Forex Peace Army Members Forums>

[opie]

Yes you can make a lot of money trading FX ... but 90% of traders don't. Why?
1)- there is the need to LEARN. It is surprising the number of traders I have met who do not have any proper background in LEARNING how to trade ... that's the technical aspect.
2) then there are the Forex Bastards .. who have the skill, knowledge, money, position, authority and lack of ethics - competing against their naive inexperienced clients. Again it is surprising to hear from some traders that they did not know their broker was trading aainst them. And the traders were asking thier broker for assistance in the tug of war .. the specific broker was FXCM .. so what chances did these lambs have?

3) Most traders seem to treat Forex as a Game and Not a business. They get off on the analytics - spend oodles of time, and often money, searching for the holy grail - yet they don't bother to ensure their profits are insulated against the 30% draw down at the end of the year - if they have profits that is!

4) I am still trying to come to grips with the trader mentality - of taking money off the table during the trading day. If you have a business and plough back profits then your returns compound. Applied to FX trading: If you initially set a 10 pip stop and are prepared to risk that - then why not leave your profits in the business until your shop closes (when you turn out the lights and go home)? What I am getting at is - instead of taking profits at predetermined points just raise your stops ...
AND, if you are in profit in a trade then use the increase in capital to acquire more positions - again protected by stops so that the initial starting capital is all that is ever at risk.

[OzWizard]

... of course it depends 0n many factors!

Futures FX mirrors the SPOT market in price action.

The point I make in getting filled is this:

IN THE FUTURES YOUR BROKER DOES NOT MAKE THE MARKET,
TRADE AGAINST YOU OR MANIPULATE PRICE TO HUNT STOPS!!

The price is merely set by ALL TRADERS playing at that time!!!

TOTAL TRANSPARENCY BACKED BY THE CHICAGO MERC!!!!!!!

OZ in 'Bucket shops SUCK' Land !

[forexmoment]

Originally Posted by trader

On forex with SNW I see at forexdiamonds that many do not get filled on the spike.

Yep, and it's not gonna get better either.

Those who made money were well rewarded for trading the spike when it was hot.

[trader]

Yeah! I also find that even with the SNW the spreads are widened by the brokers so much at news release times that it becomes 'No Trade' most of the time.

Basically news release spike trading is fast becoming non-profitable in the longer run.

[No Time]

Opie...Nice post.

Originally Posted by opie

- yet they don't bother to ensure their profits are insulated against the 30% draw down at the end of the year - if they have profits that is!

When you say 30% draw down, are you reffering to taxes on the profits? Just checking...Its almost tax time...

[Bandit12]

Originally Posted by OzWizard

I Get Filled Every Time! OZ in Pivo Land

Oz do you mean you are getting filled at news release times (before the spike) every time using the futures platform you show or do you mean in general trading? what sort of results are you getting, are you using SNW and is there any slippage or can you control the amount of slippage?
Are all currencies readily available on a futures platform with the broker you use.

Thx, Ian

[OzWizard]

Originally Posted by Bandit12

Oz ... the futures platform you show or do you mean in general trading? what sort of results are you getting, are you using SNW and is there any slippage or can you control the amount of slippage?
Are all currencies readily available on a futures platform with the broker you use.

Thx, Ian

... on my limit orders, once in awhile I do get re-quoted... but it is always in my favor.... LIMIT or better!!!....

Trader... - 12-17-2007, 07:46 AM



... of course it depends 0n many factors!

Futures FX mirrors the SPOT market in price action.

The point I make in getting filled is this:

IN THE FUTURES YOUR BROKER DOES NOT MAKE THE MARKET,
TRADE AGAINST YOU OR MANIPULATE PRICE TO HUNT STOPS!!

The price is merely set by ALL TRADERS playing at that time!!!

TOTAL TRANSPARENCY BACKED BY THE CHICAGO MERC!!!!!!!

......

I do not use SNW.

I mostly use limit orders so I know exactly where I enter. I even use STOP LIMIT sometimes....

What currencies??? ALL... (even the Russian Ruble) !!! ha

But they are not pairs - they are all indexed based (against) the dollar!!

IMHO - there is only 1 reason to trade FOREX.... small $$$ !!!

OZ in ' Celebrating Christmas Eve tonight & Christmas tomorrow LAND! '

[digforpips]

In my humble opinion, the forex is great for diversification of investments in a time when the economy is sagging, the dollar isn't worth the paper it's printed on and stagflation is rearing its ugly head. Now if you want o talk about News trading then good luck. It has become a crap shoot. You may get in at your price but you maynot. I'd rather try my luck in vegas at the black jack table than waste my time trying to get filled at my price with most brokers. I think my odds are better in Vegas, plus they may comp you for a room if you lose enough.