Forex rebates on every trade - win or lose!

Went long at 8606 and currently sat on the wrong side of the money. Got a stop in place at 8570 which is just below the morning's low.

Just hoping for it to continue its trend upwards.

Got stopped out a few moments ago :-(

boe rate decision, is it tomorrow, as in the calender above , or is it today? i only ask because saxo bank are saying it's today in their email.

"Wednesday: GBPUSD higher on the weaker USD. The BoE rate decision today. The surprise is if they decide to hike, but is expected to remain at 4.50%. Buy dips towards 1.8710-25 targeting new highs this week"

It's tomorrow, bos.
The meeting starts today.

ah.
ta.

I've been trying to short this all week - losing plenty of points along the way. Perils of the game I suppose - using my usual triggers they have turned on me a couple of times. Got a few back this morning from shorting in advance of the BoE but now flat until we know which way that is going to go.

Personally I don't think they'll do anything so the possibility is a continued decline - but I've been burnt before so there's no way I'm gonna try and anticipate one way or t'other.

Indicators are practically useless in such a bull trend I think mg. At least mine are.

I'm short too and debating with myself what to do over the news.

Cable's been falling steadily all morning although it's been off the lows in the last hour or so.

Its seems that the market isn't expecting a rate rise today.

Err. Thankfully I closed my short :-)

Glad I was flat with that short

That was unexpected! So glad I was out of the market there :-)

Strikes me that the right decision would have been to go long in anticipation of a surprise rate hike.

If they had left the rate unchanged then I would imagine there would have been an orderly decline which would be simple to reverse into.

Am I right?

Harlosh
Reckon the best position was flat :)

H,

Why not try putting orders in to buy if it rises say 20 pips from the level it was trading at before the news? For instance, it was trading around 1.8720 before the news, so a buy order at 1.8740 would do it.

ECB rate decision at 12:45 and accompanying Trichet mumbo jumbo at 1:30. Should be a fun afternoon.

:o)

Tried that but its like facing into the wind and doing what comes naturally Hilary - CMC just won't fill after news items like that it seems.

I have a Fins account too who I think are a little better - will look at it again next time.

Thanks to both you and mg.

H,

Sorry to say this yet again but you need to change your broker as a matter of extreme urgency, imo. FXCM might cost you a couple of pips more each trade, but they'll get you in and out of the market at the right price.

Missing out on a 150 pip trade because you're trading with a Mickey Mouse outfit is a false economy in my book.

Yes thanks Hilary, I do need to change but I've been using CMC for ease and small stakes while I learn my trade so to speak.

Any way last month was my best month ever and this week I have had 4 positive days and earned more in that short time than I earned in the whole of last month
so I'm chuffed to say the least :-))))))

Hi everybody, hope your all having a good summer, nice to be back in the warmth, found the last wk in uk v.cold.

Hilary, you ever have problems with fxcm, guy sharing flat with had problem closing a position with them yesterday( his first problem) and there have been times when price seems to lag behind market when it gets volatile(this maybe our internet causing that) but cmc seems to keep up.

Does anyone know anything about a company called alpari?

Harlosh
Do remember that part of this game is also losing. Otherwise you might start to think you've joined the MoTU Club. An essential part of the learning process (for me at least) is knowing WHY you have not been succesful - and attempting to amend your strategies accordingly.

If we always got it right then we could make a fortune on the Seminar/Training Circuit - ask Bullshare/Limpsfield Chartist/Tom ...... they are perfect traders!! Hilary might be a candidate as well. As for chocciepoops - she's so succesful she doesn't need to think anymore - she just sprinkles hundreds and thousands and the market obeys :)))))))))))))))

mg (after a few summer-time snifters)

Yes I know thanks mg. I have given plenty to CMC over the last few months but instead of giving them money on a daily basis I am now, overall, taking money from them but I am all too aware of the dangers of over confidence. I'm not getting carried away with it I assure you. Just having a little celebration for (appearing) to have turned the corner.

Thanks for the advice though.