Forex rebates on every trade - win or lose!

I have been trading fx now for about 4 years but only in the winter as I spend the summer at sea or most of it.

Still finding it hard, been on numerous courses & seminars, spent thousands on them learn about Fibs pivot points Elliott wave moving averages support & resistance etc etc

The one thing I cant get is money management I can find good entrys but when it goes against me, I just cant seem to get out quick enough, keep thinking it will come back but it never does and of course I always take my profits to soon, I used to trade stocks but found it was to slow for me day trading.

For traders just starting out there is a wealth of info on the net for free a good site at the moment for swing trades that work is FX Nation Live, early morning Video briefing with trade set ups
http://www.fxnationlive.com/members/blog/
A very good read and a lot of useful info and trade set ups is 7 Winning Strategies for Trading Forex by Grace Cheng
www.gracecheng.com
www.hariman-house.com/forex

Rob Booker with his strategy 10
www.robbooker.com

Wayne Macdonald Bootcamp Free Videos on You Tube
eedblitz@mail.feedblitz.com

I've now moved my stops up to 415 - a bit tight but it leaves me with a few pips for the 2 trades - compensation for my efforts if I've read it wrong and gives me an incentive to get back at some stage.

EDIT - set at 415 'cos it's the bottom of the recent range since around 09:40 on the 1M

PS - I'm only going to do the running commentary today - it gets a bit boring (for me and others) if I keep doing it.

I'm now looking for what it does around the top of this morning's range - 20445 - if it breaks through then I've read the trend well and it should go on and up. The decision is whether to take profits at or around this level in anticipation of it falling back again - as it has twice today. I would be guaranteed around 80 pips so I may well just take them and look for weakness to buy in to - or just call it a day.

Bugger, I've just looked and I could have taken 45

Taken profits at 455 - so +55 and +35 for 90 pips.

That's enough for today - have a profitable rest of the day folks.

mg, nice to see you back from 'lurking' I don't think anyone could ever get bored with your posts :) Hope you're bearing up

Thanks mate - up and down but still here :)

Good to see you're a landlubber for a while - are you at home for Christmas this year?

Looking forward to 2008 - hoping it has fewer surprises than 2007!!

Yup, home for Xmas, first time for quite a few years, not sure I wouldn't prefer to be in Rio though :)

Great to see all the discussions and comments on here today.

Have got to get myself a real forex account because even with my small amounts cmc take what seems like an age to execute. Anyone got any recommendations? I've tried and fxcm demo account and they kept ringing me up at the beginning of the year but I wasn't ready then. Spread on cable appears to be 4 pips whereas cmc and most s/b co's is 3.

Oh and regarding trades, just had a quick long from EUR JPY 163.19 to 163.25 whilst I was busy with paperwork.

Seymour I use GFT good charting package, trade off the chart, up to now no re quotes easy to use.
www.gftforex.com

Divetime, that sounds good, being able to trade off the chart is a real plus, doens't seem to be possible with FXCM.

B*gger, just missed one on EUR JPY :-(

SC...is the difference in the spread between 3pips to 4 pips a factor in your trading... ?

Speed of execution...no requotes....ability or manipulate stops and limits...sound more importnat to me...

I use fxcm and happy to pay away 4 pips on a trade

SC - I wouldn't necessarily reccomend them but I use IGIndex - cable spread is 3, EUR/USD is 2 - not particularly good but depends on what kind of stake you're using in terms of risk that implies.

The spread does widen when there are mega-moves in the market but it usually doesn't take long before they bring them back to the standard - I suspect it's a way of protecting themselves (rather than the punter).

I've tried capital spreads but ended up coming back to IGI - no real problems and only issue is that I blame them when I get it wrong - couldn't possibly be my fault - could it?

EDIT - Oh, and their charting package is excellent in my view. I used to use nadia or whatever it is but now just load the IG ones which have lot's of indicator options - well, enough for me anyway.

Foale, the spread isn't really a problem, just think if some are providing 3 pips and some 4, but there's no difference in quality of execution / platform, then I'd rather have a 3 pip spread :-) The quality and ease with which you can manipulate your positions is very important - cmc is a bind in that regard.

Another problem with cmc is if I'm trading the far east on a late evening the platform is not always available.

SC, Worldspreads do 1 pip on EURUSD and USJPY and 2 on Cable. I think it does vary with the time of day though.
The execution times I have experienced are very quick. Never traded FX with them but when you place a 25/pt on the FTSE execution is almost immediate (and unlike CMC NO REQUOTES!!!!!!!)

Wasn't Nadia the trannie in Big Brother? Strange that it should be meggers who mentioned her.

:o)

Ya bitch

Never traded forex with CMC ... and never will...


World spread have very tight spreads...but Ruth and others had problems with them when there were fast markets..although I dont think that was with Forex

My current thinking is that it's about time I didn't bother with the sb co's and got a real Fx broker.

The problem with spreadbetters in fast markets is that they need to hedge their exposure quickly when everybody tries to trade the same way with them. More likely than not, they will try to hedge on the CME futures market which is order driven.

If anybody has looked at the L2 order book on the CME they will see tight spreads of a pip or so, but ahead of major news there are often no "back up" orders for 30 or 40 pips either side of touch and the orders on bid and offer are often for only a handful of contracts. Consequently as the news is released, the bid or offer is taken and a spread opens up to 30 or 40 pips because there was nothing behind touch.

The CMC's of this world are then unable to hedge their positions quickly enough which is why their platform closes temporarily and they go onto phone dealing only.

It's a hard fact of life and it ain't gonna change I'm afraid.

That was a stroke of luck - I put in an order to open long at 390 earlier on - based on the bottom of today's range. Just been having some lunch (having forgotten I'd placed it to be honest) and returned to find it had triggered, dropped and then shot up.

Just closed it for 50 as today's bonus offer :)))))

EDIT - bugger - should have left it to run - but then, that would have been greedy, wouldn't it