UK they've just reduced the Margins to 30:1 max which sucks, so trading via Aussie company, I think the USA's had FX banned for a while aswell. Micro Futures accounts are just out and likely where to go to next, although not long and I'll have enough for a real futures account maybe. I hate sucky rules, PDT 17years back stopped me day trading stocks I'd be a millionaire already was expert, moved to FX and struggled, why moved to Index's, FX is tricky, large periods of DEAD.
Fx is tricky because it is not regulated....and cannot be because no exchange. volatility in FX has really gone down so you are right it is dead and you get tired of waiting and do something stupid. in 2009 euro had a range of 400 pips today it is 40 pips. it only moves if there is news and even the pros say do not trade at that time. but sometimes i know what might likely happen so i do trade news. but if you get the hang of trading ranges you can get rich fast because you can do it for 24 hours aday....but that is theory....practically it is very tricky
More to the point like PDT rules before, the poor was making money on mass, working together on yahoo chat rooms and kicking ass, that’s why they put stupid rules in, to protect the banks from us
Gbpusd been okay recently, but eurusd just dont bother. I like ranges with underlying momentum, trade with and your R:R goes up, these days spikes 100pts SLs at worst price, 10 profits wiped out. Shame,i liked FX 15 years ago, adapt and move on.
let me tell you since you are a good guy. any thing can be traded because the banks need us to take the other side of the transaction. that is why and the only reason 12 years back that I started day trading because they have to convince us to take the opposite side ….so we know which side we have to take. i did not expect to take 12 years to find out, how to actually turn theory into practice but that is the only reason i lost 100000usd and am still trying to figure it out. in fact most of that 100000usd was lost in eurusd. there are names like cable, loonie, aussie but the most appropriate name is BITCH for eurusd. even more appropriate is THE bitch we need some sort of reasoning and I found that reasoning in Al Brooks MTR. MTR basically says do not go counter trend until there is considerable strength shown by the counter trend traders and even after a show of strength wait for a good reversal signal. there is simple but solid technical reasoning behind this
They don't need us to take the other side in any trade, it's not about every trade they make being a profit. What they want is retail on mass, losing $100 per month, how it's lost doesn't matter. Banks/Firms have Billions invested and they fight each other to try to get more than others, just a sport to them, but they pretty much all make a %%% every year, be it 5% over Bank rate or 20% over, ALL of them, because there profits come from Retail losses. Millions of us dreaming and losing $100 per month soon add up, the odd big fish like you blow 100K, or the odd 1000 blow $100 doesn't matter. There good at what they do, it looks easier and feels easier to take a counter trend trade, or reverse a big spike up, when you work out what they want you to do, you merely need to stop falling for the traps. The odd profit, makes you think, counter trend is beatable, but that can drop to 20% profit rate, it's all just a carefully planned way to take everyones in the world money.
Keeping your loss small, so that wrong, it's not a big deal, letting your profit run, so when right you erase 3 or 4 wrongs. Most people let losses run and are so used to losing they'll take 6pts and be very happy, then lose 30pts on the next trade. If you can lose with a high rate of accuracy, then you can flip it and reverse it and profit with a high rate of accuracy.