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Forex Traders in Dublin!

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    #32
    ixus
    Registered Users Posts: 2,436 ✭✭✭ixus


    So, what just happened there was, over a 20 minute period, the dollar strengthened significantly.

    Of the trades mentioned, alphatrader took a 30 tick hit in the euro and was stopped out. Went offside in the Aussie about 25 ticks, stops may have been triggered and was offside in gold by about 70 ticks if his stops weren't triggered.

    They were all the same trade essentially but each one has varying volatility and risks. I think I've proved my point on this. I'd only take pleasure in it if I was on the other side of the trade. I do hope he has managed his risk well enough.

    Oh, and as a heads up, the FED are out this evening.


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    #33
    alphatrader
    Closed Accounts Posts: 11 ✭alphatrader


    Yes got stopped out on eur/usd for 30 odd pips, but back in again at the lows. My trades are swing and not intraday so this is part and parcel of my everyday trading routine. Im often down on an intraday basis, but my overall longer term positions usually work out to my benefit. My long game here is that the fed will not introduce anymore QE but rather tighten up their belts. I have indicated my current trades on earlier posts so lets see how they pan out, I cant be more honest than that. There is some major price action in the forex market at the moment, its impossible to be up straight away on most trades. Im very confident on my aud trades still, gbp/aud is at a great short entry price, watch this space.


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    #34
    martyoo
    Closed Accounts Posts: 872 ✭✭✭martyoo


    My long game here is that the fed will not introduce anymore QE but rather tighten up their belts.

    You will lose that game!


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    #35
    alphatrader
    Closed Accounts Posts: 11 ✭alphatrader


    Why so?, interested to get you take


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    #36
    alphatrader
    Closed Accounts Posts: 11 ✭alphatrader


    just exited s&p trade at 1382, on this one since last week, +370 pips since last tuesday


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    #37
    ixus
    Registered Users Posts: 2,436 ✭✭✭ixus


    If the FED make signs they are going to tighten, the USD will strengthen, euro will weaken and gold will get pummelled. Isn't that the exact opposite to your trade?
    alphatrader wrote: »
    just exited s&p trade at 1382, on this one since last week, +370 pips since last tuesday

    Why are you cutting a winner out of interest? 1400 on the S&P would be a fair target with options expiration on Friday.

    Did you get stopped out of the euro and just buy again at the same price?


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    #38
    alphatrader
    Closed Accounts Posts: 11 ✭alphatrader


    Yes you are quite right qe would have that exact effect, but thats my long range opinion and not something I think will impact my weekly swings. My target for gold is 1820 for now. If and when qe is looking likely I will lose out..

    I quite possibly have cut a winner on the s&p, but I always get a little nervous of new highs, I'll sit back and hope for a pull back to re-enter, purely psychological I know but I like to take profits on s&p when I can... but thats just me. I can be wrong too..

    Re-entered eur/usd at 1.3065, probably should have taken profit before at the 1.3180 mark, but hindsight is a great thing. Although I'm fairly confident of my target at 1.38


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    #39
    ixus
    Registered Users Posts: 2,436 ✭✭✭ixus


    Potential for another huge down day in gold tomorrow after the FED's commentary and these bank stress tests being released early.

    Easier said than done when you had losers in the other trades but, running that S&P trade was the trade. Nearly at 1400. Why not place a stop in it at the time and let it run?

    Don't get too wedded to your trade thesis, it could be wrong. Have been there more times than I care to remember.

    Safe trading.


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    #40
    arrowloopboy
    Registered Users Posts: 1,154 ✭✭✭arrowloopboy


    ixus wrote: »
    The currency market reacted exactly as it should have. It bid up prior to the announcement on the expectations. When the expectations were met, it promptly sold off as there was nothing else in it. It's called buy the rumour sell the news.

    As for your trading strategy. It appears severely flawed. It is a binary bet on risk on/risk off and, you only like risk on. You are putting on the same bet across five markets and probably think this is diversification. It is not. You run a real risk of taking some big hits across five markets. Especially if you think you have a limited risk exposure on each trade. The cumulative is what will matter when there is a real turn. And finally, you are a retail trader and will be the last to know when things really do turn.

    I care not about your returns. I am simply highlighting the risks to other board members.

    As Mr.Buffet says,you only need to diversify if you don't know what your doing:D:D:D.
    And for anyone really interested in trading forex have a look a www.forexfactory.com ,their are some genuinely brilliant traders on their.


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    #41
    meagherphilip
    Closed Accounts Posts: 6 ✭meagherphilip


    The rewards are so tempting on Forex, you hear about the daily volumes ($4 trillion/day) and you think wow. I still find that even with the technical analysis, a lot of it is fairly arbitrary. There is a lot of people saying what they are doing on twitter.

    If you don't have much time, but want to trade I would recommend that you read Ed Ponsi Forex Playbook. It works on the fundamentals that let you trade without being glued to the screen.


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    #42
    Technoteze
    Registered Users Posts: 25 ✭Technoteze


    Wow!

    It's great to see this thread gaining a bit of momentum but I have to agree with arrowloopboy. If you're looking for a trading forum there are plenty out there and I'm sure most of us here know about them.

    I think it's crazy how quickly traders seem to "attack" each other by defending their own methods or judging others. The whole point of beginning this thread was to find like minded traders who were looking for a bit of guidance and possibly meet to share experience.

    Arrowloopboy suggested a "Trading in the Zone by Marl Douglas" which so far I've found very interesting. Alphatrader was kind enough to give us a bit of reassurance and is willing to share some of his experience with us. What's wrong with that? I'm sure we're all old enough to make up our own minds on what to take on board and what not.

    Ixus, if you've been trading for a while why don’t you share a bit of what you know?


    I'm a member of more trading forums than I can count. I used to spend a lot of time reading through thread after thread and tried more strategies than I care to remember. I have places to go for stuff like that. This is not meant to be one of those places.


    In addition to that, how many traders do you guys know personally, successful or not? Seeing as this is boards.ie I assumed there would be some traders around Ireland (hopefully Dublin) that would prefer to meet up than heading over to another forum. I really think alphatrader has the right idea about trading with a partner. Forums are great but at the end of the day it will still be you, trading alone.



    By the way meagherphilip, thanks for the heads up on "Forex Playbook by Ed Ponsi", I've read some of his stuff but haven't heard of that. I'll check it out.


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    #43
    arrowloopboy
    Registered Users Posts: 1,154 ✭✭✭arrowloopboy


    Just sold gbp/usd @ 1.5670 s/l 1.5710 t/p 1.5630 r/r 1/1,lets see what happens,no point in posting if its not live;).


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    #44
    ixus
    Registered Users Posts: 2,436 ✭✭✭ixus


    Technoteze wrote: »
    ....

    Ixus, if you've been trading for a while why don’t you share a bit of what you know?
    .....

    I work in a prop firm, as I've mentioned on previous threads. I cannot disclose any of my trades or strategies.

    I felt it necessary to point out the potential flaws in alpha's trades due to inexperienced or naive readers potentially taking up this.

    There have been several press releases in the papers of late of individuals being taken to court for hundred's of thousands of euros/pounds lost in spread betting.

    Risk on/risk off trading is perfectly fine but, in my view, it's safer to keep it to one product and up your size. Way too many variables that can happen in a very short space of time as has occurred twice yesterday.

    Feel free to mention a list of the forums you use.


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    #45
    freeze4real
    Registered Users Posts: 2,540 ✭✭✭freeze4real


    ixus wrote: »
    I work in a prop firm, as I've mentioned on previous threads. I cannot disclose any of my trades or strategies.

    I felt it necessary to point out the potential flaws in alpha's trades due to inexperienced or naive readers potentially taking up this.

    There have been several press releases in the papers of late of individuals being taken to court for hundred's of thousands of euros/pounds lost in spread betting.

    Risk on/risk off trading is perfectly fine but, in my view, it's safer to keep it to one product and up your size. Way too many variables that can happen in a very short space of time as has occurred twice yesterday.

    Feel free to mention a list of the forums you use.



    Propitiatory firms, v. Nice. Can I guess. Susquehanna Geneva. State street ?


    With fires there lots of strategy. The one that works best to me is the one that suits your style.


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    #46
    alphatrader
    Closed Accounts Posts: 11 ✭alphatrader


    Ixus, Your the moderator, that explains you kicking my ass!! (only noticed that now, totally new to boards). Yes of course you are rights most spread traders lose, around 95% Im told. I really believe this is due to treating it as gambling and not as a business. Taking a punt on a trade without doing your homework will 99% of the time land you on the wrong side of a trade.

    Stopped out on gold, oh well, in again at 1660ish, not letting this one go. There is a huge amount of US treasury shorts kicking in at the moment, so Im hoping for gold to take up the slack. Gold has been on a very bumpy road since last september but its back within my trend channel and Im hoping for a run up to 1850 soon. As I previously said its not for the faint hearted.

    Yeah im currently shorting gbp/usd too, so with a bit of luck it'll move soon, gbp is so strong at the moment, and really with no good reason.

    Typical of the s&p to rally after I close out, but hey I've sat out trades too long before and looked back and said why didnt I close out, so its nice to take profit so times, cheers me up LOL

    Anyone any ideas on the gbp strength we've been seeing over the last couple of days?


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    #47
    ixus
    Registered Users Posts: 2,436 ✭✭✭ixus


    ixus wrote: »
    Potential for another huge down day in gold tomorrow after the FED's commentary and these bank stress tests being released early.

    .......

    Safe trading.

    So, where are we, down $60 or so since the FED opened it's mouth?


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    #48
    freeze4real
    Registered Users Posts: 2,540 ✭✭✭freeze4real


    I was thinking of getting back into forex trading this summer and entering into competitions maybe in august.

    Is this a good idea ?


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    #49
    arrowloopboy
    Registered Users Posts: 1,154 ✭✭✭arrowloopboy


    freeze4real wrote: »
    I was thinking of getting back into forex trading this summer and entering into competitions maybe in august.

    Is this a good idea ?

    You blew up your last acc(whic happens to most people at some stage),have you fixed that and learned some mm ?


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    #50
    freeze4real
    Registered Users Posts: 2,540 ✭✭✭freeze4real


    arrowloopboy wrote: »
    You blew up your last acc(whic happens to most people at some stage),have you fixed that and learned some mm ?

    yup, I cant say that I've fixed that as I haven't opened a proper account.

    When doing so I'll open one with a reputable broker like fxcm and IGmarkets.

    Now My aim is to improve my fundamental and technical analysis.


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    #51
    Bovriladdict
    Closed Accounts Posts: 14 ✭Bovriladdict


    alphatrader wrote: »
    Ixus, Your the moderator, that explains you kicking my ass!! (only noticed that now, totally new to boards). Yes of course you are rights most spread traders lose, around 95% Im told. I really believe this is due to treating it as gambling and not as a business. Taking a punt on a trade without doing your homework will 99% of the time land you on the wrong side of a trade........

    You've got it right alphatrader, almost everybody who tries spreadtrading treats it like gambling rather than trading. No trade plans etc. Bound to fail that way.


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    #52
    freeze4real
    Registered Users Posts: 2,540 ✭✭✭freeze4real


    Guys what brokers do you use ?


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    #53
    napinacz
    Registered Users Posts: 3 ✭napinacz


    Alpari.co.uk and Ironfx.com


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    #54
    Inscrutable
    Registered Users Posts: 109 ✭✭Inscrutable


    Do you guys think you have an edge on the market? Can you compete against the likes of HFT algos who can react much quicker to events?


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    #55
    Mr_Roger_Bongos
    Registered Users Posts: 1,469 ✭✭✭Mr_Roger_Bongos


    Inscrutable wrote: »
    Do you guys think you have an edge on the market? Can you compete against the likes of HFT algos who can react much quicker to events?

    It depends what you mean by an 'edge'.

    Personally, i don't have an edge trading economic figures; NFP, GDP, Business Index, CPI etc. From the 18 months i've been screen trading i think it's become more difficult to consistently make money in this way.

    However, with unexpected news/comments there is definately an edge. I believe Algorithm trading systems can't yet evaluate the tone/meaning of a non-standardised comment by for example, a politician. During the past 18 months there have been numerous examples of such comments driving the german bund market 20-40 prices in an almost straight line. But for this approach you need bloomberg/reuters, a rapid connection direct to the exchange and also a real-time squawk.

    The most important thing is to find your own edge, under what conditions do you make the best decisions, where do your most profitable trades occur and can you get money on them to make them count. Are you in control of your emotions etc?

    Paranoia about the effects of HFT programs will not improve your outright trading.


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    #56
    Nonoperational
    Registered Users Posts: 7,401 ✭✭✭Nonoperational


    What do people think of EUR AUD at the moment? Thinking of going long on it.


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    #57
    josealdo
    Registered Users Posts: 745 ✭✭✭josealdo


    gpf101 wrote: »
    What do people think of EUR AUD at the moment? Thinking of going long on it.

    I'm short the euraud since last year . I think euro will tank , i think euros problems are far from over , i could be wrong , i have been in the past .


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    #58
    Nonoperational
    Registered Users Posts: 7,401 ✭✭✭Nonoperational


    I really don't know. I'd be wary of getting too involved in shorting the Eur at the moment. You could be right, but there definitely seems to be more strength to it than there was.


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    #59
    josealdo
    Registered Users Posts: 745 ✭✭✭josealdo


    Yes , i agree with you , and with the aussie interest rate cut , along with the TSB interest rate cut on aussie dollar accounts been dropped 4% to 0.1 %


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    #60
    jck69691
    Registered Users Posts: 1 ✭jck69691


    I have been trading fx for long enough to not to enter this conversation until now. It appeared on my google results for some reason.
    Staring from the beginning:
    If any of you pays attention to fx sentiment, you will see that it hardly ever goes off 60/40 proportion (buyers to sellers and opposite) which means you will argue your positions until the weekend after next with no final solution.
    Forex by definition is an "entry market" which means that most of traders will loose, or at least 60/40.
    Discussing brokers is pointless - each of us has different requirements, some need low spread, some low latency, some flexible deposit/withdrawal options and some will love to have a chat with customer care - as i Irish do. There is tens of brokers out there, most of them suck, be careful.
    What WILL work is finding your own, simply own way to tackle this volatile market. Prop trading houses see fx as last resort - they trade anything else before they touch currencies - that should give you an idea where you are standing. This market is least predictable comparing to other.

    Now you idiot, have a good sleep and after you wake tomorrow, take a month or two to do correct research on what to trade, and how to trade before you click the market next time.

    alphatrader wrote: »
    Ixus, Your the moderator, that explains you kicking my ass!! (only noticed that now, totally new to boards). Yes of course you are rights most spread traders lose, around 95% Im told. I really believe this is due to treating it as gambling and not as a business. Taking a punt on a trade without doing your homework will 99% of the time land you on the wrong side of a trade.

    Stopped out on gold, oh well, in again at 1660ish, not letting this one go. There is a huge amount of US treasury shorts kicking in at the moment, so Im hoping for gold to take up the slack. Gold has been on a very bumpy road since last september but its back within my trend channel and Im hoping for a run up to 1850 soon. As I previously said its not for the faint hearted.

    Yeah im currently shorting gbp/usd too, so with a bit of luck it'll move soon, gbp is so strong at the moment, and really with no good reason.

    Typical of the s&p to rally after I close out, but hey I've sat out trades too long before and looked back and said why didnt I close out, so its nice to take profit so times, cheers me up LOL

    Anyone any ideas on the gbp strength we've been seeing over the last couple of days?


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    #61
    bbroomers
    Registered Users Posts: 11 ✭bbroomers


    jck69691 wrote: »
    I have been trading fx for long enough to not to enter this conversation until now. It appeared on my google results for some reason.
    Staring from the beginning:
    If any of you pays attention to fx sentiment, you will see that it hardly ever goes off 60/40 proportion (buyers to sellers and opposite) which means you will argue your positions until the weekend after next with no final solution.
    Forex by definition is an "entry market" which means that most of traders will loose, or at least 60/40.
    Discussing brokers is pointless - each of us has different requirements, some need low spread, some low latency, some flexible deposit/withdrawal options and some will love to have a chat with customer care - as i Irish do. There is tens of brokers out there, most of them suck, be careful.
    What WILL work is finding your own, simply own way to tackle this volatile market. Prop trading houses see fx as last resort - they trade anything else before they touch currencies - that should give you an idea where you are standing. This market is least predictable comparing to other.

    Now you idiot, have a good sleep and after you wake tomorrow, take a month or two to do correct research on what to trade, and how to trade before you click the market next time.



    Hi are there any fx traders who are interested in meeting up?


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