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Forex Made Millionaire Thread for Blog Swing Trades

  • #2,741
  • Aug 12, 2016 2:05pm Aug 12, 2016 2:05pm
Offshore is the way to go imho. Just put margin money in and draw out profits as they come. No USA fifo rules, you can be long and short the same pair (hedging). Freeze a loss and trade your way out of it. I've had an account with Tallinex in Estonia a div. of Swedbank for over 2 years with a smallish account with no problems at all. ECN trades, 200-1 leverage and they accept USA customers, no need to open a corporation. FinFX is another one to check out. Same deal.
  • #2,742
  • Aug 12, 2016 2:14pm Aug 12, 2016 2:14pm
Quoting Diablito
Offshore is the way to go imho. Just put margin money in and draw out profits as they come. No USA fifo rules, you can be long and short the same pair (hedging). Freeze a loss and trade your way out of it. I've had an account with Tallinex in Estonia a div. of Swedbank for over 2 years with a smallish account with no problems at all. ECN trades, 200-1 leverage and they accept USA customers, no need to open a corporation. FinFX is another one to check out. Same deal.
Thanks for the info. But honestly, I'm not interested in some loosely run, non-regulated brokers where I'm only comfortable keep a small amount of money.

I want something that's respectable, reputable, and regulated in their respective jurisdiction by a legitimate regulatory body. I want to be able to put $1MM+ with them and sleep well at night.

Seems like that's hard to find, if not impossible, in the US. And to do it with an overseas broker would mean potentially opening a foreign corp.
check out my blog: forexmademillionaire dot com
  • #2,743
  • Aug 12, 2016 2:42pm Aug 12, 2016 2:42pm
Quoting Geppy
{quote} Thanks for the info. But honestly, I'm not interested in some loosely run, non-regulated brokers where I'm only comfortable keep a small amount of money. I want something that's respectable, reputable, and regulated in their respective jurisdiction by a legitimate regulatory body. I want to be able to put $1MM+ with them and sleep well at night. Seems like that's hard to find, if not impossible, in the US. And to do it with an overseas broker would mean potentially opening a foreign corp.
Just open an offshore firm in Belize, Chayman, Seycelles pay a $1000 per year( no matter how big is your profit) And with that firm, open an account with any broker in the world.
  • #2,744
  • Aug 12, 2016 2:44pm Aug 12, 2016 2:44pm
Quoting Tim_isoara
{quote} Just open an offshore firm in Belize, Chayman, Seycelles pay a $1000 per year( no matter how big is your profit) And with that firm, open an account with any broker in the world.
Yeah, that's what I've been kicking around for the last 6 months or so... just need to do my homework on it all.

Anyway, didn't mean to derail this thread. I should really be in the broker discussion section about all that.

I'm adding a bit to my GBP/JPY short position here. Planning to hold through the weekend as I'm targeting lower yet for this move.
check out my blog: forexmademillionaire dot com
  • #2,745
  • Aug 12, 2016 2:48pm Aug 12, 2016 2:48pm
Quoting Geppy
{quote} Yeah, I don't trust a large deposit with FXCM. I don't trust them at all. After what happened with the unpegging of the CHF... and their balance sheet leaves much to be desired. I might trust $50-100k with Oanda. I've heard of friends of friends with $100k balances, but I'm looking for more, larger traders. I've kicked around the idea of opening a foreign corporation and trading through a reputable offshore broker like LMAX, but I haven't done much digging on that yet. I feel like someone has had to have done that by now.
i have two accounts with OANDA, one and only issue is that they stopped me out in the middle of the night by personally adjusting the stop loss in house... obviously i figured and they refunded me the money but still :/
  • #2,746
  • Aug 12, 2016 2:49pm Aug 12, 2016 2:49pm
Quoting Geppy
{quote} Yeah, that's what I've been kicking around for the last 6 months or so... just need to do my homework on it all. Anyway, didn't mean to derail this thread. I should really be in the broker discussion section about all that. I'm adding a bit to my GBP/JPY short position here. Planning to hold through the weekend as I'm targeting lower yet for this move.
OK.Good luck.
  • #2,747
  • Aug 13, 2016 12:26pm Aug 13, 2016 12:26pm
Here's another reason to not trade in the US, can't prove it of course, but my guess would be the 3 remaining brokers use this or something very similar. Why don't the regulations prevent this? I don't get it.

http://www.takeprofittech.com/ashira...FdU7gQodmVkL6w
  • #2,748
  • Aug 13, 2016 2:14pm Aug 13, 2016 2:14pm
Quoting Diablito
Offshore is the way to go imho. Just put margin money in and draw out profits as they come. No USA fifo rules, you can be long and short the same pair (hedging). Freeze a loss and trade your way out of it. I've had an account with Tallinex in Estonia a div. of Swedbank for over 2 years with a smallish account with no problems at all. ECN trades, 200-1 leverage and they accept USA customers, no need to open a corporation. FinFX is another one to check out. Same deal.
I dont know if you are aware but FinFx have stopped all operations about an year ago. Clients, techology etc, was sold to Cyprus based broker called Best Choice FCB. I just learned this week that BCFCB's licence has been suspended by Cyprus regulator. So, this is definately not good option to trade with...
  • #2,749
  • Aug 13, 2016 2:18pm Aug 13, 2016 2:18pm
Quoting Geppy
{quote} Yeah, I don't trust a large deposit with FXCM. I don't trust them at all. After what happened with the unpegging of the CHF... and their balance sheet leaves much to be desired. I might trust $50-100k with Oanda. I've heard of friends of friends with $100k balances, but I'm looking for more, larger traders. I've kicked around the idea of opening a foreign corporation and trading through a reputable offshore broker like LMAX, but I haven't done much digging on that yet. I feel like someone has had to have done that by now.
Personally I can recommend Lmax. Have been using them several years (3-4) and never had any issues with them. Of course any broker is a potential risk but I feel that Lmax is one with lesser risk. And actually it is more like an exchange than a broker.
  • #2,750
  • Aug 13, 2016 3:42pm Aug 13, 2016 3:42pm
Quoting kalastaja
{quote} Personally I can recommend Lmax. Have been using them several years (3-4) and never had any issues with them. Of course any broker is a potential risk but I feel that Lmax is one with lesser risk. And actually it is more like an exchange than a broker.
Yes, ironically, in their effort to "protect" us, US regualations do not allow to trade with brokers who aren't lying, cheating market makers, nor do they allow to trade anywhere our money is, God forbid, protected in a segregated account. But the low leverage, FIFO and no hedging sure do help.
  • #2,751
  • Aug 15, 2016 11:25am Aug 15, 2016 11:25am
Anyone alive today? The market is plain ugly right now...
  • #2,752
  • Aug 15, 2016 11:30am Aug 15, 2016 11:30am
Quoting FSUtrader
Anyone alive today? The market is plain ugly right now...
If ugly you mean dead, yeah. Pretty boring.

I'm just sitting down at the office... first time I've looked at charts since the week opened. Crazy day yesterday with the fam so just haven't had the time.
check out my blog: forexmademillionaire dot com
  • #2,753
  • Aug 15, 2016 11:44am Aug 15, 2016 11:44am
Quoting Geppy
{quote} If ugly you mean dead, yeah. Pretty boring. I'm just sitting down at the office... first time I've looked at charts since the week opened. Crazy day yesterday with the fam so just haven't had the time.
yeah ugly, as in sideways dead works too.
  • #2,754
  • Aug 15, 2016 12:01pm Aug 15, 2016 12:01pm
Hey Gep...

What do you think about the direction of GJ at the moment? i'm holding a short from around 132. with a target around 129.6 but i'm a bit worried that its ready to start reversing/correcting at 130. .... If it does, you gonna hold your positions through?
  • #2,755
  • Aug 15, 2016 12:20pm Aug 15, 2016 12:20pm
Quoting Koop
Hey Gep... What do you think about the direction of GJ at the moment? i'm holding a short from around 132. with a target around 129.6 but i'm a bit worried that its ready to start reversing/correcting at 130. .... If it does, you gonna hold your positions through?
I'm no expert, but this short just doesn't sit right with me. Yeah the over all trend is down, but the gigantic bull flag is screaming for a break. This slow grind down looks and feels like it needs to come up for some air..
  • #2,756
  • Aug 15, 2016 12:39pm Aug 15, 2016 12:39pm
Quoting Koop
Hey Gep... What do you think about the direction of GJ at the moment? i'm holding a short from around 132. with a target around 129.6 but i'm a bit worried that its ready to start reversing/correcting at 130. .... If it does, you gonna hold your positions through?
Quoting FSUtrader
{quote} I'm no expert, but this short just doesn't sit right with me. Yeah the over all trend is down, but the gigantic bull flag is screaming for a break. This slow grind down looks and feels like it needs to come up for some air..
I don't try to predict price. All I do is look at the trend, find what I believe to be a reasonable entry, and attempt to ride the trend as long as possible.

So I have no clue if it's going to reverse here or not.

What I will continue doing though is moving my stops down to lock in gains.

I like stops slightly above the 15-minute 100-bar SMA as that seems to have been capping PA well recently.
check out my blog: forexmademillionaire dot com
  • #2,757
  • Aug 15, 2016 8:58pm Aug 15, 2016 8:58pm
Quoting Geppy
{quote} {quote} I don't try to predict price. All I do is look at the trend, find what I believe to be a reasonable entry, and attempt to ride the trend as long as possible. So I have no clue if it's going to reverse here or not. What I will continue doing though is moving my stops down to lock in gains. I like stops slightly above the 15-minute 100-bar SMA as that seems to have been capping PA well recently.
So far, so good
check out my blog: forexmademillionaire dot com
  • #2,758
  • Aug 15, 2016 9:07pm Aug 15, 2016 9:07pm
  • #2,759
  • Aug 15, 2016 9:09pm Aug 15, 2016 9:09pm
Quoting FSUtrader
Hoping we see some followthrough tonight... you know, like 100-200 pips
check out my blog: forexmademillionaire dot com
  • #2,760
  • Aug 15, 2016 9:42pm Aug 15, 2016 9:42pm
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