in a new channel for a few mins....I look for the reversal...but only lookin for 15-30 at the most on the retrace...so the pop has gotta be in the 50-100+ range for me to really have a decent shot at that kinda retrace.
Then once in I simply use very conservative fib levels to set my exit....no more than the 15 min...& try to stay on the 5 min.
GL this AM & keep an eye on Ike....there could be more of a caine effect this time 'round....but since it's a Fri...who knows?
Keep a watch on gold for any early hints...as always.
Yep 69..,in 4X you have to trade with a lot of caution...I am only agressive on a trade that lasts but a few seconds like when non farm payroll hits and USD/JPY opens a massive candle.In a case like that I will often jump on hard watching that candle grow and jump right back out with a nice profit...I dont ride for more...I just take the quick buck and leave the rest to somebody else.I might not be able to gloat over a huge profit but my portfolio gains a nice NAV for it.
On the issue of volume IMO it would be so massive on both bid and ask as well as time frame values as to be more confusing than helpful...bear in mind that it trades app $3.2 Trillion USD daily!
Im short ~USD/CHF~
USD is freefalling this morning!!!
Thank you for your wise words. I have learned alot the last few weeks...not only about forex but about myself...Im too aggressive...It works out well in the stock market...Forex has put me in my place...Its a learning experience that only a trader can respect.
I wonder why we dont have the ability to view volume? I dont understand why we cannot get the exact amount of money traded on any particular pair at any particular time at any particular price? I feel so blind without it...I hope that one day this feature is added to forex. IMO, its a vital trading tool.
GM 6979 and board....am very sorry to hear of your losses 69..,FOREX can really crush you if you get to thinking it can be easy...as the board name states PIPN aint easy.I have been scalping some on small USD related pairs but for the most part have shyed away from EUR and USD with serious money....most of my trades have been in AUD/JPY..withh that pair I have a very weak base currency in the Audie and a very strong one in the Yen...I am trading it on 15 minute or less candles and watching pivots and trendlines on a 30 minute to see as I approach key reversal areas...also I am trading no more than 50K units and at times only 20K units going in on firm reversals and letting it ride to any significant profit then closing it til I see next firm reversal.Most have been shorts but I have no problem going long as it technically oversells on the 5 to 15 minute time frames.Also..I do NOT go againdt the grain...if 20 minute candle is bullish I tend to go with the crowd...and of course...the other way around.Hope to see you get back on your feet soon...you can make bank on FOREX but you cannot literally beat it IMO...just too many variables.Go in for a quick kill and never force something to happen..If opportunity is not solid then sit on your hands til it turns firmly in your favor then ride the big money in the direction it is going but close the trade well short of next probable turning point....Simple
cash...cant be greedy.
About 1000 more moves like this and I'll be even...
YAH!YAH!YAH! Guess the world liked the report..
Thats exactly how I feel.
I woke up to a nice suprise this morning. Before I went to bed I went long ~GBP/USD~...just wish that I would of loaded up...I had just a small position.Closed it immediately.
everytime i've shorted something against the greenback the last few days i've briefly wondered if I was the greatest fool
aka blind man's bluff ;)~ / eom
I've learned that when the boards get quiet....much of the time it's cuz folks are stumblin.
either that or we're all trading the prevailing trend that is like the elephant in the room
it's like crack isn't it?
Thanks for the wise words Worn...Its been years since the markets have humbled me like this...just when you think your good...the market lets you know who's really in control...
I lost much coin the last few days shorting ~USD/CHF~ Of course I was swing trading too...I just cannot believe oil kept dropping this week in the face of a cat 4 hurricane heading straight for the gulf...which is why I chose to short the dollar in the first place besides the fact that its way due for atleast a small retrace...I was up for 27 straight hours watching almost every tick...your right about forcing trades...thats what killed me...I got murdered Worn...Im not ashamed to admit it...Ive depleted my account three times now for not a trivial amount of coin...I must take a forex break...Im not accustomed to losing like this...Im not giving up on the Forex market though...I'll be back...I just have to regroup with the stock market...something I know Im good at...
Good luck Worn...LOL...dog gone dollar still going up as we speak...unbelievable.
Yeah....sure did get awfully queit in here as of late....
& your comments w/re 2 a beast to be respected....indeed...to put it mildly :0
Steady as she goes 69...& it jus goes ta show ya...no matter how good u r @ T/A....4x can still mess w/ya.
For many mos now we've been sayin that all correlation/fundi's can be thrown out the window...what could once be counted on is no longer. Nettles has ben sayin this for awhile now over on the other board & I am in total agreement w/that. So the mrkt as of late has really been a tuff one ta try 'n figure out....no rhyme or reason to it at all....seemingly.
Play around w/lotza different strats & don't find yourself in too much of a rush or tryin ta force your trades.....that's somethin I've been learnin as of late. Seems most folks over the last several weeks have been experiencing trouble..& I've learned that when the boards get quiet....much of the time it's cuz folks are stumblin.
Keep at it tho & remember.....when things aren't goin well....let go of the losers early & let the winners ya do find run.
Hey Worn, thanks for the link. Im going to look into it. Have you actually signed up for the service?
I've been taking a break recently...The dollar has kicked my butt lately...real bad...
Im not giving up though.Forex is a beast that must be respected. Its truly amazing how far the dollar has gone without a single retrace...I still say that its due for a retrace but the last few days have earned my respect...not to mention that the lesson has cost me thousands of dollars...LOL.
No worries lisg....
& w/re to the tax thing as far as Oanda goes....I believe if you looked at most other houses w/re to their tax disclaimers...I think you will find that many of them are fairly ambigious. I guess that has to do w/the legaleze of it all....ya know, everyone's tax consequences, liabilties & way in which they report are different...so many different ways to report & when there's no real borders w/re to 4x it can get awfully tricky for a borkerage when trying to cover all their bases...at least one has gotta sssume.
Always best to consult a tax advisor I suppose since each individual situation will vary.
Enjoy your time out of the country & we look forward to hearin from ya upon your return.
I 4x traded for about a week. Treated my account like it was real money. Lost on about 80% of my trades. Began trading with the Vegas Tunnel method. Kept getting stopped out. Started to include trend line trades looking for bounces at areas of resistance. Would make a few good trades, but usually stopped out. All in all, I lost about 1.5% based on the $ amount I had at risk in the market.
Here are my takeaways:
I don't have the TA or fundamental skills to find favorable setups.
I am not comfortable with the amount of leverage used in 4x. Seems like a six sigma event would come along eventually and my stop loss wouldn't matter. Oanda had some verbiage in one of their new account documents that didn't make me feel real comfortable.
How to handle tax reporting is not clear.
I am going to take a break from 4x. Won't be too hard, cause I'll be out of the country with very limited internet access. When I get back, I may be around. Really depends on if I want to tackle understanding this part of the market.
Regardless, thanks for being friendly about learning the 4x markets.
fyi...ya may wanna have a looksie @ what 1 of the comps (CompassFX) do here....thot you'd be interested....this was sent to me approx 30 mins ago...so there's about 30 mins left ta sign on...Cheers!!
Our free webinar with Mark Coe CTA begins in less than 1 hour. If you have not yet registered, please use the link below.
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We will have sessions on discipline, emotions, risk and money management just to name a few important fundamentals to help build your trading success.
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If you are not familiar with Mark, join us Tuesday, September 9th 2008 at 12:00 pm Eastern Time (noon) for a special webinar as we announce the New Trading Room.
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Compass Foreign Exchange LLC
2083 N. Collins Blvd., Suite 200
Richardson, TX 75080
Tel +1 (800) 577-3600
Tel +1 (972) 680-8080
Fax +1 (972) 680-3355
Trading forex carries a high level of risk and may not be suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained does not constitute investment advice.
My platform is off and Im about to go to bed...Heres a link though.
Anyone have the real-time USD quote for me? a Link maybe?
You can ask 10 different traders .. who is the best broker? Your going to get 10 different answers.
What you will do is to pick one to start off with until they do something to push your button and then you will switch to another broker. Most of us have used this method.
Not sure...Dont want to post actual representations...(until contracts are signed)...there will be four brokers to choose from...will announce when contracts are signed...
BTW...just started an account with FXCM.Im going to try to get this account to be the first live account...
Some things to keep in mind about FXCM...One 87 million in firm reserves(so the 20 million reserve level will not affect FXCM on september 23rd...
The account was funded on friday...went through all the paperwork on the same day...Very supportive staff (efficient)...
Looking to go live by monday...
Charting platform is very advanced...very advanced...nice...
Still in talks as to what forex brokers...Whatever is decided , the broker must have an advanced platform...and enough reserves to survive the new reserve requirements...
Good night Worn...
Oanda?....or w/another? eom