DislikedHello.
From the calculation I've made, 14 levels with a multiplication of 1.5 are still fully profitable, even using a 90/40 EA, like I'm doing.
TakeIgnored
- #1,441
- Oct 20, 2008 3:32am Oct 20, 2008 3:32am
- Joined Jun 2007 | Status: Teach men to fish | 7,384 Posts
- #1,444
- Oct 20, 2008 9:23pm Oct 20, 2008 9:23pm
I swear they didn't ask for as Much Info when I joined the USMC LOL....I dont remember FXCM being that bad.
IBFX is a cake walk (for US clients) They didn't even ask for my ID or utility bill like I had been asked by a few of my past brokers.
I think IBFX is so easy to get an account.
My wife opened an account and within that same day she had her acct #
maybe you are on the Terrorist List
or something!
M4X............ Hedging My Way To Profits!
- #1,445
- Oct 20, 2008 9:24pm Oct 20, 2008 9:24pm
Hello,
Yes IBFX is easy to open an account with so they can rob your account lol. They next to ODL are the worst bucket shops known to every forex trader.
Regards,
Jeff
Yes IBFX is easy to open an account with so they can rob your account lol. They next to ODL are the worst bucket shops known to every forex trader.
Regards,
Jeff
Are you Joking?
IBFX is a cake walk (for US clients) They didn't even ask for my ID or utility bill like I had been asked by a few of my past brokers.
I think IBFX is so easy to get an account.
My wife opened an account and within that same day she had her acct #
maybe you are on the Terrorist List
- #1,446
- Oct 20, 2008 10:51pm Oct 20, 2008 10:51pm
- Joined Jun 2007 | Status: Teach men to fish | 7,384 Posts
Hello,
Yes IBFX is easy to open an account with so they can rob your account lol. They next to ODL are the worst bucket shops known to every forex trader.
Regards,
Jeff
My experience with FX solutions was where ever you put your stop loss that was where price was going next. My best trading with them would be do a sell with 1 lot and set a stop loss at 15 and a buy of two lots with no stop loss and take my 15 pip profit on the buy.
- #1,447
- Oct 21, 2008 1:15am Oct 21, 2008 1:15am
I havent had much problems with IBFX for mid and long term trading but scalping or news, I would not recommend them. I remember when I went through the period of a trader's life of going for 10-15 pip trades. I would see a price I liked and enter get slipped a couple of pips and when I closed get slipped again. So what would look like a nice trade of 15 pips on a chart would be 8-11 or less in reality. So I switched my trading style to EAs. Now I let the EA handle the work
My experience with FX solutions was where ever you put your stop loss that was where price was going next. My best trading with them would be do a sell with 1 lot and set a stop loss at 15 and a buy of two lots with no stop loss and take my 15 pip profit on the buy.
very interesting how the broker reacts..
and more interestingly.. how you over come it...
- #1,449
- Oct 21, 2008 1:32am Oct 21, 2008 1:32am
Looks like the GBP is having some losses. I'm sitting at about the same due to the GBP/JPY.
I use IBFX and I've had 0 issues. As anyone here can see by my 5min, real time postings, I'm making money. So, they don't seem to 'have it out' for me. I love that I can actually GET someone on the phone when I call and that my money orders and bank transfers almost always happen same-day. I'm very happy with their service but I've also never dealt with any other ForEx broker, so take it with a grain of salt.
I do have years of experience with Fidelity and E*Trade, but that's obviously not forex
Overall, I tend to like IBFX for now. If they start sucking, I will fire them.
I use IBFX and I've had 0 issues. As anyone here can see by my 5min, real time postings, I'm making money. So, they don't seem to 'have it out' for me. I love that I can actually GET someone on the phone when I call and that my money orders and bank transfers almost always happen same-day. I'm very happy with their service but I've also never dealt with any other ForEx broker, so take it with a grain of salt.
I do have years of experience with Fidelity and E*Trade, but that's obviously not forex
Overall, I tend to like IBFX for now. If they start sucking, I will fire them.
- #1,450
- Oct 21, 2008 2:57am Oct 21, 2008 2:57am
- Joined Jun 2007 | Status: Teach men to fish | 7,384 Posts
- #1,451
- Oct 21, 2008 3:43am Oct 21, 2008 3:43am
- Joined Jun 2007 | Status: Teach men to fish | 7,384 Posts
- #1,458
- Oct 21, 2008 8:53am Oct 21, 2008 8:53am
- Joined Jun 2007 | Status: Teach men to fish | 7,384 Posts
...................................................................................................
I am interested in your strategy.
I also calculated profit at 14th level with which 90 pips retracement. You can get 12410 pips.
Even 80 pip of take profit, you get 3040 pips. I prefer 80 pips to 90.
Attached spread sheet shows profit/loss at each price of retracement in pips from each level, with 40 pips distance and 0.01 lot of staring.
A problem is how to deal with floating loss.
For example, when the price reaches level 14 floating loss is 71920 pips, about -$700.
-$700 of floating loss of one currency is too large for 3K account.
Do you have any idea to manage floating loss caused at high levels?
Good trade winds
Masa
There are two things I try to do with posting of my EAs. One is to make a profit and keep losses at a minimum. Having discussions with how to do that and improvements.
The second is to trade with an amount of money most of the people here can trade with. I have not looked at the numbers but the amount of money needed to trade 14 levels or more is probably out of the range of most traders here. If you have 10-20,000 dollars maybe it will work for you, but I assume that most people here can put 500-5000 dollars at risk for trading. I do not believe you can do 14 levels with that amount of money. The risk to reward would be too high. Also once you get over 10 levels the loss potential becomes catastrophic even at pennies. You are looking only at one side of the equation, the other side is:
1. Can you take a loss and still trade?
2. If you do take a loss, how long before you recover?
My conclusion was, an 8 level loss was reasonably recoverable and if I took a loss I could still trade. The person who is suggesting this strategy is right about one thing. The more levels you trade the lower your risk of taking a loss. However, when you do, how much damage do you really suffer. Guys were writing earlier how the GBP had taken them 2-300 dollars on the loss side. Lets say they take that loss:
1. Are they wiped out? NO
2. Can they still trade? Yes
3. How long before they recover that loss? 2-6 days maybe, depending on the market. I did over 300 in two days last week.
Every once in a while some guy puts a screen on showing a back test that show a MM death trade. There are two things they always miss and they never answer these two questions when I ask them.
1. Look at all the hundres or thousands of successful trades before you got to the death trade. Does any other trading system offer that?
2. What trader is dumb enough to let an account go to 0, how about this simple easy to do solution to the death trade. CLOSE THE TRADE AND YOU STOP THE LOSS.
So these charts you keep posting are not realistic, they do not show real time trading or their results. Back testing, other than to see if the EA basically works is unreliable because as soon as I close the trade, your results are meaningless.
Today I closed the GBP/USD trade and my total profit for the week is now over 6.00. Some guy two months from now will post a chart and say: See last October, you would have had a death trade and wiped out your account. No, it did not, I made a 6 dollar profit instead. That is why your back test means nothing.
- #1,459
- Oct 21, 2008 9:03am Oct 21, 2008 9:03am
- Joined Jun 2007 | Status: Teach men to fish | 7,384 Posts