Forex rebates on every trade - win or lose!

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.

Goforit,wed 17th oct the thread was
very choppy afternoon so far ,stocks are the same as are the indexes
Is there any forex pair that does follow an index or are they all absolutely independant and dont care what the indexes are doing?

Ruth...to help you with the news thingys mentioned earlier take a look at www.forexfactory.com
It has icons that generally reflect how they think the news will move the market....red being what you would expect. There are also lots of news guides posted there as well...and Ruth, especially for you it's free. Hope it helps.

Thanks, really appreciate all this help,

Ta Ruth, been away the last couple weeks so missed that

mg

oi!! Wots this 'ello sailor' stuff?

pth
Takes one to know one sailor boy :)

All those days away at sea - desperate for a bit of cable - I know what you boys like !!!

mg..........you're not mates with torres are u?

Hi Ruth,

On the Ib commission side this is how it works (I think !!)

Most Fx brokers trade in Lots 1 full lot = 100,000 usd which = 10 usd per pip.

Ib use the dollar amount rather than lot size so your order on Ib would be for a 100,000.

the commission on a 100,000 trade is $2.50 per side ,so it would cost you $5 for a round trip, which is the same as adding half a pip to the spread.

One thing to aware of with Fx brokers is that most of them are like CMC, bucketshops they make there own market and you are trading against them. The only retail ECN brokers that I know of are Ib and EFX who both charge commission so they dont care what your position is and wont try and run your stops.

On the subject of stops with IB there are different trigger methods you can set up ,BUT you will get slippage so be aware of that, on the plus side sometimes the bid/ask can go through your stop and not be triggered as no trades have taken place.

I always place a disaster stop when I enter a trade even if I plan to close the position manually just in case I lose my connection or have a power failure which happens now and again here.

As for getting 50 pips a day ,if you can do that without a big drawdown you could be a millionare in less than a year, thats the thing with FX you can trade huge positions and get filled, if you look at the IB order book there is often 20 mil on the bid/ask which would equate to 2000 usd a pip !!!!!!

But on the otherside it can be very unpredictable and very costly if you get it wrong and dont get out. (as I have found out a few times )



Ian

There's your 50 pips for the day, Ruth. In 50 minutes on cable. Perfect signal from your arrers at 6:30am.