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  • #601
  • Dec 14, 2007 8:23am Dec 14, 2007 8:23am
Fti thank you for the reply, couldn't help it, wanted to be sure I grasped the clues correctly. Love the new picture btw. Will be quiet untill the time is right. For now trying this in demo mode. If I could compare the feelings that flow through me I would say this. I used to race semiprofessionally, specifically highly tuned BMW M3's. Was quite good at it. Could do amazing stuff. Than bought a Viper, just for fun on the weekends and an occasional track time. Being very confident and proficent, or so I thought, destroyed/totaled the Viper on the 5th time behind the weel, icredible feeling but the skill to be able to drive the beast simply wasn't there. Bought another one right away, but this time got to learn to respect it and learn slowly. But boy, what a thrill once you actually master it. Basically feel exactly the same way now, do rather well with what I know, and the tools are also pretty much the same, except a few tweaks here and there, but oh my god this a ferrari compared to what I'm used do, will keep learning and waiting for a real test drive, so far demoing is just fine, scary stuff to say the least though.

Regards
  • #602
  • Dec 14, 2007 8:36am Dec 14, 2007 8:36am
Quoting Gnat
Best retail brokers out there seem to be based in the UK, as the regulation seems sound, but not too tight!
Perhaps because they tend to fall under both the FSA (Financial Services Authority) rules and the Gaming Act.
  • #603
  • Dec 14, 2007 8:48am Dec 14, 2007 8:48am
Quoting Zoran
Perhaps because they tend to fall under both the FSA (Financial Services Authority) rules and the Gaming Act.
I would say so - and the FSA knows a bit about the markets while e.g. in Germany you will not find a soul in BAFIN to tell you anything about retail-FX.

I am off to 2. league soccer now, St. Pauli vs. Mainz. Be back in a few hours!
  • #604
  • Edited 9:06am Dec 14, 2007 8:54am | Edited 9:06am
Try Saxo Bank (Singapore).

As far as other good retail brokers...

IBFX - excellent execution, no slippage, some requotes, occasional technical difficulties
EFX - superior execution, low transaction costs, but crappy trading platform

Hope that helps.

BTW, fti, I would venture to guess that your problems with Alpari were real technical issues, as it is not it in their best interest to screw around with demo accts... Hence the value of automated server-side entry/exit orders in the retail biz.
  • #605
  • Dec 14, 2007 9:02am Dec 14, 2007 9:02am
Quoting gene22
I used to race semiprofessionally, specifically highly tuned BMW M3's. Was quite good at it. Could do amazing stuff. Than bought a Viper, just for fun on the weekends and an occasional track time. Being very confident and proficent, or so I thought, destroyed/totaled the Viper on the 5th time behind the weel,
Sheesh.... you should have known!! European cars are designed to go around corners and have proper suspension .... whereas American cars are designed to go in a straight line and have suspension designed 100 years ago. Perhaps you should have taken up drag racing instead?
  • #606
  • Dec 14, 2007 9:29am Dec 14, 2007 9:29am
Hi Zoran, I do love german engeneering, bmw's are my favorit. But for the true thrill,m speed and the feel and roar of the engine nothing beats a viper, especially a tuned one. You'd be surprised, but if you look up the actual facts it has a much better numbers comparing to the M and even the Porshe. The only problem is it is a very difficult beast to tame and driving proficently is hard to say the least. It's unforgiving, one mistake, and you can say bye-bye. But if you know, oohhhh it's a whole different story. I've had many stunned faces when it came to turns.....
Look at this slaughter by the hands of an all mighty dollar, lol Getting close to my targets, and I'm off to a long deserved New Years break.
Happy Holidays to you and your family.

Regards,
Gene
  • #607
  • Dec 14, 2007 10:21am Dec 14, 2007 10:21am
Quoting gene22
Hi Zoran, I do love german engeneering, bmw's are my favorit. But for the true thrill,m speed and the feel and roar of the engine nothing beats a viper, especially a tuned one. You'd be surprised, but if you look up the actual facts it has a much better numbers comparing to the M and even the Porshe. The only problem is it is a very difficult beast to tame and driving proficently is hard to say the least. It's unforgiving, one mistake, and you can say bye-bye. But if you know, oohhhh it's a whole different story. I've had many stunned faces when it came to turns.....
Look at this slaughter by the hands of an all mighty dollar, lol Getting close to my targets, and I'm off to a long deserved New Years break.
Happy Holidays to you and your family.

Regards,
Gene
My thoughts exactly on the Viper . Likewise with the Corvette, to a lesser degree. Not to mention the Ford GT-40. Compared to their European counterparts, they provide more bang for less buck, and I don't just mean in a straight line.

Um, slightly off topic though...
  • #608
  • Edited 1:38pm Dec 14, 2007 12:52pm | Edited 1:38pm
@FTI,

I'm not talking about managing trades, I'm talking about exits.Managing trades is another topic.
My question is which exit strategy is better from a money management perspective?!
I don't try to pick tops or bottoms, the money is made in continuation of trends.
I examine my track records and came to some instances where riding a trend would have compensated me and made my month.
as u know, pro traders make a big portion of their money in almost one or two trades in the year.
Remember when u said, whack them like there is no tomorrow!

BTW, Larry and Jake always use stops!
one of Larry's books ended in "always use stops" phrase and I have seen tons of studies about the effect of the size of stop losses on ur overall system performance in a certain market, and how it affects ur profitability.
sorry I may disagree with u on this point although I'm enjoying ur thread too much.
Enter Signature
  • #609
  • Dec 14, 2007 2:55pm Dec 14, 2007 2:55pm
To all that read and contribute,
I have been reading this thread and have great respect each of you.
I learning and learning. I have been trading as a hobby for about 3 years
I now I believe with the mentorship of everyone in this thread I will be able to turn a hobby into a part or full time job.
I will post questions and theories soon. I just wanted to introduce myself to the group.
Thanks to all of you for your help.
Catshot
  • #610
  • Dec 14, 2007 7:06pm Dec 14, 2007 7:06pm
Quoting Piters
try www.dukascopy.com

regards
Hi ALL,

I am still waiting for Queen Bee, so I will chatty a bit here.
Sorry interuption , Leighsww,
Please no whiping. Don't want Queen Bee to think I 've been kinky.LOL

@ Piters
Thanks for link.
Just to let U know, days where brokers can charge around $20 per mio, is history in interbank,
You ask these people to offer these rates to banks and they may have to turn tricks for a living.
PLease don't go there, Probably thats the reason they offering to high end retail.
If you are actively trading the bro may kill you book.
Why do you think most of the volume is done thru Reuters IDS and direct?

Maybe some, from interbank broking may like to comment on this.
daytrader, could you shed some light on this for our info.
Do you know whats the going bro for interbank broking now?
Piters Thanks anyway for info.

@ Zoran,
I would like to ask you ,since you mention ECN.
ECN means Electronically Connected Networks, right?
If I am correct, I remember reading that they claim to link to spot interbank.
Since I came from Interbank teir 1 , I like to say that,
no spot desk in the world, would quote for the sizes, retail is trading.
The min ticket interbank is 5 mio USD, 2 mio USD through interbank brokers.
These ECNs would be lucky if they can get to the corp desks,
and for most banks, for 10.000 USD they would direct you to maybe counter 10 at the banking hall.

So I cannot see how these ECNs can be linked to banks esp the spot desks.
Having said that, I would presume that they run a bucket and are customers to the bank in hedging exposures.
So on this reasoning, I wonder, what's the difference between ECNs , NDDs to bucket desks?
Have you heard any Bank Treasury coming out to confirm that they are suppoting with prices.
Sure like to see the names.

Zoran, You mentioned that you have IvB experience.
In your career have you seen any USD$10,000 tickets before in spot interbank?
Even futures contracts are aprox USD1 lag.
Do you think I am wrong?

regards
  • #611
  • Dec 14, 2007 7:08pm Dec 14, 2007 7:08pm
Quoting sitoca
There are several good threads in FF but this one has got to be right up there with the very best. Not only because of the content's quality but also because the thread starter fti has actually put in lots of efforts to educate us in his ways and philosophies. Its certainly very refreshing from what others are doing. Give system teach system use system!

As what the Mastercard adverts would say "Priceless"!

I'm a little late to this thread but hopefully fti would be able to answer this statement which he had written in post 59

Quote

So if this market continues to go up. Then You miss the bus ( borrowed from leighsww) ,right? You missed the bus going north, why?
because you were at the bus stand waiting for the south bound bus, right?

...... You see, when bulls are making money, Bears are not.
When bears are making money bulls cannot.
But the one whos trying to catch both buses will sooner be dead. Crossing the road from one bus stand to another,
Because he could be at the north stand when the south bus comes, or the south stand when the north bus comes.
or mostly in th middle of the road, when both bus comes.

Do I make any sense?

Unquote

Yes, I understand where you are coming from but then again why can't a trader with valid reasons and context be prepared to enter on either the Long or Short depending on the markets tune? Surely, this is a mindset blockage. What is stopping us from taking the other side of the bus if we know our initial analysis is wrong or we are anticipating such action?

Why don't consider poems? Spreads are atrocious but at least you know they are reliable. On 2nd thoughts, you are on the 5 min charts....which makes a lot of difference. What about EFX or Man Financials? Anyone got comments on this 2?

p.s In Genting or Cameron highlands now?
@ sitoca
Thank you for your kind words.
I am sort of lost in your first question question.

For your second question.
It would be possible, that if you knew that you were wrong in the first place. that you would take a wrong trade.
You took the trade because you didn't know you were wrong.
By the time you realised that you were wrong , the market must have moved against you, right?
So you decide with whatever decision process that you should turn "into the wind".
If markets does retrace after you turn, you would be in another wrong bus.
or If the markets were in a congestion pattern you may continue to keep turning and keep getting on the wrong buses.
As matter of fact , after a few bad turns , you would probably be road kill.
Does this make sense now?
Can someone who can articulate this better, help me out in explaining this point clearly.

Phillips Poems , started as pioneering electronic order book for SGX and SIMEX trading.
Today, it seems outlived, in contrast to those available in the world.
Their focus in forex business, is underdeveloped. As you mentioned, their spreads are atrocious.
Would you like to trade on those prices?

Plaese provide me EFX's Sg contact, thanks.
You see when refco went down. the unemcumbered portions broke into 2 broker firms.
One is FXCM the other is MF Global (Man financials). They were supposed to use MT3.,
but I don't know what platform they are using. Seem no one knows last time I checked.
Maybe you would like to add your knowledge for my benefit?

regards
  • #612
  • Dec 14, 2007 7:11pm Dec 14, 2007 7:11pm
Quoting Gnat
Hallo fti and fellows!

Please note one of my old posts on forexbastards: #436

This is not really a sound and balanced reference in any way.

I am also working on a good MT4 platform with ECN standards and am talking to the owner on skype from time to time. No promises here, but I guess he will get things done. They have reprogrammed the MT4 basis into C++ on their own servers and have a long term history on options and futures, so they also apply different standards already.
So far it seems possible to use MT4 or three other platforms on their servers with ECN spreads on large accounts. But he seems to be open to group solutions also. (I am not an IB ... I just needed something for ME fast as I completely share the dislike of fti on what they do to us!)
As soon as I get somewhere I will let people know. And there are no brokers in SG, Germany, France or Japan as the regulations would make their kind of game illegal I guess. So only with a sound background like Deutsche Bank they are going forward, but are not good at charting and are very expensive.

In fact I also looked at FXLQ until they were closed by the NFA. Therefor I am in for more due dilligence now on all the possible players.

Will keep you posted and will re-read a lot on the weekend to not get the whip here on the AOW .

Ciao
Gnat

Eidt: Best retail brokers out there seem to be based in the UK, as the regulation seems sound, but not too tight!
@ Gnat
I see that you may be aware of the shortcomings of the platforms for retail Forex.
Somehow from researching the issues ,
it seems to me that the platforms are not free from bugs & teething problems.
Since you're inside, Could you advise if these are in mode beta or alpha.
Seems alot of issues are not ironed out, but the platforms are trading.
I guess its all right for computer games, but for market access.
Big $$ and lives may be at stake.
Moreover the number of forex scams isn't helping.
And about ECNs ,Ndds,,etc.
I was wondering if there are backdoors in the platforms, as well as predatorial subroutines.

regards
  • #613
  • Dec 14, 2007 7:13pm Dec 14, 2007 7:13pm
Quoting gene22
Fti thank you for the reply, couldn't help it, wanted to be sure I grasped the clues correctly. Love the new picture btw. Will be quiet untill the time is right. For now trying this in demo mode. If I could compare the feelings that flow through me I would say this. I used to race semiprofessionally, specifically highly tuned BMW M3's. Was quite good at it. Could do amazing stuff. Than bought a Viper, just for fun on the weekends and an occasional track time. Being very confident and proficent, or so I thought, destroyed/totaled the Viper on the 5th time behind the weel, icredible feeling but the skill to be able to drive the beast simply wasn't there. Bought another one right away, but this time got to learn to respect it and learn slowly. But boy, what a thrill once you actually master it. Basically feel exactly the same way now, do rather well with what I know, and the tools are also pretty much the same, except a few tweaks here and there, but oh my god this a ferrari compared to what I'm used do, will keep learning and waiting for a real test drive, so far demoing is just fine, scary stuff to say the least though.

Regards
@ gene,
yeah, so better get the MM and MO coordination right.
The figures can avalanche if wrongly applied. Thats a very dark place, be aware.

regards
  • #614
  • Dec 14, 2007 7:14pm Dec 14, 2007 7:14pm
Quoting leighsww
There is a lot of hidden treasures within this thread, and although he hasn't given any technical instructions on exactly how to use them, they are there for everyone to keep in your minds for now and to deliberate to yourselves. Later, as these Sun Zi lessons unfold, they may start to come about in discussion.

Anyway, with that in mind, I direct you to two of his posts which covers some of the implementations of his MM and the "rescue" and "attack" missions:

http://www.forexfactory.com/showpost...&postcount=180
http://www.forexfactory.com/showpost...&postcount=454
I think I'm beginning to understand this theory, I have even used it in the past week or so to save trades and even produce a profit.
I think one thing to point out here is that yes, you can buy into a bad position BUT, keep in tthe context of the larger market. That is, if the weekly or daily is obviously going against you you should not throw good money after bad, abandom your post and try to make good elsewhere. Don't rely on hope (fib's, S/R etc) to come to help you, they may but they may not too!
In the smaller TF's though there is always 'noise', or swings if you like to and from the price mean, you can capitalise these swings to get back some profit if taken carefully and strategically.
Like Fti said, there are only 2 choices - exit quickly or stay and fight, but be prepared, both financially and emotionally!

Anyway, how's everyone going with the AOW??
  • #615
  • Dec 14, 2007 7:15pm Dec 14, 2007 7:15pm
Quoting fierceman
Try Saxo Bank (Singapore).

As far as other good retail brokers...

IBFX - excellent execution, no slippage, some requotes, occasional technical difficulties
EFX - superior execution, low transaction costs, but crappy trading platform

Hope that helps.

BTW, fti, I would venture to guess that your problems with Alpari were real technical issues, as it is not it in their best interest to screw around with demo accts... Hence the value of automated server-side entry/exit orders in the retail biz.
@ fierceman,
I did try contact saxo, everytime I go to their site, my system crashes.(The Blue screen od)
I don't know why neither do they.
Then they sent me a direct link to their clent download, but couldn't sign in.
Its like wanting to test drive a car at the showroom , but it won't start.
So what can I say.
Is IBFX and EFX operating in Spore?

I really don't know whats wrong with the Alpari incident.
It caused me to be unable to trade market moves due to a none responding platform.
In demo, I get angry.
But if this was real $$ positions,
may get dirty to claims.

regards
  • #616
  • Dec 14, 2007 7:16pm Dec 14, 2007 7:16pm
Quoting CHFJunkie
@FTI,

I'm not talking about managing trades, I'm talking about exits.Managing trades is another topic.
My question is which exit strategy is better from a money management perspective?!
I don't try to pick tops or bottoms, the money is made in continuation of trends.
I examine my track records and came to some instances where riding a trend would have compensated me and made my month.
as u know, pro traders make a big portion of their money in almost one or two trades in the year.
Remember when u said, whack them like there is no tomorrow!

BTW, Larry and Jake always use stops!
one of Larry's books ended in "always use stops" phrase and I have seen tons of studies about the effect of the size of stop losses on ur overall system performance in a certain market, and how it affects ur profitability.
sorry I may disagree with u on this point although I'm enjoying ur thread too much.
@ CHFJunkie
Its nice that you are enjoying this thread, but I much prefer if you understand it instead.
I think you may be a nice person.
But what you are asking me is really tempting my dealers arrogance to surface.
Let me explain and see if you can understand.

Actually what do you mean by exits. If thats not part of modus operandi.?
I don't get your point at all.
Position management ( entries , exits) is modus operandi.

This one's even wierder.
It's like asking me if its better to have butter or margarine with my bread.
My answer is this.
From a money management point of view, any exit strategy that allows you to be in profit is good.
Which is better?
How 's about you answer my question first.
With bread which is better butter or margarine?

chfjunkie, I really don't mean to be rude. but think about what you are asking me.

Look, as a matter of fact I don't know any pro traders, as you discribed.
The red jackets I know trade 500x more in volume (PER DAY) compared to the pros you mentioned trade per annum.
Let alone the dealers at banks.
So what are you trying to get at? I am baffled.

About Larry, since you are so into his styles, do write a letter to him, ask him how he used stop loss ,
what happen that he nearly went bankrupt, and ask him about "tradewins".
I think he may explain to his students.

And Jake is a cyclical trader, he enter trades based on cyclical time windowing, on his entry 1,2,3 rules
then stop-loss are inplimented GTC at way off charts,
and thats because he doesn't watch markets as he has to run his core business, education & seminars.

Further, both this traders are trading in the futures markets.
I am not aware of their involvement in forex.
And just because someone has an Advisory licence doesn't make the pro traders.
If these are pros , what do you call the thousands in the pits daily.

And your reading of tons of land fill about using stops,
well good go use them in the markets,
make tons of $$. Good Luck.
And Please do me a favour,
Go to any futures exchange near you, approach the red jackets in the pits
and tell them to put STOP LOSS orders.

I am gentleman, I can agree to disagree.

regards
  • #617
  • Dec 14, 2007 7:17pm Dec 14, 2007 7:17pm
Quoting catshot
To all that read and contribute,
I have been reading this thread and have great respect each of you.
I learning and learning. I have been trading as a hobby for about 3 years
I now I believe with the mentorship of everyone in this thread I will be able to turn a hobby into a part or full time job.
I will post questions and theories soon. I just wanted to introduce myself to the group.
Thanks to all of you for your help.
Catshot
@ catshot,
Hi, Thanks for intro.
Your callsign and you avatar, suggests that you're bird in floating tarmac.
If you are, can you please fall in with Leighsww, the naked leader and
her concubine bandits for the Sun Zi drills.

If you are wings, you better be able to recite that thingy backwards.
OR I may prompt felix to cat you into the blue.
So,Throttle up , Flaps full and trim, & thumbs for cat.

regards
  • #618
  • Dec 14, 2007 7:23pm Dec 14, 2007 7:23pm
Madam Leigh:

Looking forward to the lessons and discussions.

Mr. FTi:

Have a nice and wonderful holiday with your family. Should you have the time plse visit : http://www.forex-tsd.com/commercial-...share-120.html
and let us know your opinions.

ALL:
Have a wonderful and productive weekend.
  • #619
  • Dec 14, 2007 8:00pm Dec 14, 2007 8:00pm
Quote
Originally posted by FTI :

I really don't know whats wrong with the Alpari incident.
It caused me to be unable to trade market moves due to a none responding platform.
In demo, I get angry.
But if this was real $$ positions,
may get dirty to claims.

regards

I also experiencing this Alpari's sheesh lately. This is my personal way of getting out of it.....when the requote comes out....click cancel and press the sell/buy button again.....if no response and still freeze....exit their platform and reopen again....Then open your order again.....it should be okay by then.
  • #620
  • Dec 14, 2007 8:29pm Dec 14, 2007 8:29pm
Perhaps I could answer some of your broker questions...

EFX are an introducing broker for MBTrading and currently hold the title for the most insane commission rates at $5/100,000USD they have a canadian liquidity provider and as you know have a very dated platform. Basically a bucketshop touting themselves as ECN. (You can even place an order with them for as little as 10ct/pip, for those that didn't know)

InterbankFX I do not have personal experience with them but generally people are saying they have gone from OK to Hard to handle over time and they have all the inherent characteristics of MT4 brokers ..

Interactive Brokers offer Spot forex and I do have an account with them, minimum trade size is 25,000 with commissions at ~0.5pips round turn, very fast execution, slightly odd margin structure, 100's of instruments to trade besides FX.. good liquidity from several sources, very feature rich platform with a multitude of 3rd party front ends available in the forms of trade management tools and charting.. although historical data is a little scarce. Very happy here.

MF Global offer 3 platforms inc. Currenex and others.. I only ever spoke to 1 individual trading commercially through them and he says they are top notch.

FXCM is a bucketshop with which I have another account which I use to make less coherent trades and preserve my other account But also they have a news feed with information about Ducks and Barriers available free of charge, good info at that. Platform pretty straight forward.. all inclusive. No complaints.
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