{quote} I recently dumped Tradestation Forex and switched to Oanda.
Cheers & thanks
H
Cheers & thanks
H
- #11,422
- Mar 24, 2014 4:50am Mar 24, 2014 4:50am
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
{quote} Sorry to say this here, but here in RSA, "tossing" has a totally different meaning, I know what you meant, but your statement made me grin, a lot.My EUSD short is still hanging in there btw... H
I was thinking the same thing with the "happy tossing" remark LOL
I don't care which way the market is going as long as it's going my way
- #11,423
- Mar 24, 2014 4:51am Mar 24, 2014 4:51am
- Joined Nov 2013 | Status: Trading Chaos | 1,133 Posts
{quote} Sorry to say this here, but here in RSA, "tossing" has a totally different meaning, I know what you meant, but your statement made me grin, a lot.
Hope it works out for you buddy.. I'm rooting for EU bears as well.
{quote} Sorry to say this here, but here in RSA, "tossing" has a totally different meaning, I know what you meant, but your statement made me grin, a lot.
- #11,426
- Mar 24, 2014 4:56am Mar 24, 2014 4:56am
- Joined Nov 2013 | Status: Trading Chaos | 1,133 Posts
{quote} I was trying to find out why Tony only buys when I started to follow the thread and reach the conclusion that because he likes it! Normally Tony buys EURUSD which is against USD, but last NFP news Tony buys USDJPY which is pro USD. I think Tony likes the 'buy button', haha. It is okay to buy or sell. Focusing on one side each time makes life easier. Since the price moves fast during news release, managing SL for both sides would be more difficult and stressful. Hope this is helpful to you!
Thanks for this, it really is great hearing this from a more seasoned trader than me in this area. I find that interesting, quite frankly I can understand it would be frustrating buying news and having it go wrong so then switching to selling the next time around and have that go wrong as well..
Playing one side, and one side only definitely would have its pros in that regard.
I definitely agree with you about taking one side and leaving it up to the market. Thanks again, its nice to see such welcoming traders here.
Best to you
- #11,427
- Mar 24, 2014 4:58am Mar 24, 2014 4:58am
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
{quote} Pipkiller, Tony or anybody else using Oanda, which platform are you using, their FXtrade or MT4? Is their FXtrade web based or what? Cheers & thanks H
FX trade is browser based and something I'm not used too and never liked in the past with equities or forex having used Etrade, Scottrade and Forex.com. (My wife still trades equities on Scottrade and likes it). Metatrader took a bit for me to get used to again after using Tradestaion and MB Trading destop pro platforms for the last several years.
Tony has been posting charts from the FXtrade platform. I'll probably migrate to FX trade and get away from Metatrader once I get more comfortable with it.
I don't care which way the market is going as long as it's going my way
Thanks Pipkiller.
The reason I ask, I understand that MT4 has what are termed "plug-ins" and it is my understanding that the broker can use these plug-ins to eviscerate your account...Not that anything would stop a broker from doing the same with a web based platform though...
I like the idea of a web based thingy though...
H
The reason I ask, I understand that MT4 has what are termed "plug-ins" and it is my understanding that the broker can use these plug-ins to eviscerate your account...Not that anything would stop a broker from doing the same with a web based platform though...
I like the idea of a web based thingy though...
H
{quote} Starhunter, Thanks for this, it really is great hearing this from a more seasoned trader than me in this area. I find that interesting, quite frankly I can understand it would be frustrating buying news and having it go wrong so then switching to selling the next time around and have that go wrong as well.. Playing one side, and one side only definitely would have its pros in that regard. I definitely agree with you about taking one side and leaving it up to the market. Thanks again, its nice to see such welcoming traders here. Best to you...
- #11,433
- Mar 24, 2014 5:18am Mar 24, 2014 5:18am
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
I don't care which way the market is going as long as it's going my way
- #11,434
- Mar 24, 2014 5:18am Mar 24, 2014 5:18am
My EU short (German Flash) has now officially covered my losses from this mornings French Flash. Took a while, but I won't complain. Hopefully that slide will continue... H
Just to understand... :-)
- #11,437
- Mar 24, 2014 5:31am Mar 24, 2014 5:31am
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
Thanks Pipkiller. The reason I ask, I understand that MT4 has what are termed "plug-ins" and it is my understanding that the broker can use these plug-ins to eviscerate your account...Not that anything would stop a broker from doing the same with a web based platform though... I like the idea of a web based thingy though... H
I'm playing with FX Trade in demo to get used to it. I don't even care what I'm trading, just randomly pulling the trigger and playing with different things to get familiar and comfortable with it. Mostly getting used too and comfortable with their the order entry and moving stops and targets around is what I need before I migrate away from the Metatrader platform that I'm a wee bit rusty with but still familiar with it at the same time.
I don't care which way the market is going as long as it's going my way
{quote} Yep, the old "Bucket Shop" bullshit. I'm playing with FX Trade in demo to get used to it. I don't even care what I'm trading, just randomly pulling the trigger and playing with different things to get familiar and comfortable with it. Mostly getting used too and comfortable with their the order entry and moving stops and targets around is what I need before I migrate away from the Metatrader platform that I'm a wee bit rusty with but still familiar with it at the same time.
{quote} H, your constant monitoring of you overall result of New Trading is really interesting. I thiught you were strictly following Tony's rules. Now I see you were shorting EURUSD. Do you follow a strategy of your own? Do you buy or sell according any rule? Just to understand... :-)
No, I am not "strictly" following Tony's rules at the moment. I am testing things out for myself at the moment.
With this method,
1) I like the fact that with trading news you know when to trade, what to trade and that movement in the pair that you are trading is "virtually guaranteed" (nothing is guaranteed in the markets) but this takes away my frustration for the most part, unless I miss moves (like this morning or last weeks two trades that I skipped on, all my own fault, not the system)
2) Like most, I struggle with the buy only system. I understand why Tony insists on going long only, but for me, I prefer knowing all my bases are covered, that's who I am
3) Therefore, I straddle the market / pair that I am looking to trade and take it from there. I am also attempting to take all "red folder" events as per FF calender, this is also not in Tony's original method.
4) Keep in mind, that only going in one direction, straddling or analysing the market is not the only thing that makes you successful at this or any other method. What makes the difference in the end is your risk / money management, as alluded to in an earlier post.
5) Regardless of the method, I think that that is the one thing that I have taken away from this method that Tony has so kindly shared with us, use a SL, absorb small losses, rebuild your account and wait for that one trade (that will inevitably) come along to wipe out the small losses and give you some profit. If that trade puts you into overall profit, is once again a function of your risk / money management.
As an aside, Pipkiller mentioned it earlier, I am using a very high % to risk on every trade, not sane by any stretch of the imagination, but as I said earlier, I am testing and that % risked will come down in future when the account size traded is larger, but for the time being, this is what I am doing. Testing.
BTW, If my testing, and my reporting on it is causing anyone on the thread confusion, please let me know and I will remove / attenuate it. The last thing I want to do to Tony's thread is pollute it and drive people away.
H
BTW Peoples, what are the odds??
I have checked, and every-time that I have been slipped on one of my pendings it has been between 150 & 155 points (15 to 15.5 pips) never less, never more...now that sounds fishy to me...
My broker is an STP / ECN type, so I expect, even accept some form of slippage, but for that slippage to be constantly the same is a bit to much for me to believe. Anyone else with me on that one, or am I being unreasonable?
Oanda users, please advise, when spread widens on Oanda, that can / will knock out your SL if it is in range? Therefore your SL has to be outside of the spread widening area to remain safe, regardless of movement in the price? It also follows then that price is so much closer to your SL during the spread widening period?
H
I have checked, and every-time that I have been slipped on one of my pendings it has been between 150 & 155 points (15 to 15.5 pips) never less, never more...now that sounds fishy to me...
My broker is an STP / ECN type, so I expect, even accept some form of slippage, but for that slippage to be constantly the same is a bit to much for me to believe. Anyone else with me on that one, or am I being unreasonable?
Oanda users, please advise, when spread widens on Oanda, that can / will knock out your SL if it is in range? Therefore your SL has to be outside of the spread widening area to remain safe, regardless of movement in the price? It also follows then that price is so much closer to your SL during the spread widening period?
H