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  • #1,081
  • Oct 17, 2017 1:04am Oct 17, 2017 1:04am
This is a savvy decision. Its not what everybody envisions it to be the point at which they initially begin, everybody begins with a similar mentality in view of some fantasy of the final product. This is a costly business to be in and not one you need to pay to learn! Better to cut your losses now at that point continue rehashing a similar thing and expecting an alternate outcome. Reality versus dreams altogether different. I wish you the good luck and achievement in your future undertakings.
  • #1,082
  • Oct 17, 2017 1:24am Oct 17, 2017 1:24am
I learnt the forex on my own as many of us do without mentor and after 8 months I opened a real account and blew my first account,then only I realized that there is lot to learn and I kept on learning since then,so I suggest you to not quit and try new style or strategy.trading requires passion and patience.
  • #1,083
  • Oct 17, 2017 8:25am Oct 17, 2017 8:25am
Quoting T4Trade
I learnt the forex on my own as many of us do without mentor and after 8 months I opened a real account and blew my first account,then only I realized that there is lot to learn and I kept on learning since then,so I suggest you to not quit and try new style or strategy.trading requires passion and patience.
A lot of people blow their first account when they first start trading - it's like a particularly unpleasant rite of passage. I hope that things have improved for you now?
  • #1,084
  • Oct 17, 2017 3:10pm Oct 17, 2017 3:10pm
Quoting mlawson71
{quote} A lot of people blow their first account when they first start trading - it's like a particularly unpleasant rite of passage. I hope that things have improved for you now?
yes I passed that stage but still learning,there is lot to learn in trading,this subject is wide,i consistently making 50 pips on daily basis with minimum drawdown.thanks for your warm wishes.
  • #1,085
  • Oct 18, 2017 8:34am Oct 18, 2017 8:34am
Quoting T4Trade
{quote} yes I passed that stage but still learning,there is lot to learn in trading,this subject is wide,i consistently making 50 pips on daily basis with minimum drawdown.thanks for your warm wishes.
"One must learn something new every day" is a saying that I will never tire of repeating. It applies not just to Forex trading, but to pretty much everything in life.
My point is, a trader never stops learning, even when they have years of experience.
  • #1,086
  • Oct 20, 2017 3:34am Oct 20, 2017 3:34am
Who is on FTSE100 ?, good sweet spot for FTSE100, thanks to BREXIT uncertainty, this instrument has been predictable for 2 trading sessions now.

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https://www.myfxbook.com/members/mav...bronco/2284466
  • #1,087
  • Oct 25, 2017 2:31am Oct 25, 2017 2:31am
Quoting hanover
{quote} Personally, I've had small accounts with Pepperstone and AxiTrader, and I have no evidence that either has cheated me.
Hi Hanover, I am about to open another live account are you still holding your opinion re these two brokers, Axitrader sounds OK to myself however reading the terms and conditions is enough to bake my noodle, and its easy to find bad reviews anything, sometimes its like the bad joke, complaints dept overworked complements dept not needed. I have been with Alpari how anyone with their name is still in business I just dont know, Go Markets who I still have a small amount with, and FXCM who fooled me into believing they were STP (they were in name only). Many thanks for your answer on this I need help as its impossible to be super informed and your ear is better tuned than mine.
  • #1,088
  • Edited 5:47am Oct 25, 2017 4:00am | Edited 5:47am
Quoting qp2
are you still holding your opinion re these two brokers
I'm probably not the best person to ask, for the following reasons:

1. I'm a programmer, not a pro trader. Trading is merely one of my hobbies, and nowadays not necessarily my favorite one.

2. A lot of my trading is demo, as I'm debugging EAs and testing semi-automated strategies, both for myself and a couple of 'real' traders; the rest is in very small accounts, where it's not worth any br0ker's effort to cheat me out of a few dollars. I've cut back my account and position sizes significantly since Alpari UK went broke.

3. I avoid trading intraday. Most of my positions are longer term. Hence I can't speak for scalping or news trading.

I stand by my earlier comments. Having said that, I closed my account with AxiTrader in 2014. I've never used FXCM, after I read that they were on the wrong side of lawsuits. Although I have no evidence that Pepperstone have ever cheated me, it doesn't necessarily mean that they haven't cheated others. I make no recommendations.
  • #1,089
  • Oct 25, 2017 4:04am Oct 25, 2017 4:04am
Quoting hanover
{quote} . I make no recommendations.
Many thanks.
  • #1,090
  • Oct 26, 2017 6:07pm Oct 26, 2017 6:07pm
Quoting qp2
Many thanks.
I just read this, and have also seen an e-mail** from Pepperstone that confirms that all NZ clients will need to close their accounts. I suspect that this is the main reason behind it all.

My friend who has an account with AxiTrader informs me that he has spoken with Axi, and they are in the process of getting licensed with the NZ FMA. Hence it will be possible to trade with AxiTrader, if you are still interested.
________________________________
** the e-mail reads as follows:

Hi XXXXXXXXX,

Earlier this year new rules came into force in New Zealand regarding brokers that offer short-term derivative products. Unfortunately, these rule changes mean that from 1 December 2017 Pepperstone, as an Australian regulated entity, can no longer take on or retain any trades for clients who reside in New Zealand.

What does this mean for you?

Our records show you currently reside in New Zealand. Unfortunately, this means we will be required to close your trading account(s).
Please Note: If you are no longer a resident of New Zealand, you can click here to update your address in Secure Client Area by providing an identification document displaying your name, current address, and dated in the last 6 months. Examples include a bank statement, utility bill, national ID card, etc. To ensure an uninterrupted experience, please act before Wednesday the 8th of November 2017.

When will my account be closed?

You will still have full access to trade up until the close of business Wednesday the 8th of November 2017, when your account(s) will be moved to 'Close Only' mode. Close Only means you cannot open any new positions, only close existing positions.

You will be able to manage any existing positions until the close of business Wednesday the 30th of November 2017, when any remaining open trades will be closed and your Pepperstone trading account will no longer be available for use.

As always, you will be able to withdraw any balance remaining at your convenience.

Have questions?

We know this may be an inconvenience and sincerely apologise. We are still here to support you in this change; so if you have any questions or concerns, or believe this should not apply to you, please do not hesitate to contact us at [email protected] or +61 03 9020 0155.

Pepperstone would like to thank you for trading with us and wish you all the best in your future trading.

Kind regards,

The Pepperstone Team
  • #1,091
  • Oct 26, 2017 9:39pm Oct 26, 2017 9:39pm
Quoting hanover
{quote} I just read this, and have also seen an e-mail** from Pepperstone that confirms that all NZ clients will need to close their accounts. I suspect that this is the main reason behind it all. My friend who has an account with AxiTrader informs me that he has spoken with Axi, and they are in the process of getting licensed with the NZ FMA. Hence it will be possible...
Thanks for this David. Given that Pepperstone in Australia falls under ASIC regulation and is required to hold AFSL licences to make a market and advise and deal.....I would have assumed it would have been a fairly straightforward matter to arrange for the necessary authorisations under NZ legislation.....I am wondering if there is more to NZ recent changes than I think :-)

It is quite a big deal to cut yourself off from an entire geographic segment.
  • #1,092
  • Edited Oct 27, 2017 12:03am Oct 26, 2017 11:46pm | Edited Oct 27, 2017 12:03am
Quoting Copernicus
I am wondering if there is more to NZ recent changes than I think
My understanding is that many Kiwis have been cheated by br0kers (especially binary options br0kers), and the FMA here (NZ's equivalent of ASIC) are attempting to protect its citizens by by imposing their own licensing requirement, and making it a cumbersome process for br0kers, both local and overseas, to obtain the licence. The new requirement applies to all 'short term derivatives' which apparently includes spot FX. Pepperstone is a huge company, and I suspect that all of their large clients reside outside NZ, hence I guess they've decided it's not worth their while to go through the rigmarole of obtaining the licence. See the links in my earlier post for more info.
  • #1,093
  • Oct 27, 2017 3:54am Oct 27, 2017 3:54am
Quoting hanover
{quote} My understanding is that many Kiwis have been cheated by br0kers (especially binary options br0kers), and the FMA here (NZ's equivalent of ASIC) are attempting to protect its citizens by by imposing their own licensing requirement, and making it a cumbersome process for br0kers, both local and overseas, to obtain the licence. The new requirement applies to all 'short term derivatives' which apparently includes spot FX. Pepperstone is a huge company, and I suspect that all of their large clients reside outside NZ, hence I guess they've decided...
Cheers H. It's a shame to lose access to what i feel is a reputable broker. Thanks for the info. Isn't it about time for you to come over to the mainland. There are a few ales waiting with your name on it. I'll teach you something about rugby :-)
  • #1,094
  • Oct 27, 2017 11:21am Oct 27, 2017 11:21am
Quoting fxstaton
I have no luck in forex. Initial period I get profit, and few months all profits and capital are gone. I think I am not suitable in forex and will quit all and back to work
That is what happens when you go into investment trade without a plan. Also, did you apply risk management system? I am seriously learning what is the proper risk management system, so that even if I lose my profit, I won't blow my account. I think you should try again and this time apply some risk management.
  • #1,095
  • Oct 30, 2017 9:46am Oct 30, 2017 9:46am
Trading is a matter of luck, it's a matter of knowledge, experience and careful planning. If you rely on luck you'd be gambling, not trading, and generally speaking gambling usually isn't very profitable.
  • #1,096
  • Oct 30, 2017 10:26pm Oct 30, 2017 10:26pm
Lots of insight here, appreciate it guys.
  • #1,097
  • Oct 31, 2017 9:22am Oct 31, 2017 9:22am
Quoting qp2
{quote} Hi Hanover, I am about to open another live account are you still holding your opinion re these two brokers, Axitrader sounds OK to myself however reading the terms and conditions is enough to bake my noodle, and its easy to find bad reviews anything, sometimes its like the bad joke, complaints dept overworked complements dept not needed. I have been with Alpari how anyone with their name is still in business I just dont know, Go Markets who I still have a small amount with, and FXCM who fooled me into believing they were STP (they were...
Hi Qp2,

FXCM would not have suffered more than $200 millon dollars in losses during the SNB flash crash had it been taking the other side of client trades – unlike so many of the dealing desk firms in the industry.

On NDD forex execution, every order is offset one-for-one with a liquidity provider. The trader has a position with FXCM and FXCM has an offsetting position with the liquidity provider. When the trader went into a debit balance, that meant FXCM also had a debit balance with the liquidity provider that had to be covered. So what you are implying is at odds with what actually happened.

Jason
  • #1,098
  • Oct 31, 2017 4:36pm Oct 31, 2017 4:36pm
Largest Retail FX Broker FXCM Banned By CFTC, Fined $7 Million For Taking Positions Against Clients - Zero Hedge
  • #1,099
  • Oct 31, 2017 5:26pm Oct 31, 2017 5:26pm
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https://www.bloomberg.com/news/artic...tomer-accounts
  • #1,100
  • Nov 2, 2017 5:40am Nov 2, 2017 5:40am
Quoting mlawson71
Trading is a matter of luck, it's a matter of knowledge, experience and careful planning. If you rely on luck you'd be gambling, not trading, and generally speaking gambling usually isn't very profitable.
Some discord I have at your point. There is nothing 100% in Forex trading , so sometimes we have to depend on luck but not at all times.
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