Forex rebates on every trade - win or lose!

Thanks 4 that choc, looks interesting, will look more closely when abit more sober in the morning. Stopped out of this ams short for a few and just got back to find I caught a new short while I was out. stop in place, hope you had a good night all, CUITM

The one to watch then is EUR/GBP. Sterling rose to a 10 month biggie last week after UK manufacturing orders rose to a 21 month high. Looks like Gieve's brought the prospect of raising rates forward by a month. Sterling's been close to breaking 0.6704 since much earlier this afternoon.

And if my lines are still good from these last weeks - then cable's found support from today's lows (currently around 1.8990). The hourly MAs might cross down here, or not ;) Dipped the little piggies in at 95 earlier, stops just below 90.

Oops goforit, you sneaked up - well one of us will have a pleasant surprise :)

Morning all, long from 99, stop below 80

Morning SC - no position for me yet

Out -20.

As I see it from my hourlies, my macd turned down on Friday and is now touching the zero line, my ma's crossed and turned down yesterday and the price is now testing the support of the uptrend from last week at around 1.8980 to 1.8990. My stochs are also heading down from overbought levels.

I was probably a bit premature in trying to short it on Friday, but I'm certainly not inclined to buy it at the moment.

Morning All, just up so no trades yet.

morning all, still short from last night. Bit lucky then, was just about to alter my s/l when we got the spike up. Seems to be trickling down the hill slowly. Over the wkend had pencilled in a target of 1.8900, not sure now

choc, dont think I was sneaking anywhere last night, should have come home an hour earlier!

goforit, chocs - thanks

I was expecting a paint drying session till US data later but cable's fallen off the back of a fall in the euro. I think some German data has put the brakes on an ECB rate hike.

Robb...Take a look at FXCM. I've just opened an account with them having been very impressed with their demo platform which you can download for a 30 day trial.

bakko - read the punters reviews for fxcm on goforex, they sound like an american version of cmc

I thought long and hard about making this post, basically because I don't want to get embroiled in yet another "which broker mugs their punters" debate.

I do think though that the problem most punters have is that they take a too short term view of their trade. Anybody scalping for a few pips here and there is always going to have a problem with getting positions away as everybody tries to scramble in or out. Equally, tight stops are always going to get gunned because they're there to be gunned. These scenarios are going to happen regardless of which broker you use.

By the same token, I'm yet to be convinced that CME contracts are the answer either. I've watched one side of the book disappear within a zillionth of a second and the spread open up to 20 or 30 pips. When all of the punters try to trade in the same way at the same time, your broker needs to hedge quickly. If he's unable to hedge, he's not going to let you trade. Simple as that.

I really do think that the only eeffective answer is to take a more relaxed and philosophical longer term view of the market. Then you don't have a problem with brokers. It's quite easy to just take 1 position a day and close out in the evening and it's certainly less stressful. The ultimate reward is to pyramid into a winning position and ultimately close out after a week or more. No broker is going to get the hump with you if you adopt that style. And if you're looking for a trade of 100 pips plus, you're not going to get too upset if you mess your entry or exit up by few pips.

I've got to say that I was a bit worried when I looked through Choccie's list and saw mgforex.com.

:o)

I worry about him anyway :o)

Well I got stopped out early this morning at 85 :)
Shorted at 95 and just closed for 50
Staying out for now - looks like it's wrestling with another line, but I'm off into the garden now for an hour's therapy with some slugs.

PS Nice to see you around Rob :)

Cable's holding on my rising support line from 11th Sept.

Ready for a bounce?

Watch Sterling. It's taking a run at 0.67 :o)

Oi ...... what's wrong with my new venture. Pay me loadsa money and I'll show you how to do it.

Next week I'm setting up mgftse.com :)

I would just like to say that I totaly agree with what hilary said in post 6076

I can only say what works for me. I have come back to trading after a break of 4+ years. I am recently separated(about 2 years) and was then made redundant. Life became pretty negative and after about 6 months came to my senses and realized I had a tremendous opportunity and made a decision to relocate to Spain.

I decided that I would start with a smallish amount of money and if that ran out I would probably have a very serious think about whether to continue or not. At the moment I only trade fx and thats mostly cable(reason being that more pips seem to be up for grabs). Before the summer I was scalping and catching the odd big move. In about a seven month period my account was down 25%. I reread elders book"come into my trading room" and have altered my trading to concentrate on larger moves using a more disciplined approach. I am starting to use market orders more(particularly for entry and exit) as this removes alot of the emotion out of trading!
I have had a couple of instances where I have nearly pulled my market orders(before the summer I would probably have ended up trying to scalp the other way), had faith in my trading system and left the orders and sofar have proved to be nearly all good trades. The last of these was last night! My account from early august at the weekend was up nearly 50%. I would say that I have traded ok, I think if I had traded well you could almost double that figure. I have made a conscious effort to stop giving money back to the market (which basically means stopping doing stupid trades, in my case scalping). I use quite a simple system which I am still developing(don't want to spend hour upon hour infront of my computers, don't want stressful trading because its bad for your health and I like to lead an active outdoor life), and have come to the same conclusion as hilary that for me to take 100+ pip trades is the right way for me to go

Sorry if I've bored anyone, take care and trade with discipline