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EUR or GBP Which is the most profitable pair for a Novice 11 replies

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Novice Question

Quoting MoeFx
never trust any signals or systems any broker offer.
I will second that. Many new traders think that broker "signals" are something special. But in fact a broker can not give "signals". They have analysts who can not work for them, it is not legal, and so some guy/gal gives their analysis. Many people on this forum could do better than most of those brokers use.

Also always remember, they change their suggestions during the day many times, so you just jum on one and in the next 5 mns you have another message saying "as we said before, if xxx breks xxx it may go xxx".

Just remember people who work for a "real" broker can not give signals. But what those people can do is, make tons of people react on their "analysts" and so influence their traders.
I've a novice question about trade execution (I'm using FXCM micro) but I also use MetaTrader in a demo account

The question is: When I close an order is there anything deducted from the spread? Also is the price thats on the ticker of a chart the ask price or the big price , or is it somewhere in between those 2 prices?

Ok I guess that's 2 questions but I basically need to know if I close an order (let's say a Buy order), is that considered a "sell" order, which will deduct the spread from the current price?
http://www.babypips.com/school/how_y...ing_forex.html

When you buy a currency you will use the offer price and when you sell you will use the bid price.
So when you buy a currency, you pay the spread as you enter the trade but not as you exit. And when you sell a currency you don't pay the spread when you enter but only when you exit.
...but it must be a reputable broker too.

Im using FXCM Micro trading station II and it SUCKS. I can't place O-C-O orders so I have to sit in front of my laptop waiting for one of the orders to execute then cancel the other one.

In a nutshell, This software is really lame so basically I want to use MT4 but I havn't got thousands of dollars to spare.
MBTrading - $400 - Best MT4 ECN in the Biz right now!!
Quoting FrinkFX
...but it must be a reputable broker too.

Im using FXCM Micro trading station II and it SUCKS. I can't place O-C-O orders so I have to sit in front of my laptop waiting for one of the orders to execute then cancel the other one.

In a nutshell, This software is really lame so basically I want to use MT4 but I havn't got thousands of dollars to spare.
Most don't know this, but FXDD will take a $100 PayPal deposit and allow you to trade micros with 200:1 leverage.
Quoting FrinkFX
...but it must be a reputable broker too.

Im using FXCM Micro trading station II and it SUCKS. I can't place O-C-O orders so I have to sit in front of my laptop waiting for one of the orders to execute then cancel the other one.

In a nutshell, This software is really lame so basically I want to use MT4 but I havn't got thousands of dollars to spare.
I don't think you will be able to place OCO orders on MT4. That feature is not available (though I have seen an OCO.mq4 script to allow the functionality but I think it is not for free).
you can open an ibfx MT4 mini account with $1 but I think you should consider fulltime247's advice about MBT or at least an ECN
Quoting doblece
I don't think you will be able to place OCO orders on MT4. That feature is not available (though I have seen an OCO.mq4 script to allow the functionality but I think it is not for free).
That's right, MT4 doesn't have OCO capability built in; however, you may be able to find a script or EA that can do it.
mbt's commission is pretty expensive for a small account though
Working towards CME membership
hi, im just wondering if im going to consistently have more than 5000 usd in my micro account should i just open up a standard account. and another ?, can i make 2 withdrawls a week from a standard account without fxcm doing anything nasty like freezing my account or taking my profits?
Quoting mfoste1
hi, im just wondering if im going to consistently have more than 5000 usd in my micro account should i just open up a standard account. and another ?, can i make 2 withdrawls a week from a standard account without fxcm doing anything nasty like freezing my account or taking my profits?
From a service perspective it would be better to have a standard account so that you can call in by phone or chat online. There are also more options for withdrawal with the standard account. FXCM Micro charges you for withdrawals; whereas paper check withdrawals and transfers back to your credit or debit card are free with the standard 10k account.
Arent the lots more expensive with a standard acct? I usually trade 100 microlots but with the standard it would be like $500 for that. In my micro account 100 lots is like $250
fxcm micro lev 1:400.... 25$ per lot
fxcm standard lev 1:200.... 50$ per lot


Quoting mfoste1
Arent the lots more expensive with a standard acct? I usually trade 100 microlots but with the standard it would be like $500 for that. In my micro account 100 lots is like $250
Charting Markets into the Future...MǎҖ€¥.
  • Post #55
  • Quote
  • Edited 12:54pm Jun 20, 2009 12:00pm | Edited 12:54pm
I'm very excited about this... I've been doing some research recently and I believe I've found the mythical HOLY GRAIL of forex trading. It works on any currency pair, doesn't require any indicators and is CONSISTENTLY PROFITABLE!

It works on the principle of : DO THE OPPOSITE OF WHAT WOULD HAVE WORKED IN THE PAST

Let me elaborate... I've been interested in Forex trading for a few years now, but have only made the leap to opening my first live account in the last 2 weeks. I've actually only discovered the principle in the last week (losing a lot of money).

Here's the short story of how I discovered it:
I came up with a system which I backtested on about 2 months data and I was very excited as I put it into practice (this was lasst week), but my excitement was short-lived as I watched my equity plummet losing trade after trade and I sighed and thought to myself "I wish I'd reversed all those trades, bought instead of sold.." then it hit me.

I came to the realisation that following "indicator based" systems (like the ones described in the Trading Systems section on this forum) can be profitable in the short-term, but is hard work and is ultamitely futile because even if it's a really good system It will always stop working if lots of people are using the same system.

DO THE OPPOSITE OF WHAT WOULD HAVE WORKED IN THE PAST

This is the principle you must obey. Successful traders instinctively know this. That's why they usually win.

Ok, enough ranting. On to the HOLY GRAIL as defined my FrinkFX.


To use FrinkFX's HOLY GRAIL you need to be equipped with the following:

1) High Intelligence (aka analytical skills, logical thinking)
2) Programming Skills
3) Creativity (the more the better)

To Implement the system just do the following:
1. Obtain the most recent historical data for your chosen currency pair over the past six months (maybe more, but no less)
2. Program something that will generate a random trading system (based on highs/lows or whatever) and backtest it over that 6 months data, calculating the P/L at the end of that period
3. If the profit from (2) is big enough that you would have been happy to have got it, proceed to step 4. If not, go back to step 2
4. Continue using the system your program randomly generated for you BUT change all the buys to sells and sells to buys
5. When the system stops working go back to step 1

note: (step 2) don't worry about winning % (it will naturally be about between 40%-66%)
note 2: BIG TRADES work best. small trades will get eaten up by the spread
note 3: Don't worry about money management (yes you read that right) Money management is inherently built in to this system. You will usually make pretty good gains, often just break even, sometimes make small losses, never make big losses


Rememer:

DO THE OPPOSITE OF WHAT WOULD HAVE WORKED IN THE PAST

I can't express enough the importance of this principle. The beauty of this system is that it can work for anyone. It involves thinking on a level above the "chart" level. It involves some thinking outside the box. The other beauty is that is's inversly proportional. So if you find a system that would have made you 10000 pips over the last 6 months then chances are you would lose a lot using this system in the future. So just swap your buys and sells and hey presto you've just turned a doomed-to-fail system into a winning system!

I'm very excited about using this system next week and I've a lot of work to do today and tommorow (well my computer does) identifying the mot profitable systems from the last 6 months. I hope I've opened some people's eyes and all I ask is a thank you if I've inspired anyone.

Please no questions about my work implementing this system. It does require some thinking and creativity and work (see above) but I promise you all it works.

I'll be starting a trading journal thread here so you guys can keep track of my progress.

God bless and think outside the box
I have an idea!!!

Exit a trade as soon as you enter the trade, you'll lose money due to the spread!!

Try doing the opposite and you'll get the same result, exactly same
Quoting MyaNyx
I have an idea!!!

Exit a trade as soon as you enter the trade, you'll lose money due to the spread!!

Try doing the opposite and you'll get the same result, exactly same
Good luck with that
I think you should consider to stop trading live, and re-evaluate your trading method, if you continue like this i'm scared that you will loose every money in your account, take care...
I know a guy who lost lots of money in the stock market and I told him the same thing. Think about your trade and do the opposite of what's logical to you. Seems like you (him) are wrong 90% of the time you'll be an instant winner. He did not listen to me and now he has no money to trade. He now plays online poker for fun
Quoting Levent
I know a guy who lost lots of money in the stock market and I told him the same thing. Think about your trade and do the opposite of what's logical to you. Seems like you (him) are wrong 90% of the time you'll be an instant winner. He did not listen to me and now he has no money to trade. He now plays online poker for fun
Lol you should ask him for trading advice
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