Discuss FxOpen.com ( FxEgypt)

[fxfrench]

I was at the FXDrift warm up round today and took some video of the event. Even though it was just a warm up, there were plenty of thrills and spills which is typical of a warm up since the drivers don't know the track yet!

Check out the video, and I hope to see you all this weekend at the FXOpen FXDrift event at Speed City, Selangor Turf Club in Kuala Lumpur, Malaysia!

 

[Eric Switzerland]

Hi Jafar,

FXOpen is an honest broker and I continue to trust you. But there's one thing that annoys me is the total lack of official communication about it is a problem!

Whys I have not received a message on MT4 for the problem with the website? Every time I have to do some research on Google to find what fxfrench communicate on the forums.

I know several trader who is now leaving FXOpen for LiteForex, because they are effective in communications and marketing.

FXOpen would better spend its advertising budget to care for its communication with customers instead of playing with race cars!

 

[Teodor Jackson]

I agree - the FXOpen communication is far from satisfactory.

While the www.fxopen.com site was completely down, I asked support (e-mail):

---
> I need to add funds to one of my account to prevent Margin Call.
> Unfortunately your services are down.
> How can I do it other way?
> Time matters - I should do it before Market open.
---

And got reply:
---
> To advice your something we need to know your account number and the
> option you want to use to deposit.
---

Huh? I could not access the site first. And they knew about the issue - it had been under attack for almost two days. But maybe I had put it wrong. So I clarified:

---
I cannot access www.fxopen.com nor cabinet.fxopen.com
---

Then got reply:
---
Try to use this link to access the cabinet https://fxegypt.cabinet.fxopen.com/Login.aspx?ReturnUrl=/default.aspx?Culture=en&Culture=en

If you have further questions, feel free to contact me by e-mail , visit our FXOpen Live Chat to get immediate support http://livesupport.fxopen.com/Chat.
---

Well, the link worked, but how can one invite to use Chat service which is completely unavailable at the moment? They knew about it.

And the last but not least: I got the first reply far too late - Monday evening while I had to do in on Sunday before Market Open.
Only thanks to RahmanSL who posted FxFrech link on Sunday I could do it in time. And still I had to use Malaysian web proxy...

Many thanks RahmanSL by the way - I saved the account thanks to the link.
Today the account is 12% up since then and the Margin Level is 1128% ;-)

But it should be rather FXOpen support to assist me, not FPA moderator or IB.
If I didn't subscribe to this thread or didn't know anything about FPA, who would help me in time?

 

[RahmanSL]

Teodor, I was just doing what any friend would do to assist in any way possible : )...and very pleased to know I was of help to you.. : ) ...and, if I was of help, you are very welcome.

Like I said before, you & I have to practice better discipline and stop making one too many trades at any one time : ) and becoming regular clients to MoneyBookers....at the rate you & I are doing business with MoneyBookers, pretty soon we will become one of their important clients : )

"Today the account is 12% up since then and the Margin Level is 1128%".
My friend, last Thursday evening (my time) I was left with 127% margin level and I turned quite religious for a while back there : )

Thankfully, Gold reversed in time and I was able to closed some profitable positions..then, on Friday, I was fortunate to catch & took some AUD/USD which I closed with profits and, at market closing, I was able to raised my margin level to 468.12% which is quite a safe level for me.

"But it should be rather FXOpen support to assist me, not FPA moderator or IB."
Teodor my friend...if you were referring to me : ) ....I am neither FPA Moderator nor an IB (for FxOpen).
I am just a normal FPA member and another of FxOpen client...just like yourself : )
....but I do agree with what you saying.

Cheers and all the best!

 

[Ahlam]

FxOpen Debit card

Here is another question,

I ordered the fxopen debit card and requested to withdraw funds to the card before i reeived it. however, my request was declined because " can only withdraw using MB". Now this seems a little odd since the whole point or ordering the card is to be able to WR directly to it. It does not seem to be an automatic validation since the coments are usually written by a person. So i guess there need to be more training to let employees know ( in case they don't) that clients ca witrhdraw using the debit card. And also, why does the system even let me try to withdraw through a feature i did not use to deposit?

Anyway, i got my card today and activated it, then resubmitted my withdrawal request. We'll see what happens. I definitely expect the debit card withdrawal to go through fast enough (no more than 2 hours) instead of other methods where you have to wait for Egypt office to open so basically there is a 12 hours window where your request is just sitting in a queue. I know fxpro processes there requests pretty fast considering. There should be round the clock coverage of all queues. After all, FxOpen does have client from all around the world and it should try to accomodoate everyone better and also definitely work on those communications of important events to the clients. It is defenitely a huge red flag when your broker gets attacked and keeps you wondering what the heck is goiong on.

 

[Teodor Jackson]

(...)
Teodor my friend...if you were referring to me : ) ....I am neither FPA Moderator nor an IB (for FxOpen).
I am just a normal FPA member and another of FxOpen client...just like yourself : )

I can see a lot of your posts here or there so it was my assumption you may moderate here.
Besides you moderated my rather aggressive stance against FxFrench. Actually brokered a peace I know, I was really nasty then...

FxFrech is FXOpen IB - he communicated the issue early and also sent alternate link. Which I do appreciate.

FxFrench - why do you have to do their job?
They sent MT4 message to all customers about reducing ECN commissions lately. So they could send a message about web site issues and what to do next.
Phrases like "We are sorry for inconvenience" would make it little better too.

 

[RahmanSL]

"Phrases like "We are sorry for inconvenience" would make it little better too."

Teodor, I think that's because their business is in money, which is serious business with very little room for "niceties"...except for people who have a couple tons of money in their accounts : )
At that level, "niceties" is doled out to being obnoxious with frequent extremely irritating personal telephone calls enquiring to your state of health and mind.

"...I know, I was really nasty then..."
As I matured in life, I discovered that people almost always response more positively towards "niceties" than "nasties". : )...but then, there are those other times when being nasty do get results.

As for FxopenFrench......besides being an extremely proactive & conscientious IB, he is also the "big honcho" for FxopenEgypt.
As far back as I know, he replies to all Fxopen issues here at the FPA and is also very active at their web site forum.
============================================

Teodor, have you read Sive's latest post on his EUR/USD column?

Hmmmmm, seems like professional forex traders don't trade everyday.. and here we are trading like crazy every single trading day and getting ourselves into trouble and making frantic visit to MoneyBookers to propped up our endangered trading account.

Do you think you & I can stop trading and take a rest for 3 days after a successful or disastrous trading session???

For me, it's possible, but not likely to happen : ) ...only rest time I get away from trading are "forced rest days" on Sat & Sun

Maybe in time (like 10-20 years), I might trade & rest like the professionals...but for now, as long as my eyes can stay opened, I will trade and chase those pips : ) ....but I (and you too Teodor) really2 have to discipline ourselves in not making one too many trades...and to say "ok, that's enough for the day" and really mean it...shut down our computer and walk away....and to make extra effort not to come back, re-start the computer to "just check" out market movements and then, before we realise it, get ourselves into deep s@*% AGAIN with too many opened losing trades. Same old story; yah!

Cheers & all the best for week ahead!

 

[Teodor Jackson]

(...)
Hmmmmm, seems like professional forex traders don't trade everyday.. and here we are trading like crazy every single trading day and getting ourselves into trouble and making frantic visit to MoneyBookers to propped up our endangered trading account.

Do you think you & I can stop trading and take a rest for 3 days after a successful or disastrous trading session???

Obviously I'm not any pro.
Being just 2.5 years in FX trading all I can say I merely completed recruit practice ;-)

However I don't trade every day.
It's "him" - a scalper working on one of my accounts. It trades everyday and most of the time it does fine. But once in two-three months it gives me a lot of headache and I also become much more spiritual as you described in the other post

My favorite is swing trading. And picking Gold&Silver dips as long as Ben's easy money drive commodities up.
These are on separate accounts and I have really good results apart from that third reactor blast day - I got scared an bailed out everything. Of course too late. It took me two weeks to cover.
Well, another lesson - I should have bailed out immediately and then buy back everything once the dust settled. Anyway.

So while I'm in touch with the market everyday, I trade once-twice a week on average. Sometimes no trade for a week. While the robot does 1-3 trades a day.

Yup, lesson taken.
I set it to less aggressive mode. And I gave up with the money split. I have a leverage limiter but the Margin Level is calculated on the account, not the account plus something else I have aside.
Everything can fail. You cannot make everything redundant. Better have real margin than virtual one.

Cheers and may pips be with you

 

[RahmanSL]

2.5 years forex trading experiences???...whoooh, you have twice my experience and here I am trying to tell "advice" a senior : )

You use robot to do your trading for you?..hmmmmm, somehow, I missed that bit of info..
Ok, so you would be the perfect person to answer my question...or rather, my curiosity.. : )

How much average % returns can your robot make for you in a given...say...30 trading days?

I am strong convinced that position trading is the best way to make consistent profits for investment purposes.
What I read over at another forum Discuss EUR/USD News with a DailyFX Analyst reaffirm my conviction.
It was posted by a person going by the name of "russellb":

"Hey all... i figured this was worth posting. I had taken a break from fx after taking some heavy losses, but forgot I had an open eur/usd position from feb16. To my surprise I made almost 600 pips! By far my biggest gain, and recouped my losses plus quite a bit!"

So, if we were to enter a trade, pre-set TP and simple forget it for a period of time, we should get our TP triggered sooner or later. But then, we should select our entry level with care and not to enter blindly.
Personally, I would select "Sell" position at the highest level possible and set TP at the 1 to 2 months lowest level.
I think you are right to have a separate trading account for different trading system since I don't think I can resist interfering and closing out long term trade as soon as it gets into some significant profits.

I think I will wait until Fxopen servers/platforms are fully stabilized before I open an ECN account to try out long term trading.
For this type of investment, I believe direct bank wire transfer would be the best and safest way to deposit & withdraw money.

Yes, indeed, may the pips be with you too!

 

[Teodor Jackson]

2.5 years forex trading experiences???...whoooh, you have twice my experience and here I am trying to tell "advice" a senior : )

You can write off the first 8 months. I started in October 2008 when markets were in mad downtrend. Trading was so easy... I made fantastic profits and... gave it all back plus another $8000 once this exceptional market phase was over.
I didn't learn anything during that time. Except how to open and close a trade.

Ok, so you would be the perfect person to answer my question...or rather, my curiosity.. : )
How much average % returns can your robot make for you in a given...say...30 trading days?

First of all I don't believe in any robot trading. I mean it.
I tested about 90 robots. I wrote some. All trashed. I know about more robots tested by other users. 99.9% trashed.
I know how robots work.
Let's put aside all the scam here, just focus on the very few that work:

- they're completely blind. They don't know if the market is trending or not or close to some major reversal or else. Just compare some values.
- they know nothing about what they're doing. Just checking math for conditions and executing a trade if match.
- every single one will lose in longer run if not controlled by a human. Skilled human as a matter of fact.

This one is no different.
But it's very successful trading specific strategy matching specific Cable personality - it works only there.
So I keep an eye on it and adjust from time to time. No any set & forget.
It's like a toy car - it can go only forward without turning or breaking when needed. So you have to control it.
But it does something I don't like to do: scalping.
It does the hard job, I check from time to time and adjust weekly. Plus sometimes I have to make it out of bigger trouble.
Sorry for being that long but the background is important to explain my results:

Dec 5, 2010, Starting balance $99.43
March 25, 2011, account balance $450.82, 353% up.
But, you asked about 30 days period - 22% monthly on average, 2.1% a day.
As I said it trades every day, 1-3 trades a day.

However keep in mind I stressed it too much. So much I had Margin Call issue.
I'm going to slow down. Say... 1.6% daily on average
Now, if I didn't do anything and left it on defaults I would most probably do some 110% during this time and blow it all on the recent Cable swings.

But I'd not make any benchmark out of it - the robots are so different you cannot easily compare them.

I am strong convinced that position trading is the best way to make consistent profits for investment purposes (...)
So, if we were to enter a trade, pre-set TP and simple forget it for a period of time, we should get our TP triggered sooner or later (...)

Many ways to Rome...
One day I was struggling in EURUSD trading. After few hours of hard work I zoomed out and said: what the hell am I doing? It was just enough to sell it four days ago and let it go... I could even do it yesterday and bank nice 160! While I'm still down after long six hours...

I know some traders trading off 15 min charts. They seem to be very successful. However this requires a lot of focus and discipline.
Personally I believe robots perform best in very short term trading. The EA I'm using seems to confirm that.
But I'd rather trade more comfortably Longer term, wider ranges… the big picture.
One of advantages is much better error margin: you may enter in "wrong" place and time. Say market goes 100 pips against you on unexpected event just after the entry.
But you're in comfortable 500 pips distance SL looking for 700+ pips catch. Besides who said you could not add to position on this pullback?

I think you are right to have a separate trading account for different trading system since I don't think I can resist interfering and closing out long term trade as soon as it gets into some significant profits.

They may interfere each other in many ways. It may be margin level for example ;-)
But it may be simple psychology: you're long and short in the same pair. One trade is longer term, trend wise. The other is short term countertrend.
Now you're playing blacks and whites on the same chess board... Not very comfortable. Better split it.

Hope I didn't make it too long...