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Cable Update (GBPUSD)

  • #108,881
  • Dec 31, 2008 11:03am Dec 31, 2008 11:03am
Quoting eohater
I don't understand what you mean by market makers?
A Market Maker is a broker that takes the other side of your trades instead of passing it through to the InterBank market. They make money when you lose, and lose money when you make money.
  • #108,882
  • Dec 31, 2008 11:03am Dec 31, 2008 11:03am
Quoting eohater
I don't understand what you mean by market makers?
Non ECN brokers.I take it they are the ones who mostly provide fixed spreads.
  • #108,883
  • Edited 11:12am Dec 31, 2008 11:04am | Edited 11:12am
Quoting nAVIN2007
the thing with u is i have got to the stage where u can enter and exit trades both directions cause u have have the experience which u can only get with time.

I can only enter and once its done..im trying to forget about the trade and almost pretend i never placed it...working of weekly time frame mainly...so im losing pips but hey main things i make them ...lol
Trading both directions takes time, but you can do it. I used to only trade one direction and only on the 4h/1h candles. I made good pippage, but since I've adjusted my trading style, I've more than doubled my pippage. It's all about managing your trade. My style now requires you to manage your trade and get out when she tells you to get out. I've went to the next level and said ok, if you want me out of my short, then you must want me long and go with her that way. I might end up turning around and going back short 20 pips later, but none the less, I'm trading the market for what the market is. Nothing more!

I'm glad to hear your making pips bro! Keep up the hard work and it will payoff. I know plenty of individuals that trade the higher time frames and make good money. Their not tied to their computer, day in and day out. They set it and forget it. Nothing wrong with that.

Happy New Year bro!
Just digging in the trenches like everyone else!
  • #108,884
  • Dec 31, 2008 11:07am Dec 31, 2008 11:07am
Quoting SmoothTrader
A Market Maker is a broker that takes the other side of your trades instead of passing it through to the InterBank market. They make money when you lose, and lose money when you make money.
Thank you for the explaination!
Just digging in the trenches like everyone else!
  • #108,885
  • Dec 31, 2008 11:08am Dec 31, 2008 11:08am
Quoting trader2160
Non ECN brokers.I take it they are the ones who mostly provide fixed spreads.
My secondary broker is non ECN broker. I've never had problems with them before, nor have they ever baulked at disbursements from my account.
Just digging in the trenches like everyone else!
  • #108,886
  • Dec 31, 2008 11:14am Dec 31, 2008 11:14am
Quoting eohater
My secondary broker is non ECN broker. I've never had problems with them before, nor have they ever baulked at disbursements from my account.
Yeah there are good ones out there like Oanda I guess.
  • #108,887
  • Dec 31, 2008 11:22am Dec 31, 2008 11:22am
Happy New year everyone. Havent been on here in awhile. Still on Vacation Mexico is great. Havent taken a trade in over two weeks and it feels great.

It really is strengthining my resolve to be done trading at the end of this year. I love not looking at charts for two weeks.

That being said I will be back on the horse start of next week.

Happy New Year
  • #108,888
  • Dec 31, 2008 11:25am Dec 31, 2008 11:25am
I say old fruits, there appears to be mega volatility about

tend those s/l's eh

Dow is window dressing and I am taking advantage of that

If oil isnt $70 by mid year, I will show my botty in the co-op window
  • #108,889
  • Dec 31, 2008 11:31am Dec 31, 2008 11:31am
Quoting eohater
Trading both directions takes time, but you can do it. I used to only trade one direction and only on the 4h/1h candles. I made good pippage, but since I've adjusted my trading style, I've more than doubled my pippage. It's all about managing your trade. My style now requires you to manage your trade and get out when she tells you to get out. I've went to the next level and said ok, if you want me out of my short, then you must want me long and go with her that way. I might end up turning around and going back short 20 pips later, but none the less,...
happy new year bro! ....damn looks we got a big ass pin now...lol
  • #108,890
  • Dec 31, 2008 11:35am Dec 31, 2008 11:35am
Quoting nAVIN2007
happy new year bro! ....damn looks we got a big ass pin now...lol
If 'big ass pins' pop big asses, then please send me one - I will go to walmart and have a 'whale' of a time...
  • #108,891
  • Dec 31, 2008 11:40am Dec 31, 2008 11:40am
I think they are called bucket shops...

They fill there bucket up with all the longs and shorts from their clients and then trade them just like we would.....however they know how much they can move the market, especially in low volume times. Dump the shorts, drive the market down and then throw in their longs and push it back up taking profit in both directions. Some call that trading against their clients but that is just the name of the game.

The brokers that pass the trades directly to the interbank system compensate themselves with flex spreads.

It is nice to be a broker.

At least that is how i think it works.
  • #108,892
  • Dec 31, 2008 11:49am Dec 31, 2008 11:49am
Quoting Shilva
I think they are called bucket shops...

They fill there bucket up with all the longs and shorts from their clients and then trade them just like we would.....however they know how much they can move the market, especially in low volume times. Dump the shorts, drive the market down and then throw in their longs and push it back up taking profit in both directions. Some call that trading against their clients but that is just the name of the game.

The brokers that pass the trades directly to the interbank system compensate themselves with...
That is pretty much it.
  • #108,893
  • Dec 31, 2008 11:51am Dec 31, 2008 11:51am
Quoting steelhead
Happy New year everyone. Havent been on here in awhile. Still on Vacation Mexico is great. Havent taken a trade in over two weeks and it feels great.
We missed your calls! I followed your style sold the high euro/aud. Thank you for your sharing. already closed it 400 pips profit. (sorry for offtopic)
  • #108,894
  • Dec 31, 2008 11:53am Dec 31, 2008 11:53am
Quoting Shilva
I think they are called bucket shops...

They fill there bucket up with all the longs and shorts from their clients and then trade them just like we would.....however they know how much they can move the market, especially in low volume times. Dump the shorts, drive the market down and then throw in their longs and push it back up taking profit in both directions. Some call that trading against their clients but that is just the name of the game.

The brokers that pass the trades directly to the interbank system compensate themselves with...
Yes, that's pretty much how it works. Although with the sheer depth and size of the daily spot market for GBP/USD, and other majors, it is very difficult and far too risky a proposition for an individual broker to try and move the market by dumping longs or shorts. On an obscure emerging market pair, or on days like today with extreme illiquidity, it is possible to manipulate/move the market.

A market maker or bucket shop will make very decent profits just from the diversity of the longs and shorts, a significant portion of which will net out to zero risk, leaving the broker with fixed pips in his pockets (as the client always "crosses the spread").

Also, seeing as 90% of retail traders lose, there is a decent incentive for a market maker to simply run with the risk, rather than cover the positions in the open market.
  • #108,895
  • Dec 31, 2008 12:08pm Dec 31, 2008 12:08pm
Quoting vorschlag
We missed your calls! I followed your style sold the high euro/aud. Thank you for your sharing. already closed it 400 pips profit. (sorry for offtopic)


Awesome we will be nailing it again next week. I am going to hit it hard in january. Im looking for 30% -50% growth on accounts next month.
  • #108,896
  • Dec 31, 2008 12:09pm Dec 31, 2008 12:09pm
Quoting allserene
I say old fruits, there appears to be mega volatility about

tend those s/l's eh

Dow is window dressing and I am taking advantage of that

If oil isnt $70 by mid year, I will show my botty in the co-op window
That's where I'm looking to TP on my oil shares.
Just digging in the trenches like everyone else!
  • #108,897
  • Dec 31, 2008 12:11pm Dec 31, 2008 12:11pm
Quoting Shilva
I think they are called bucket shops...

They fill there bucket up with all the longs and shorts from their clients and then trade them just like we would.....however they know how much they can move the market, especially in low volume times. Dump the shorts, drive the market down and then throw in their longs and push it back up taking profit in both directions. Some call that trading against their clients but that is just the name of the game.

The brokers that pass the trades directly to the interbank system compensate themselves with...
My ECN broker charges a commission for entering and exiting trades. So, their getting paid no matter what the markets do or how their clients perform.
Just digging in the trenches like everyone else!
  • #108,898
  • Dec 31, 2008 12:13pm Dec 31, 2008 12:13pm
Quoting steelhead
Happy New year everyone. Havent been on here in awhile. Still on Vacation Mexico is great. Havent taken a trade in over two weeks and it feels great.

It really is strengthining my resolve to be done trading at the end of this year. I love not looking at charts for two weeks.

That being said I will be back on the horse start of next week.

Happy New Year
Happy New Year my friend!

I'm glad your enjoying your vacation. Time off is always nice. You'll be slaying the pips next week.
Just digging in the trenches like everyone else!
  • #108,899
  • Dec 31, 2008 12:13pm Dec 31, 2008 12:13pm
Quoting steelhead
Awesome we will be nailing it again next week. I am going to hit it hard in january. Im looking for 30% -50% growth on accounts next month.
sounds good man cant wait
  • #108,900
  • Dec 31, 2008 12:24pm Dec 31, 2008 12:24pm
Quoting steelhead
I am going to Im looking for 30% -50% growth on accounts next month.
Very impressive target, Mr Steelhead.

Enjoy the rest of your vacation and "see" you in here next week. Happy new year.
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