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  • #949,421
  • Jan 12, 2015 10:07am Jan 12, 2015 10:07am
Quoting slayeruk
{quote} You didn't go long did you? It made a LH and then the down trend continued once it hit resistance. I even made the prediction in the USD/JPY thread, did you check it?
I did Long 118.59 , the level between 118.59/69 should have held support while going higher then easing lower , but it broke down very quick and a close below is not very common .
now look how price trying te get back above these levels .
Get Rich or Die Tryin
  • #949,422
  • Jan 12, 2015 10:08am Jan 12, 2015 10:08am
Quoting WeeMee
well i think my account manager is starting to sweat, he told a lot of his peeps to go long and so far the real break out hasn't happened. glad i was careful, i even managed to get a nice short in over night. trying my luck with a long right now, entered at 1.1818 i wanted to ask the more experienced traders, is it normal that you have to pay the spread twice? when you enter as well as when you exit? this broker is making like 8 pips or even 9 and 10 sometimes, on every trade i open and close in the eurusd. officially their spread is at 3 points...
Is your broker ECN, as you might be paying commission, which you pay on entry and exit of each trade.
  • #949,423
  • Jan 12, 2015 10:08am Jan 12, 2015 10:08am
Quoting Tom_D_Trader
{quote} Oh man thats such a nonscence again. Spread = buy - sell. Thats all it is. You cant be paying it twice. Each price is quoted for each direction. What kind of a 3rd world thief you send your money to ? Man, learn to count in excell and write all your trades in tables, so you can see the math behind those trades, or you get lost.
He may be right

ASK = BID + SPREAD

So for most brokers you pay the spread twice (once to get in the trade and once to get out)

[I think you have an ECN account and you pay commission instead]
Everything you want lies on the other side of fear.
  • #949,424
  • Jan 12, 2015 10:09am Jan 12, 2015 10:09am
Quoting hoom
{quote} I did Long 118.59 , the level between 118.59/69 should have held support while going higher then easing lower , but it broke down very quick and a close below is not very common . now look how price trying te get back above these levels .
Yes, because now the trend has changed it just made a HL, it will be confirmed if it makes HH above 119.050
  • #949,425
  • Jan 12, 2015 10:11am Jan 12, 2015 10:11am
Quoting Neeraj_Raj
{quote} He may be right ASK = BID + SPREAD So for most brokers you pay the spread twice (once to get in the trade and once to get out) [I think you have an ECN account and you pay commission instead]
No you pay the spread once with a dealing desk. You bought the ask price and then you sold the bid price and paid the difference, the spread, only once, and with ECN you pay commission on entry and exit and a small spread.
  • #949,426
  • Edited 10:32am Jan 12, 2015 10:16am | Edited 10:32am
Quoting WeeMee
{quote} London, nearly third world, but not quite, eh? getting a normal answer from some people here seems to be like pulling teeth. it's like every word one says is analyzed to see if there is some way to ridicule it. trouble is you don't get any answers , just the ridicule, so not very constructive really. yes i'm new to this, yes i might be making a big mistake with my money, yes i have a lot to learn, can we move on now?
Tom is an asshole. Openly admits it, so try not to be bothered so much when he acts accordingly.

You pay spread "both ways" with all brokers, sometimes it works in your favor, sometimes it doesnt depending on the buy and ask price and if you are buying or selling- it's the price of doing business. Some offer fixed commisions instead of spread, in which (like stock trading) you will pay both ways.

This is why finding the lowest spread is ideal- I pay on average 1-2 pips spread with Oanda (my chosen broker as I'm US), so round trip on this last trade I just posted, I paid 3 pips (1.5 each way)....however; you cant really count it as "paying" because you would have to pay that anyway.

I got in at 1843 (price showed 1844), and exited 20 pips below, which was actually 21 on charts.

If you are a scalper, then spreads become vital to your trading style.

Good practice is to set limit orders, and take into account the spread you should incur. Example, I expected 1844 to be hit, so I put a limit order @ 18425 (1844 - 1.5 pips) - This is not how it happened, I used market....but you get the idea. Same goes for stop loss, include your expected spread. So if my stop loss was 1845 (one pip higher), I would have to set it to 18465 (1845 + 1.5 pips) otherwise I'd get stopped out at 1844 (because spread difference)
  • #949,427
  • Jan 12, 2015 10:20am Jan 12, 2015 10:20am
Quoting Neeraj_Raj
He may be right ASK = BID + SPREAD So for most brokers you pay the spread twice (once to get in the trade and once to get out)
Omfg! Now I need to smoke. This is utter noncence! You cant be paying spread twice, you only can pay commission. This is very basic mathematics.

4Wee: Man, I have made you little version of my MM excel sheet just for EU. It is just so you get idea how you can use those tables to exactly see numbers. I have deleted my balance and so, also changed units at opened trades, you need to fill in tables yourself .
Attached File(s)
File Type: xlsx FX_MM_mini.xlsx   15 KB | 317 downloads
"I know one thing, that I know nothing." Sokrates
  • #949,428
  • Jan 12, 2015 10:20am Jan 12, 2015 10:20am
Quoting Pharm0r
{quote} Tom is an asshole. Openly admits it, so try not to be bothered so much when he acts accordingly. WeeMee, he's correct, you pay spread "both ways" with all brokers, sometimes it works in your favor, sometimes it doesnt- it's the price of doing business. Some offer fixed commisions instead of spread, in which (like stock trading) you will pay both ways. This is why finding the lowest spread is ideal- I pay on average 1-2 pips spread with Oanda (my chosen broker as I'm US), so round trip on this last trade I just posted, I paid 3 pips (1.5...
You pay the spread once. Not twice.... that 1.5 was slippage



You bought the ask price and then you sold the bid price and paid the difference, the spread, only once
Whats so hard to understand, if people spent more time reading than typing ...

Oanda spread on EUR/USD is 1.2
  • #949,429
  • Jan 12, 2015 10:22am Jan 12, 2015 10:22am
thanks for the replies, i don't think they are ecn, they are called ufx, they don't charge commission. but they do charge the spread as i enter a trade and then again as i exit the trade. so if i was trying to scalp for 5 pips at a time, i'd be making them 8 pips for every 5 pip trade i close at a profit. to be honest i'm pretty sure i will change broker, they don't even supply me their charting platform unless i have 5 k in account. for learning with such hi leverage , i don't really want to put 5k in lol. not until i can make a consistent profit with a small account. the only reason i might keep this account anyway is if this guys advise turns out to make me some good profits.
  • #949,430
  • Jan 12, 2015 10:24am Jan 12, 2015 10:24am
Quoting Pharm0r
{quote} Tom is an asshole. Openly admits it, so try not to be bothered so much when he acts accordingly. You pay spread "both ways" with all brokers, sometimes it works in your favor, sometimes it doesnt- it's the price of doing business. Some offer fixed commisions instead of spread, in which (like stock trading) you will pay both ways. This is why finding the lowest spread is ideal- I pay on average 1-2 pips spread with Oanda (my chosen broker as I'm US), so round trip on this last trade I just posted, I paid 3 pips (1.5 each way)....however;...
Not correct.whem open an short position you Sell on Bid, and when you close position you Buy on Ask. Not pay 2 time spread.
  • #949,431
  • Jan 12, 2015 10:25am Jan 12, 2015 10:25am
Quoting WeeMee
{quote} London, nearly third world, but not quite, eh? getting a normal answer from some people here seems to be like pulling teeth. it's like every word one says is analyzed to see if there is some way to ridicule it. trouble is you don't get any answers , just the ridicule, so not very constructive really. yes i'm new to this, yes i might be making a big mistake with my money, yes i have a lot to learn, can we move on now?
WeeMee, there are forums and threads here on FF dedicated to specific topic discussions and things are a bit quieter plus you'll get a lot more help

Check them out here:
http://www.forexfactory.com/forum.php?

btw , if you're quoted 3 pips spread then it should be 1.5 pips when you buy and 1.5 pips when you sell.
G/L
Hear the music before the song is over ...
  • #949,432
  • Jan 12, 2015 10:26am Jan 12, 2015 10:26am
If you read how I explained it- it is correct. As global just stated above me.
  • #949,433
  • Jan 12, 2015 10:26am Jan 12, 2015 10:26am
Quoting WeeMee
thanks for the replies, i don't think they are ecn, they are called ufx, they don't charge commission. but they do charge the spread as i enter a trade and then again as i exit the trade. so if i was trying to scalp for 5 pips at a time, i'd be making them 8 pips for every 5 pip trade i close at a profit. to be honest i'm pretty sure i will change broker, they don't even supply me their charting platform unless i have 5 k in account. for learning with such hi leverage , i don't really want to put 5k in lol. not until i can make a consistent profit...
Try https://www.exness.com they do micro account, very good.
  • #949,434
  • Edited 10:42am Jan 12, 2015 10:29am | Edited 10:42am
Quoting WeeMee
getting a normal answer from some people here seems to be like pulling teeth.
I have somewhat skipped this post sorry. I am not trying to be an a$$, am actually trying to be helpfull. See, I gave you my excel sheet . Think my answer was normal. 2x spread is nonscence. Put numbers into those tables and you shall see. As someone told here, could be slippage, could be commission, but definitely not spread.
edit: No worries to go little off topic here Wee. This thread is full of crap and the reason why I have 200ppl on ignore. Sometimes we manage to make it trading thread, but there has to be more traders here. In the end this topic could be more helpfull than most of nonscence discussed here.
"I know one thing, that I know nothing." Sokrates
  • #949,435
  • Jan 12, 2015 10:36am Jan 12, 2015 10:36am
thanks, i'm getting it. these guys are ripping off their customers, sell and buy are 3 pips apart and those 3 pips get taken at the entry, but they also have up to 2 pips slippage. anyway thanks for the help and for the excel sheet. sorry to go off thread topic a bit there.
  • #949,436
  • Jan 12, 2015 10:39am Jan 12, 2015 10:39am
Quoting slayeruk
{quote} You didn't go long did you? It made a LH and then the down trend continued once it hit resistance. I even made the prediction in the USD/JPY thread, did you check it?
where you longed it? at R2? not really a good idea...specially when you know there is no support here...only the short term one...they all longed it at S1 for the last 2 days...so today its like the same...
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DONT ASK ME QUESTION, BUT U CAN BAN ME I DONT CARE!
  • #949,437
  • Jan 12, 2015 10:41am Jan 12, 2015 10:41am
Vow, A simple question on "Spread" filled the whole thread, ding-dong communication. No wonder a cartoon has killed 17 innocent people.
  • #949,438
  • Jan 12, 2015 10:41am Jan 12, 2015 10:41am
Looks like a massive SL hunt is on it's way for JPY pairs...
  • #949,439
  • Jan 12, 2015 10:45am Jan 12, 2015 10:45am
Quoting TheNoob
{quote} where you longed it? at R2? not really a good idea...specially when you know there is no support here...only the short term one...they all longed it at S1 for the last 2 days...so today its like the same... {image}
I didn't long, I went short for +40
  • #949,440
  • Jan 12, 2015 10:46am Jan 12, 2015 10:46am
and my position is on the way to tp, (lol i hope) was already up over 20 pips once today then back down to minus a few pips and now 10 pips up so far. hoping for 1.1860
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