Forex rebates on every trade - win or lose!

Hi Ruth, like Seymour I am still a newbie at Forex but I will tell you this, I don't miss stock trading for a single minute. UK stocks, you can keep them !!

The early bird can quite often catch the worms. Today was a good example. Action when the Europeans crank up. If you can be sat down at the trading desk by 6:30am you stand a good chance of bagging some good pips and be out shopping by 9 !

It didn't happen this morning, but watch for a reversal when London kicks in around 8am, the 'Frankfurt Fade'. The London boys often do not like what the foreigners have done to their currency pairs.

As Seymour says, keep out just prior to major news announcements unless you like a real rollercoaster gamble. I find a good entry time is around 5 minutes after news, watch for a bounce off of the 3 or 5 minute 5 or 8 EMA and go with the flow.

GBPJPY is not called Godzilla for nothing. This pair can move 50 pips before you can say 'Gordon Bennett'. EURJPY can be a safer bet and often tracks the wild one.

USDCAD is not called The Loonie for nothing either. Tends to track oil though, CAD gaining strength in line with oil. It's worth watching on Wednesday afternoon with the oil report. It often lags the news, taking 20 minutes or more before it reacts.

AUDUSD tends to track the commodities, gold in particular. I like this pair. It often trends well intraday and tends to take the lead. Look at a 5 minute line chart around 6:40 this morning. Who gave indication it was reversing first !

If there has been a good trend during the day you can watch for some profit taking around 4pm when London winds down.

If you are holding overnight do take a look at the interest paid/received. Going short on some of the pairs attracts interest.

Historically, from what I gather, the early part of the London session tends to trend better although watch for some stop running around 8-8:30 before a trend takes hold.

The New York session around 2pm onwards tends to be choppier.

The liquidity is so vast with Forex that you do not need to make hundreds of pips per day. If you can become consistent then 10 pips per day average could make you a fortune, simply by gradually increasing the lot size.

I use Trade The News (forex audio and text version). Excellent for news announcements and keeping abreast of fixed income and forex markets. I wouldn't trade without it now.

Edit - forgot to mention. There is only one opportunity each week for a gap open. From the figures I have seen a gap open Sunday night is closed over 95% of the time, often prior to the London open.

Welcome to our girlie thread - only females and cross-gender allowed on here. I don't think the rest of them realise that we closet traders exist - Bullie would be a more regular contributor if only he knew.

Being a simple soul I only use IG to trade - 2 pips on EUR/USD, 3 on GBP/USD but 8 on GBP/JPY. If you are only scalping a few points it probably serves to use something like IB - but I would have thought you would need to be trading with larger stakes than a tenner to make it worth while.

IG have quite a reasonable charting package as well - see below

I have traditionally used good ole MA and MACD but also have Stochastics, Parabolic SAR and, since chocopops pointed it out, the Williams %R - as per the chart below. Even more recently, I've been trying to use your little wheeze - by eye rather than having Robin Hood accuracy.

Apart from that, early morning usually gives an idea as to whether it's trending - so offers an opportunity (using your little technique) to try and get in when it looks as if it is bucking the trend - but basically - hopefully - simply giving some back against the trend. Very difficult around announcement time - spreads widen and all sorts of gyrations and, unless you are very quick (and very good), you can be badly burnt - both ways so, as Seymour suggest, best to avoid until there is clarity of direction.

Been at it for a couple of years but wouldn't say I'm consistently good at it - but it's a great buzz for a gambler like you :)

" alt="" />

EUR/USD has been asleep for the last hour - been short since yesterday from 424 and 412 - so "in the money" - but may take it and look elsewhere for some action. Gotta find some way of giving it back :(

EDIT Ooooooops - spoke too soon - either an opportunity to add or bolt - will give it a while before deciding

Thanks Guys , much appreciated
MG, i was thinking the equivalent of a tenner a pip move on the gbpjpy would be enough to start with, its moved over 100 pips in that trend this morning,
am i barking up the wrong tree, ? if i could take a few hundred pounds a day from it ide be happy.in an ideal world ide be looking for 50 pips throughout the day, is that realistic or not in the real world, obviously if all went well ide up the stakes and maybe look for less points,
Does it usually go quiet like our dinner times do on stocks?

Ruth - I reckon you might be better to start off trading something a little less hairy than the gbpjpy - chocopops seems to have mastered it but I'm steering clear for the time being. There are less viscious options to make/lose 50 pips a day. BTW 50 pips not an unreasonable ask - and probably a good target. As qwento says - on a good day you can make (and lose) that before breakfast ;)

Ruth, 50 - 100 pips a day should be fairly straightforward for someone watching constantly, over the different pairs available, especially with all those arrows you've got :-)

I mainly trade cable and that's moved from a low around $2.0570 to $2.060 now. Didn't get many of those myself as school and breakfast preparations got in the way. There should be a bit more action once the US wakes up but seems quiet for now, just scalping whilst I do / pretend to do my paperwork :-)

Agree with meggers about GBP JPY. EUR USD is the greatest volume I believe, cable next I think.

Where are the real LAYDEES - I would always defer to Maid Hilarian and Mistress Chocoregal - I think it must be something to do with those bloody batteries again - either they're not working or they are and they're being distracted z8-)

BTW - went short again @ 06 and have now closed the lot @ 96 so +30, +18 and +10 - net 58 - but it was over 2 days.

Ruth,

I don't think that you really need to do too much. You're an accomplished technical trader with a strategy that works. You just need to get stuck in, applying that strategy and sticking to the rules to see if FX trading suits you. So long as you don't break your own rules, you'll be fine!

There are certain times of the day that the action thins out and the signals don't work quite as well. I personally believe that you should still play them nonetheless, even if they don't amount to anything. If you ain't in it, you won't win it!

Pending news releases can sometimes cause this thinning of the action. Tomorrow is likely to be a case in point as there will be a lot of squaring ahead of the Fed. It's important, therefore, that you know when the news is due to be released and its likely impact.

Incidentally, the Loonie is so named after the Loon (it's got feathers and goes quack) which features on the Canadian One Dollar coin.

Ruth,

If I may add my tuppence worth. Don't be too hasty or too optimistic to start with. Fools rush in and all that. Take your time and hope to turn a profit each day rather than earn mega bucks.

Forex is a different game and too big a stake at the beginning of your career could end it very quickly. Forex seriously fries your brain at times and you will make many mistakes before you get it right which could be very costly.

That said, it is one fantastic way to trade and I wish you luck.
Bakko works in Rochdale so he and I could meet with you for a chat one day if you wish.

Thanks everyone, much appreciated
Harlosh, yes he works just 5 mins from where i live,
Are you going to the money am xmas do, its based in manchester this year, fri 7th dec

not sure about the very early starts, if it meant an early finish i guess thats ok, im usually up by 7 anyway, i guess 30 mins earlier isnt going to kill me, agree youve got to be in it to win it, will let you know how i get on,probably throw myself into it next week

I didn't know it was in Manchester this year Ruth. Will probably be there.

Edit - just seen the thread.

Welcome to the dragon's lair, Ruthie ;)

I only hang around here to meet girls . . . ;)

Hello sailor :)

welcome ruth, you could always spreadbet with cmc - good rates on fx - sure they would love to have you on board! Can I ask you what this 5 min thingie is with arrows?
mg - got into eur/usd at 420 yesterday seems to be trapped between daily pivot and s1 atm

goforit
I'm flat EUR/USD now - it doesn't seem as animated as the GBP/USD - in fact for about an hour this morning I thought my internet connection must have gone - hardly any sign of life.

Looking to see if I can find an entry on cable - but I'll wait a bit I think

Go fot it, cmc have shut my accounts:-)
re arrow thingie,posted lots of pics ands explanation the other week, willl take a look when market closes and get the date they were posted,

It was Wednesday last week I think edit or possibly the Wed before - but I think last week.