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Forex Junction
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clauswu
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27-Dec-2007 22:01
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Agree whole-heartedly with cashiertan. Don't rush and remember that 80% of FX traders lose money. My own experience is no different: had 21 trades between end May and now, only 3 losing ones but they were big losses during the July/August period when all the carry trades were unwound, because I couldn't control my emotions. Overall I am now in positive territory by approx. USD 25k, but it wasn't an easy walk. USDJPY weaker now because of lower than expected durable goods data out at 21.30 pm, and higher jobless claims. Next economic news at 23.00 pm is the consumer confidence. Suicide attack on Bhutto (which killed her) in Pakistan has also weakened USD. You have to follow all these news if you want to trade FX. BTW, just closed my GBPUSD long position at 199.40 as recommended by cashiertan. Will now wait for next year when liquidity is better. |
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Manikamaniko.
Master |
27-Dec-2007 22:00
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Cashier... :) Hahaha... You sound like my old school "lao shi" (who also speaks to me like you are doing because he meant good for us)... Anyway, I treat you like a "da shi xiong"... hehehe... 
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cashiertan
Elite |
27-Dec-2007 21:55
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congratz to those who still long GBPUSD as it hit the 19940 just now. now can consider to hold to see if it can exceed the next level at 1.9970 region. Good luck. |
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cashiertan
Elite |
27-Dec-2007 21:51
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mani, just paper trade for 2 weeks or so, the main reason is not for u to understand the mechanics, i have areadi onsider that. the main purpose i want u to paper trade is becoz there is some characters for different pairs. u need to feel their character, their time of huge moved. and also how they moved. forex is not abt making lots of pips. the main thing is to reduced the potential mistakes. i only mean well for u, even thou i "sound" harsh, to be i aim at "matters" not aim at person. at least u havent make me as pissed as mr P. furthermore, currently period is holiday season, the real movement is not here yet. anyway, i can only advise and suggest, eventually it is still up to you. Hope u understand my concerns. furthermore, have u really completed grace's course? |
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Manikamaniko.
Master |
27-Dec-2007 21:51
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USD/JPY just fell to 114.04 low a few minutes ago... |
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Manikamaniko.
Master |
27-Dec-2007 20:32
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Thanks for the good tip.... :) I'll probably put in a 40-50 pips s/l as you suggested...
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clauswu
Member |
27-Dec-2007 19:41
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Regarding s/l margin, even taking into account that you managed to enter at an "ideal" and precise level from a technical perspective, I would never put it only 10 pips away, especially in any of the JPY crosses. These crosses move significantly in both directions, and over-shooting is common. You will struggle to have any profitable deal with such a small s/l. Especially if you include swap pips and dealer commission. Also remember that FX market is much more liquid than stock market, and open 24 hours. I can't remember any deal in which the pair did not move a bit more than 10 pips against my position. In most cases this did not mean that my assumption were wrong, but it was just the intra-day fluctuation. Good luck with your trading. |
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Manikamaniko.
Master |
27-Dec-2007 18:41
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I understand... but paper trading is more for getting used to the trading mecanics... And furthermore, paper trading is macham 'main-main'... Very much different from real moneyed stuff... (in paper trading one is so easily careless)...
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cashiertan
Elite |
27-Dec-2007 18:31
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since u care so much abt fundemental, than do paper trade as recommended on genie before doing live, thou i understand ur trading skill has reached certain level. Hi all those who long GBPUSD, hope u have benefitted on my suggetsion and kept ur position opened till 1.9940. volume has been low but the price has till move, this is the main benefit of Forex over other trading instruments. |
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cashiertan
Elite |
27-Dec-2007 18:25
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well i understand what u mean, maybe u buy trade secret 1st to know what i mean. since u recommended ppl to buy trade secret and i find it the best among those u recommended so far. |
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Manikamaniko.
Master |
27-Dec-2007 18:21
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If USD/JPY touches 114.00, I'll be in long 2 minilots... Hope it does tonight ...
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Manikamaniko.
Master |
27-Dec-2007 18:13
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It's not a matter of 'work' or 'does not work'... It's the fundamantal education value to all traders that is valuable...
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cashiertan
Elite |
27-Dec-2007 18:05
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genie wouldnt work as well on forex as stock. Trade secret vids will work better. if genie that good, you wouldnt have the need to get any new ebooks and systems. www.Stockcharts.com is free more than enough on stocks and confirmed better than genie which need to be paid. however i am sure Trade Secrets Video System will be a better buy for trading on forex, stocks, commodities etc. In fact i like anyone who have both genie and Trade Secrets Video System to come here and post reviews abt the two. reviews by me alone may not fair and enough to proof my point. In fact i am sure techniques in Trade Secrets Video System itself is sufficient for one to trade profitably enough on most markets. Nevertheless genie 1st 2 chapterof genie is a good read thou for psychology of trading thou |
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Manikamaniko.
Master |
27-Dec-2007 16:55
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Regarding the point or magnitude of a s/l, it really depends on where one enters. If say, one enters at a precise level, then a small deviation is sufficient to indicate potential danger and thus the exit is at least technically justified. What I mean is if one is assuming a position technically, it is pointless to make the s/l point too wide, because otherwise it would defeat the purpose of a well-planned entry point...
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Manikamaniko.
Master |
27-Dec-2007 16:40
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Those have been losing a lot of money in the stock market, and who are striving to be 'mature' (meaning, mature in a stock market sense), must get the "Genie Tutorials". If one absorbs all the great wisdom and learn the ropes revealed in it, one will most certainly not lose a lot of money. This alone makes it worth getting. Otherwise, the danger of big losses are almost a certainty if one does not have proper guidance in such a risky game... The right knowledge is as good as gold and rubies. |
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Manikamaniko.
Master |
27-Dec-2007 15:41
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Hahaha... :) Maturity comes only to those who have digested and internalised the "Genie Tutorials" in its totality, and not before, especially the mental aspects of speculation... Those who have not gone through the works in its totality are most at risk... hehehe...
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cashiertan
Elite |
27-Dec-2007 15:09
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Mani & Others, I would like to suggest to complete your course and paper trade a while before going live, i am very disappointed with mani wanting to jump in so fast, i am expecting more maturity from you as a above beginner trader. i hope i am wrong. good course should have told u how much pips of s/l for each pair. different pair have diff amount of pips of s/l. Tabbykat, no forex trader would be bothered with local forex brokers, their cost is too much and also their only allow 100x leverage (normal standard lot) as compared to 100 - 400 x leverage (std and mini lot) commonly found with overseas broker. i find poems pips spread not as good, too high to me. u can consider saxobank spore, their pips spread are much better. Light8, i wouldnt dare to trust those forex managed pool fund. they are cases of running away of funds. neverheless, if u are keen, u can consider those major forex brokers, some offer managed fund acct. min. usd5000 -usd10000 i think.. |
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CWQuah
Master |
27-Dec-2007 15:00
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That's almost another pip spread. |
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tabbykat
Member |
27-Dec-2007 14:57
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Just found out that POEMs Forex charges commission at US$8.00 per contract. This is in addition to their wide spread. Any comment from trader using POEMs for Forex. Cheers |
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light8
Member |
27-Dec-2007 14:47
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Hi, Anyone know a good Forex managed pool fund so that busy or lazy people can join ?Thanks |
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