FOREX TRADERS

[ultimatepick]

LOL! I found this frackin HILARIOUS!

http://www.forexfactory.com/showthread.php?t=16813

Is this only trading for personal account.. or does time trading for a bank count?
There must be a few of us who remembers/traded pre-Euro?
The intro of the Euro wiped out an extra 11 ccys and their crosses.
USD/DEM (thats the Deutschmark for you "youngsters" ) was THE main pair, and the DEM was also fairly heavily traded against the JPY and other European ccys; ITL, ESP, FRF, NLG, etc.
GBP/DEM was also a good one.... especially quoting it with 15/20 pip spreads lol
As for that week in October 98 on the USD/JPY....that was fun!
5 Oct:
Open.. 135.98
High... 135.99
Low... 133.71
Close... 134.01.......High/Low range 228 pips(this was the quiet start to the week!)

6 Oct:
Open: 134.02
High... 134.21
Low... 129.11
Close..129.76.......High/Low range 510 pips


7 Oct
Open..129.71
High...130.71
Low...118.66
Close..121.71........High/Low range 1205 pips



8 Oct
Open...121.75
High....123.46
Low... 111.64
Close...118.41........High/Low range 1182 pips



9 Oct
Open...118.31
High...118.71
Low... 115.31
Close... 116.62.........High/Low range 340 pips


I remember quoting 100 pip wide spreads... getting dealt and while still "confirming" that deal, the same counterparty would be asking for a fresh price to take a 100+ pip profit or loss!.. and believe me, some of my best trades that week were 100pip losses

And Yes..there were Technical Analysts coming up with garbage like
".. Well, the projected Fib 38.2 retracement of this downmove is....".or.."we have strong support on the 4hrly chart which should support....."
"Forget it Pal... Its just dropped another 400 pips while youre drawing a line on your f'ing chart!!"....Technical Analysis..what a load of ...


Oh yeah.. and what caused this move?

Correct.. The unwinding of JPY Carry Trades

So...those newbs who think youve found an easy way to make money...beware... your couple of a pips a day wont save your account if/when history repeats(which it always does...right?)...Just like any market.. when "Joe Public" thinks its a great idea......Its time to GET OUT !