FOREX trading

[sdouglas3]

Profit Monster is a nice tool. I use a custom indicator with all time charts. I use it to place quick and hold positions. My custom RSI has been 89% the last three months....it's the exits on the 11% that I always cringe over......

Frixxx,

Did you design the indicator yourself?

Steve

 

[Frixxxx]

I'm cheating today and using a link that shows some market data that might influence you either in FOREX or the stock market:

http://www.dailyfx.com/story/topheadline/Chart_Patterns_and_Implications_1247254264687.html

These items just repeat what I said yesterday.

Weak dollar ahead.....short the carries

 

[Frixxxx]

Frixxx,

Did you design the indicator yourself?

Steve

Joint effort with a friend....It's our side business. We currently have 14 accounts and are in negotiations with a few hedge fund managers and some overseas investment groups.

 

[sdouglas3]

Joint effort with a friend....It's our side business. We currently have 14 accounts and are in negotiations with a few hedge fund managers and some overseas investment groups.

That's Cool. Let me ask a question. Do Banks and hedge funds trade with individuals or do they use EA's or a combination of the two?

Reason I ask, if the banks win most of the time and the retail crowd loses. What seperates the banks from the retail crowd? Is it just the amount of money they have to force trades to go thier way? Also, If one bank makes money, do they win against other banks as well?

Just some questions I was curious about.

Thanks,

Steve

 

[Frixxxx]

That's Cool. Let me ask a question. Do Banks and hedge funds trade with individuals or do they use EA's or a combination of the two?

Reason I ask, if the banks win most of the time and the retail crowd loses. What seperates the banks from the retail crowd? Is it just the amount of money they have to force trades to go thier way? Also, If one bank makes money, do they win against other banks as well?

Just some questions I was curious about.

Thanks,

Steve

Speculation on my part.....remember, you can close orders in full or in part. What I have determined through resource is that banks will manipulate at specific times. Also, most trading platforms are not permit to trade the first hour of the weekly session. This is to allow banks to "square" away their accounts. So, the answer is depending on what a specific bank needs determines the volatility of their trades and if they are going to "manipulate" the market.

Since they have removed hedging......(U.S. ONLY) some of this may go away.

 

[sdouglas3]

Speculation on my part.....remember, you can close orders in full or in part. What I have determined through resource is that banks will manipulate at specific times. Also, most trading platforms are not permit to trade the first hour of the weekly session. This is to allow banks to "square" away their accounts. So, the answer is depending on what a specific bank needs determines the volatility of their trades and if they are going to "manipulate" the market.

Since they have removed hedging......(U.S. ONLY) some of this may go away.

Frixxx,

Thanks for your response. How many times have you seen the EUR/USD open up or down a 100 pips on Sunday afternoon and then fill the gap? If your on the good side it's fine. If not then hell can break loose. I don't trade on Sundays at all.

Steve

 

[sdouglas3]

Speculation on my part.....remember, you can close orders in full or in part. What I have determined through resource is that banks will manipulate at specific times. Also, most trading platforms are not permit to trade the first hour of the weekly session. This is to allow banks to "square" away their accounts. So, the answer is depending on what a specific bank needs determines the volatility of their trades and if they are going to "manipulate" the market.

Since they have removed hedging......(U.S. ONLY) some of this may go away.

Frixxx,

I wish you and your partners good luck with your indicator and hope you sell to all the hedge funds. Let us know how it works out.

Steve

 

[tsptalk]

You guys are more than welcome to keep posting your futures and currencies trading here. I enjoy reading it. But we also have Futures Trading forums on our ETFtalk.com forum... www.etftalk.com/forum

We are trying to get this off the ground and with your posts, you may draw similar traders into your conversation. The more the merrier! Thanks

 

[Minnow]

Hey Frixxxx.... GDP comes in on Friday... any front-running on your part?

 

[Frixxxx]

Hey Frixxxx.... GDP comes in on Friday... any front-running on your part?

I believe we will hit expectations solely based on the fact that they are going to be using "new" numbers. I also believe that if you watch Geitner today, he will 'hint" at the expectations.

We'll beat -1.3% , but we'll still be negative.

My call only.

I really think we would be @ -3%, but I can't account for the new figures they will be using yet.

 

[Minnow]

Yeah, that's probably a good call.

I get suspicious when the rulers are recalibrated.

Now, in my practice fx account... I'm waiting for thursday to try and position myself for the EUR to actually make its way higher... the dollar to make its way lower... and then a sort of "sell the news" scenario later and hopefully I'll be quick/lucky enough to catch the swings... but I will trust my "system" (if you can call it that yet).

BTW, I finished the babypips school and I'm just dangerous enough to have kept one practice account alive (using basic candlestick stuff and oscillators -- not a whole lot of backtesting so far) for 48 hrs -- it died an unceremonious death thursday -- my personal best so far... :laugh:

I'm trying some fib stuff mixed in now... it's a work in progress ...

I think I'll try and run two accounts at the same time now. Wish me luck...

 

[Frixxxx]

BTW, I finished the babypips school and I'm just dangerous enough to have kept one practice account alive (using basic candlestick stuff and oscillators -- not a whole lot of backtesting so far) for 48 hrs -- it died an unceremonious death thursday -- my personal best so far... :laugh:

I'm trying some fib stuff mixed in now... it's a work in progress ...

I think I'll try and run two accounts at the same time now. Wish me luck...

Congrats,,, I've been through it three times.....when looking at fibs, mark a daily, weekly, and a monthly.

I had a great epiphany on this approach.....

Also, check some RSI levels at all time frames. I love the RSI.....I can almost predict the future. Well, at least enough to stay profitable.

Good luck on two accounts......also....create a report of each attempt and write down lessons learned....Makes great review material and helps curb the possibility of repeat mistakes.

 

[Intrepid_Timer]

Hey Frixxxx,

Hey do taxes work on Forex trading? Is it like capitol gains?

Thanks,

I_I

 

[tsptalk]

With futures, you only get one amount reported to the IRS, rather than each sale for individual stocks. If you buy a stock 10 times during the year, and sell it 10 times, you get 10 amounts (each sale) reported to the IRS. With futures it's just one amount reported to the IRS.

I don't know if FOREX is different, but I thought I'd mention this if anyone was interested.

 

[Minnow]

Congrats,,, I've been through it three times.....when looking at fibs, mark a daily, weekly, and a monthly.

I had a great epiphany on this approach.....

Also, check some RSI levels at all time frames. I love the RSI.....I can almost predict the future. Well, at least enough to stay profitable.

Good luck on two accounts......also....create a report of each attempt and write down lessons learned....Makes great review material and helps curb the possibility of repeat mistakes.

Yeah, RSI is cool alright...

So far I've written my lessons learned from the failures (5 so far -- 3 failed within an hour or so... 1 lasted 6 hours and the almost 48 hour one) ... different small technical mistakes/errors for different accounts but the two things that happened on all accounts: 1) going back too quick with a trade and trying to "win" my "money" back -- even though I know not to do this, 2) emotion, emotion, emotion -- specifically not being objective... I will get better... just gonna take some time... at least it's not real money

Not sure which pair(s) you trade the most... i'm eurusd right now (actually with the account dead, I'm not anything) but looking to start the second in cadusd ...

 

[sdouglas3]

Yeah, that's probably a good call.

I get suspicious when the rulers are recalibrated.

Now, in my practice fx account... I'm waiting for thursday to try and position myself for the EUR to actually make its way higher... the dollar to make its way lower... and then a sort of "sell the news" scenario later and hopefully I'll be quick/lucky enough to catch the swings... but I will trust my "system" (if you can call it that yet).

BTW, I finished the babypips school and I'm just dangerous enough to have kept one practice account alive (using basic candlestick stuff and oscillators -- not a whole lot of backtesting so far) for 48 hrs -- it died an unceremonious death thursday -- my personal best so far... :laugh:

I'm trying some fib stuff mixed in now... it's a work in progress ...

I think I'll try and run two accounts at the same time now. Wish me luck...

Here is a good site for a little technical analysis. http://www.chartsecret.com/

 

[sdouglas3]

Congrats,,, I've been through it three times.....when looking at fibs, mark a daily, weekly, and a monthly.

I had a great epiphany on this approach.....

Also, check some RSI levels at all time frames. I love the RSI.....I can almost predict the future. Well, at least enough to stay profitable.

Good luck on two accounts......also....create a report of each attempt and write down lessons learned....Makes great review material and helps curb the possibility of repeat mistakes.

Frixxx, How is the indicator working for you ? Are the Hedge funds contracting with you yet? Hope that works out for you.

Steve

 

[Minnow]

Here is a good site for a little technical analysis. http://www.chartsecret.com/

cool, thx... I'll check this out in-depth a little later on...

 

[fedgolfer]

What are the pairs you guys like trading/scalping the most? What are the better spreads for carriage trades you foresee the next few months USD/AUD?

 

[sdouglas3]

What are the pairs you guys like trading/scalping the most? What are the better spreads for carriage trades you foresee the next few months USD/AUD?

Fedgolfer,

I use a program called Robominer to trade the AUD/NZD and the EUR/CHF. It's a safe program to use I have been using it since last July and my account is up 36%. It has been booking profits of about 6% per month. The last couple of months it has faired better than 6%. Now it does have draw downs but if you follow the money management you will be alright and not suffer your account exploding. I use forex.com UK because they are not governed by the NFA rules. Robominer site is at forexgoldmine.net

For me Forex is high risk, High return. I have blown many accounts up by not trading with good money management. I chose Robominer because it allows me to sleep at night and I don't have to stay up all night to monitor open positions. Robominer is a long term set and forget program.

Thats what I trade. Hope this helps!

Steve