Dislikedshort squeeze currently taking place in aussie index futures, i fear that maybe our fate soonIgnored
- #13,594
- Jan 14, 2010 10:00pm Jan 14, 2010 10:00pm
- | Joined Sep 2007 | Status: Forex God | 1,492 Posts
Let it ride bro. Financial analysis using the solar system is as old as trading itself. Grain traders in India used to do it, hell even JP Morgan once said "millionaires don't trade using astrology - billionaires do".
Need I mention W.D. Gann? Who's work I use almost every day.
There is really nothing wrong with a trader posting his thoughts and analysis for others to share and think on even if you don't agree with the method? How do you trade? Are you sure it's less kooky?
- #13,596
- Jan 14, 2010 10:09pm Jan 14, 2010 10:09pm
- Joined Apr 2009 | Status: RETIRED | 1,947 Posts
For those wondering about IG markets, I can contribute a few points:
* They are supposed to be the best capitalised CFD broker in town (largely thanks to their huge British client base).
* They have fixed spread contracts, which IMHO rocks the socks off paying 6 pip spread for G/U when you want to trade from the NZ open. Also I don't mind paying a 1-2 pip spread on EURUSD in the middle of the news when everyone elses brokers have shut down or charging a 50 pip spread (Oanda and Gomarkets, I'm looking at you).
* They have an awesome "Australasian" currency basket, which AFAIK no other Aussie broker provides. For example, everyone else pays a 10-20 pip spread on pairs like EURAUD and GBPAUD. On IG aside from those two pairs they have inverse AUDEUR and AUDGBP for their Aussie clients only with a much much tighter spread. In fact on those two pairs I'm pretty sure you won't get a better spread elsewhere. Of course you need to take into account your pips for these contracts will be denominated in the foreign rather than local currency.
* They have CFDs for pretty much every futures market, heaps of stock markets (with cheap live data feeds or free delayed feeds for most), and a bunch of British and European ETFs/ETCs. Be aware though these are all CFDs you will not be paying the same bid/ask as on a proper futures broker, you will not be properly counterpartied to anyone but the broker usually but it can still be profitable and useful if you know what you are doing.
* Profits held in the currency profits are made. If you short USD/CHF and make +10 you get +10 CHF. If you take a profitable GBPJPY trade your profits are held in JPY. Nonprofessional accounts are set to convert all currency to AUD at 9am each day but you can call up and have this feature turned off. My profits sit in the currency they were obtained in until I want them (at which point I can convert). It is nice to have a big pile of USD, CAD, CHF, GBP, JPY, NZD, etc on top of the AUD balance.
Disclaimer: I hold an IG account amongst others. Your choice of broker is extremely important, make your own decision!
* They are supposed to be the best capitalised CFD broker in town (largely thanks to their huge British client base).
* They have fixed spread contracts, which IMHO rocks the socks off paying 6 pip spread for G/U when you want to trade from the NZ open. Also I don't mind paying a 1-2 pip spread on EURUSD in the middle of the news when everyone elses brokers have shut down or charging a 50 pip spread (Oanda and Gomarkets, I'm looking at you).
* They have an awesome "Australasian" currency basket, which AFAIK no other Aussie broker provides. For example, everyone else pays a 10-20 pip spread on pairs like EURAUD and GBPAUD. On IG aside from those two pairs they have inverse AUDEUR and AUDGBP for their Aussie clients only with a much much tighter spread. In fact on those two pairs I'm pretty sure you won't get a better spread elsewhere. Of course you need to take into account your pips for these contracts will be denominated in the foreign rather than local currency.
* They have CFDs for pretty much every futures market, heaps of stock markets (with cheap live data feeds or free delayed feeds for most), and a bunch of British and European ETFs/ETCs. Be aware though these are all CFDs you will not be paying the same bid/ask as on a proper futures broker, you will not be properly counterpartied to anyone but the broker usually but it can still be profitable and useful if you know what you are doing.
* Profits held in the currency profits are made. If you short USD/CHF and make +10 you get +10 CHF. If you take a profitable GBPJPY trade your profits are held in JPY. Nonprofessional accounts are set to convert all currency to AUD at 9am each day but you can call up and have this feature turned off. My profits sit in the currency they were obtained in until I want them (at which point I can convert). It is nice to have a big pile of USD, CAD, CHF, GBP, JPY, NZD, etc on top of the AUD balance.
Disclaimer: I hold an IG account amongst others. Your choice of broker is extremely important, make your own decision!
- #13,597
- Jan 14, 2010 10:13pm Jan 14, 2010 10:13pm
- | Joined Nov 2009 | Status: FUDGE | 2,229 Posts
Fundamentals, with a dash of technical analysis. I don't day trade. If I do day trade, I simply flip a coin, and throw some stops in at levels based on x # of day averages. Then I go to Nimbim and get stoned and pick up an ounce of dope. By the time I get back, I usually have a grand in profit. It works for me
Where is Nimbim ?
- #13,598
- Jan 14, 2010 10:13pm Jan 14, 2010 10:13pm
- | Joined Sep 2007 | Status: Forex God | 1,492 Posts
