Quoting fijitraderDislikedI had one of those chart services that supposedly combined the feed from 400 banks. It jumped around constantly. It even presented a few scalping opportunities because the pricing that FXCM was feeding me was clearly smoothed. Mostly the charts would jump a little ahead of fxcm, sometimes, behind, but occasionally they got out of line quite a bit and if I was quick I had instant profit.
I recall when I started trading futures I did not know any of the tricks brokers used. I had to phone all my trades in, had a satellite data feed that cost a lot, and even then it was 15 minute delayed quotes. Brokers could tell me whatever they wanted. I'd just place my orders and hope for the best. Option trading was a nightmare and buying calls or puts was a fast way to waste a lot of money but with limited risk.
So newbies reading this... you are in heaven with this point and click, real time quotes, and extremely limited manipulation capacity. In fact if you could find a way to piggy back the entries and exits of the really large traders you could probably make a lot of money doing just that.
FTIgnored
- #23
- Last Post: Jul 29, 2005 12:53am Jul 29, 2005 12:53am
I remember reading Patrick's post a while ago,complaining; the moment he opens a position,his broker moves the quote 5 Ppips against him...now he will demonstrate to Merlin,he enters the market and the price will move 5 pips in the opposite direction.
Poor Patrick;I said this so many times ;we don;t live in a perfect world & most of all the last prophet died 2000 years ago,so not a human being can predict the future. In 10 years of trading you should have already figure this out;there is no such thing as perfect entry
I can't tell you how many times I opened a position & in the next moment the market moved 10 pips against me,& I closed the same trade with 10 pip profit.
So what if your broker manipulates 5 pip against you,as long as is paper loss you don't close the trade & eventually will come back.Traders with ACM are complaining about this all the time.
Was also a thread started on other forum ''The opposite direction" where successful traders are describing they experience.
It is part of the game.
We don't live in a perfect world...but the good old USA(God bless) is one of the closest to it
Poor Patrick;I said this so many times ;we don;t live in a perfect world & most of all the last prophet died 2000 years ago,so not a human being can predict the future. In 10 years of trading you should have already figure this out;there is no such thing as perfect entry
I can't tell you how many times I opened a position & in the next moment the market moved 10 pips against me,& I closed the same trade with 10 pip profit.
So what if your broker manipulates 5 pip against you,as long as is paper loss you don't close the trade & eventually will come back.Traders with ACM are complaining about this all the time.
Was also a thread started on other forum ''The opposite direction" where successful traders are describing they experience.
It is part of the game.
We don't live in a perfect world...but the good old USA(God bless) is one of the closest to it