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Jay helping out newbies

  • #41
  • Nov 12, 2012 8:27pm Nov 12, 2012 8:27pm
Quoting pipsel
</p>Kinda depends on where you live. In Canada I was told by Oanda to hold up to $250,000.... I'm still with Oanda by the way and I never proved I had the $250,000. Their platform is very stable though.
Oanda specifically told you that you required $250,000 in your account? That's the first I hear of this.

I am aware that Oanda Canada has stricter requirements but thats one that requires more investigating.
Not all sins are created equal
  • #42
  • Nov 12, 2012 8:36pm Nov 12, 2012 8:36pm
Quoting Jay Walker
Oanda specifically told you that you required $250,000 in your account? That's the first I hear of this.

I am aware that Oanda Canada has stricter requirements but thats one that requires more investigating.
Quote
To ensure you can cover any losses you might incur on your positions, OANDA requires sufficient collateral. This collateral is typically referred to as margin. Although there is no minimum deposit required to open an fxTrade account with OANDA, the margin available in your account will limit the size of the positions you can open.

http://fxtrade.oanda.ca/help/policies/margin-rules

There is no mention of a $250,000 deposit requirement. Either it's a misunderstanding or a myth. Do you have any evidence you can submit backing up your claim?
Not all sins are created equal
  • #43
  • Nov 12, 2012 11:55pm Nov 12, 2012 11:55pm
For those who are opening accounts with small amounts of money, you want to read this. I have no affiliation with the site and hope that FF's admins won't mind me posting this.

http://www.learntotradethemarket.com...t-successfully
Not all sins are created equal
  • #44
  • Nov 13, 2012 12:46am Nov 13, 2012 12:46am
Quoting Jay Walker
http://fxtrade.oanda.ca/help/policies/margin-rules

There is no mention of a $250,000 deposit requirement. Either it's a misunderstanding or a myth. Do you have any evidence you can submit backing up your claim?
Hi all!
Some provinces in Canada have their own security regulations, and they require for you to have large sum or worth more than 1 mio in order to qualify to trade forex. "Qualify Investor" Probably this is what you have in mind.
  • #45
  • Nov 13, 2012 12:54am Nov 13, 2012 12:54am
Quoting Jaro
Hi all!
Some provinces in Canada have their own security regulations, and they require for you to have large sum or worth more than 1 mio in order to qualify to trade forex. "Qualify Investor" Probably this is what you have in mind.
Any broker that would have to deal with 10 provincial and 3 territorial legislations instead of one federal government agency would not do business in that country.

In Canada, Oanda is regulated by the IIROC as quoted on http://www.oanda.com/corp/story/regulatory,
Quote
OANDA (Canada) Corporation ULC is regulated in Canada by the Investment Industry Regulatory Organization of Canada (IIROC).
http://www.iiroc.ca/Pages/default.aspx
Not all sins are created equal
  • #46
  • Nov 13, 2012 1:02am Nov 13, 2012 1:02am
Quoting Jay Walker
Any broker that would have to deal with 10 provincial and 3 territorial legislations instead of one federal government agency would not do business in that country.

In Canada, Oanda is regulated by the IIROC as quoted on http://www.oanda.com/corp/story/regulatory, http://www.iiroc.ca/Pages/default.aspx

I had Account with Oanda, closed due to local security regulations. Was informed by Oanda about it...
  • #47
  • Nov 13, 2012 1:07am Nov 13, 2012 1:07am
Quoting Jaro
I had Account with Oanda, closed due to local security regulations. Was informed by Oanda about it...
Another conversation for another day
Not all sins are created equal
  • #48
  • Nov 13, 2012 1:12am Nov 13, 2012 1:12am
Quoting Jay Walker
Another conversation for another day



  • #49
  • Nov 13, 2012 1:39pm Nov 13, 2012 1:39pm
hey jay,
Trading in 1hr chart and targeting tp 20-30 and sl-20 pips is considered as scalping?
  • #50
  • Nov 13, 2012 1:59pm Nov 13, 2012 1:59pm
Another question for you, Jay and please excuse my poor English.

Is there any merit in monitoring multiple markets and looking for cross-market opportunities?

For example, let's say I'm following the charts using my preferred method of TA and all indicators are suggesting a good time for shorting GBP/USD i.e. I'm expecting USD to strengthen. On its own that transaction has a certain quantity of risk associated with it and as traders we should explore all opportunities to reduce risk. So, if monitoring other USD currency pairs suggests a similar opportunity for taking a position against USD in one of those pairs, could some such implementation work as a hedge or reduce risk?

I accept we are talking USD relative to two completely unrelated currencies and it's possible for both those above positions to run counter to what we're expecting.

But is there a reduced risk? Is it measurable?

What if it's a three way transaction i.e. opening multiple positions? (subject to opportunities arising in all three markets at the same time)

Or am I over thinking this?
  • #51
  • Nov 13, 2012 2:43pm Nov 13, 2012 2:43pm
Quoting surajkincity
hey jay,
Trading in 1hr chart and targeting tp 20-30 and sl-20 pips is considered as scalping?
The definition of scalping varies widely depending on one's opinion.

I don't believe it is.
Not all sins are created equal
  • #52
  • Nov 13, 2012 2:46pm Nov 13, 2012 2:46pm
Quoting WideEyed
Another question for you, Jay and please excuse my poor English.

Is there any merit in monitoring multiple markets and looking for cross-market opportunities?

For example, let's say I'm following the charts using my preferred method of TA and all indicators are suggesting a good time for shorting GBP/USD i.e. I'm expecting USD to strengthen. On its own that transaction has a certain quantity of risk associated with it and as traders we should explore all opportunities to reduce risk. So, if monitoring other USD currency pairs suggests a similar...
It might be but I'm not smart enough to give an opinion on this one way or the other.

When I place a trade, I look at only the pair I'm planning my trade on.
Not all sins are created equal
  • #53
  • Nov 13, 2012 3:25pm Nov 13, 2012 3:25pm
Quoting Jay Walker
It might be but I'm not smart enough to give an opinion on this one way or the other.

When I place a trade, I look at only the pair I'm planning my trade on.
Focus!

That's probably one of the lessons I need to learn
  • #54
  • Nov 13, 2012 3:29pm Nov 13, 2012 3:29pm
Quoting WideEyed
Focus!

That's probably one of the lessons I need to learn
It absolutely is.
Not all sins are created equal
  • #55
  • Nov 13, 2012 4:09pm Nov 13, 2012 4:09pm
[quote=WideEyed;6191456]Another question for you, Jay and please excuse my poor English.

Is there any merit in monitoring multiple markets and looking for cross-market opportunities?

For example, let's say I'm following the charts using my preferred method of TA and all indicators are suggesting a good time for shorting GBP/USD i.e. I'm expecting USD to strengthen. On its own that transaction has a certain quantity of risk associated with it and as traders we should explore all opportunities to reduce risk. So, if monitoring other USD currency pairs suggests a similar opportunity for taking a position against USD in one of those pairs, could some such implementation work as a hedge or reduce risk?

I accept we are talking USD relative to two completely unrelated currencies and it's possible for both those above positions to run counter to what we're expecting.

But is there a reduced risk? Is it measurable?

What if it's a three way transaction i.e. opening multiple positions? (subject to opportunities arising in all three markets at the same time)

Or am I over thinking this? [/quote]

i think you're over thinking this.
i think what you're alluding to, is what we used to call " going through the arb " (arbitrage)
It really doesn't have any place in a retail traders arsenal, as the Op says,just concentrate on the chart. Arb plays require huge liquidity, and deep pockets.
  • #56
  • Nov 13, 2012 4:11pm Nov 13, 2012 4:11pm
Quoting jazzman
[quote=WideEyed;6191456]Another question for you, Jay and please excuse my poor English.

Is there any merit in monitoring multiple markets and looking for cross-market opportunities?

For example, let's say I'm following the charts using my preferred method of TA and all indicators are suggesting a good time for shorting GBP/USD i.e. I'm expecting USD to strengthen. On its own that transaction has a certain quantity of risk associated with it and as traders we should explore all opportunities to reduce risk. So, if monitoring...


i think you're over thinking this.
i think what you're alluding to, is what we used to call " going through the arb " (arbitrage)
It really doesn't have any place in a retail traders arsenal, as the Op says,just concentrate on the chart. Arb plays require huge liquidity, and deep pockets.[/quote]

Well said Jazzman. Thanks for your input
Not all sins are created equal
  • #57
  • Nov 13, 2012 10:21pm Nov 13, 2012 10:21pm
This article does a great job of explaining my philosophy about trading.

http://www.learntotradethemarket.com...-forex-trading

It's good to be lazy.
Not all sins are created equal
  • #58
  • Nov 13, 2012 11:47pm Nov 13, 2012 11:47pm
Quoting Jay Walker
The definition of scalping varies widely depending on one's opinion.

I don't believe it is.
ok and when i see bollinger bands for daily chart it shows buying signal where as in 1hr chart it shows sell signal what should i do? i want to target only 20-25pips profit so should i go with 1hr chart or daily?
  • #59
  • Nov 14, 2012 1:06am Nov 14, 2012 1:06am
Quoting surajkincity
ok and when i see bollinger bands for daily chart it shows buying signal where as in 1hr chart it shows sell signal what should i do? i want to target only 20-25pips profit so should i go with 1hr chart or daily?
You have to make a decision on which chart you want to trade. You can choose one but not both. Then plan your trade according to one chart.
Not all sins are created equal
  • #60
  • Nov 14, 2012 5:12am Nov 14, 2012 5:12am
hello jay
I would like to know your opinion on the use of forex robot, to earn more money
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