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Spreadbetting The Forex

  • #61
  • Oct 26, 2006 8:46am Oct 26, 2006 8:46am
Just found this thread and have to say i'm very impressed. I'm in Ireland where spread betting is tax free too, main reason is 95 % of people lose so therefore if they taxed spread betting you'd supposedly be able to claim back your losses too. Doesn't take a brain surgeon to work out that it's not in the goverments interests to start doing that !

As for brokers i started with IG but left them cos of spreads and platform probs, then went to Finspreads and well there were some platform problems there too then moved onto CMC who i'm still with and have found to be more or less trouble free, mind u my winnings aren't gonna break they're piggy bank !

I personally think all brokers and spread betting companies are gonna give u grief around major news releases, one thing about CMC is they don't widen their spreads and the platform does remain stable. Other thing is i don't use guaranteed stops but 99 % of the time my stop is hit at the correct price.

Should add i don't work for CMC or have anyting to do with them just stating my personal experience !
  • #62
  • Oct 26, 2006 10:20am Oct 26, 2006 10:20am
No Problem eyevoltage.... Anytime.

Kavsp.... Here comes my moran question of the day.... You mention instruments? What do you mean by instruments
  • #63
  • Oct 26, 2006 10:30am Oct 26, 2006 10:30am
Quoting Micardo
No Problem eyevoltage.... Anytime.

Kavsp.... Here comes my moran question of the day.... You mention instruments? What do you mean by instruments
Currencies are instruments so are things like oil, gas indices etc etc
  • #64
  • Oct 26, 2006 12:03pm Oct 26, 2006 12:03pm
Quoting Micardo
No Problem eyevoltage.... Anytime.

Kavsp.... Here comes my moran question of the day.... You mention instruments? What do you mean by instruments
Billy answered it... an instrument is the individual item you trade... like in forex gbpusd is an instrument eurusd is also a separate instrument... in commodities US Crude Nov 06 is an instrument and the Dec 06 contract is also another instrument... etc etc

kavsp
_____________ Kavs Make It Happen For Yourself
  • #65
  • Oct 26, 2006 1:50pm Oct 26, 2006 1:50pm
Hi guys,
Just thought I'd ask if any of the lads on this thread have tried the above mentioned systems?

You know, with a spread-bet firm, as opposed to a broker? If so, what TF's are you using, and what sort of results are you getting?

Cheers
  • #66
  • Oct 26, 2006 3:20pm Oct 26, 2006 3:20pm
I beg 2 questions for everybodys opinion?

1. if, all the time, you won from your spread betting firm, or broker, would they stop you, and most importantly would they be allowed to stop you. When would they stop you, when you win 100 pounds a week or 10,000 pounds a week, or is it in time, could it be 4 months or 4 years.

2. if you could win constantly 10,000 pounds a week, what would you do.

cheers monty
  • #67
  • Oct 27, 2006 3:02am Oct 27, 2006 3:02am
Hi Monty

1 - If you read most firm's T&Cs they retain the right to terminate an account for any reason and do not need to give a reason.

2 - How long is a piece of string.... It may have more to do with the frequency of trades... with 1000 in your account if you make 100 a day but only need 1 trade to do it... it might look better than making 100 from doing 20 trades. In terms of time... in my opinion it will may be when you start showing consistency in your profits.

kavs

Quoting monty
I beg 2 questions for everybodys opinion?

1. if, all the time, you won from your spread betting firm, or broker, would they stop you, and most importantly would they be allowed to stop you. When would they stop you, when you win 100 pounds a week or 10,000 pounds a week, or is it in time, could it be 4 months or 4 years.

2. if you could win constantly 10,000 pounds a week, what would you do.

cheers monty
_____________ Kavs Make It Happen For Yourself
  • #68
  • Oct 27, 2006 3:24am Oct 27, 2006 3:24am
Hope you all caught the reversal on the fiber this morning, there was no excuse not to.

I dont want to insult anyones intelligence in case it was just too obvious but if anyones interested i will post the reason.

If it was too obvious please ignore this post.

Lyndon
  • #69
  • Oct 31, 2006 12:31pm Oct 31, 2006 12:31pm
i know this and the last post belong in the forex journals thread but im not sure whether im going to regularly post these type of things, it depends if any one is interested in joining the debate.

Well anyway, i use Andrews Pitchfork as part of my system and there has been one running on the Fiber (EUR-USD) since 13th Oct. I dont recomend using pitchforks as a stand alone but im sure you must agree the candles fit quite nicely in this one...

Ive removed all other indicators and zoomed out on the 1hr

Hope this gives a few ideas

Lyndon
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  • #70
  • Oct 31, 2006 12:54pm Oct 31, 2006 12:54pm
Okay heres a closeup showing how the candles bounce off the median lines, notice the candle patterns at the reversals

Lyndon
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  • #71
  • Oct 31, 2006 4:57pm Oct 31, 2006 4:57pm
Hi Lyndon

Nice examples of the pitchfork, something I haven't actually seen on a chart before. I also noticed how neatly the candlestick formations fitted in, and it's amazing how many people just don't or won't use candlesticks in their charts. Personally, I can't understand why people use bars. C/sticks give you instant visual info as and when you want it, but bars really take some studying. No, IMO candlesticks are far better.

Anyway, when I saw the pitchfork, I instantly thought of the system that I've been looking at this last few days, because it uses the SHI Channel. The system is listed elsewhere on this forum with a link to the website and it's free (or as near as dammit).

All I'll say is ForexOvereasy. Dead simple....15 min charts.....and looks well worth having a go at. Do a search on this forum.

Merlin, sorry if I've overstepped the mark here, but I don't really know how else to bring these things to the attention of other thread readers.

Cheers for now.
  • #72
  • Nov 1, 2006 12:50pm Nov 1, 2006 12:50pm
Eyevoltage

i think you are spot on with the candlesticks, i believe they are the most important part of TA.

Over the last couple of months i have been doing a lot of thinking about these candles. I can see the price action telling a story

i have tried several systems, some good and some not so good but i have always concentrated on indicators and used the candles for confirmation. now i think i got it the wrong way round, i now think of a chart the same as a book as both tell a story. The price action ( candles) are the words and the indicators are the pictures that highlight the fact.

If thats the case then all you need to do is learn to read candles and pick some indicators that fit the overall chart pattern as does the pitchforks in this case. I also use slow Bollinger bands and trend lines. Add the most obvious fibonacci lines and voila you have a system. I think the indicators are important for no other reason that a lot of people are using them so they become self prophesising. If point A is the highest recent high and point B is the lowest recent low you can bet a pound to a pinch of sh*t that most people will be using them as reference points.

Anyway i decided to try this and over the last three weeks i havent had a losing trade, im not saying ive found the Holy Grail or anything but it seems to be a winner for now, its very disgetional which makes it very adaptable.

I am toying with starting a thread and inviting people to try (on demo of course) this method (I wont call it a system as you are trading what you see and not just following a bunch of lines) and share feedback and entry exit ideas. Some people might find it usefull especially if they were like me before i started all this. i was great at picking which way the price wasnt going.

Anyway ranting over, im going to have a look at that overeasy as i cant see any entry points at the moment.

Lyndon
  • #73
  • Nov 1, 2006 1:29pm Nov 1, 2006 1:29pm
Heres something to think about

If no-one has yet discovered the Holy Grail.

How do you know it works ?????

  • #74
  • Nov 1, 2006 5:39pm Nov 1, 2006 5:39pm
Quoting Lyndon001
Heres something to think about

If no-one has yet discovered the Holy Grail.

How do you know it works ?????

Good point, Lyndon, which leads me to MY particular contribution......

I'm still a relative newcomer to Forex, and I've looked at and played around with a few systems, and ditched most of them. Not because they're crap or anything, but rather because they don't happen to fit my particular idea of a trading pattern. A few others, I've put on a back-burner for future reference, and at present, I've got a couple that look as if they might suit me down to the ground. Time will tell.

Anyway, I reckon that once one finds a particular system that turns out good results on a regular basis, and it's coupled with good MM and discipline, then one has found his own personal Holy Grail. It doesn't have to come up trumps EVERY time, just an acceptable (to the user) number of times. Does that make sense, I wonder?

After all, even the Holy Grail had to stop being the Holy Grail once in a while, in order to be washed and dried. Didn't it?

Did you find overeasy, Lyndon? Today has been pretty lousy, one way or another, with pretty choppy markets. The developer says to stay out of choppy markets, so that's good enough for me.

Ta-ra for now.
  • #75
  • Nov 3, 2006 11:56am Nov 3, 2006 11:56am
Hi Eyevoltage

I havent had chance to check the over easy yet but i thought you might find this ineresting. This is the aftermath of the NFP, is that amazing or what. I dont know exactly what it is that makes them so accurate but i am also now using the with zigzags to plot trend lines. I could never get the hang of them before. Anyway this is the exact same pitchfork that i showed you the other day, no mods.

Lyndon
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  • #76
  • Nov 4, 2006 7:07am Nov 4, 2006 7:07am
Hi Lyndon.
Yep, very impressive p/fork, mate, and yet again, those c/sticks seem to slot right in, don't they?

Anyway, before I go any further, I would suggest that we start another thread if we're going to discuss the merits or whatnot of different indictors.....whaddya say? This is, after all, supposed to be a spread-betting thread, and I don't want to drive anyone away it.

I've not been in this lark long, mate, so it's still fun finding out about all the different indicators and how they work etc. The danger is that one can become a bit of a "lotus-eater" where indicators are concerned, and they tend to take over one's life!! There are some that are really simple to understand, and others where I feel one needs a degree or something. On the other hand, maybe it's just me being a thicko!!

So maybe another thread for indicators, lyndon, and I'll be happy to join you there, in the hope that I may learn something.

Cheers, mate.
  • #77
  • Nov 4, 2006 9:18am Nov 4, 2006 9:18am
Quoting Lyndon001
i know this and the last post belong in the forex journals thread but im not sure whether im going to regularly post these type of things, it depends if any one is interested in joining the debate.

Well anyway, i use Andrews Pitchfork as part of my system and there has been one running on the Fiber (EUR-USD) since 13th Oct. I dont recomend using pitchforks as a stand alone but im sure you must agree the candles fit quite nicely in this one...

Ive removed all other indicators and zoomed out on the 1hr

Hope this gives a few ideas

Lyndon
Hi Lyndon,

First time I post here, so hello and sorry for intruding. Just started to research Pitchforks and so on, and I am finding them astonishing. Havent really got to the point where I can even say I know something about them, but have started to play with them in my charts, and WOW!. Interesting to see your chart, cause I was playing around with my tool on the cable chart, and the result is very similar. (should be obvious i guess).

I am extremely interested in hearing more about how you use pitchforks and look forward to seeing your posts about it.

Regards
G
With a break always expect a pullback, otherwise, you're dead meat/
  • #78
  • Nov 4, 2006 3:26pm Nov 4, 2006 3:26pm
Quoting ghitz
Hi Lyndon,

First time I post here, so hello and sorry for intruding. Just started to research Pitchforks and so on, and I am finding them astonishing. Havent really got to the point where I can even say I know something about them, but have started to play with them in my charts, and WOW!. Interesting to see your chart, cause I was playing around with my tool on the cable chart, and the result is very similar. (should be obvious i guess).

I am extremely interested in hearing more about how you use pitchforks and look forward to seeing your posts about it.

Regards
G
GHITZ

First of all thanks for the feedback, i have only just redicovered their power again myself. You are not intruding at all, every one is welcome. I am going to carry on posting about Pitchforks but i am going to start a new thread.

Eyevoltage you are quite right that the topic dont belong in the spread-betting thread, sorry but i do tend to ramble and shoot off at a tangent. ive got a review on IG Index floating around between the old ears but theres abit of organisation required before i post it, i might use the same format as my E*Trade review.

GHITZ are you a spread-better or a Forex trader and what broker do you use
  • #79
  • Nov 5, 2006 6:07am Nov 5, 2006 6:07am
Hi Lyndon

Looking forward to your thread about pitchforks when you get the chance.

Being relatively new to fx trading I had never heard of it before. I've pulled up a few articles on google and it's something I would really like to try out. I've just discovered this forum as well and really appreciate all the input here.

At the moment I'm demoing the 'daily range' strategy started by Micardo but it's early days and it would be nice to get into some longer trades. Also , where would I find the reviews you mention?

I use Capital Spreads as I live in the UK but for the demo I use FXSolutions.

Thanks
Max
  • #80
  • Edited Mar 3, 2007 2:56pm Nov 5, 2006 6:45am | Edited Mar 3, 2007 2:56pm
Quoting Lyndon001
GHITZ



GHITZ are you a spread-better or a Forex trader and what broker do you use
Lyndon, forex with etrade, use other packages for charts (meta) since etrade is not very good at that. the spreads are not the best, but their ok.

been toying around with cable chart. have a look. white dotted pitchfork is one that hasnt formed, or probably not even a fork, but lets see.

regards,

g

mmm, not allowing me to upload file, hope this time its up
With a break always expect a pullback, otherwise, you're dead meat/
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