Who's telling the truth???

[FXCobra]

My thanks AthenaFx for your kind words, and for coming to my defense against a seemingly disturbed member.
For the record, I am semi-retired, after becoming partially disabled due to a serious industrial accident in 2008. I currently trade only for my own account. I have maintained my CTA license since 1996, but returned to a prior engineering career in Diagnostic Medical Imaging (CT, MRI, X-Ray, Mammography) when on 9/11/2001 the proprietery trading firm I worked for at the time was bankrupted by the collapse of the World Trade Center (where it's clearing was headquartered). I have not managed any client funds since that time.
Because I am inactive with the NFA, I feel freer to openly identify myself here, express some personal opinions, and attempt to add some perspective from a professional point of view to this forum, than could other registered entities whose careers would be on the line by doing so.
In addition to the CTA, I was also an NASD Registered Series 7 Stockbroker for AG Edwards, a professional risk manager for the Chicago Corp, ABN AMRO Bank in the Energy markets at the NYMEX, and prior to that a New York State Licensed Life and Health Insurance Agent for the New York Life Ins. Co.
Contrary to the assertions posted here of "self-promotion", my only purpose here is to help restore some modicum of respectability to an industry so gravely damaged by the greed and averice of so many in the financial industry. I find it embarrassing and depressing to see so many thieves and soundrels lining their pockets with no regard for the fiduciary responsibilities that as licensed professionals they are sworn to uphold. For those interested, I have posted several scathing reviews of professional firms; a quick search of my posts will reveal.

Is shown for all at FPA who's the disturbed member who do not hesitate in each post to talk about himself showing off profile and regulation as if anyone cares about that to not say another appropriate word

All FPA members can read all your and the athenafx replies to my reply.

To revive memory, all the offensive rubbish nonsense useless replies by both where for an honest useful reply by myself.

FPA members, Read it again to judge where was the offensive part in it, to later read those both members replies and see how are they in any term logical to be a reply to my reply

My reply was:

*******Good Explanation Anthony for the point of rollovers and prices spikes at that time.

****Unfortunately, anyone caught with Stops within that range at that firm gets their clock cleaned as well. This is how banks and brokers make their money. You'd better be aware of it and know how to widen your stops appropriately in advance of Daily, and Wednesday rollover events, and the Weekend gap.****

We must not always put the fault on brokers and banks in such conditions that are known in advance for all traders, despite it being a fact(making money..etc)
When traders know that there will be spikes in that time, why set the stops very small and close to the market price at that time to later blame the broker
Instead of getting confused what the spike number/pips could be, DO NOT SET A STOP LOSS in those periods. Can not be more simple than that.

As much as brokers/banks make money from stops , at same time traders make money from entering and exiting quickly(shortly) few minutes before and after rollover period to take advantage of the big rollover for the currencies that have high interest rates.
This is a tactic used by many traders including myself. You can make some good money from rollovers on high rates currencies but it also depends on your broker.
Some brokers make it very hard by widening the spread and keeping it like that for some 15-30 minutes(those are big question mark brokers?!), but the Good brokers with normal action in such conditions widens spreads before few minutes of rollover period switch and after it by few minutes which makes it easier for traders who knows to trade in those conditions to profit.

To add to the point Anthony had said about Wednesday rollover being Triple or 3 times it than other days.
In some days(mostly of Wednesdays) through the calendar, it can be much more than the 3 times of the regular Wednesdays according to what Central Banks had set.
Knowing that traders can make much more money.

Setting a stop loss (and take profit ) before the weekend would not guarantee it being filled by broker when market open on sunday nights if there's a weekend gap, so better without it, be there at market open to exit manually.*****
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If FPA members see that those paragraphs(to the point post) above give any single excuse for all the rubbish replies by both members(read theirs too to compare the difference in replies and the offbase replies they wrote!!!) then I'll not reply to their nonsense posts anymore

 

[BigT1]

Know how to write without editing for every few words before you reply

How dare you, you ignoramus!
Any forum poster who edits their comments here such as AthenaFx, are deeply concerned about the impact their remarks might have on others. They seek to correct spelling, grammar, punctuation, and intellectual content, to properly reflect their intended meaning. I am appauled I have to explain this to the likes of you!
Why don't you just concentrate on your trading career rather than posting your sloppy remarks here; as it appears you have very little of substance to add, your comments are so very poorly phrased, and only serve to display your own ignorance, narcissism, and supreme arrogance.
.
Corporal BigT1 to PFC FXCobra.

 

[FXCobra]

How dare you, you ignoramus!
Any forum poster who edits their comments here such as AthenaFx, are deeply concerned about the impact their remarks might have on others. They seek to correct spelling, grammar, punctuation, and intellectual content, to properly reflect their intended meaning. I am appauled I have to explain this to the likes of you!
Why don't you just concentrate on your trading career rather than posting your sloppy remarks here; as it appears you have very little of substance to add, your comments are so very poorly phrased, and only serve to display your own ignorance, narcissism, and supreme arrogance.
.
Corporal BigT1 to PFC FXCobra.

I'll not go into arguments with your kinds when you crossed the red lines by far in conversation of low standards offensive words that are very far away from my values and my friendly respectful conversation with any person whoever he is.

FPA Members can read my first reply that started all your rubbish offenses posts and can judge if it deserves any single word of all your offbase useless comments.

I'll put this offense in the hands of FPA Moderator & ask him to act Immediately against your Personal Direct Offensive Words Toward me.

May God help you if wishes.

 

[Pharaoh]

OK, who decided to have a flame war and not invite me?

Could we please maybe drag this thread back to addressing Cloppa's issue and how to deal with it?

Personally, I'm in the "never widen your stops for any reason" camp. BigT1 is correct that decreased liquidity (such as around triple rollover) could require wider stops, but only an experienced expert with nerves of steel won't be risking having more and more excuses to make stops get wider and wider. Since I tend to trade longer term, I try to build in enough room for market silliness into my stops and never widen them.

Cloppa, what sort of trader are you? If you tend to only leave trades open for a few hours, just verify when your broker does rollover (especially on Wednesdays) and make sure you've got nothing on the table then. Considering current uncertainty in the Eurozone, I recommend against keeping significant positions open over the weekend (with the exception of very long term positions with stops wide enough to survive a surprise weekend exit of one or more Eurozone members).

 

[FXCobra]

With respect to your reply Pharaoh. You know who started the flame! My reply was purely trading nothing less but the other replies came as attacks with no single reason but jumping on conclusions or maybe a background hatred.

Anyway, Had explained the spikes that happen only at time of rollover period that Cloppa was referring to.
Not the case of taking a trade to carry it for days or weeks or months when it looks good in the direction of the positive rollover for the pair.
The rollover period that's traded by some traders is the one you enter the market few minutes before the swap switch to close after it by few minutes. This is a type of trading just for the rollover money and nothing else.
When you are engaged in this trading style, you do not need a Stop Loss because your entry and exit is manually and in short time(swap period)
Even in other trading cases, when a client knows that the broker widens spread at that time, where's the logic thinking!! in putting a stop loss near to market price If your stop loss is that near to market price, better close your order manually before the swap period than crying/blaming your broker when you know what the result will be. Best to not trade or close your orders before that time.
To the point of spread widened by broker, it must not affect in anyway a trader stop loss or margin call unless the trader did not consider MM because most if not all brokers would not widen the spread overnight like 50 pips, it will mainly be some 10/20 pip max.
And rollover tripled or more at wednesdays would not lead whatsoever to any margin call or loss.
Some are making it look as if rollover period is some disaster time where traders will loose their accounts with some widen spread by broker, that is totally wrong and false claims!!
It's more easy than anyone can imagine it. Mainly, at rollover period the market price is rarely affected because it will be adjusted again after some minutes of swap period. For example if price was 1.2300-02 for the euro it might become some 1.2300/10 or 1.2295-05, for it to go back to nearly same price after the spread widen period or stay in range unless if some news affect it(that's another matter)
If a trader have a short or long trade in between those prices or somewhere near to it, will not put Stop loss at 1.2295 or 1.2310 or even 1.2280 or 1.2320
Price will not change much(after that period) because few traders will be able to close(waiting for market stability, unless satisfied with the rollover money) or open orders at that switch period because they had already executed or closed their orders before and no trader will trade in such wide spread unless for maybe long term trade.

I do not get it how at first rollover is stuck into stop loss, why must it be like that? What does this have to do with that!?!

Am not going to wait as a trader for rollover time to adjust my stop loss, but instead will be busy adjusting my take profit Seriously!

 

[Cloppa]

Firstly, thank you all for your advice and comments.
(I have only just seen them!)
I guess I am much more of a novice than I ever imagined!
I did a course with OTA in the UK and thought I'd be able to trade after that.. but there just seems to be another 90% to learn!!!
I know nothing of all the things you have spoken of, so again I thank you for taking the time to explain things so well.
It all now seems too overwhelming!
I appreciate everyones comments, and even the fact that you all seem to care about if someone may be giving wrong advice!
I will take the time to read all of these posts and make my own conclusions, but I understand everyone has different opinions and different methods.
I didn't expect such a great response to my first ever post, so thank you all very much again.
Regards,
Cloppa. (Big Novice!!)

2ndly.. having just seen the latter posts!! Please stop arguing!
Life's too short!

 

[Pharaoh]

2ndly.. having just seen the latter posts!! Please stop arguing!
Life's too short!

Wise words.

 

[Koopa]

Big T1

WoW! I didnt realise i'd been away so long!
After previously given up. i've just started looking at forex again and by seeing spreads go crazy at 9pm GMT i had the same question as all those years ago and came across this post of mine! (though i'm now called Koopa previously Cloppa)

Having re-read i thank u again for such an explicit answer and hope u are well.
I'm really disappointed that I dont think i can make any money trading forex as there seems way too much to learn and so many pitfalls.
Other than doing the weeks course at Trading Academy for several £Ks (which i did) how can anyone become a professional trader?

Regards, Koopa.