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Saxo standalone is slower than the actual price and sometimes the price seen is lagged and does not tally with the web platform.
nevertheless, i didnt trade using their standalone yet, just use their web platform. also i use charting via MT4 from my us broker - interbankfx.
slippage on major news annoucement can do big swings in market price and if do not set a stoploss, the trade can make u lose alot of $.
thus :
1)i mentioned in other thread to get a major forex broker which guaranteed s/l price (to a certain degree) as set by you when u open a trade, they usually cant guaranteed when prices gap up or down thou.
i never kanna slippage before yet as i dun trade during major news annoucement. rarely i kana gap in prices as it rarely happens. will kana one this morning if i have longed EurUSD.
the broker will provide a news date on your trading platform or u can visit fxstreet.com
2)do not trade 2-3 hours before and 1 hour after major news annoucement, most forex ppl practise this as there usually has wild swing during this period before and after annocement.
3)do not trade more than 3-5% of ur acct size on each trade/pair
Hi Mani,
During the appearing of fundamental news, we are suggested don't play for a while, as TA person. Accept you have good analitical skill. The fast moving of pairs at that moment will skip the price that you put on Stop Loss or Target Point. Auto pilot system will fail here.
In Saxo trading software, you can do all manipulation you want. Extreamly advance, if you compare with poems.
Basically, if a currency pair moves very fast because of a major announcement your stop-loss order may only be executed at a price that could be far away from the level that you set. This is also called slippage and is due to the fact that no buyer/seller was found at your pre-set price, so the order is then executed at the next best available price.
Example: you are bullish on the EURUSD and buy it at market rate of 1.4380 but want to protect yourself to the downside with a stop-loss at 1.4300. Now some very negative news come out for the EUR it drops by 150 pips within seconds. Your stop-loss order could not be executed at the pre-set level, but only at 1.4230 where a buyer was found. In this case the slippage is 70 pips.
In general, always include a small slippage of 2-5 pips in any stop-loss order. It is very unlikely that your order will be executed at exactly the pre-set price due to qucik price movements in the FX market. in addition, you may have to add a forward swap that depends on the currency pair that you are trading, the interest differential, and the remaining time of your contract. All these are major differences to trading stocks.
On a forex website, it is stated that "a stop-loss order may not work during major fundamental announcement"...
Appreciate if someone can explain the implication of this?...
How is the charts in Saxo?
Can one easily draw trendlines on-screen like we can do with POEMS stocks and Sharejunction stock charts?...
Yes... it so good to have our dear
GuPiao DaJieJie taking an interest in forex too...
I suggest you go visit
Forex DaJie GraceCheng's Website (
click to see)...
which is becoming to be my staple too...
Finally my fave person appear .. welcome aboard Sinagporegal ..
I'm using saxo program too ... don't see any problem, only it's a bit slow ... But since I upgraded my notebook, everything is fine.
Interesting thread... I will check out Forex trading through my Saxo trading account.
Hi cashiertan, what's wrong with the standalone program? What bugs are in there?
EURUSD seems to be on the verge of a small rebound perhaps by late Dec 07, with key support around 1.4300. This is my take based on daily charts.
Weekly charts shows however, a chance for EURUSD to continue its downtrend, while monthly trend shows a slightly overbought situation, but still too early to confirm if it is the start of a downtrend.
Any comments from other forex players?
And a bit of free goodie here
=> "
FX Boot Camp" Free Video...
I bought this rather low-priced but out-of-the-box"
guide to Forex Trading...
titled:-
"Birdwatching In Lion Country" by DrForex (
click to see)
hi all forumers
Those trading systems which required online viewing like Secret Vids i dun have as i only have most of the trading ebooks.
."
Peter Parson's Range Trader" is ok, the rest is around the same. which means they teach the abt same stuff thou different branding. LPPL.
also forex trend most of the time. thus making money from trend trading is enough areadi. and more safe
Most of the trading ebooks which is offered online are crappy to me, not worth the $, thus you need to be careful when buying.
Why i recommeded below ebooks, no need to get all of them as they teaches abt the same thing but each of them offered something special pratical trading systems which can allow ppl to trade profitably and avoid/min. the losses.
)
Expert Forex System 2)
3)
4)
5)
Dynamite Tnt Forex System (Local teacher. This one earn my fren the least commission but i prefer this one and i am training on this one now)
6)
Hi all forumers,
according to my saxobank broker, he advise dun use the stand-alone Platform to trade, use the web platform to trade as it has no bug.
i currently uses interbankFX to trade minis also i recommend interbankfx for demo trading as it has no timeliit unlike others which needs u to open a new demo account after a month or so.
Forex trading has more courses than stocks. thus u need to find a course that suit your style, however u can of coz get some course which i recommended on other threads which i find them practical (should suit most pratical ppl) eventually u should know urself 1st so you can know which system should be. etc, u trade short, mid or long term... u like swing, momentum, breakout or trend. blah blah blah.. can u take live trading or EOD trading. blah blah..
Just traded GBPUSD with a short from 1.9878 to 1.9820 less than a day trade. profit abt 42 pips (1 open 1 close)
traded USDCHF earlier made 35 pips. (1 open 2 close) each trade is 20 mini lots. (i dun use std lots till i can trade 30 mini lots)
Thanks Techsys,
may try out their platform (off course start off with min. amount as what you mentioned - still can afford) and see how it work. The book recommend course (last page - $600 - 8hours duration). Need to go slow before going pros and also trying out whether is it my cup of tea.
Have a happy trading & great weekend
I'm not suggested Philips Forex. They are not direct broker. So every transaction you make, will have cost 1 - 2 pips for them. In forex trading, there is already spread 3 - 5 pips. So it will give you more risk in trading. Sometimes we need to do emergency cut loss, will get burn 1-2 additional pips.
Their platform is not so good also, using internet browser. I personally, prefer saxo.
For you guy who want to train, can use
www.marketiva.com ... download the streamster and open an account. You will receive 2.5 USD free for trading ... and 2.5 USD for Mutual Fund
Hi ericsim,
For that book, open chapter 5, read start from chart pattern. Page 51 I think. If you familiar with TA stock trading, you will get connected from that.
Saxo workshop training is course to tell you about how to buy and how to get in. There is no technique there. They just train you to use their platform, then after then offer you account opening. Their demo account is available for 20 days. I forgot ... Last time is arround that time.
Get forex lesson, you need to attend some forex course. There are some in singapore that quite good. But the course is a bit expensive .. about SGD 2000 - 4000 ... but that is the fast way. Once I attended those course. The performance are quite good .. allow you to maintain provit 50 - 80% a month.
I just saw POEMS's
ForexPro...
Looks like I may sign up with them. Anyone has experience with this? ...
Hi Techsys/Cashiertan
Me newbie, any course available and what is the fee? can recommend some? currently reading 'Handbook FOREX Trading' written by Nichola Tan but still a bit blur lah....not quite get use to it yet. SAXO have some free workshop training, how do you think??
http://www.saxomarkets.com.sg/about/workshop.aspx
Techsys... :)
Alamak! ... I didn't realise there's such a wonderful person as you here... I 'm so blur ...
Thanks for all the help... and I am hoping to register you as my Forex "da shi xiong"... hehehe...
u're welcome mani.
My entry point USD/JPY 113.17 ... Exit at 113.47 Now preparing to short. Waiting for signal ...
all transaction in Interbankfx should be done by wire transfer. They need you to sign up everything and send the money to them. It will takes weeks till it's done. The problem in using foreign broker, you can't withdraw all your money. Cost also high.
I advice you using Saxo, IGMarket ... but you need to find out your preference. But for starter, you can start from local broker. A lot easier for you ..
About the book, I see it's too cheap. Do you know about the story about barking dog war? Usually the loudest dog is the weakest one.
If I share my technique .. will I getting pay ....
Gracecheng does, why don't I ?
Btw, It's a long story. I will try uncover the story piece by piece .. I believe cashier tan also has his own technique and tabbykat too..
There is 17 rules ... first ... you need to identify .. daily trend ... goto daily chart, look at the trend .. using MA50, and MA100 ...
Theres are 3 trends (bullish, bearish, sideway). Every trend has different strategy. And every pair has different trading technique too ...
