FXCobra
Banned for uncivilized conduct
- Messages
- 337
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