Forex rebates on every trade - win or lose!

Yes, I have never been able to work out my profit/loss amounts. Is there a magic formula?

What would you expect it to be?

As another example
Sell GBPUSD at 1.4256, closed at 1.4160 for 0.10 lots, profit 67.80

Sorry, I was looking at the wrong chart to turn it back to sterling. I can make it add up.

:o)

1 lot = 100,000 of the first currency in the pair/cross - in your case Euros.

So your 2 lot position was for 200,000 Euros. Your profit was 30/13295 of this (ie €451.29)

Turn the profit back from Euros to sterling by multiplying at the current rate (0.93 or thereabouts) and you get 419.

OK, I see it now.

In your opinion any advantage in having your account in a particular currency?

Jeff, stop making consistent profits, some of us are getting jealous, i have one trade open on UER$ and its at +0 ;-(

PS any news on your contract? or are you joining the long term unemployed like me....

Hi Tim
Yes, I finish on 30th April. Not quite ready to retire yet so going after a couple of jobs, one in London one in Amsterdam. I have been looking at a strategy that Hils pointed me too, seems to have a high success rate. I will find the post number.

EDIT: 10435

Jeff,

Thet will depend upon whether you're happy to mix your short term trading strategy with a longer term view on the deposit currency.

For instance, if you had a USD account in late 2007, it would be worth 25% more sterling equivalent now because of the rise of the Dollar regardless of your trading performance. Equally, if the Dollar had continued to fall, your account might be worth 25% less sterling equivalent now!

So I guess, that if you don't need to access the funds in your account at regular intervals, choose a deposit currency that's going up against your native currency. Otherwise, just stick to your native currency.

Makes sense Hilly, especially with my balance compared to yours!

I think the times are screwd up on ODL. The Market watch time on ODL is currently 15:33, Alpari Market Watch time is 17:33. UK time is 16:33.

Not sure trades are traded at the right time at the moment.

ODL is running on GMT Jeff. Not sure what time alpari call this :- GMT + 2?

Thanks SC, I always think of UK time as being GMT. So UK is GMT + 1 and Europe is GMT + 2.

If I want to trade at 8:00 UK time then ODL is 07:00 and Alpari is 09:00?

Looks like that Jeff.

Jeff,

I've really got too much on right now to reply properly, but I think that Alpari have switched to BST and ODL haven't.

No probs Hilly. Thks

http://www.telegraph.co.uk/finance/financetopics/recession/5083987/SandP-fears-debt-crisis-for-Europes-companies.html

Hilly
That strategy that you pointed me to where you take the range of the first 2 hours trading session and place a buy at the top of the range and a sell at the bottom has been working well this week. I have it set up for Europe, USA, Aussie and Japan. So far 5 trades all winners taking 30 pips a trade.

So thanks for that

Don't forget my nickname is Mrs 30%, Jeffie. So thanks for that.

:o)

I've actually been working on an idea along those lines which takes the breakout simultaneously with an expansion of the bollinger bands after a squeeze.

Hils
Post up your address and I will put a cheque in the post

Nelson Mandela Towers, Peckham, Jeffie. It'll reach me.

hils, guy called ty young got a neat(as the yanks wold say) way of explaining/trading bollinger bands, worth listening to unless your already an expert with them