Discuss ForexHippo.com (Matt Robinson)

[tipuwang]

eurjpy trade but with a loss 1 pips, initially it was gain 12pips but my TP is 30pips, SL is 100pips, timeup order is 180, so the trade start on 17:01 & closed at 20:01.
Should I make some adjustment on TP? The TP too high for eurjpy?Any idea?

 

[Dirk58]

hi tedstr

I just closed my FXCM live account where I had been running MD since June. Bottom line is that between their spreads and slippage it is simply not as profitable. They always execute aand never any requotes because they are large and have the liquidity but the profitablity is just not there.

I am now down to IBFX, dbFX, and Forex.com live. Still running demo on FXDD and they look good...at least for a demo.

I am beginning to suspect my ForexVPS host may be causing issues with MD trading frequency. I had 4 trades on IBFX, 5 on dbFX and 3 on Forex.com in September......not good.....all running on VPS.

This week was good for me as it seems it was for all of you with MD.

But I had 9 trades on the FXDD demo running on a laptop including a SL disaster...glad it was only demo. The "client report" on the MD site shows 10 trades for Sept.

How many did you all see? Could it be my VPS is slowing things down?

here´s a link with a nice overview for this...
Forex Megaroid - Daily Results

you have daily and monthly results and overview

 

[tedstr]

Dirk58

Thanks for that. Interesting. It looks like an affiliate site so I am not sure I trust it. Some of it looks like my experience but not Sept. Anyone else have 7-10 MD trades in Sept?

Ill post this over on the MD forum too

 

[Ken Long]

I've been running Hippo on a FXCM demo with no real problems other than my own. I like the spreads on most pairs better than FXDD, but remember a demo doesnt show slipage, it just executes at the requested price so the results are apt to be different. The other potential problem with FXCM and other STP style brokers is that the spreads vary constantly, and sometimes with very large differences. This can really effect the results as far as hitting targets and stops.

For anyone who is not a US resident, look at FxPro. I liked them a lot before they blocked US residents. They have very low spreads, no commisions, and are regulated in several European countries. They also have a very nice interface for managing multiple accounts. PipBusters live Megadroid account is there, and doing very well.

Also, ThinkForex. They are newer and not yet regulated, but they have very good spreads and still seem to be accepting US residents. I just e-mailed them to ask about this.

I like FXCM for longer term manual trading on their FXCM Trading Station because there are many more pairs with reasonable spreads, the rollover is consistantly good and clearly displayed, and I can do order types that arent available on Metatrader. The only big problem I see now is the new US regulations and the ability to maintain a safe margin.

Also consider an IB that pays you a rebate on your trading. TradersChoice and others do this by getting a group pricing and sharing the profits.

 

[Dirk58]

hi Ken

Also, ThinkForex. They are newer and not yet regulated, but they have very good spreads and still seem to be accepting US residents. I just e-mailed them to ask about this.

what about the rollover you mentioned earlier on?
I asked them to show me but they did not answer.

 

[Ken Long]

what about the rollover you mentioned earlier on?
I asked them to show me but they did not answer.

I wrote to them originally and they said they were working on better rates. I'm not sure what that actually means, but I find it questionable. They do have very good spreads, if we avoid the rollover time. However, you can open an account with FxPro. I think they're a better broker, but they wont accept US resisdents anymore.

FxPro is regulated and also has very good spreads, and an excellent account managment platform for their MetaTrader. It allows you to easily manage multiple accounts.

ThinkForex is located in the Virgin Islands and is currently unregulated. I wouldnt put any large amount of money with them, but they might be good for a small scalping account. I'm still not sure if they, or any broker, are going to be able to maintain offshore accounts for US residents. All the big ones seem to have stoped. I cant find any current information on FXDD Malta. They originally assured me they would be accepting US residents, but they have stoped sending advertisments and I cant even find them anymore. FXCM has pulled all its US accounts from their UK branch. It seems like our government has put the big squeeze on us. I'll just have to get used to trading 50:1. I think this was done intentionaly to make things more difficult for robots and day traders to work easily.

 

[Dirk58]

hi Ken

in my opinion this new regulation for US residents is a shame. All the years everything went fine for brokers and traders using a higher leverage. And there are winners and losers anyway. I think the government made money too by taxes from the brokers for this. In my opinion no government has the right to say that this is for prevent people. Damn, if you are over 21 you are responsible for your doin, are you?
Is this still democratic? not for small people anymore..........

anyway, have a

week and

always good trading

 

[tipuwang]

I've been running Hippo on a FXCM demo with no real problems other than my own. I like the spreads on most pairs better than FXDD, but remember a demo doesnt show slipage, it just executes at the requested price so the results are apt to be different. The other potential problem with FXCM and other STP style brokers is that the spreads vary constantly, and sometimes with very large differences. This can really effect the results as far as hitting targets and stops.

For anyone who is not a US resident, look at FxPro. I liked them a lot before they blocked US residents. They have very low spreads, no commisions, and are regulated in several European countries. They also have a very nice interface for managing multiple accounts. PipBusters live Megadroid account is there, and doing very well.

Also, ThinkForex. They are newer and not yet regulated, but they have very good spreads and still seem to be accepting US residents. I just e-mailed them to ask about this.

I like FXCM for longer term manual trading on their FXCM Trading Station because there are many more pairs with reasonable spreads, the rollover is consistantly good and clearly displayed, and I can do order types that arent available on Metatrader. The only big problem I see now is the new US regulations and the ability to maintain a safe margin.

Also consider an IB that pays you a rebate on your trading. TradersChoice and others do this by getting a group pricing and sharing the profits.

Ken,what type of order you like to carry out that not available at MT4?

 

[Ken Long]

in my opinion this new regulation for US residents is a shame. All the years everything went fine for brokers and traders using a higher leverage. And there are winners and losers anyway. I think the government made money too by taxes from the brokers for this. In my opinion no government has the right to say that this is for prevent people. Damn, if you are over 21 you are responsible for your doin, are you?
Is this still democratic? not for small people anymore..........

anyway, have a

week and

always good trading

Yes, I should be allowed to lose my money any way I wish. There are a lot worse things I could be doing with it.

However, I dont actually think this is their concern. The new government atmosphere is all about regulation and thinking for people. I believe they would rather think and make decisions for the population than have them thinking for themselves. A self thinking population is very dangerous for a government who is trying to trade on hot air and promises. Also, all over the western countries (Western Europe and the US) I see lots of recent imigrants and newer generations that dont want to think and do for themselves. They all seem to expect to be taken care of and given security, income, and benefits for life as though they are all entitled to wealth and power over other harder working, less geographicaly advantaged peoples, ie, many think people from poorer nations should be kept down and used, so they have easy access to cheap services due to their position and tenure in society, much like the lords of past.

Enough of my ranting. I suspect I am stuck with 50:1 leverage unless I find out otherwise. I would do better to learn to work with what I have unless I can find better, and not waste time complaining.

 

[Ken Long]

Ken,what type of order you like to carry out that not available at MT4?

Tip, how much experience do you have trading? If you've ever traded stocks, options, etc, there are lots of useful order types that are not available on MetaTrader.

First, MetaTrader is completely transaction based. So, if I buy 1 lot and sell 0.5 lot, I have 2 open orders, when in reality what I have is 0.5 lot. Any position based platform would show this, allowing me to scale into a position, mini lot by mini lot, and slowly build a large position rather than holding multiple open orders. If I wanted to buy 1 lot and then sell half, and then sell half of what I had left I could.

Second, we cant set limits on stop orders, such as stop buy or stop sell, with a limit. If our order gets triggered by a news spike we could get a very poor price compared to what we targeted and expected. The slipage control only works on traditional brokers, not on ECN or STP brokers, and only on Market orders, not on Stop orders.

Third, OCO, One Cancels Other, and OTO, One Triggers Other. When you set a pending order with a stop and a target that is an OTO and an OCO order. If your order triggers the stop and target are automaticaly placed, and if one of these triggers the other automaticaly cancels. No compaints here, other than that it would be nice if we could use these at our discretion, such as creating bracket orders.

The first two are very big and real complaints I have with using MetaTrader for manual trading. Its a very good platform for trading single orders, or less complex positions, generally short term trading. It not particularly good for position trading, and carry trading. Brokers like FXCM have always recomended 50:1 leverage and encouraged customers to use the carry trade, and position trade a little more cautiously. Not that they dont like day traders, but the older traditional platforms seem more geared towards position trading than MT4's robot platform.

...........................

Have you checked out the Profit Farm system yet? This is a very good system and something I have always used in combination with other analysis. The 10 period moving average has always been one of my favorite short term trend signals. However, it needs to be used with a bit if discretion to be consistantly successful.

If your going to swing trade you will have to decide what swing trading means to you first. Is it a trading style, targeting reversals for swings across a range or channel, or with a trend? Or, is it a time frame, targeting 2-10 day trend trades, entering out of consolidation, or following reversals? Or a bit of both or either?

Learn to understand how price moves in trends and channels, and between support and resistance. Learn to recognize basic chart patterns that constantly repeat, particularly consolidation patterns, as these make easy entry targets, also the triangles that are created between a longer trend line and a correction within it, and the long wedges that form as a trend weakens.

Also, learn the basic reversal candle formations, Hammer and Shooting Star, Dragonfly and Gravestone doji's, and Engulfing Candles. These are the most important and reliable candles, but only when they form at the end of moves, off of obvious support or resistance. These can often give you a leading indication to a new move. http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis

Other indicators like moving average crosses, or any oscillator are often great confirming signals, but often too late to use for entries or exits. However, they're great for confirming an existing move, and determing the strength of a trend.

Learn to think in terms of looking for trades, long off of support, and short off of resistance, and entries out of consolidations.

One of the safest things you can do is to wait for price to break out of a pattern on a longer time frame, 4H and Daily, and target the first pullback to test support or resistance. You can also do this on any shorter time frame, but there are more false signals.

Also, consider a membership in Forex Mentor Pro, even for just a month or two so you can watch all their videos. Read the reviews on this site, and check what they have to offer.

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