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secxces
Registered: Apr 2006
Posts: 103 |
01-12-07 02:38 AM
Were's The Professional ET Forex Traders?
Im just wondering were, or if any, is the professional forex traders on the ET boards. I see stock, future, and option traders frequently, but I rarely, if not never, see any forex traders. Forex Futures or Forex Spot, neither?
I find it a little hard to believe. No posts in the ET P&L 2006/2007 threads, no forex blotters, no strategy discussion, no nothing. Sure every once in a while we get a thread or two related, but nothing very pro wise. Is it tapped or untouched? I have read many time's the reasons why to trade the forex, why shouldn't one? I would think more technical analysis traders would lean more towards these markets then any others. I guess the futures are pretty popular in comparison. With the new changes with CME is anyone thinking of switching over or trying it out?
Anyone care to discuss?
- secXces
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Spectre2007
Registered: Dec 2006
Posts: 5399 |
01-12-07 02:54 AM
Forex volatility is much higher, then most markets. Combine that with leverage and most accounts underfunded, is a recipe for ruin.
Markets will run in one direction then out of the blue collapse secondary to order flow totally unrelated to speculation. Most entries with small stops get blown out.
The only thing that works in forex, is watching for a underlying bias to the orderflow, and then picking your points of entry and hoping for the next batch of order flow to move away from your stops.
Take a look at GBP/USD, and how it trades. You will notice it has unique tendencies.
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illiquid
Registered: May 2002
Posts: 3498 |
01-12-07 03:01 AM
Quote from secxces:
I find it a little hard to believe. No posts in the ET P&L 2006/2007 threads, no forex blotters, no strategy discussion, no nothing. Sure every once in a while we get a thread or two related, but nothing very pro wise. Is it tapped or untouched? I have read many time's the reasons why to trade the forex, why shouldn't one? I would think more technical analysis traders would lean more towards these markets then any others.
Isn't it great? 
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secxces
Registered: Apr 2006
Posts: 103 |
01-12-07 03:04 AM
Quote from Spectre2007:
Forex volatility is much higher, then most markets. Combine that with leverage and most accounts underfunded, is a recipe for ruin.
Markets will run in one direction then out of the blue collapse secondary to order flow totally unrelated to speculation. Most entries with small stops get blown out.
The only thing that works in forex, is watching for a underlying bias to the orderflow, and then picking your points of entry and hoping for the next batch of order flow to move away from your stops.
Take a look at GBP/USD, and how it trades. You will notice it has unique tendencies.
I trade the forex. Very much an amateur but profitable none the less. The cable consists of about 70% of all my transactions. But thank you for your reply.
Quote from illiquid:
Isn't it great?
???
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Load_the_boat
Registered: Aug 2003
Posts: 195 |
01-12-07 03:14 AM
I've found forex to be a great market for swing and long term trading only. I made a mistake early on trying to daytrade it....big mistake.
Probably very few successful forex daytraders out there.... so no daily posts to that P&L thread..... my 2 cents
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illiquid
Registered: May 2002
Posts: 3498 |
01-12-07 03:34 AM
Sry for that post. There are a few of us here and there who trade mostly currencies (futures here).
I think most of those who trade retail spot haven't really been trading long, it's a relatively young crowd who chose forex mostly because of small account minimums. Those that have been around awhile know pretty much to stay away from pseudo-markets offered by bucketshops (I tried to think of a euphamism but that was the best I could do).
I don't know why there aren't more on ET who trade this market, it's liquid enough most of the time and moves very well. The volatility is great as long as you pick your spots and not try to catch every single jiggle.
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