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Technical Analysis Fallacy

  • #3,101
  • Edited 1:58am Jul 2, 2008 1:44am | Edited 1:58am
Dear fti,

i want to ask is it easy/hard to get into bank to work as trader?
basically what does a trader do? executing and managing position only is it?
Surely newly acquired trader will not be doing additional things like credit card sales and marketing?

i am asking about Singaporean and Malaysian banks. I am Malaysian, fresh civil engineering degree, will be looking for jobs soon, but i cant stop thinking about forex, lol.

And is there any technical name for a trader's job/position?

Thanks in advance.
  • #3,102
  • Edited 2:46pm Jul 2, 2008 8:47am | Edited 2:46pm
Quoting woopypooky
Dear fti,

i want to ask is it easy/hard to get into bank to work as trader?

It is as hard or easy as getting any appointment/job. It depends on your experience and capabilities. Howeveras the job requires, the managing of a large portion of the banls resources, they will only entrust people of proven track records.


basically what does a trader do? executing and managing position only is it?

basically the job description, is to manage bank funds for best returns, so much ability to use all avenues available is important.

Surely newly acquired trader will not be doing additional things like credit card sales and marketing?

Trading and managing of bank's funds is a treasury dept function. CC card sales and marketing is in the confines of the customer services depts, and has nothing to do with trading.
There is however some investments banks who may help high networth customers, bending backwards to provide bundled services. Primarily, it is no concern with investments and trading.

i am asking about Singaporean and Malaysian banks. I am Malaysian, fresh civil engineering degree, will be looking for jobs soon, but i cant stop thinking about forex, lol.

As you are in the foundational levels of your career path, it behoves yourself to chose your direction of vocation to the best of your education and capabilities. Your training is in the infrastrutural capacity. Your transition to the financial arenas will be more uphill, compared to someone who read econs, finance or business studies.

Almost all the dealers I know, inclusive of myself didi not intentionally chosed forex trading as our mainstream. It all happened as coincidence of need. This arenas were imposed on us as a means to living.

As to the question about the local banks, I would have you told that; most local full banks are not active players in the forex battlefields, therefore will ill afford much development of necessary skills. If you look upon banks of which are domicile to the major traded currencies, you may have a more interesting growth curve. Before retirment, I counted 197 banks in Singapore that are active in forex, some more than others. The top 7 major banks in the world's top 20 cap banks are tier 1 players. The top SEAsian bank in Forex was HSBC.



And is there any technical name for a trader's job/position?

the dept that does the trading in banks is know as the bank treasury dept, some calls this dept, Capital and Funds, or forex and Funds Dept.The traders in this depts are known as dealers. Forex dealers, for those managng the forex risk and Money dealers, for those managing deposits and funds. Then within this confines the streaming into those that are chart and systems inclined, known as technical Analyst and those fundamentally inclined , known as economist. Further, they subdivide into numerous different schools.
If you read the thread carefully , you may realise that I did describe the structure and functions in the initial "market structure discussion" on the onset of thethread.


Thanks in advance.
I was just pondering, why you are not persuing careers in your choice of studies. Although it is not impossible for you to excel in forex and trading,if you have a good head, you may have to start from the ground again in terms of your training.

regards
  • #3,103
  • Jul 2, 2008 11:56am Jul 2, 2008 11:56am
fti,
Just thought I'd say hey, and that trading is improving for me.
I still find it a great need to reread the thread at least till I'm executing the battles smoothly, patiently and confidently on a consistant basis. This will be the 4th time through. Hopefully I'll be through it by early next week.
thanks again for everything.
  • #3,104
  • Jul 2, 2008 12:26pm Jul 2, 2008 12:26pm
Quoting lilpip
fti,
Just thought I'd say hey, and that trading is improving for me.
I still find it a great need to reread the thread at least till I'm executing the battles smoothly, patiently and confidently on a consistant basis. This will be the 4th time through. Hopefully I'll be through it by early next week.
thanks again for everything.
Hi lilpip,

Thanks for the heads up.
I am glad that this is helping you.

There's no need to rush, at your own pace please.
Keep the faith, it will all come to you.


regards
  • #3,105
  • Jul 2, 2008 8:48pm Jul 2, 2008 8:48pm
Quoting fti
I was just pondering, why you are not persuing careers in your choice of studies. regards
well...i been looking for job 1 month already, basic salary for freshie in my field are just rm1600-2000. As you live in Singapore, you might know my country just hike the oil price and coupled with political tsunami, construction business aint doing good. Mostly are closing doors to newcomers. So i was just 'pondering' some other choices only. thanks for your explanation.
  • #3,106
  • Jul 3, 2008 10:31am Jul 3, 2008 10:31am
Hi ALL,

For those trading the trend reversal.
Be careful of mines and snipers in the 1st wave.
Stay nimble. Attack but do not overstay.

Inserted Video


regards
  • #3,107
  • Jul 3, 2008 10:56am Jul 3, 2008 10:56am
Quoting fti
Hi ALL,

For those trading the trend reversal.
Be careful of mines and snipers in the 1st wave.
Stay nimble. Attack but do not overstay.

http://www.youtube.com/watch?v=TApBbC-MpEo&fmt=18

regards
Hi fti

I am in, but with very low exposure. Keeping my eye on it though. Good trading to all.
Hope isn't a viable investment vehicle.
  • #3,108
  • Jul 3, 2008 11:06am Jul 3, 2008 11:06am
Quoting DutchAngel
Hi fti

I am in, but with very low exposure. Keeping my eye on it though. Good trading to all.
Hi DutchAngel,

Good, you must have made good $$$ after the nfp.
beware of sniping action when the chet in Eur does his lip services tom.
Acertain that you have always, appropriate contingency response to your positions,
rescues must not overstay,
attacks must be forceful and swift then normallise in stages.

Good Fortune to ALL.
Battlestations, Ladies and Gentlemen.

regards
  • #3,109
  • Jul 3, 2008 11:18am Jul 3, 2008 11:18am
i placed 3 orders to short euro after the nfp at 870ish range.
It was rejected....how nice.

I raise my first red flag up....sigh
  • #3,110
  • Jul 3, 2008 11:27am Jul 3, 2008 11:27am
Quoting jest1081
i placed 3 orders to short euro after the nfp at 870ish range.
It was rejected....how nice.

I raise my first red flag up....sigh
Hi jest,

They were limt OBs right?
On fast markets, the Mmakers will try to duck, even if you were sitting next to him. On fast markets be barve hit them market, but hit small and spread the size out.
It pays to have more brokers.
Interbank , we have 7 broker boxes + a few hundred sparring banks,
and even then weird thngs happens.

Nevermind , regain your composure, focus on the kill.

regards

BTW who was the broker?

As a matter of fact, I cannot see whats driving the USD.
Non farm looked neutral. seems market caught short the greenbag. I am now checking fed watchers. Wonder what spooked the market?
  • #3,111
  • Jul 3, 2008 11:37am Jul 3, 2008 11:37am
Quoting fti
Hi ALL,

For those trading the trend reversal.
Be careful of mines and snipers in the 1st wave.
Stay nimble. Attack but do not overstay.

http://www.youtube.com/watch?v=TApBbC-MpEo&fmt=18

regards
I already ate and I am out with a full belly on the first wave...I am just watching your show...

By the way, I love that Harakiri version....Good killing.
Empty as water and soft as a facing wind mountain
  • #3,112
  • Jul 3, 2008 11:48am Jul 3, 2008 11:48am
Quoting luSan
I already ate and I am out with a full belly on the first wave...I am just watching your show...

By the way, I love that Harakiri version....Good killing.
Hi Lusan,

No burps?
This one was good, was watching out for a retrace, and caught a live dragon.
Glad that your belly's full. For us , die hards, I'll probably be up day and night, looking for battle signs.

The Sepuku vid, to to remind the brave and heros, to be careful,
Its nice to attack, know your position.
If you get connered, then the price to pay may be painful.
However , having said that, remember , that
"Fortune favours the brave, always"
So " No guts, no Glory", but don't lose your head over it, be nimble.

regards

Hey jest, chet may like to give you a chance to get your so deserved position. Stay alert.
  • #3,113
  • Jul 3, 2008 11:49am Jul 3, 2008 11:49am
Quoting fti
Hi jest,

They were limt OBs right?
On fast markets, the Mmakers will try to duck, even if you were sitting next to him. On fast markets be barve hit them market, but hit small and spread the size out.
It pays to have more brokers.
Interbank , we have 7 broker boxes + a few hundred sparring banks,
and even then weird thngs happens.

Nevermind , regain your composure, focus on the kill.

regards

BTW who was the broker?

As a matter of fact, I cannot see whats driving the USD.
Non farm looked neutral. seems market caught short the greenbag. I am now checking fed watchers. Wonder what spooked the market?
Hi fti,

they're market orders...
efx...i should have run mfglobal's as well.

im not sure too but somehow you dont see the spook in the jpy tho. Is there something sneaking up in euro? I thought the ecb just jerked up the rates?
Do you see the Kingdoms lining up for a downtrend in the hourly?
  • #3,114
  • Jul 3, 2008 11:55am Jul 3, 2008 11:55am
Quoting fti
Hi Lusan,

No burps?
This one was good, was watching out for a retrace, and caught a live dragon.
Glad that your belly's full. For us , die hards, I'll probably be up day and night, looking for battle signs.

The Sepuku vid, to to remind the brave and heros, to be careful,
Its nice to attack, know your position.
If you get connered, then the price to pay may be painful.
However , having said that, remember , that
"Fortune favours the brave, always"
So " No guts, no Glory", but don't lose your head over it, be nimble.

regards

Hey jest, chet may like to give you a chance to get your so deserved position. Stay alert.
Lusan....he bit the bullet. lol.
Strong warriors with no back up = dead warrior. So in the market, its anybody's game.

Quote
Hey jest, chet may like to give you a chance to get your so deserved position.

What do you mean Lusan?
  • #3,115
  • Edited 12:36pm Jul 3, 2008 12:03pm | Edited 12:36pm
Quoting jest1081
Hi fti,

they're market orders...
efx...i should have run mfglobal's as well.

im not sure too but somehow you dont see the spook in the jpy tho. Is there something sneaking up in euro? I thought the ecb just jerked up the rates?
Do you see the Kingdoms lining up for a downtrend in the hourly?
Hey Jest,

You have a case with the broker. Market orders when received must be filled.
ask for time and sales , and document your orders and its time stamping or screen captures.Then speak with efx, top honcho, and document your conversations.
If they do not "make you good". Line off the broker, and contact CFTC and NFA for assistance.

ECB, up rates??? when?
anyway if ECB up rates, the market is reacting wrongly then.
HUH????

Oh, the Japs and cable had been at it all day , thats where the clues came from.
Euro had been a naughty all day, And now the splash.

regards

Easy, buddy, breath slowly, reorientate.

"Hey jest, chet may like to give you a chance to get your so deserved position. "

That was me not Lusan.

I meant refix your orientation.
The 1st impulse may be over, you may get a retrace, if Trichet talks the Euro up, watch for opportunities, do not jump the gun.
The chart is a key reversal, already.
Look for opportunities, and dance well,
forget about levels, they mean nothing,

Focus on the pulse, and feel the tempo,
I repeat , forget about LEVELS.
Look at the patterns, do not think about the price levels,
Pace the dance!!!!

regards
  • #3,116
  • Jul 3, 2008 12:34pm Jul 3, 2008 12:34pm
Hi fti,

thanks!
games over for today i guess. Im catching the early ride to dreamland! hehe.
  • #3,117
  • Jul 3, 2008 12:39pm Jul 3, 2008 12:39pm
Quoting jest1081
Hi fti,

thanks!
games over for today i guess. Im catching the early ride to dreamland! hehe.
Hey Jest,

rest well.

Tom will be interesting.
IFrom my read of the patterns formed thus far,
there's much blood letting on the street,
so be watchful for opportunities.
Good night.

regards
  • #3,118
  • Edited 12:50pm Jul 3, 2008 12:39pm | Edited 12:50pm
Quoting jest1081
Lusan....he bit the bullet. lol.
Strong warriors with no back up = dead warrior. So in the market, its anybody's game.



What do you mean Lusan?
Bit the bullet?
Not really...I executed my plan and I got my daily pips and turn off the computer...See my 2 bars to glory...I should say, "my 2 killing strikes"

Happy hunting
Attached Image
Empty as water and soft as a facing wind mountain
  • #3,119
  • Edited 1:01pm Jul 3, 2008 12:47pm | Edited 1:01pm
Quoting fti
ECB, up rates??? when?
anyway if ECB up rates, the market is reacting wrongly then.
HUH????
It does not make sense indeed...

ECB rate up and FED flat....then E/U ought to go up...but it does not...
E/U is falling...if ECB is up then...FED might increase rate!
The unemployment No came out bad...so FED might do it...Stocks bearish...etc.
Stop..I really do not know what I am talking about...

The truth...Traders are dumping Euro or gathering dollars...So I should sell Euro until they stop....

Regards,
Empty as water and soft as a facing wind mountain
  • #3,120
  • Jul 3, 2008 4:26pm Jul 3, 2008 4:26pm
You are right luSan, it doesn't make sense but I am happy. I am moving to the continent soon and need to convert my £££'s into €€€'s. The exchange rate is shocking at the moment and I'll be very happy if the Euro falls.
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