Anyone here trade Forex?

[ws6ta]

Which broker do you use? I wanted to use MB Trading or ATC Brokers but both do not allow BC residents to sign up. A lot of brokers actually don't let BC residents to sign up. I am used to using the MT4 platform and the only broker I can find that has MT4 and allows BC residents is FXCM. I'd prefer to go through an ECN like MBT or ATC has so anyone know how I can get around this? I tried searching on google and all I can find it people saying stick with the brokers that are allowed to do business in BC due to the 1 million in insurance protection etc. I am looking to deposit about 50k so I want it to be safe but at the same time I'd rather have something that doesn't have much slippage, wide spreads or delays in execution of order. I also saw some swiss brokers which say you can avoid the taxes etc (MIG being one) but have read pretty crappy reviews about execution times etc. Help would be appreciated.

[RFlush]

InteractiveBrokers. I have been looking myself, I know they allow for BS residence. Also have you tried E-Trade Forex?

[ws6ta]

Originally Posted by RFlush

InteractiveBrokers. I have been looking myself, I know they allow for BS residence. Also have you tried E-Trade Forex?

ibfx sucks. etrade = no mt4

[ws6ta]

wow no love for forex? lol

[ws6ta]

oanda is a good broker. use demo mt4 account. not the best combo but it works. you guys should look into trading forex it's quite lucrative

[Ulic Qel-Droma]

a sister company of http://www.rcgdirect.com/

[ws6ta]

wow all that effort just to have my account at negative 3105 with a few big sell offs. i thought it would retest but after ignoring a huge concept (money management) I thought I'd take the loss and have a -3k account instead of a -30k account lol shit came back would have made me a few thousand but I stopped believing. I would say 70% of forex trading is physiological 25% your method and 5% luck! scalping/range trading forex is a lot more fun then stocks for sure though

[Carl Johnson]

so what's the biggest differences between trading forex than say trading equities except you can do it 24 hours a day?

[ws6ta]

Originally Posted by Carl Johnson

so what's the biggest differences between trading forex than say trading equities except you can do it 24 hours a day?

one person can't manipulate the price and sucker you in. you don't have piece of shit ceo's of bs companies pumping their junk up just to have it sink and your left holding at a price that it'll never get to again. best time to trade eur/usd would be 11 pm to about 8 am which kind of sucks unless you only trade for 2-3 hours make your money and go to sleep. news tends to really screw with you when it comes to forex....brokers usually make the spread 10pips which on 1 lot is about 125 bucks Canadian so you really need to be out before the news if your just scalping. oh and the other thing thats different is for reasons that make no sense there can be HUGE spikes up or down which will take out your stop loss and retrace back to where it was over and over again lol. and that could mean thousands lost within seconds for no reason.

[goo3]

^ so what time frame do you trade under and how long do you hold for?

cool, i think i'm gonna play with oanda's fxgame acct and practice some ta, something i've been meaning to do but too busy to during work hrs

[ws6ta]

Originally Posted by goo3

^ so what time frame do you trade under and how long do you hold for?

cool, i think i'm gonna play with oanda's fxgame acct and practice some ta, something i've been meaning to do but too busy to during work hrs

I usually look at 5 minute charts for entries but my overall decision to enter or get out is based off of 15 minute and 1 hour charts. How long I hold for really just depends. Sometimes I'm out within 5 minutes sometimes I hold for 2-3 hours. Nothing longer then about 5 hours. the larger the time frame of the graphs the longer you have to hold.

[ws6ta]

here is an example of a trade I would have taken but my stupid gf was being such a cunt so I got tired of rumbling and just went to sleep. would have gotten out with less profit most likely since I'm newb but this is an ideal trade. 4 hours would have given you 61 pips. With just one standard lot which is a tiny bit over 3k Canadian invested profit would have been $752.13.

I am VERY VERY far from any type of expert in this. I'm actually really new at it and have demo traded only up until about 1.5 months ago. When the real estate market started to go to hell I knew I needed something else to make me money so I started reading and learning about forex. It is quite possible to make money on here but from what I hear 95% of the people that try fail and blow out their accounts. I'm hoping I can be one of the 5% but only time will tell. I am once again taking a break from trading since my account is down over 3 grand from my initial deposit (profits of 1.5 month plus over 3 g's lost in one night!!) So shit can go against you fast. As far as those lines go the blue line once it started approached it again I would have bought and sold at the next level. Not trying to capture the whole move only small parts of it .

If anyone else is new and wants to learn and share ideas/thoughts please feel free to pm me. I am a typical newbie going through the ups and downs so if your hoping to find a holy grail from me...it won't happen...until I find it myself in which case I would be willing to share since the forex market is so big one person can't make a difference. Everyone can make money! no need to lie about entries or exits to get an edge.

[goo3]

just what i know from reading.. some things you can try which you may already know:

1) limit your risk per trade (max amt losable) to NO MORE than 3% of your portfolio.. 1-2% is what you should aim for. Not as exciting but if your method is solid, this should be doable and you live to trade another day. You're not playing the odds when you have to chip your way back from a big loss.

2) Your exit strategy should already be defined when you send in your order - where or how to take profits (price target, underneath prior support, break of trendlines, etc) and, most importantly, where to set your loss (support/resistance, etc). And the thinking ends there. The rest is about executing the plan. It helps keep you even headed if you have problems with that.

And if your plan calls for > 2-3% max loss, maybe it's not a good plan? Try using less capital for that trade. Of course, never change your stop loss unless you're protecting profits you already have.

^ All theory, BTW.

[ws6ta]

I have learned the money management risk situation the hard way. I am limiting my trades down so that I am only risking 1 and sometimes 2% of my account. I just got a bit over confident since I was doing well for the last month. Started hammering away at this trade and averaging down over and over again and ended up getting burned. I hate when that happens!!! I still didn't lose more then about 5% of my overall account I am just pissed that it happened. Just want to analyze the situation again and come up with a clear plan before I start trading again. I am treating this like a real business...not really looking for huge profits just trying to learn. Even if I do end up blowing thousands I'll consider it tuition. I paid sfu thousands to teach me pretty much nothing anyways

the exit strategy is a bit difficult at the beginning but easy enough. The stop loss is the worst thing possible in this market. Sudden spikes up or down will take your stop loss out and make you lose money when you wouldn't have otherwise but sometimes you'll get caught in a huge run up or down and with no stop loss you'll lose so its kind of a lose lose situation lol

[goo3]

fx seems really choppy with no established trends..

TA's don't avg down, that's for your financial advisor.

Try setting ur stop underneath a support level. If it breaks, don't avg down. Your plan is no longer valid so get out. Yeah, it could come back - you can't predict the future, but isn't it more likely it'll keep going down?

Again, all this from books, so it sounds good in theory.

BTW, what's a unit in Oanda's platform? I'm confused.

[sadboy]

Speculating FX is hard.
If you want to trade, I would stick to equities.

[van_driver]

My best advice will be to start off by visiting www.babypips.com/school

That site will clear any questions you have about forex and will really help you understand how most accounts work. Myself, i'm a newb aswell but from searching through the net i've found that site to be the most useful one out there.

Personally, I used that site uptil Grade 5 or 6 and I got a good feel for things. Even though it tells you to do the whole school, I think i'll just get confused if I know more techniques, indicators etc.

Originally Posted by goo3

BTW, what's a unit in Oanda's platform? I'm confused.

I think your talking about pips. A pip is the smallest unit of change in a currency. For example: If the EUR/USD moves from 1.2250 to 1.2251, thats ONE PIP.

As for the emotional part of Forex, I have been recommended to read the book "Trading in the Zone" by Mark Douglas. I still have yet to read it but have heard great things.

[MK-EK]

i've been trading for a while now and it is really difficult to be consistent if anyone here has a winning strat please share i dont mind meeting up and sharing my knowledge of forex etc etc maybe

forex meetup group would b nice

[ws6ta]

Originally Posted by van_driver

My best advice will be to start off by visiting www.babypips.com/school

That site will clear any questions you have about forex and will really help you understand how most accounts work. Myself, i'm a newb aswell but from searching through the net i've found that site to be the most useful one out there.

Personally, I used that site uptil Grade 5 or 6 and I got a good feel for things. Even though it tells you to do the whole school, I think i'll just get confused if I know more techniques, indicators etc.




I think your talking about pips. A pip is the smallest unit of change in a currency. For example: If the EUR/USD moves from 1.2250 to 1.2251, thats ONE PIP.

As for the emotional part of Forex, I have been recommended to read the book "Trading in the Zone" by Mark Douglas. I still have yet to read it but have heard great things.

Trading in the Zone is a good book to read if you want to trade forex.

[goo3]

Originally Posted by van_driver

My best advice will be to start off by visiting www.babypips.com/school

That site will clear any questions you have about forex and will really help you understand how most accounts work. Myself, i'm a newb aswell but from searching through the net i've found that site to be the most useful one out there.

Personally, I used that site uptil Grade 5 or 6 and I got a good feel for things. Even though it tells you to do the whole school, I think i'll just get confused if I know more techniques, indicators etc.




I think your talking about pips. A pip is the smallest unit of change in a currency. For example: If the EUR/USD moves from 1.2250 to 1.2251, thats ONE PIP.

As for the emotional part of Forex, I have been recommended to read the book "Trading in the Zone" by Mark Douglas. I still have yet to read it but have heard great things.

[van_driver]

Which currencies are you guys trading?

I'm liking the USD/CAD

[van_driver]

According to my fibs, EUR/USD should be going up any second

[van_driver]

USD/CAD went up pretty nicely today

EUR/USD not so much, fibonacci lied to me

[van_driver]

Originally Posted by ws6ta

wow no love for forex? lol

QFT

[ws6ta]

which time frame do you trade?