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  • #388,741
  • Feb 16, 2011 3:42pm Feb 16, 2011 3:42pm
Quoting aarontdang
I'm just waiting for retrace .. so i can
make small profit and closed out all positions...
Asian and sydney usually give you those retrace..
so keep your eyes on it ...

You can make $ by just using Asian session...

If EUR/USD head north during NY times....
you can sell it around 3-5 EST times....
then you will make profits during retrace during asian...

around 3-5 is when they run out of steam ....

the opposite also work too ...

Retrace run from 10-30 PIPS during Asian n Sydney
silly qn but is the direction north/south now?
  • #388,742
  • Feb 16, 2011 3:45pm Feb 16, 2011 3:45pm
Quoting rattyo
250k LOL...in a trading account LOL...

my money goes straight back to the bank each day i never leave more than 25 grand in a shitty trading account. Even that really is stupid.
what's the difference between a bank and a trading account these days ?
  • #388,743
  • Feb 16, 2011 3:45pm Feb 16, 2011 3:45pm
Quoting DBallerz
lol 30 sec charts? look at the 365 ema on the 30min.

I made it pink? what about it resistance LOL.
http://screencast.com/t/nMSc1zFsOs
rat
  • #388,744
  • Feb 16, 2011 3:46pm Feb 16, 2011 3:46pm
Quoting mokonni
what's the difference between a bank and a trading account these days ?
A lot I can tell you! That cloggie is a real buffoon. his probably trading a micro account with 100 euros in it or demo
rat
  • #388,745
  • Feb 16, 2011 3:46pm Feb 16, 2011 3:46pm
Quoting Larseg
Its interesting that you can just go online and open a new account, there should have been a test from the broker before you were allowed to trade.
The NY stock exchange, and the US Nat'l Association of Securities Dealers, have "know your customer" rules that govern those brokers' relationship to, and restrictions on, their customers. But who are they protecting with those, really? Themselves, from lawsuits by customers following recommendations.

Retail forex, regardless of CFTC regulations now starting, is as close to laissez-faire market capitalism as there is in any market in the world. And that is as it should be, IMO.

There's an old saying (it comes from the book Where Are the Customer's Yachts? - guess what that book is about): "Some things are not adequately explained to a virgin in words or pictures."

Maybe the rush that comes the first time a new trader clicks the button and buys or sells can't be explained, even in the demo accounts, but all someone has to do is take an evening, read these forums, and write down the tales of woe expressed, and what the cause of that woe was, and then firmly commit to not do that same folly, and go off and learn how not to do it.

The broker/market maker is just an intermediary. For any of us, the only friend we have in a market is ourselves. And even not him, a good part of the time.
  • #388,746
  • Feb 16, 2011 3:48pm Feb 16, 2011 3:48pm
Quoting mokonni
Scaling Out would be an option too.

But he has to learn to ACCEPT losses.
Actually that is quite a lot of money, my record is about £2000 sterling on a single position and I managed to do that a few times in a row, it's not nice...

Biggest break through I've made so far is reducing my initial lot size to one in which it doesn't overly bother me to get stopped for 30 pips, because I've kept the loss manageable and I can usually make it back fairly quickly, if the loss is no longer manageable then you can't even think straight, let alone read price action and manage a trade...
  • #388,747
  • Feb 16, 2011 3:49pm Feb 16, 2011 3:49pm
Quoting FibbinArchie
Actually that is quite a lot of money, my record is about £2000 sterling on a single position and it's not nice...

Biggest break through I've made so far is reducing my initial lot size to one in which it doesn't overly bother me to get stopped for 30 pips, because I've kept the loss manageable and I can usually make it back fairly quickly, if the loss is no longer manageable then you can't even think straight, let alone read price action and manage a trade...

22,000 pounds is mine on one trade. that week took out 35k. was very memorable 2008 Apr.
rat
  • #388,748
  • Feb 16, 2011 3:50pm Feb 16, 2011 3:50pm
Quoting cloggie
Yup and max leverage of 10:1 and a min deposit of 250k. The reason that most retailers fail is that they have made it way too easy. Most posters here have no business being in this. Any muppet with 100 dollars and a PC can just start trading, and most of them come on forums like this complaining about brokers, manipulated news, and the all time classic, "are we going up?" "the news was good, why are we going down?" "can we short yet?"

I am a big fan of the CFTC rules and am convinced they haven't gone far enough yet. The Europeans should...

I reckon its just a matter of time after the new 1:50 rule came out last year that some more restrictions will come along.

And 10 years after that we can read stuff like 60% is doomed to fail in forex, and not the old 95% is doomed.

Wonder how Oanda got 47%...
  • #388,749
  • Feb 16, 2011 3:54pm Feb 16, 2011 3:54pm
Quoting Larseg
I reckon its just a matter of time after the new 1:50 rule came out last year that some more restrictions will come along.

And 10 years after that we can read stuff like 60% is doomed to fail in forex, and not the old 95% is doomed.

Wonder how Oanda got 47%...

that 95% is crap, because you get so many people that come into forex trading the farm for a day few weeks months then go. Look at the amount of new people that come and go on this thread. You can't count chancers like that and they are included in your 95% so its a load of shite that stat.

you can see how long someones been active on the site Nov 2008 for myself. most only last a few weeks
rat
  • #388,750
  • Feb 16, 2011 3:55pm Feb 16, 2011 3:55pm
Quoting FibbinArchie
Actually that is quite a lot of money, my record is about £2000 sterling on a single position and it's not nice...
Of course it's a lot of money. but there is the danger to come in the mood were you think 800 bucks more do not matter that much....
This business is not made to live on hope.
You have to make a lot of uncomfortable decisions every day.
  • #388,751
  • Feb 16, 2011 3:56pm Feb 16, 2011 3:56pm
Quoting rattyo
22,000 pounds is mine on one trade. that week took out 35k. was very memorable 2008 Apr.
Which is an annual salary to the average Joe, It's all relative and scalable, that's why it doesn't serve much purpose discussing figures, what is a lot to some will be shirt buttons to others...
  • #388,752
  • Feb 16, 2011 3:59pm Feb 16, 2011 3:59pm
Quoting FibbinArchie
Which is an annual salary to the average Joe, It's all relative and scalable, that's why it doesn't serve much purpose discussing figures, what is a lot to some will be shirt buttons to others...

Ive spent a long time compounding and trading though its taken years for me to get the hang of it and make each month. My gold at the moment is keeping February still in profit its been a crappy month so far intraday trading not been taking enough + 20's etc just letting trades run for too long today has been good because I've taken the money quick and got out.

I dont think its shirt buttons. I have a reality of money still. I realize how terrible it must be for people to do jobs that pay awful money when I stand at check out in shops etc. and Ive blown or made 1000's on a trades for that day.
rat
  • #388,753
  • Feb 16, 2011 4:02pm Feb 16, 2011 4:02pm
Quoting Larseg
I reckon its just a matter of time after the new 1:50 rule came out last year that some more restrictions will come along.

And 10 years after that we can read stuff like 60% is doomed to fail in forex, and not the old 95% is doomed.

Wonder how Oanda got 47%...
Oanda's platform is extremely fast in execution, sans jumping into the NFP-spikes, that is. It is clearly layouted for scalping purposes, as it features one-click trading from the start, on-the-fly position adjustment and so on.
The charting features are very limited, though, but who when you look at Chicky's charts, you probably don't even need that.

The 95% losing traders didn't do their homework. When I observe, how many people here follow others into trades, or confirm an analysis with a *thumbsup*-smilie, when you can clearly tell based on their question that they have no idea, what this analysis is about, then the number really doesn't surprise.

I still don't say, I can rock the FX-market, but I read and take note of just any valuable piece of information I come across. And: I don't take a trade that I don't understand, just because anyone says, it would be a good one.

But back to Oanda... whether the numbers are correct, or not, but you can trade many times faster than you ever could with MT4. You can put your SL to be, as soon as price moved two pips in your favor with just two mouseclicks. MT4 takes ages to do that, doesn't it?
  • #388,754
  • Feb 16, 2011 4:05pm Feb 16, 2011 4:05pm
Quoting mokonni
Of course it's a lot of money. but there is the danger to come in the mood were you think 800 bucks more do not matter that much....
This business is not made to live on hope.
You have to make a lot of uncomfortable decisions every day.
There you have it, it's a business and not an extreme adrenalin sport, a general rule of thumb is that if you're stomach is churning when you enter a position then your risk is probably too great relative to your account.

especially if you're relatively new, then your priority should be learning to trade and learning to preserve capital and not piss it away. Master that and the big money will come over time.

Ironically most new people think that they're going to become millionaires/millionairesses over night so they leverage the f**k out of their account and then that over-leveraging becomes the very thing that stops them from progressing.

my two cents...
  • #388,755
  • Feb 16, 2011 4:06pm Feb 16, 2011 4:06pm
Quoting OldQuant
The NY stock exchange, and the US Nat'l Association of Securities Dealers, have "know your customer" rules that govern those brokers' relationship to, and restrictions on, their customers....
Some wise words there quant, if you truly believe what you are saying you will be around for a very long time.

Manipulating the forex market isn't something which is still practiced I reckon, thats more back in the 70-80s... Where one called each other trying to get a hint for where the other was positioned.

But there is a lot of hedging going on, and lots of the movements isn't made for trying to take profits which gives us those weird movements from time to time.

I tried to find the 20 biggest banks forex results, there are 14 of them who have lost money almost every year since 1998...

Interesting though
  • #388,756
  • Feb 16, 2011 4:09pm Feb 16, 2011 4:09pm
Quoting rattyo
Ive spent a long time compounding and trading though its taken years for me to get the hang of it and make each month. My gold at the moment is keeping February still in profit its been a crappy month so far intraday trading not been taking enough + 20's etc just letting trades run for too long today has been good because I've taken the money quick and got out.

I dont think its shirt buttons. I have a reality of money still. I realize how terrible it must be for people to do jobs that pay awful money when I stand at check out in shops etc. and...
yes I know what you mean, learning to trade consistently and profitably is a marathon and not a sprint...

All the old clichés coming out tonight lol, but generally a phrase becomes a cliché because it's true...
  • #388,757
  • Feb 16, 2011 4:09pm Feb 16, 2011 4:09pm
Quoting cloggie
Help? Of to babypips and learn how to put a stop on your trades. You are lucky that 85 is capped of for now, but if Asia is anything to go by, they'll be on a buying spree again and you are looking at a margin call.

Let this be a lesson for you and never ever risk more then 1% and know your risk before you put on a trade.
Cloggie, please learn how to spell "off". I'm thinking it's only three letters!
get it together man!!!!!

btw: Please explain how Iran sending ships to the gulf affects the fundementals...is it a risk OFF situation, and a the dollar and yen are not considered safe havens any longer ? Not very good @ Fundies yet
  • #388,758
  • Feb 16, 2011 4:13pm Feb 16, 2011 4:13pm
Quoting Mr Hatch
The 95% losing traders didn't do their homework. When I observe, how many people here follow others into trades, or confirm an analysis with a *thumbsup*-smilie, when you can clearly tell based on their question that they have no idea, what this analysis is about, then the number really doesn't surprise.
The 95% never give themselves enough time either, most never last a year, having lost a few thousand dollars they give up and thats the end of that.

its a contant stream of lambs for slaughter.

as for oanda, yeah their platform is easy to use with the drag and drop orders.

as far as im concerned mt4 is a god awful shitty platform, even the thought of filling out an order makes me want to avoid a trade.
  • #388,759
  • Feb 16, 2011 4:17pm Feb 16, 2011 4:17pm
Quoting highlander2
The 95% never give themselves enough time either, most never last a year, having lost a few thousand dollars they give up and thats the end of that.

its a contant stream of lambs for slaughter.

as for oanda, yeah their platform is easy to use with the drag and drop orders.

as far as im concerned mt4 is a god awful shitty platform, even the thought of filling out an order makes me want to avoid a trade.

MT4 iis the crappiest setup I have ever seen in trading. The platform has so much latency build into it that even a Java based platform beats MT4 hands down. MT4 is nice for charting, easy to customise, easy to run data in and out of, easy to display other generated data and calculations, but by all means use another platform to put your orders through.
  • #388,760
  • Feb 16, 2011 4:17pm Feb 16, 2011 4:17pm
Quoting FibbinArchie
yes I know what you mean, learning to trade consistently and profitably is a marathon and not a sprint...
also i think its easier to trade biggger amounts. For example when intraday trading I trade 25£ per point if its something that looks good.. once thats trades around 20 points up I'll take 20£ per point out around 400£. Thats enough for me and leave the 5£ running. sometimes those 5£ per points run for 100 but they normally get banged out like todays spike up on the euro. I was short 1030GMT on euro at 13535 got out at 13505 20£ then saw it go another 40 odd down quickly and we know what happened this afternoon the 5 £ that was 70 odd points up at one stage got stopped out BE.
rat
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