FOREX trading

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I gotta look into that Robominer thing. I tried going through and educating myself and then blew up quite a few accounts.

I liked trading the USD/JPY until recently. I tried going with two accounts at once with one on the USD/JPY and one on the USD/EUR. I don't think I had the patience for it.

The sooner fan is right -- money management is the key. That's why all of mine have been practice accounts. Another good tip I learned from a Frixxxx recommended site (www.babypips.com) is to determine which type of trader you are. I used to daytrade way back when and I thought I was still that type. Turns out marriage and four kids has made me at best an intermediate type to long term type at least when it comes to currencies and probably overall. That site should be like grade school stuff for you fedgolfer but it's still a good primer.

Now, I don't believe (barely) understanding the currency game has helped me with TSP ... it's probably been to my detriment a little bit... but in the long run it will likely benefit me.

I'm just starting to look at the EUR/CHF cross ... if anything stands out I'll post on this thread. Until then, I'll be shopping around to see how to blow up more accounts --- uh, I mean make money.
 
Minnow said:
I gotta look into that Robominer thing. I tried going through and educating myself and then blew up quite a few accounts.

I liked trading the USD/JPY until recently. I tried going with two accounts at once with one on the USD/JPY and one on the USD/EUR. I don't think I had the patience for it.

The sooner fan is right -- money management is the key. That's why all of mine have been practice accounts. Another good tip I learned from a Frixxxx recommended site (www.babypips.com) is to determine which type of trader you are. I used to daytrade way back when and I thought I was still that type. Turns out marriage and four kids has made me at best an intermediate type to long term type at least when it comes to currencies and probably overall. That site should be like grade school stuff for you fedgolfer but it's still a good primer.

Now, I don't believe (barely) understanding the currency game has helped me with TSP ... it's probably been to my detriment a little bit... but in the long run it will likely benefit me.

I'm just starting to look at the EUR/CHF cross ... if anything stands out I'll post on this thread. Until then, I'll be shopping around to see how to blow up more accounts --- uh, I mean make money.
Click to expand...

Hey Minnow,

I meant to post that you can try Robominer for free. All you have to do is go the the site I listed and sign on to the site and then download Robominer. Try it on a demo account. Remember it's a set and forget program. Don't watch it as it's like watching paint dry. It's also not a get rich over night program. It's designed for the longterm.

Steve
 
sdouglas3 said:
Hey Minnow,

I meant to post that you can try Robominer for free. All you have to do is go the the site I listed and sign on to the site and then download Robominer. Try it on a demo account. Remember it's a set and forget program. Don't watch it as it's like watching paint dry. It's also not a get rich over night program. It's designed for the longterm.

Steve
Click to expand...

Thanks man... I'll be checking into it soon. I kind of like the idea of a set and forget program on currencies.

Got a site with good background/technical educational info on the EUR/CHF cross?
 
fedgolfer said:
Thanks for the info, Steve. I'll check it out tonight for sure. Like the George Foreman grill, set it and forget it :)
Click to expand...

No problem, I'm here to help. When you go to forexgoldmine.net be sure to check out the questions and answers area. It should explain any questions that you might have.

Steve
 
Hey guys,

Been a while on this thread and I am hoping to get back on track the first of the year with this.

I'm still under an NDA about my strategies and performance levels.

Pairs that I focus on:

USD/JPY - a more stable long term investment - although, I hear that a lot of countries are in the Yen for the long haul on the buy side.

GBP/JPY - an excellent Fibanocci retracer.......Ride the Elliots on this one.

Watch the spreads ladies and gents and remember, over 6 pips is nasty returns.

Look for 1% movements!

Invest in UK banks to "hedge" postions. The U.S. is still holding fast to the one-side or the other right now.

Good Luck!:cool:
 
Frixxxx said:
Hey guys,

Been a while on this thread and I am hoping to get back on track the first of the year with this.

I'm still under an NDA about my strategies and performance levels.
Click to expand...

Well, I hope you're experiencing lots of holiday cheer with your strategies and performance levels.

Thanks for getting me looking into the forex world. :cool:
 
Frixxxx said:
Hey guys,

Been a while on this thread and I am hoping to get back on track the first of the year with this.

I'm still under an NDA about my strategies and performance levels.

Pairs that I focus on:

USD/JPY - a more stable long term investment - although, I hear that a lot of countries are in the Yen for the long haul on the buy side.

GBP/JPY - an excellent Fibanocci retracer.......Ride the Elliots on this one.

Watch the spreads ladies and gents and remember, over 6 pips is nasty returns.

Look for 1% movements!

Invest in UK banks to "hedge" postions. The U.S. is still holding fast to the one-side or the other right now.

Good Luck!:cool:
Click to expand...

Frixxxx, I look forward to hearing from you at the beginning of the year. Thanks for the info.

Steve
 
Looks like shorting the Yen may be making a comeback based on some of the comments coming out of Japan. Would be interesting if the USD shorts moved their positions. Then again, it might be scary.
 
If the BOJ decides to intervene in the currency market, that means they will have to buy dollars or print yen. Print yen is not a smart move when your country is suffering from deflation. On the other hand, where's the yen to buy dollars? Neither sounds like a good idea for Japan to me. Even if they do it, if the reason is to make their products cheaper to increase their exports, with the world economies hardly eager and growing I'm not sure if that helps. I guess it would help against their fellow exporter and rival China, who ties their currency to the dollar, however I think China will ultimately win in a currency poker game with Japan since they hold the cards with the Yuan, and Yen is available on the open market.
 
I don't think the BOJ is actually doing anything but there are some weird movements in the fx markets today that could suggest some shifting in the currency world. If the yen becomes a better short than the USD... better to limit your equity exposure. (but I've been wrong in the fx world much lately).

I do like the macroeconomic points you made.
 
Good catch SB... there's a rumor goin' round that Japan is going to sell US Treasuries... methinks they're a little perturbed. If that happens... and it's a significant amount... yikes!
 
Selling U.S. treasuries would further inflate the value of the Yen. So its either buy or hold the pair of deuces that they know is a losing hand.
 
I'd have to respectfully disagree with you there, Silverbird. They already bought those Treasuries... selling them increases the value of the USD... and weakens the yen... which, as an export economy, they would want.

Whether they do it or not is debateable. If they do it, I think they are basically taking a big shot at another sovreign that's a little closer to home... China ... whose currency is pegged to our dollar and an exporter as well.
 
But, then again, they could sell the treasuries but then buy EUR... weakening both USD and JPY... I wouldn't put it past them. But, it's all just speculation and rumor right now. Nothing substantiated.
 
GUCHI said:
can anyone tell me what is taxed and the rate when currencies are traded???

thanks
john
Click to expand...
John,

Loaded question, but here goes.

Depends:
Your currency bank will provide you a sheet of paper that describes how you elected to take taxes out of your account based on trades.

There's the long term capital gains tax route, or the 60/40 rule where they tax your income at 60% long term. So, based on how you traded, what tax rate you agreed to and how much you made will determine the taxes applied to that income!:cool:

I recommend: http://forexforums.dailyfx.com/forex-tax/ for all types of discussions on the issue.
 
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