Forex anyone?
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07-07-2015, 10:02 AM
RE: Forex anyone?
(07-07-2015 08:29 AM)BlackMason Wrote:  
(06-07-2015 09:47 PM)earmuffs Wrote:  Edge of seat, edge of seat, edge of seat, crying...

Damn son I can't live like that. That's why I trade the dailies. I put my trade in at the beginning of the day or place an order the day before and just carry on with life. Every couple hours or so I log in to check the progress. I prefer to check progress around 2 hours into the London session and then a couple hours into New York. I can't do edge of seat man. Sometimes I'm afraid of checking the progress of my trade. I rationalise that more time is better. Logging on to find a position in loss territory sucks beaucoup!!

I'm still rocking a demo too to get very familiar with the markets. I've also checked out videos and all that. I've been in Usd/Cad (Canadian Dollar) for exactly a week now. I've got 3 positions in there all entered at different times going long. Last I checked they were all in profit for a combined total of 41 thousand! But that was the London session. New York can reverse what London did but that's usually due to some news.

I'm playing shorter trades because Im new and just messing around (though after my first day of giving this a go I'm profitable so that's gotta be good right?).
If it was actual money I think I would be more inclined to trade over longer periods of time.

I follow the NZD/USD, NZD/AUD and NZD/CHF.
Do you think it's better to focus on just one market and learn it well?

Also do you have any experience trading commodities? Oil, corn, gold etc.. I think these things, particularly crop based commodities, could be interesting to trade long term if you knew about how weather and other factors effect them. ie: if you know a drought is gonna hit a region that produces a fuck ton of corn etc..

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08-07-2015, 12:28 AM
RE: Forex anyone?
What's a good platform?
FXCM trading Station is very nice though it doesn't show charts unless you click on it. IG is shit, it's browser based and 3/4 times I've tried to log on it's come up "unable to load page". If I'm investing my own money I want reliability. There's something rather uneasy about browser based IMO too. Which leaves ava metatrader. It's sorta old looking but the customization is great. It shows charts. The only issue is that it doesn't show commission on your trades though I dunno if that's a demo thing or what. Maybe I just need to play around a bit more. OH and the issue with FXCM is 1) they require $2,000 deposit and they don't even accept people from NZ so.. fuck them than.

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08-07-2015, 03:48 AM (This post was last modified: 08-07-2015 04:07 AM by BlackMason.)
RE: Forex anyone?
(07-07-2015 10:02 AM)earmuffs Wrote:  I'm playing shorter trades because Im new and just messing around (though after my first day of giving this a go I'm profitable so that's gotta be good right?).


No, it's not good and neither is it bad. The nature of the game guarantees that you'll take losses. The trick is to keep them lower than your winners. Traders tend to make the mistake of letting their losing trades go on for longer than they should and taking profits way too soon. This has the effect of making a trader unprofitable in the long run even though 60% of your trades were correct. Time is the true test in this game of whether a trader is good or bad.

(07-07-2015 10:02 AM)earmuffs Wrote:  I follow the NZD/USD, NZD/AUD and NZD/CHF.
Do you think it's better to focus on just one market and learn it well?

I can't give you a solid answer here since I'm relatively new to this as well. I've been trading since January this year. What I can say is that focusing on one market can lead to frustration because it can be weeks before your indicators start lining up for a high probability trade. But since you're on lower time frames you shouldn't have this problem like me. Signals are more prolific on lower frames.

(07-07-2015 10:02 AM)earmuffs Wrote:  Also do you have any experience trading commodities? Oil, corn, gold etc.. I think these things, particularly crop based commodities, could be interesting to trade long term if you knew about how weather and other factors effect them. ie: if you know a drought is gonna hit a region that produces a fuck ton of corn etc..

Since I'm on a micro account with my broker (real account) I can only trade gold and silver. Micro accounts tend to be focused more on currencies (at my broker at least) because they're a lot cheaper to trade. I did enter a gold trade on my demo but I took a loss. Either way I want to focus on currencies for now until I can build up my account to a standard one where I can trade anything.

You're right about weather conditions being a significant influence on certain commodities. I remember reading Accidental Billionaires (Facebook story) where co-founder Eduardo Savarin made $300,000.00 trading oil futures in the summer break. Apparently he foresaw a hurricane or something and took a position based on that information.

(08-07-2015 12:28 AM)earmuffs Wrote:  What's a good platform?
FXCM trading Station is very nice though it doesn't show charts unless you click on it. IG is shit, it's browser based and 3/4 times I've tried to log on it's come up "unable to load page". If I'm investing my own money I want reliability. There's something rather uneasy about browser based IMO too. Which leaves ava metatrader. It's sorta old looking but the customization is great. It shows charts. The only issue is that it doesn't show commission on your trades though I dunno if that's a demo thing or what. Maybe I just need to play around a bit more. OH and the issue with FXCM is 1) they require $2,000 deposit and they don't even accept people from NZ so.. fuck them than.

At first I hated metatrader but now I love it to death. I don't see myself leaving it. Also note that metatrader is a third party software that many brokers use. I think it was created by metaquotes.

Metatrader does show commission though. On mine at least. You get charged a variable commission depending on the popularity of a currency pair for holding the position over night. The more popular the cheaper. This is known as the swap rate. But this isn't mandatory if you're entering and exiting intraday. The unavoidable commission though is built into the bid/ask spread. This should be easily seen on the quotations panel. You do have to select in the options to see it on the quotation panel though. I think your specific issue is not seeing the visible lines on the chart when a trade has been entered so you can see how much more you have to go to break even? This is simply solved by going to the options and selecting "show trade levels". That'll show you your entry plus unavoidable commission to break even, stop loss and take profit limit if you set these on your trades.

I use Trading Point of Financial Instruments aka XM, where there isn't any minimum deposit. Well actually the machines are equipped to only accept a minimum deposit of $5.

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08-07-2015, 04:17 AM
RE: Forex anyone?
So my Usd/Cad trade was doing wonders last night. I'd entered my first lot when it was trading somewhere at around $1.23 last week Tuesday. I then subsequently entered another 2 lots, one on Monday and another yesterday. The price went all the way above $1.27 and my profit was over 60 grand. We're talking 4000 pips here no baby chowder. This is my most profitable trade ever. I started fantasizing like you wouldn't believe. I even went on youtube to watch those crazy videos where rappers or Floyd Mayweather show off their money by counting it and recording it for our viewing pleasure. The fact that it was demo money didn't bother me one bit. I think these months of sticking through the steep learning curve are paying off. I feel a lot more disciplined and stay out of the market when I don't think I can make a high probability trade. When I started I had no discipline.

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08-07-2015, 04:28 AM
RE: Forex anyone?
Did someone say XXXX???

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08-07-2015, 10:48 PM
RE: Forex anyone?
Quote:No, it's not good and neither is it bad. The nature of the game guarantees that you'll take losses. The trick is to keep them lower than your winners. Traders tend to make the mistake of letting their losing trades go on for longer than they should and taking profits way too soon. This has the effect of making a trader unprofitable in the long run even though 60% of your trades were correct. Time is the true test in this game of whether a trader is good or bad.

Learning that the hard way. I think that's a big problem of mine, hanging on to losing positions too long.

Quote:Since I'm on a micro account with my broker (real account) I can only trade gold and silver. Micro accounts tend to be focused more on currencies (at my broker at least) because they're a lot cheaper to trade. I did enter a gold trade on my demo but I took a loss. Either way I want to focus on currencies for now until I can build up my account to a standard one where I can trade anything.

You're right about weather conditions being a significant influence on certain commodities. I remember reading Accidental Billionaires (Facebook story) where co-founder Eduardo Savarin made $300,000.00 trading oil futures in the summer break. Apparently he foresaw a hurricane or something and took a position based on that information.

I see. I don't have much interest in gold and silver investment but it could be very interesting to trade it in the future when we get closer to running out. Same with other metals like zinc.

Quote:So my Usd/Cad trade was doing wonders last night. I'd entered my first lot when it was trading somewhere at around $1.23 last week Tuesday. I then subsequently entered another 2 lots, one on Monday and another yesterday. The price went all the way above $1.27 and my profit was over 60 grand. We're talking 4000 pips here no baby chowder. This is my most profitable trade ever. I started fantasizing like you wouldn't believe. I even went on youtube to watch those crazy videos where rappers or Floyd Mayweather show off their money by counting it and recording it for our viewing pleasure. The fact that it was demo money didn't bother me one bit. I think these months of sticking through the steep learning curve are paying off. I feel a lot more disciplined and stay out of the market when I don't think I can make a high probability trade. When I started I had no discipline.

At least someone's making (fake) money.
Last night a position of mine which was a losing one plummeted and I lost everything, I mean everything. I was in profit but I lost my initial deposit (of fake money) as well as the 7k profit I had.

note to self: This is why we have stop lose.
note to self2: This is also why we have demo accounts.

Oh well, round 2. Less focus on trends more focus on news and larger time frames I think. Proper trading.

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08-07-2015, 11:09 PM
RE: Forex anyone?
Also I fucking love this shit. I wanna do this for a living, I would love to do this for a living. It includes my love of world news, money, the economy, politics and money. And combines it with variable scale, I can do it myself (as in I don't need to be an employee), I get out what I put in, IT'S BETTER THAN STOCKING SHELVES!, I could start tomorrow if I wanted, I don't need a $75,000 business loan. I've been focusing on this for the last couple days, I haven't touched a video game I actually wanna do this more than I wanna shot little 13 year old shits in the head (virtually of course..).
The thought has actually cross my mind that if I sold my xbox I woul have more money to invest. IF I SOLD MY XBOX! WHO AM I!! It's addicting, it's like crack but without the... no it's exactly like crack.

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09-07-2015, 06:16 PM
RE: Forex anyone?
Also, trading to relation to news is certainly a massive advantage. I don't know what news occurred about an hour or so ago but the markets skyrocketed. I waited it out and put in a sell order for 4 different NZD pairs and managed to get 20pips profit out of all of them 10minutes later when the market dropped back down to normal levels.

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09-07-2015, 06:30 PM
RE: Forex anyone?
(09-07-2015 06:16 PM)earmuffs Wrote:  Also, trading to relation to news is certainly a massive advantage. I don't know what news occurred about an hour or so ago but the markets skyrocketed. I waited it out and put in a sell order for 4 different NZD pairs and managed to get 20pips profit out of all of them 10minutes later when the market dropped back down to normal levels.

That often happens when you watch the European markets overnight, or set alerts to go off at certain key levels. All of a sudden the market tanks, and the news wires are a little slow. You know something REALY bad or REALLY good has just happened, but it can be a while before the news feeds pick up the story. Usually CNBC is fairly fast on the draw, and now they have an Asian version that goes all night.

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09-07-2015, 07:04 PM
RE: Forex anyone?
(08-07-2015 12:28 AM)earmuffs Wrote:  What's a good platform?
FXCM trading Station is very nice though it doesn't show charts unless you click on it.

Then you don't have it configured the best. You can open as many windows as you like. When you close it, save your template, and the charts open automatically the next time. Up in the corner I make mine the "midnight black" option. Try it. All up moves I make green, downs as reds. All your charts you can set as templates, and open any new chart with your favorite indicators already set. I use CCI, a simple moving average, and MACD set to 12,26,and 9. I should shorten it to 7, but I'm too lazy. You can also fix it so when you change a currency pair, ALL your charts at various time frames change together. FXCM has really nice discounts and staff for active traders. So I really like them. I also use Metatrader-4. There are plusses for each, so I run them together, (you have to set the up as separate accounts, and get permission to open more than one at a time).

Are you sure about FXCM's deposit ? You should call them. I bet MT-4 doesn't have that deposit requirement.

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