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  • #413,061
  • Mar 24, 2011 12:47pm Mar 24, 2011 12:47pm
Quoting Patience
Our American friends can no longer do that unless they are using a correlated currency. And that FIFO rule? That's got to be the worst thing. I don't think a broker or should I say, the US government, should tell me what trade I should close first. It's rank.
i am in the U.S. but take a look at my profile, preferred broker. i am probably breaking the law, but for me there is no other way i can trade. what they are doing is more than a shame, i think it's borderline criminal to the retail forex industry.
  • #413,062
  • Mar 24, 2011 12:55pm Mar 24, 2011 12:55pm
Quoting attila
i am in the U.S. but take a look at my profile, preferred broker. i am probably breaking the law, but for me there is no other way i can trade. what they are doing is more than a shame, i think it's borderline criminal to the retail forex industry.
I don't think your breaking the law... Noone even knows what the law is. Noone really cares. Just a CYA move by the pols imo.
Do your time and enjoy the ride...
  • #413,063
  • Mar 24, 2011 12:58pm Mar 24, 2011 12:58pm
Quoting attila
i am in the U.S. but take a look at my profile, preferred broker. i am probably breaking the law, but for me there is no other way i can trade. what they are doing is more than a shame, i think it's borderline criminal to the retail forex industry.
Ah ha, I should have looked at your profile to check if you were American before I posted anyway. I've never heard of that broker. Will take a look. Not that I need to worry about my government telling me what I should do with my forex funds anyway .... yet. Well it's one way to keep US$ in the US. Force all your citizens to open accounts with US brokers only. Boy, oh, boy ..... what a joke!
Nothing worth having is easy.
  • #413,064
  • Mar 24, 2011 12:59pm Mar 24, 2011 12:59pm
Patience is what we need
  • #413,065
  • Mar 24, 2011 12:59pm Mar 24, 2011 12:59pm
Quoting Cluelus
Hey T. A favour pls check my post bottom of previous page and advise please.
Thanks C
Ok...

If I had more then 100 pips today I would close the trade as I rarely keep my trades overnight except sometimes on higher TF swings.

It is not ur first nor the last trade U won. There will be many more opportunities to add pips to your account.

Generally speaking we are in an uptrend and I think we can reach 4280 till the end of the week. BUT tommorow is NFP a very volatile news release.

Also it is FRIDAY a profit taking day... Also expect loss of volatility 2 3 h prior to NFP.
  • #413,066
  • Mar 24, 2011 1:00pm Mar 24, 2011 1:00pm
Quoting Good Fortune
I don't think your breaking the law... Noone even knows what the law is. Noone really cares. Just a CYA move by the pols imo.
Well I have read many posts on a few forums saying that overseas brokers refuse to accept US clients. So somebody cares.
Nothing worth having is easy.
  • #413,067
  • Mar 24, 2011 1:01pm Mar 24, 2011 1:01pm
Quoting Good Fortune
I don't think your breaking the law... Noone even knows what the law is. Noone really cares. Just a CYA move by the pols imo.
i hope so, but dodd and frank, in their infinite genius added something in there saying that if you are a u.s. resident you can not trade with a foreign broker (of course you can incorporate and all that to get around it, but why should i have to do that?). the fact that it's not enforced (just like online casino playing) is a different story.
  • #413,068
  • Mar 24, 2011 1:03pm Mar 24, 2011 1:03pm
Quoting Patience
Well I have read many posts on a few forums saying that overseas brokers refuse to accept US clients. So somebody cares.
And US should be a democratic country. Democratic my @ss...
  • #413,069
  • Mar 24, 2011 1:03pm Mar 24, 2011 1:03pm
Quoting attila
what they are doing is more than a shame, i think it's borderline criminal to the retail forex industry.
I understand your view, but can't agree. It's the leverage, and the unreasonable spreads in the bucket shops that turns forex trading into a slot machine for the inexperienced.

Seduced by the idea of the big scores, (while being encouraged by the industry to set tight TP's so they can't make big scores) the bucket shops play probability-of-ruin in the same ways, and to the same effect, as casinos: get people to play a game with small bets lots of times against the odds, and they go broke. Fact.

Did you see the post a couple nights ago, where some guys claims to be out 500K from a Cyprus based bucket shop? What can cause that? Wild claims of extreme leverage, state of the art tools (probably MT4) rebates, and god knows what else, is one thing.

If what CFTC is doing, in your view, is "borderline criminal," okay. But in my view, the retail forex industry is borderline criminal, and some - not all - of the off shores are probably across that border.

Just my opinion, different from yours.
  • #413,070
  • Mar 24, 2011 1:05pm Mar 24, 2011 1:05pm
Quoting T@rantula
And US should be a democratic country. Democratic my @ss...
right. the bastion of capitalism bull-shit! not anymore.
  • #413,071
  • Mar 24, 2011 1:10pm Mar 24, 2011 1:10pm
Interesting reading

http://www.iii.co.uk/investment/deta...xtpost=8005593
Disclaimer: Check your 1m charts
  • #413,072
  • Mar 24, 2011 1:10pm Mar 24, 2011 1:10pm
Quoting T@rantula
Ok...

If I had more then 100 pips today I would close the trade as I rarely keep my trades overnight except sometimes on higher TF swings.

It is not ur first nor the last trade U won. There will be many more opportunities to add pips to your account.

Generally speaking we are in an uptrend and I think we can reach 4280 till the end of the week. BUT tommorow is NFP a very volatile news release.

Also it is FRIDAY a profit taking day... Also expect loss of volatility 2 3 h prior to NFP.
next week is NFP....you just scared the shit outta me....
  • #413,073
  • Mar 24, 2011 1:10pm Mar 24, 2011 1:10pm
Quoting T@rantula
Ok...

If I had more then 100 pips today I would close the trade as I rarely keep my trades overnight except sometimes on higher TF swings.

It is not ur first nor the last trade U won. There will be many more opportunities to add pips to your account.

Generally speaking we are in an uptrend and I think we can reach 4280 till the end of the week. BUT tommorow is NFP a very volatile news release.

Also it is FRIDAY a profit taking day... Also expect loss of volatility 2 3 h prior to NFP.
Ok I closed at 115 pips was a nice unusual run for me although I almost closed several time earlier thanx for the help C
  • #413,074
  • Mar 24, 2011 1:11pm Mar 24, 2011 1:11pm
i respect that and yes, i agree with the leverage part but i still believe they went too far with things that put the american trader at disadvantage. if they were really into protecting the little guy then they would not pass laws that would make us go with shady, unregulated brokers and thus putting us at risk for being scammed.
if they are really into "protecting" us i was expecting the requirement on brokers for segregated (or insured) funds. there is no such thing as far as i know.

it's not about protecting us OQ, i may go on a limb and say it's the big guys (brokers and others) hating us holding both sides of the trade. it is always about the money somehow.... i could be wrong, but it's just how i trade, and i can't do it otherwise.

Quoting OldQuant
I understand your view, but can't agree....
  • #413,075
  • Mar 24, 2011 1:24pm Mar 24, 2011 1:24pm
Greetings all. From Northwest USA.

I'm new to forex and have dreams to be a trader. Started a practice account in January, and just started my first micro account, MT4 MB trading. I've been learning on the eur/usd. Been following this thread for a couple weeks, although I try to trade what I see not what all the chatter is.

I'm stuck between wanting to scalp. (action) and trading longer tf.
(bigger chunks of change/ less babysitting?)

Do any pro's just spend a few hours analyzing charts, set all trades and stops and walk away? Or is it a constant battle of moving stops and adjusting charts to pick the proper entry and exit?

I've been better at predicting longer term moves. My problem is I get impatient and seem to get in too early and at the wrong levels and get stopped out right before the move actually happens. Often times my happy fingers are my own worst enemy, when scalping, or waiting for the move.

Being more of a pencil and paper guy, I feel a written daily trade plan and maybe a weekly one as well would help me plan my entries, set my trades, and walk away. Anyone have a form they use to make a daily/ weekly plan on paper or dry erase board?

Thank You.
  • #413,076
  • Mar 24, 2011 1:27pm Mar 24, 2011 1:27pm
Quoting T@rantula
Ok...

If I had more then 100 pips today I would close the trade as I rarely keep my trades overnight except sometimes on higher TF swings.

It is not ur first nor the last trade U won. There will be many more opportunities to add pips to your account.

Generally speaking we are in an uptrend and I think we can reach 4280 till the end of the week. BUT tommorow is NFP a very volatile news release.

Also it is FRIDAY a profit taking day... Also expect loss of volatility 2 3 h prior to NFP.
Sorry T. but isn't NFP on 1st Friday each month?
  • #413,077
  • Mar 24, 2011 1:33pm Mar 24, 2011 1:33pm
The guy's "claims" are most likely huge lies. Why would anyone with 500K capital use a Cyprus bucket shop and not use a bank instead? I don't believe stories like that.
Quoting OldQuant
I understand your view, but can't agree....
  • #413,078
  • Mar 24, 2011 1:35pm Mar 24, 2011 1:35pm
Quoting pipper
Interesting reading

http://www.iii.co.uk/investment/deta...xtpost=8005593
"Washington is dead broke, drowning in $136 trillion of deb"

correct. states + feds + unfunded liabilities.

people know of the 15T nat. debt but the real number is the one above. it is my opinion that it's passed the point of no return. the house of cards they built last century is coming to a very ugly crash.
  • #413,079
  • Mar 24, 2011 1:37pm Mar 24, 2011 1:37pm
Quoting Cluelus
Gator.
Do I exit now with 100+ pips or do I let it ride, my stop is at 4132?
u are the only one to answer that one. when in doubt get out. a green pip is better then 100 red ones. before you enter a trade you should know your out.
those who can, do. those who cant, talk about those who can
  • #413,080
  • Mar 24, 2011 1:41pm Mar 24, 2011 1:41pm
Quoting gatorinla
u are the only one to answer that one. when in doubt get out. a green pip is better then 100 red ones. before you enter a trade you should know your out.
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