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As simple as possible: 00 level trading

  • #9,481
  • Jul 10, 2014 10:01pm Jul 10, 2014 10:01pm
I was temped to go for the EUR/AUD pair just now but the 900/long rule stopped me as it was approaching 1.44900.

This is correct?

pgq
  • #9,482
  • Jul 10, 2014 10:03pm Jul 10, 2014 10:03pm
GJ SL -10
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Lets WUKAR FIFO!! - Udine
  • #9,483
  • Jul 10, 2014 10:16pm Jul 10, 2014 10:16pm
Quoting pquin
I was temped to go for the EUR/AUD pair just now but the 900/long rule stopped me as it was approaching 1.44900. This is correct? pgq
No longs from 900 level

That's correct

Masterrmind..........
Master your Mind then Master your Trades
  • #9,484
  • Jul 10, 2014 10:16pm Jul 10, 2014 10:16pm
Quoting ericjschroed
{quote} Yes I have been thinking about this and plan to release another EA with that as an option, that is, if it detects a Buy pending order, it will save the info and delete the order and place a market order when Bid reaches that price. As soon as I can get it working, that is.
The truth is you pay the spread regardless of which direction you trade. Long you "pay" it on entry; short you "pay" it on exit. The only issue that arises with the longs, as was pointed out, is that looking back over a chart, you may see a bunch of "saved losses" because the candle never crossed the next 00 line. In reality, the ask very well might have. The same goes for shorts though in that you have to factor in that the bid went an addition spread*pips past the 50 level so you can exit.

The real solution is a tight spread broker, and also why its better to just pay the commission. Then the whole bid/spread starts to become irrelevant. To people not in the US, there is absolutely no reason why you shouldn't have a broker with <1, maybe <1.5 absolute MAX, pip spreads on all pairs. For people in the US, the solution to the problem is the same as all others: its easier to make money once you have it
Small disciplines repeated with consistency lead to great achievements.
  • #9,485
  • Jul 10, 2014 10:19pm Jul 10, 2014 10:19pm
Quoting jmflukeiii
{quote} The truth is you pay the spread regardless of which direction you trade. Long you "pay" it on entry; short you "pay" it on exit. The only issue that arises with the longs, as was pointed out, is that looking back over a chart, you may see a bunch of "saved losses" because the candle never crossed the next 00 line. In reality, the ask very well might have. The same goes for shorts though in that you have to factor in that the bid went an addition spread*pips past the 50 level so you can exit. The real solution is a tight spread broker, and...
Well said JM....

Get as low a spread ECN broker as you can find .......... solution solved!

Masterrmind...........
Master your Mind then Master your Trades
  • #9,486
  • Jul 10, 2014 10:33pm Jul 10, 2014 10:33pm
Quoting Masterrmind
Trade # 2 EJ +5 TP {image} Now time to look for bonus trades! Masterrmind............
MM
i notice you are very successful during Tokyo and Sydney
do you simply apply the same rules to the JPY and AUD pairs?
  • #9,487
  • Jul 10, 2014 10:34pm Jul 10, 2014 10:34pm
Quoting Masterrmind
{quote} Well said JM.... Get as low a spread ECN broker as you can find .......... solution solved! Masterrmind...........
I mean one of the advantages to FX over futures is the "broker edge" - meaning, in futures, you will always pay a full pip in spread (or worse on some crosses, or some of the micro or mini majors). But if you look in the right places and you have enough money (and the balls to trade it), you can trade without spread, or damn close. Also, with enough volume, commissions are negotiable to the point that they are equal or better to leasing a seat at the CME. The only thing is you have to deal with no centralized exchange (so our charts all have different prices on them constantly), plus the barriers to entry of finding such a broker and/or having enough money to negotiate.

I can really only think of one broker in the US that offers tight spreads, good commissions, with a reasonable barrier to entry (minimum deposit). The rest are crazy.
Small disciplines repeated with consistency lead to great achievements.
  • #9,488
  • Jul 10, 2014 10:37pm Jul 10, 2014 10:37pm
Quoting jmflukeiii
{quote} I mean one of the advantages to FX over futures is the "broker edge" - meaning, in futures, you will always pay a full pip in spread (or worse on some crosses, or some of the micro or mini majors). But if you look in the right places and you have enough money (and the balls to trade it), you can trade without spread, or damn close. Also, with enough volume, commissions are negotiable to the point that they are equal or better to leasing a seat at the CME. The only thing is you have to deal with no centralized exchange (so our charts all...
Yes in a word it is only one thing..............MONEY!

Masterrmind..........
Master your Mind then Master your Trades
  • #9,489
  • Jul 10, 2014 10:40pm Jul 10, 2014 10:40pm
Quoting Masterrmind
{quote} Well said JM.... Get as low a spread ECN broker as you can find .......... solution solved! Masterrmind...........
What does "ECN" stand for?
Lets WUKAR FIFO!! - Udine
  • #9,490
  • Jul 10, 2014 10:47pm Jul 10, 2014 10:47pm
Quoting Masterrmind
{quote} Yes in a word it is only one thing..............MONEY! Masterrmind..........
I just downloaded mt4 for my iphone.... It's surprisingly awesome ! We just need iUdine i00: iFIFO on the Go
Small disciplines repeated with consistency lead to great achievements.
  • #9,491
  • Jul 10, 2014 10:51pm Jul 10, 2014 10:51pm
Quoting flash4
{quote} MM i notice you are very successful during Tokyo and Sydney do you simply apply the same rules to the JPY and AUD pairs?
Not always and not necessarily.

It all has to do with what the charts are telling me!

I use market intuition (experience) most of the time + chart analysis... and especially so during the Asian session (riskier due to low PA etc etc).

Masterrmind...........
Master your Mind then Master your Trades
  • #9,492
  • Jul 10, 2014 10:53pm Jul 10, 2014 10:53pm
Quoting GoldCoastFX
{quote} What does "ECN" stand for?
Just google "ECN broker"........

Masterrmind..........
Master your Mind then Master your Trades
  • #9,493
  • Jul 10, 2014 10:56pm Jul 10, 2014 10:56pm
Quoting jmflukeiii
{quote} I just downloaded mt4 for my iphone.... It's surprisingly awesome ! We just need iUdine i00: iFIFO on the Go
I'd be concerned about the security of the iphone transmission for your orders as well as timely execution of those orders.

Masterrmind...............
Master your Mind then Master your Trades
  • #9,494
  • Jul 10, 2014 10:58pm Jul 10, 2014 10:58pm
so are you guys putting orders at the start of this hour? if so which pairs?
  • #9,495
  • Jul 10, 2014 11:03pm Jul 10, 2014 11:03pm
Quoting Masterrmind
{quote} I'd be concerned about the security of the iphone transmission for your orders as well as timely execution of those orders. Masterrmind...............
So you're the one that hacked my phone!

Understandable concerns, and I have no desire to trade from it. In theory, placing orders via stop or limit, they should be held at the broker and executed when price gets their regardless of my phone. But using market orders, yes I'd be more concerned. I was mostly just amazed at how good of a program they made. I generally think MT4 is kind of a piece of shi* compared to some other more robust platforms out there.
Small disciplines repeated with consistency lead to great achievements.
  • #9,496
  • Jul 10, 2014 11:06pm Jul 10, 2014 11:06pm
Quoting jmflukeiii
{quote} For people in the US, the solution to the problem is the same as all others: its easier to make money once you have it
Yeah, as soon as I have 10,000 I can open an account with really low spreads. In the meantime I have to deal with this. (damn, the Yen is running away!)
  • #9,497
  • Jul 10, 2014 11:12pm Jul 10, 2014 11:12pm
Quoting ericjschroed
{quote} Yeah, as soon as I have 10,000 I can open an account with really low spreads. In the meantime I have to deal with this. (damn, the Yen is running away!)
To be honest, I think you can open an account, and just fund it with whatever you want. However, some of them have minimum trade sizes, or a minimum commission per RT (so it doesn't make sense to trade unless you are trading enough size).

Anyway, sorry for the broker talk - I'll see you guys in NY
Small disciplines repeated with consistency lead to great achievements.
  • #9,498
  • Jul 10, 2014 11:12pm Jul 10, 2014 11:12pm
Never mind, false alarm on the Yen
  • #9,499
  • Jul 10, 2014 11:14pm Jul 10, 2014 11:14pm
Quoting jmflukeiii
{quote} To be honest, I think you can open an account, and just fund it with whatever you want. However, some of them have minimum trade sizes, or a minimum commission per RT (so it doesn't make sense to trade unless you are trading enough size). Anyway, sorry for the broker talk - I'll see you guys in NY
Clearly, my friend, you do not live in the US and have to deal with this B.S.! Maybe I will renounce my citizenship and move to Europe!
  • #9,500
  • Jul 10, 2014 11:15pm Jul 10, 2014 11:15pm
Quoting ericjschroed
{quote} Clearly, my friend, you do not live in the US and have to deal with this B.S.! Maybe I will renounce my citizenship and move to Europe!
Oh but I do! In the sunny PNW.
Small disciplines repeated with consistency lead to great achievements.
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