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Why did you start trading and what do you expect from it? 19 replies

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Trade what you see NOT what you expect

  • #27,421
  • Nov 30, 2009 7:22am Nov 30, 2009 7:22am
Quoting cisco
Good morning guys. I hope you're all raking in the pips.

I just had the pleasure of having breakfast with Pippi and his beautiful wife. They stopped along the interstate to meet up with me while they were on their way to a family gathering. They're truly good people and I thoroughly enjoyed their company.

I hope all of you have a great Thanksgiving day tomorrow.

As for me, I've got to go and sample some of Mrs. Robinson's pie. She's truly got great pie!!
Thank you for the kind words Cisco. My wife and I enjoyed meeting with you as well.

Now leave Mrs. Robinson's pie alone and make some pips!
  • #27,422
  • Nov 30, 2009 7:25am Nov 30, 2009 7:25am
Quoting cisco
Actually...Pippi did pay me. He bought my breakfast.

Yeah, Mrs. Robinson's 'pie' is great! She supplies the pie and I supply the cream topping. She loves my topping, it's an old family recipe that I inherited. A mutually beneficial arrangement if there ever was one.

Happy Thanksgiving!
As you can see Ken, Cisco can be bought off pretty cheap.
  • #27,423
  • Nov 30, 2009 7:46am Nov 30, 2009 7:46am
Question guys, these new margin levels suck, what overseas broker would you recommend?I would like to move overseas hoping to avoid these new margin rules and maybe be able to trade both ways at the same time.
Please ask questions and share your experiences with us all!
  • #27,424
  • Nov 30, 2009 7:57am Nov 30, 2009 7:57am
Quoting bkg102665
Question guys, these new margin levels suck, what overseas broker would you recommend?I would like to move overseas hoping to avoid these new margin rules and maybe be able to trade both ways at the same time.
Albchr and I were just talking about that and we are both looking into other brokers, whatever I find I will post here.
  • #27,425
  • Nov 30, 2009 8:02am Nov 30, 2009 8:02am
Quoting PippiNole
As you can see Ken, Cisco can be bought off pretty cheap.
Ain't it the truth! A free meal or a piece of pie and I'm all in.
Hi, my name is Barry and you can keep your doctor...
  • #27,426
  • Nov 30, 2009 8:05am Nov 30, 2009 8:05am
Quoting bkg102665
Question guys, these new margin levels suck, what overseas broker would you recommend?I would like to move overseas hoping to avoid these new margin rules and maybe be able to trade both ways at the same time.
Just my opinion...if you feel the need for greater than 100:1 leverage then you're asking for big trouble!

Again...strictly my opinion.
Hi, my name is Barry and you can keep your doctor...
  • #27,427
  • Nov 30, 2009 8:08am Nov 30, 2009 8:08am
Quoting cisco
Just my opinion...if you feel the need for greater than 100:1 leverage then you're asking for big trouble!

Again...strictly my opinion.
I didn't mind the 100:1 because it just meant dropping the lot size in half, but its not that straight forward, its actually 1% of the currency you are dealing in, so for instance GU is at the moment 1.6465 so I would need $164 of margin to trade 1 mini lot, not $100 which is what it was at 100:1 which is more like 60:1. If I trade EJ it will cost around $149 as the price stands at the moment, but will go up if the price of the Euro goes up.
  • #27,428
  • Nov 30, 2009 8:09am Nov 30, 2009 8:09am
Quoting cisco
Just my opinion...if you feel the need for greater than 100:1 leverage then you're asking for big trouble!

Again...strictly my opinion.
I understand but I have always traded with 200:1 and just what I am use to thats all plus regulations keep on coming and who knows what may be next so just want to explore my options.
Please ask questions and share your experiences with us all!
  • #27,429
  • Nov 30, 2009 8:17am Nov 30, 2009 8:17am
Over leveraging your account is one of the main reasons why 95% of the traders out there blow up their account. The brokers love it when you do that. I hate gov't involvement in our lives probably more than most of you do, but this isn't a bad rule in my opinion. It just makes you stay within a budget, so to speak.
Hi, my name is Barry and you can keep your doctor...
  • #27,430
  • Nov 30, 2009 8:30am Nov 30, 2009 8:30am
Quoting cisco
Over leveraging your account is one of the main reasons why 95% of the traders out there blow up their account. The brokers love it when you do that. I hate gov't involvement in our lives probably more than most of you do, but this isn't a bad rule in my opinion. It just makes you stay within a budget, so to speak.
I agree with that, but at the same time its also the reason that someone who has little money and does know how to trade is able to make a living at it. There are not many ways for us to do that left in this world and they are getting smaller by the minute.
  • #27,431
  • Nov 30, 2009 10:49am Nov 30, 2009 10:49am
Quoting cisco
Over leveraging your account is one of the main reasons why 95% of the traders out there blow up their account. The brokers love it when you do that. I hate gov't involvement in our lives probably more than most of you do, but this isn't a bad rule in my opinion. It just makes you stay within a budget, so to speak.
Leverage really has nothing to do with blowing the account IMHO. As long as proper MM is used, the leverage really doesn't matter. I've been using 200/1 because that's what I have to do to make what I need. Unless I can count on at least double the pips on at least half the position size. Not easy.

With size of my base account and the amount I need to make each month, it's now going to be pretty much impossible to due unless I can somehow at least double my account size overnight....LOL

Now this is just "my" personal situation. If had my choice, I'd go with 25/1 if possible. Who knows? Someday I might just be able too...
Ghost Rider - WWTBMD?
  • #27,432
  • Nov 30, 2009 12:39pm Nov 30, 2009 12:39pm
Yeah My broker offered 400:1 which I used because it was available. Didn't have to though. But it is starnge to see how much my margin is now.. used to get $1 A PIP FOR $33. LOL
Good Trading To All ; Ken Lee
  • #27,433
  • Nov 30, 2009 5:05pm Nov 30, 2009 5:05pm
For those of you interested, I too, used to trade with IBFX and due to all these regulations I decided to switch to MIG in Switzerland. It takes 5K to open an account I believe but they are great...fixed spreads...GBPUSD having a 3pip spread....hope this helps....
  • #27,434
  • Dec 1, 2009 1:18am Dec 1, 2009 1:18am
Quoting frenz
Hi Ken nice move on the ej Im always a bit wary around the opening as the spreads are so big but it does tend to move in big multiples as the kiwis and aussies wake up.

Interested on your thoughts on the news. I like to read the news as it happens and keep my eye on the forex calendar but I do find it creates a slant on where i expect the moves to go. Hence the name of the thread

On friday for example the asian market picked up the news in Dubai and started to sell off , this was followed by the early london open for several hours but then...

I don't really TRADE ANY NEWS , But I do trade the movements that news cause. If you start to notice news will start the price moving and as you said yourself . It will still respect the technicals once the excitement dies down. That is why it is best to wait a little while after the news to try and get in. Very few brokers honor orders right at a major news release so it is dangerous no matter what.

I try to be aware of all news anoucments that are marked red on the calendar. If I wasn't in a very green position with a big stop. I would be very wary. I also try not to jump in right before news as alot of those moves are just prerelease chitters, Then you can find yourself in a bad spot.

Of course the major news is employment NFP and now days ADP. The CPI's, Interest rates and statements. the GDP those are my main ones but as I said I will be carefull around all red labeled releases.

You will find a lot of times the moves prior to releases can start a very long time before the release, But this is when expectations are correct. It is the unexcpected that really makes the news blast off..

Sorry if not much help.. Ken
Good Trading To All ; Ken Lee
  • #27,435
  • Dec 1, 2009 7:52am Dec 1, 2009 7:52am
Good morning/afternoon fellow traders. Is everyone spanking the ladies for some good pippage? It has been a fun couple of days for me.
  • #27,436
  • Dec 1, 2009 8:15am Dec 1, 2009 8:15am
Quoting PippiNole
Good morning/afternoon fellow traders. Is everyone spanking the ladies for some good pippage? It has been a fun couple of days for me.
Hey Pippi, wish I coluld say I was spanking them a gentle caress is more what I've done so far this week. Some nice 15m pins the one on the mistress off the 1hr 62 and the one that Iam really drooling on is the temptress off the 200 I like that one because of the euro's steady uptrend I see 1.5400 and a seat at 1.4988 would of been SWEET!! Seems this happens at some awful hours in the night.
  • #27,437
  • Dec 1, 2009 8:33am Dec 1, 2009 8:33am
Leverage is a double-edged sword its like rope give people enough of it, the majority will hang themselves. Heres a common sense article about our overleveraged nation.

http://www.thedailybeast.com/blogs-a...-alternatives/
  • #27,438
  • Dec 1, 2009 8:34am Dec 1, 2009 8:34am
Quoting 4fun
Hey Pippi, wish I coluld say I was spanking them a gentle caress is more what I've done so far this week. Some nice 15m pins the one on the mistress off the 1hr 62 and the one that Iam really drooling on is the temptress off the 200 I like that one because of the euro's steady uptrend I see 1.5400 and a seat at 1.4988 would of been SWEET!! Seems this happens at some awful hours in the night.
Green pips is good!

Yes those were some nice trades. I managed to get EJ off the 1hr 62 and was a little late getting in EU because I don't get up from my nap until 1 am but still managed to get in at 4995.

I hope some of you grabbed a seat on GU at 639X. She held there yesterday and again during E/L this morning.

I just want to remind everyone to take a look at your daily charts at least at the end of each day. Everyone should have been looking for a long down the wicks of those dailys from Friday.
  • #27,439
  • Dec 1, 2009 8:38am Dec 1, 2009 8:38am
looks like a nice ascending triangle is about to pop on the EJ, just a heads up.
  • #27,440
  • Dec 1, 2009 8:44am Dec 1, 2009 8:44am
[quote=PippiNole;3273437]Green pips is good!

Yes those were some nice trades. I managed to get EJ off the 1hr 62 and was a little late getting in EU because I don't get up from my nap until 1 am but still managed to get in at 4995.

Thats Sweet, and yes I am jealous lol!
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