Forex rebates on every trade - win or lose!

Gathered from Bloomberg last night that Euro is expected to start quantitative easing next week hence its drop but brokers bullish/bearish depending on scale of QE, doubtless be volatile though

Actually it's a different question Hiltops, so look out for it!

Silly question time.
I traded EURUSD with ODL buying 2 lots at 1.3295. I closed at 1.3325 giving profit of 419.23. How is that worked out.

What's the base currency of your account, Jeffie?

GBP Hils

I can't make those figures add up, Jeffie. Was it definitely 419?

Yes, I have never been able to work out my profit/loss amounts. Is there a magic formula?

What would you expect it to be?

As another example
Sell GBPUSD at 1.4256, closed at 1.4160 for 0.10 lots, profit 67.80

Sorry, I was looking at the wrong chart to turn it back to sterling. I can make it add up.

:o)

1 lot = 100,000 of the first currency in the pair/cross - in your case Euros.

So your 2 lot position was for 200,000 Euros. Your profit was 30/13295 of this (ie €451.29)

Turn the profit back from Euros to sterling by multiplying at the current rate (0.93 or thereabouts) and you get 419.

OK, I see it now.

In your opinion any advantage in having your account in a particular currency?

Jeff, stop making consistent profits, some of us are getting jealous, i have one trade open on UER$ and its at +0 ;-(

PS any news on your contract? or are you joining the long term unemployed like me....

Hi Tim
Yes, I finish on 30th April. Not quite ready to retire yet so going after a couple of jobs, one in London one in Amsterdam. I have been looking at a strategy that Hils pointed me too, seems to have a high success rate. I will find the post number.

EDIT: 10435

Jeff,

Thet will depend upon whether you're happy to mix your short term trading strategy with a longer term view on the deposit currency.

For instance, if you had a USD account in late 2007, it would be worth 25% more sterling equivalent now because of the rise of the Dollar regardless of your trading performance. Equally, if the Dollar had continued to fall, your account might be worth 25% less sterling equivalent now!

So I guess, that if you don't need to access the funds in your account at regular intervals, choose a deposit currency that's going up against your native currency. Otherwise, just stick to your native currency.

Makes sense Hilly, especially with my balance compared to yours!

I think the times are screwd up on ODL. The Market watch time on ODL is currently 15:33, Alpari Market Watch time is 17:33. UK time is 16:33.

Not sure trades are traded at the right time at the moment.

ODL is running on GMT Jeff. Not sure what time alpari call this :- GMT + 2?

Thanks SC, I always think of UK time as being GMT. So UK is GMT + 1 and Europe is GMT + 2.

If I want to trade at 8:00 UK time then ODL is 07:00 and Alpari is 09:00?

Looks like that Jeff.

Jeff,

I've really got too much on right now to reply properly, but I think that Alpari have switched to BST and ODL haven't.

No probs Hilly. Thks