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Trading aud/nzd successfully

  • #1,981
  • Feb 24, 2010 10:59pm Feb 24, 2010 10:59pm
Quoting nanningbob
The new rules will make it very expensive for a new trader to learn the business. I know I wouldnt not have stayed in if I couldnt have learned at 400:1 and a couple of hundred bucks. To me the cost of tuition (the learning phase) would have been too high. That is the one thing missing in every argument about leverage. The anti-leverage advocates completely miss the logic of the cost of learning this business. The higher the leverage, the less money you risk, the cheaper your education. Thats my point.
When it comes to learning you can use a demo account. That's not the issue.
Even if you know what you are doing, if you can't fund a decent size live account you won't be able to trade under the new rules. That's what the anti-leverage types are relying on. I am not anti-leverage, in fact I believe that the anti-leverage advocates are trying to knock the little guys out of the market. They are basically anti-democratic. Small retail traders are the stone in the heel of the institutional traders who want desperately to corner the market. If we are making money by scalping the market that has got to be costing somebody. It's a zero-sum equation: if there are winners there have to be losers. I suspect that due to the explosion of robots and trading systems in the last couple of years the number of winners on the retail side is increasing, while the institutional traders because of the huge volumes of currency they are trading, are carrying the market. Basically, they don't like the competition and have the influence to lobby the authorities for change. Maybe I'm wrong, I'm only an amateur, but that's they way I see it.
  • #1,982
  • Feb 27, 2010 9:50am Feb 27, 2010 9:50am
Quoting ForexAuto
When it comes to learning you can use a demo account. That's not the issue.
Even if you know what you are doing, if you can't fund a decent size live account you won't be able to trade under the new rules. That's what the anti-leverage types are relying on. I am not anti-leverage, in fact I believe that the anti-leverage advocates are trying to knock the little guys out of the market. They are basically anti-democratic. Small retail traders are the stone in the heel of the institutional traders who want desperately to corner the market. If we are...
I agree with most of what you have said except on two points.
1. Live trading and demo trading are not the same. Something happens to you mentally when you have real money on the line. However, with small sums and moving up, I have been able to keep my cool under fire because I have seen a live account traded with pennies. You also dont treat demo money the same as real money, your decision making process is just different. That is why guys can double thier demo account in 1 week but never do it with a live account.
2. The forex unlike stocks and other markets is not necessarily about winners and losers. The vast majority of trades are business or govenment transactions and they dont care if you just won or lost x amount of pips. Forex was set up so countries could trade and exchange currency. If a company or government just sold 10K widgets to some company in another country, they just want to exchange their money into their home currency. You may have just won a 100 pips on some trade but the guy on the other end just got his money from a business deal. Those fractions of a penny we play around with dont mean anything to him. So both sides are happy and banks didnt have to use their funds to make the transaction but they made money being the middle man, along with your broiker and who knows what else.
  • #1,983
  • Feb 27, 2010 9:54am Feb 27, 2010 9:54am
Quoting dsissing
Hi Bob

I'm using your 30x20 buy sell EA 5M 120MA, you are absolutly correct w.r.t leaverage and equity amount, I had to learn that the hard/expensive way, which could have been much more.
Q: how can I convert this to MT5, when that become the standard.

I am not going to worry about MT5 until companies actually start using it. This process could take quite a while, even years.
  • #1,984
  • Feb 27, 2010 10:03am Feb 27, 2010 10:03am
Quoting daytrader15
I have almost given up on this pair, it only goes up never down. I am still stuck with aud/nzd positions robominer got me into in Oct 08. Donna Forex last time I checked had $31,000.00 of DD and now it must be $38,000.00.
As long as China keeps buying Australian resources you are in a bad position. NZ doesnt quite have the same resources as Australia does, now if the Chinese economy dies out then food will be in higher demand than resources and the NZD will go back up again. There are some that think China has reached the limit on what it can build and is way overbuilt now. There are only so many empty buidlings and bridges they can build before the banks collapse from all the non paying loans or they just have to stop giving out loans for building. They actually have built entire cities here and no one lives in them. So how long do you want to hold out. When I trade and have a deficit I take my profits and close part of my losing positions until I get them down to a mangable size again.
  • #1,985
  • Feb 28, 2010 3:54am Feb 28, 2010 3:54am
Quoting nanningbob
I agree with most of what you have said except on two points.
1. Live trading and demo trading are not the same. Something happens to you mentally when you have real money on the line. However, with small sums and moving up, I have been able to keep my cool under fire because I have seen a live account traded with pennies. You also dont treat demo money the same as real money, your decision making process is just different. That is why guys can double thier demo account in 1 week but never do it with a live account.

Actually I use robots to trade,...
I agree with you to a point, but I was looking at it from the angle of competition between speculators. Sure the companies and govts which use forex in the course of their business, while they may resent paying more for a block of currency on one day than another, don't really care. But if there is a perception by institutional speculators and/or brokers that small retail speculators like myself are taking a slice of their action, rightly or wrongly, and I believe this is the case, they ARE taking steps to curtail or eliminate their competition by tilting the playing field in the favor of the big guys. Just watch and see how many small forex traders decide that it is too much hassle to go offshore with their forex accounts, and just throw in the towel. That's if these laws get passed as they probably will. Fortunately my broker is in Australia where I live, and that broker doesn't take international clients so don't even bother considering moving your account here, but how long before the Australian authorities follow the US's lead and reduce our leverage too? I'm hopeful I'll maybe get another 12 months of high leverage trading, but after that, who knows?
  • #1,986
  • Feb 28, 2010 3:04pm Feb 28, 2010 3:04pm
Quoting nanningbob
As long as China keeps buying Australian resources you are in a bad position. NZ doesnt quite have the same resources as Australia does, now if the Chinese economy dies out then food will be in higher demand than resources and the NZD will go back up again. There are some that think China has reached the limit on what it can build and is way overbuilt now. There are only so many empty buidlings and bridges they can build before the banks collapse from all the non paying loans or they just have to stop giving out loans for building. They actually...
I have studyed the yearly charts and their is the possibility it will go down. I am not being charged swap fees so I will just let them stay till hell freezes over. I hate Robominer. Now after a year of this insane forex business I finally figured out how i could make money.
  • #1,987
  • Feb 28, 2010 3:07pm Feb 28, 2010 3:07pm
Quoting ForexAuto
I agree with you to a point, but I was looking at it from the angle of competition between speculators. Sure the companies and govts which use forex in the course of their business, while they may resent paying more for a block of currency on one day than another, don't really care. But if there is a perception by institutional speculators and/or brokers that small retail speculators like myself are taking a slice of their action, rightly or wrongly, and I believe this is the case, they ARE taking steps to curtail or eliminate their competition...
The US firms will go off shore so don't worry. They will call themselves something diffferent but it will be them. Currency trading is an international business anywat so go offfshore or go with IAMfx in the US which is unregulated but which makes a commission so they can afford to be somewaht honest.
  • #1,988
  • Mar 2, 2010 3:21pm Mar 2, 2010 3:21pm
Any comments about the strange moves since past thursday?
That nice moves we had on this pair just disapeared. A liquidity metter I guess.
AUDNZD is looking like EURUSD... weird.

After and before images attached.
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  • #1,989
  • Mar 3, 2010 1:49pm Mar 3, 2010 1:49pm
AUDNZD is acting like I never saw before in 5 years. No comments?
I am wondering what is the reason fot this lack of sideway volatility.
I cannot trade this pair like this.
  • #1,990
  • Mar 3, 2010 10:22pm Mar 3, 2010 10:22pm
Quoting Mr. Madruga
AUDNZD is acting like I never saw before in 5 years. No comments?
I am wondering what is the reason fot this lack of sideway volatility.
I cannot trade this pair like this.

Next upside target could be 1.3150/85, January 2000 high and the 38.2% retracement of the entire move down from 1984 to the 2005 low."

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  • #1,991
  • Mar 4, 2010 6:27am Mar 4, 2010 6:27am
Quoting shaun_ru_th

Next upside target could be 1.3150/85, January 2000 high and the 38.2% retracement of the entire move down from 1984 to the 2005 low."

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Hi shaun_ru_th.
But even with strong ranges/trends, the minimum variation per each m5 bar used to be 20~30 pips and now (since past thursday) we can se a variation of 5~10 pips per m5 bar, turning most of scalping techiniques for this particular pair untradable. Years scalping this pair and I assume I never saw that happening before, even in the 2nd half of 2008 with the largest trends caused by the financial crisis. You know what I mean now?
Thanks
  • #1,992
  • Mar 8, 2010 6:58pm Mar 8, 2010 6:58pm
Quoting Mr. Madruga
Hi shaun_ru_th.
But even with strong ranges/trends, the minimum variation per each m5 bar used to be 20~30 pips and now (since past thursday) we can se a variation of 5~10 pips per m5 bar, turning most of scalping techiniques for this particular pair untradable. Years scalping this pair and I assume I never saw that happening before, even in the 2nd half of 2008 with the largest trends caused by the financial crisis. You know what I mean now?
Thanks
Market nonmovements worry me. Australia and New Zealand are each others #1 trading partners. If they arent doing business with each other price just sits. The media keeps feeding us there is a recovery starting but what I see in the Forex markets is stagnation. That means to me not much business is going on and the recovery is not really there. Just a thought.
  • #1,993
  • Mar 9, 2010 9:30pm Mar 9, 2010 9:30pm
I have several open long positions with considerable drawdown. Should I hedge these by opening some short positions?
  • #1,994
  • Mar 19, 2010 2:13am Mar 19, 2010 2:13am
Hi Guys, I have a problem with this set of EA's, I place them and the relevant files into the relevant areas, start the EA and have the smiley face but the EA does not trade. See the image below. I am with GoMarkets

http://www.samsa.com.au/Image1.gif

hope someone can help.

cheers,

tom...
  • #1,995
  • Mar 21, 2010 3:07am Mar 21, 2010 3:07am
Go markets doesnt use the .01 lots I think so change the lot to .10.
  • #1,996
  • Mar 21, 2010 7:59pm Mar 21, 2010 7:59pm
I have said this before and wrote this in another thread but it is absolutely key you understand this with any EA:

'My belief is that all EAs use indicators and all indicators do not predict news stories or strong fundamentals and need monitoring or human intervention. No matter what indicators we use sooner or later the market will move in a way that will defeat them. Having some knowledge of fundamentals is important to Forex trading. For example, If Greece files bankruptcy or the USA and China get into a pissing match over exchange rates, no indicator can predict the outcome or change of direction either when or how much. Indicators have limitations and if you understand those limitations they are valuable tools in trading. For example, if Greece goes bankrupt sell Euros no matter what the indicators are saying.'
  • #1,997
  • May 20, 2010 8:11am May 20, 2010 8:11am
4 now LONG !


Then SHORT !


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  • #1,998
  • May 21, 2010 1:30pm May 21, 2010 1:30pm
HiBob,
I am posting in this forum after a long time. I like your original 35x20 EA. Do ou think it is your best EA for its simplicity?
I now have GoMarkets as my broker (5 digits) and have a nano account.The EA does not work even if I change the TP and Pips by adding '0'. The lot size is 0.01.
Can you please help. Thanks.
  • #1,999
  • Oct 19, 2010 2:40pm Oct 19, 2010 2:40pm
Hi TJPLD

trading @ 0.01 what would recommend is the min. equity to have.

Thanks.
Dono


Quoting TJPLD
Unfortunately not live account. If there is a good chance to repeat such "runs" I might give it a try with a small amount of money.
1 Hour 30x20 buy sell. Standard settting.
I use 1 mini lot per 1000 USD. Now with 2700 USD it's set to 2.7
Everything else is default. In the last 3-4 days it has only placed 3-4 trades per day if any. Lets see how it turns out.
  • #2,000
  • Oct 20, 2010 11:36pm Oct 20, 2010 11:36pm
Hi Bob

trading @ 0.01 what would recommend is the min. equity to best have.

Thanks.
Dono
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