Forex rebates on every trade - win or lose!

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

gfi

Nice post - that's what I'm trying to achieve as well, and like you, I agree totally with Hilary - give your provider room to cover your positions by making them longer term and get the bigger moves.

Hope the new life works out OK for you.

I am now short from 963, bit rash going into news but will watch & see, then sensible s/l before I start work.

edit s/l on now. Probably a bit tight but will leave it alone and see what comes.......

stopped out from last nights trade for 40 +, probably had my stop to tight but not comfortable with the trade

Hils, agreed ref timescale. A lot of the negatives I read seem to be from people with gripes about the spread widening when they are trying to jump in on the back of big news announcements. I'm more interested in platform/chart reliability and ease of account maintenance.

Chocs, likewise m'dear. First school holiday to deal with this year so decided easiest thing was to take the summer off and it was a smasher :-)

Talking of mgforex, how is his holiness, is he still at large?

ooops, just spotted him

Cable's bounced off my rising support line 3 times today.

I'm long from there and hoping for it to head due north

Oi, you lot, some of us have to do seem real live currency trades soon (USD->GBP), so please could you arrange for a massive drop in Cable? Thank you for your assistance.

Oh dear. I can smell Toasted Fairy.

:o)

Setting my stops too tight :-((

Back to the drawing board.

All my macd's are point down on the 1 hr charts apart from the 200 and they're all looking like we should go down, just irritated I set my stops too tight. Anyway, you can't make an omelette without breaking eggs. Apparently.

Don't give up on it, Seymour.

Thanks Hils, determined to crack this Fx game. I am NOT giving up.

SC....Sorry to hear about your recent trades.

I'm still a novice at this and feel that I've finally turned the corner after 7-8 months. It certainly feels like a very big corner and after many depressing trades at the beginning I am glad to have stuck it out.

So hang on in there SC!

Thanks Bakko. I had a spell last year when I looked at Fx and it scared me silly, couldn't get my head around it, mainly because of being too short term but I'm much calmer now, and can see that it's highly tradeable. I don't mind some losing trades if it comes right in the end.

Really need to widen those stops a bit and get on the right side of the trend.

Hil: With Brent crud a snip at $59.98 for yer barrel, perhaps I should buy oil with it instead?