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  • #2,501
  • Oct 17, 2007 6:57am Oct 17, 2007 6:57am
Quoting Blazer
Hello ,

As long as we dont have the money and the experience to play with the big boys we will count spreads and commisions.

The high probability setups are hoooooney.
If you have $400 to open account with EFX, you can trade 1 mini lot ( yes super risky )

and with 3 high probability trade a day within 30 minute - 1 hour you are done with your +20 pip after deduct commission its almost ~$13-$14 ...... That is allot of money for those who can only afford ~$400 to open account.
  • #2,502
  • Oct 17, 2007 7:27am Oct 17, 2007 7:27am
Quoting italianfx
maybe I'm doing something wrong, but it seems to me that trading with Oanda is much easier than trading with EFX. Oanda has now a fix spreed of 2 pips, in EFX I see 2 pips spreed 70% of time and we also have 1.6 pips to pay for commission, so most of time I have to pay 2,6 to 3,6 pips with EFX.
In a 5 pips range, with Oanda we can earn 3 net pips whilst with EFX 2,4 to 1,4.
Also, Oanda is always lagging and if you look at EFX data you can anticipate many Oanda moves. Many times I think to go back to trade with Oanda.



PS. I'm trading only High probability setup also for this reason, it's better to trade less and go for more pips per trade.

Let me know what do you think!

Thanks

Alessandro
i absolutely agree,

oanda is lagging so you lose a couple of pips on every trade you execute on efx/mbt. i however have a feeling oanda will not let you make money since they are a bucketshop
"Nothing is unexplainable, Everything is mystery" W. Liquorman
  • #2,503
  • Oct 17, 2007 7:36am Oct 17, 2007 7:36am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Mood! Not my mood, but the mood of the pair in question...

I started today, with yesterday still clearly in my head [a *lucky* +155 straight off the bat on my first trade of the day]...

I don't mean over-confidence, I mean I assumed the market was going to be acting similarily today... lack of experience in knowing that a pair has a whole variety of different moods...

I made 4 trades during the first hour of the london session, expecting price to continue every time - it did, initially, but pulled back, dropped me off, and continued on it's merry way... E/J was very tentative today... when compare to yesterday... Be more aware of how the pair is acting, what did it do before session open? Was it still? Was it wild?... Observe...


There are a couple of excellent posts in nhallmark's Journal relating to this very thing...

More screen time...

[no trades really worth posting, was down -31 at one point (12 trades), managed to get myself another +30 and +6, so up +5 pips for day - I am VERY pleased with that - it's all relative - when you're down -31, being even break-even is great :]
  • #2,504
  • Oct 17, 2007 7:50am Oct 17, 2007 7:50am
Hello Syafi,

I am doing 50-90 trades per day.

I am still in the practicing period.
I win the first hour (most of the times) and loose win during the day.(almost all days negative due to overtrdading)

It is not question of money ,it is matter of confidence and discipline.
I still don't have it.
I have a long way to march. In August I knew only the forex word,lol.

I am still in kindengarden.

When I say big boys I mean above 25.000$ in order to cut commissions and play with a lot of lots in the first hour.

I suppose LT is doing this.He has a serious capital and he jeopardize the 2-3% only in the first hour in the highest prob setup with 20-50-100 lots.If it doesn't saw up he will not play at all.From the 25 working days he wins the 22.That is 90% winning. He takes 2-3 pips and goes to the golf court.Then he does the Moe visualization.LOL.
It is like the best brain surgeon of the world.He has studied for 20 years and then makes a successful operation once a month.
In the evening he start up his "playstation" account and he make some aggresive training setups etc.

Thank you

Basil
Learn something difficult and earn real money for ever, a lot.
  • #2,505
  • Oct 17, 2007 7:52am Oct 17, 2007 7:52am
Quoting eyecelll
i absolutely agree,

oanda is lagging so you lose a couple of pips on every trade you execute on efx/mbt. i however have a feeling oanda will not let you make money since they are a bucketshop

I have the same feeling! Now I'm learning to enter when EFX price cross H/V-Lines not waiting for Oanda, maybe it can work!
  • #2,506
  • Oct 17, 2007 8:30am Oct 17, 2007 8:30am
Quoting Yuppie
[no trades really worth posting, was down -31 at one point (12 trades), managed to get myself another +30 and +6, so up +5 pips for day - I am VERY pleased with that - it's all relative - when you're down -31, being even break-even is great :]
EURJPY dropped 200 pips in 30 minutes yesterday. That was exceptional move but there were many screenshots posted. Day like today is more common. That's why it would be more beneficial to see today's trades posted by more exprienced rainbow traders.
  • #2,507
  • Oct 17, 2007 8:40am Oct 17, 2007 8:40am
Quoting italianfx
I have the same feeling! Now I'm learning to enter when EFX price cross H/V-Lines not waiting for Oanda, maybe it can work!
yeah, i'm watching both mbt price and oanda rainbow

just to make sure: oanda doesnt have a type or drawing on chart tool right? at least i couldnt find one. i'm using vertical trend lines for entry/exit and then draw the amount of pips i make/lose in paint
"Nothing is unexplainable, Everything is mystery" W. Liquorman
  • #2,508
  • Oct 17, 2007 8:49am Oct 17, 2007 8:49am
Quoting eyecelll
yeah, i'm watching both mbt price and oanda rainbow

just to make sure: oanda doesnt have a type or drawing on chart tool right? at least i couldnt find one. i'm using vertical trend lines for entry/exit and then draw the amount of pips i make/lose in paint

yes I'm doing the same, I use Paint. Does anyone know a nice little program to write on my chart without covering it with white window? I prefer to write using the same backgound!

Thanks!
  • #2,509
  • Oct 17, 2007 8:58am Oct 17, 2007 8:58am
Quoting italianfx
Does anyone know a nice little program to write on my chart without covering it with white window?
I think most graphic software can do that.
I use IrfanView. Just Google it.
I like it and it is free but there are tons of other free software that can do it also.

Arctic4x

PS: (Edit) You can do that in Paint also..
  • #2,510
  • Oct 17, 2007 9:01am Oct 17, 2007 9:01am
Quoting atomz
EURJPY dropped 200 pips in 30 minutes yesterday. That was exceptional move but there were many screenshots posted. Day like today is more common. That's why it would be more beneficial to see today's trades posted by more exprienced rainbow traders.

I'm not an experienced rainbow traders but this is how I see high probability setup. I still miss many entry because I wait too much for confirmation. I need more confidence.
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  • #2,511
  • Oct 17, 2007 9:10am Oct 17, 2007 9:10am
Quoting italianfx
yes I'm doing the same, I use Paint. Does anyone know a nice little program to write on my chart without covering it with white window? I prefer to write using the same backgound!

Thanks!
I like the old, ulead iphoto express, its small & no need istallation, can just put it in a folder and it will run, but it dont support direct paste.... +
  • #2,512
  • Oct 17, 2007 9:13am Oct 17, 2007 9:13am
Quoting Arctic4x
I think most graphic software can do that.
I use IrfanView. Just Google it.
I like it and it is free but there are tons of other free software that can do it also.

Arctic4x

PS: (Edit) You can do that in Paint also..

How to add text in irfanview ?
  • #2,513
  • Oct 17, 2007 9:15am Oct 17, 2007 9:15am
Quoting Syafi
How to add text in irfanview ?
Ctrl+T
  • #2,514
  • Oct 17, 2007 9:19am Oct 17, 2007 9:19am
Quoting Arctic4x
Ctrl+T


..... Life much easier thanks to you.

.......................................................................

maybe I was asleep but actually I was busy piling up my demo account and didnt do it on my live account as well. Oh Well price move much much more now..... after I post this...... hehe...
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  • #2,515
  • Oct 17, 2007 9:19am Oct 17, 2007 9:19am
I get a lot of mixed reviews about Oanda and EFX. May people say that you can not make money with Oanda because it is a market maker/bucket shop and they have fixed spreads.

Then I hear many people say that EFX you wind up paying to much in commissions that winds up taking to much of your profits.

I would like the whole group to comment on this one.

Are there any members making money using Oanda paying fixed spreads???????


Thanks,

DeeNY
  • #2,516
  • Oct 17, 2007 9:25am Oct 17, 2007 9:25am
Ok now I'm using ACDSee
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  • #2,517
  • Oct 17, 2007 9:37am Oct 17, 2007 9:37am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Not experienced, but here are [most of] my "trades" for today...

The Good, The Bad, and downright UGLY...

Check out the differences between Alessandro take on the same chart areas...

Interesting to see how our thoughts are different... :


Magnus
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  • #2,518
  • Oct 17, 2007 9:40am Oct 17, 2007 9:40am
Quoting atomz
EURJPY dropped 200 pips in 30 minutes yesterday. That was exceptional move but there were many screenshots posted. Day like today is more common. That's why it would be more beneficial to see today's trades posted by more exprienced rainbow traders.
yes... but... with moves like that you can catch enough pips for 2 weeks of trading
  • #2,519
  • Oct 17, 2007 9:43am Oct 17, 2007 9:43am
good for scalping cause it shows you the daily "score" in green or red. Wish there was an option to display the net profit though.
  • #2,520
  • Oct 17, 2007 10:12am Oct 17, 2007 10:12am
Quoting italianfx
Ok now I'm using ACDSee
Grazie Italianfx, your screens are logical and educational. European afternoon seems to be more fruitful today. BTW I took the same entry.
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