Forex rebates on every trade - win or lose!

Sorry yes JPY been trying to short it from 161.80 ,still got 40 out of cable on that drop
from 2500

Thanks for that hils,

I will have a look at the European open .

Ian

"This isn't an exact science (if it were, everybody would be doing it)"

judging by the traders thread everybody IS doing it...

Still plodding away, to be honest finding it a bit more difficult than i thought, on the good days its fantastic, on the rangebound days the whips are frustrating me,
its just a case of getting the balance right, Rome wasnt built in a day was it,:-)
will keep plodding along till i get my timeframes strategy right,
think ive got to switch more longer term instead of my usual quickies,
Like Hils, i like a good quickie now and then, but sometimes a marathon is more effective:-)

the Forex day does have a pattern as Hils says.

Early doors probes both edges of current range for direction...then off it goes for most of the am

An interesting read over on Forex Factory.

http://www.forexfactory.com/showthread.php?t=56670

The trader that threw money management out of the window and took his account from $1,000 to $126,000 last week.

It certainly appears to be genuine. Nice to see that it can be done.

I like the fact that he finds trading this way 'relaxing'. I wonder what he does to produce an adrenalin rush ;-)

this is the other side of Forex Ruth...rangie? rangie?...all day....

Its a futures day....

right - now that the uk has closed could the dow put on a 100pts please so that i can make some dosh on my usd/jpy long.

It has everything to do with my frame of mind today - signals have been good, but I really didn't want to bother trading EUR/JPY up and down. Down should've been enough ;)

I was so convinced it wants to retrace to 160.80s - had b/e stops and limits several times whilst I was doing other stuff and ended up with nowt.



Bummer ;)

Love the pic but dont get the connection....was it "frame for mind" was get naked in a photo kiosk ..lol

Hils re your comments on the traders thread re moving over to forex...those that were using CFD's to effectively gear up Investment Longs...are going to find it tough....

Scalpers are going to find FX tough too...as not easy to use that as only way to generate profits in FX

those that trade (not scalp) indexes might have a better shot though..as they ride a trend.....

But the sloppy or no stops types regardless of the above are not going to be around long... as gearing on FXCM under 10k a/c up to 200:1 as you know so 10-20 times the leverage of Index trades...and more than that compared to 250 stocks and tiddlers...

My tip if you are new start trading 10k trades....and stay at that size for a long while...margin on a 200:1 leveraged a/c is only 50

With you on the margin Foale.

According to my broker there's a pattern with traders who don't make money or make very little money.

First they start with stocks and blow their pot.
Then they blow the pot again

then they move to indices cos the margins are lower.
and they blow the pot

and lastly they move to fx cos the margins are tiny which is their last roll of the dice. And surprisingly enough they blow their pot.

Choccie:

Nice pic. But when I looked up I realised it wasn't you after all ;-)

A girlie always knows a nice bum when she sees one :)

Woke up a couple of hours ago to the drone of someone talking about the markets :S and I is cookin' on gas.

Btw Hils - that eye thingie's come up again with a no entry sign. Think it's this site.
I'll stick a shot up later so that Dezza can have a glotz.

Chocopops,

I've had terrible problems with it since I first mentioned it after it had updated a couple of weeks back. For some reason it did something to my firewall and things then started grinding to a halt.

I tried to uninstall McAfee but, unfortunately, it wouldn't even let me do that. I put "uninstall McAfee" into Google yesterday and it pointed me to a removal tool on their website which I downloaded and ran. That did the trick and I then reinstalled McAfee.

Things are a lot better now.

It's nothing to do with AM, as I don't use the PC in question to access this site.

Cable finding buyers....any special reason this am?

dollar weak on back of rumours about tonight's Fed meeting. At least that's all i can find. Seems a bit odd the market can move this much on a rumour but i remember last time when the Fed cut the discount rate it was well leaked before hand - so are the minutes explosive ?

but that doesn't tie in with the eurjpy move so I no understand.

Keeping out now cos I don't understand. Already lost two thirds of yesterday's pips by undisiplined short on eurjpy. all just seems a little odd to me

foale, looks like a nice upsidedown head and shoulders on the hourly chart.

Them's the moves, CC. Glad it wasn't too painful anyway.

FOMC minutes don't normally have too much impact, but I imagine the pot's boiling in anticipation of a lot of stirring.

Good job you got sorted, Hils.
This is what I've noticed recently, only related to this board:



I have the icon in the tray now, can't say if I saw it before yesterday.
Not sure if it matters?

Here you go David

Forex - Dollar falls to new euro low as rumours swirl ahead of FOMC
LONDON (Thomson Financial) - The dollar weakened sharply against major currencies, falling to new all-time lows against the euro and the Swiss franc, as vague rumours of an emergency meeting of the Federal Open Markets Committee added to further speculation that Gulf economies could abandon their dollar peg.

Meanwhile, ongoing fears over the US economy, linked to turbulence in financial markets and a flagging US housing market, provide a longer-term, underlying reason for the dollar's weakness.

Vague rumours have circulated around the market this morning of an emergency meeting of the FOMC, the US Federal Reserve's rate-setting body.

"There were rumours of an emergency rate cut from the Fed tonight in the Asia session, which is likely to keep the dollar in a shaky mood," said Audrey Childe-Freeman at CIBC World Markets.

Mitul Kotecha, head of forex strategy at Calyon, said he hadn't heard anything concrete to back up the rumours.

"I'd be surprised if they held an emergency meeting unless there's a real systemic risk that we're not aware of, a bank going under or something like that," he said.

The minutes to the last rate decision on Oct 31 will be published later today, along with the Fed's latest economic forecasts.

The Fed cut interest rates by a quarter point at its Oct 31 meeting and markets will be keen to see how decisive the vote was, with a view to refining the odds of a further cut in borrowing costs in December.

"The FOMC minutes will be pored over for rate friendly intimations today," said Dave Brown at Bear Stearns.

However, a report in today's Financial Times suggests these forecasts will surprise investors by giving a bullish outlook, denting expectations for further reductions in US interest rates.

Meanwhile, dollar-unfriendly sentiment is coming from continued speculation that a group of oil-rich Gulf states, the Gulf Co-operation Council, could decide to abandon their currency pegs to the dollar in the near future.

This speculation was fuelled today by regional newspaper reports that GCC member Saudi Arabia is considering such a move. The United Arab Emirates are openly looking at removing their dollar peg and Kuwait has already done so.


No worries Choccie - it just reminded me how fast things can go wrong by not sticking to a system. Stops are lovely though. Just walk away and find another trade. None of this doubling up business I used to get involved with on stocks. Got it back as re-entered higher up so up a very few pips now and planning next trades.

i am beginning to enjoy FX. I love the way you can map out a potential trade well in advance and just wait and wait until enough things look right before you press the button. Far less of this seat of the pants stuff.

Now where's the usdjpy off to? It looks spooked to me. waiting for say 109.6 but not even sure it's going to present an opportunity for a long when it gets there.