Forex rebates on every trade - win or lose!

Divetime,it is always good idea to take a look at the calendar at the top of the thread or better print it off and if you trade say cable,then all you do is check that there is no data coming out on that day with a GBP beside it.News like that can and will move it as you have found out.

Sorry to hear the news with a OUCH :-(

Mega...

Mega,

forgive my ignorance but I therefore presume it is not a good idea to hold positions overnight or before 9.30am when most of the news seems to come out?

Harlosh,

I personally don't have a problem with holding overnight nor with entering the market before 9:30am. The business of holding overnight is very much down to the type of trader you are though. I presume that you're aware of the carry costs????

There are often some decent moves to be had between 7am and 8am and it is within this period that I believe the direction is set for the rest of the session. Fwiw, Cable and Fiber both had pretty good sell signals this morning shortly after 9am and ahead of the CPI.

I'm also going to have another play around with the header to stick in some links to some good articles on each currency. The articles are updated daily.

Bernanke to deliver monetary policy to Congress on Feb. 15

Hilary,

Many thanks. I appreciate it.

Bloody Lorenzo Bini Smaghi!!! 'Twas all going ticketyboo today till he got involved.

What a name though ;)

Dubya live on gloomberg - watch the dollar tank!

I'd like to share my experiences of this past week in the hope that it might help some of you who are struggling a bit with FX.

I've had the dubious pleasure of having my husband working alongside me as the poor lamb hasn't been feeling too well. There's no denying that he's very clever. I employ 4 different strategies for trading FX, all of which were designed by him and all of which work consistently. When I trade, I really don't have to think. I just have to do what the system says and then move the stop every so often together with an order to reverse. Very, very simple. I sometimes get my kids to do it and they don't have a problem with it.

One would think therefore, that it would be a cinche for the guy who designed the strategy to implement it. Wrong!!! I have popped out on occasions only to return and find that he has come out of a winning position unecessarily prematurely. A couple of times he has even taken positions contrary to his own strategy. The net result is that I am down for the week when I should be well up. The icing on the cake came today when he took 5 positions in cable for a net loss when the 2 obvious trades would have gained around 100 pips.

There are some obvious lessons there to be learned.

I don't want to go into them now though as Home & Away is about to start.

Thankfully he's going back to work onMonday.

Hils

Priceless post for any strategy/system trading - no doubt about it.

You know the story about the pilot training for the next generation of supercomputer controlled stealth planes - the pilots are trained to open a tin of dog food. Their job is to feed the dog. The dog's job is to bite the pilot if he looks like touching anything!

Good luck with training your husband :-)

Regards
Rob

Hils,which charting package do you use and what settings,at the moment when trading cable i use Meta Trader set with candlesticks at 15min 30min wth a 34.55.200 day moving average and pivot points installed also another screen set up on usd/chf because as a general rule i find if one is going up the other is coming down and visa versa and is used solely as a indicator to confirm cable,if that makes sense :-)

Any thoughts on above !!!

Mega...

Wonderful post, Hilary.

4789.40 I think

Hil:

Hilarious post. I've been convinced for some time that women are better traders than men. You've just added significant weight to this theory. Using the same trading equipment, tools, methods and so on -- which he devised -- your husband turned in a poorer performance than you would have done (even allowing for 20/20 hindsight).

It's the psychology, you know.

MM

hilary,
I loved the post, and all joking aside it tells a valuable story.
In truth I should admit it caused me some concern for a while, as I thought I may have inadvertantly discovered a wife I wasn't aware of, but then the umpteenth re-read gave me the get-out clause........"very clever".......lol

Mega,

The Swiss Franc is really seen as a safe haven currency in times of strife. Otherwise, it will track the Euro (albeit that Swissie will go in the opposite direction to Fiber). The Swissie can be prone to spikes, however, as it is thinner traded. Something like 28% of FX money goes through Fiber, 17% through Gopher and 14% through Cable. Fringe crosses like Swissie, Loonie, Aussie and Kiwi only see around 4% or 5% each. In that respect, you might be better running a Fiber chart than a Swissie chart ......... just my opinion and no advice intended.

On the business of chart set up, there are no FX exchange fees, which leads to there being an abundance of free charts on the internet. I personally wouldn't therefore pay for charting software unless I was actively trading equities too. Since the advent of SETSmm, my equity trading is next to zero. I have no experience of Meta Trader I'm afraid.

I do think it's quite important that your FX chart price feed is from the same people who supply your broker as prices can vary from bank to bank. For instance, there's no point imo using a S&P Comstock feed if your broker is FXCM.

Btw, normal service is resumed today. I've realised that the best thing that all women can do with their bum each morning is to send him to work.

:o)

Guess that's why my bum looks big in everything :S

Hil,

I do think it's quite important that your FX chart price feed is from the same people who supply your broker as prices can vary from bank to bank. For instance, there's no point imo using a S&P Comstock feed if your broker is FXCM.

Interesting observation, would you want to be able to see the individual contributors to the feed? [Mail on way to you.]

MM,

It's not important, imo, to see the individual contribitors (although isn't that what GTIS do?) and aggregates will suffice. The point that I was trying to make was that S&P Comstock will often quote a different price to FXCM. For instance, the former are currently quoting Fiber spot at 1.2276 with a high these last 5 minutes of 1.2278 whereas FXCM are quoting 1.2274 with a high of 1.2275. It's important therefore to trade the same price feed as your broker uses otherwise you'll soon find yourself trading a wrong set of signals.