I find it depends on how much you consider gaining per trade, if spread is 4 pips and you only gain 8 pips then yes its a huge chunk, but for alot of people doing longer term trades making only a few trades per week 4 pips spread for 80+ pips gain is marginal. I opened a trade last Thur and by monday was up ~170pips.
Hello, DT. Well, lets go one by one. I dont know what kind of experience you got here, but what I say is what I know and theres always place for mistakes/not knowing. So: About "beliving" I would say I dont need to belive it - I know it. I live this market day by day 6 years now. I wont say and i cant say that during all this period I was succeeding...its a long story, and I'm not going to tellit now, especially because its out there on the web at same forum I mentioned. So interested may send me pm - I'll link. And you're wrong about ~100m... well, its not quietlike that. It depends what kind of money we're talking about here. If we're talking about trading contracts of upto 10mio, there is no problem - you trade with brokerage companies/market makers and there is no problem in execution of trades - its instant. I belive what you were talking about was interbank market. Well, things are not the way they seem...Trading via market makers has nothing to do with interbank trading besides having same prices +/- 10pips. And in interbank - yes - noone will look at your 1mio order. But tell me - are you going to trade here contracts of more than 5 mio? if not - you dont need to go interbank. Market maker such as gain, refco, gft, or any other regulated organization. Once again - no problem of liquidity are on this market anymore. Yes, 10 years ago - maybe, but now -no. This market became very atractive since interbank trading became (wired trading) - electronic trading. Afterwards it transformed also to trading via internet, which is so popular nowdays. Now about making money...well as I said its not an easy market, though it seem such in begining. but I menage to trade, and results are not bad. I have 10-14 trades monthly, with targets not less than 100 pips. usually its ranging 100-300 pips, stops ate 50-100 pis. My ave. risk per trade is 2% of capital, biggest loss I had was 4.7% per trade. I use stops without exceptions, and targets 2-4 times as big. More than 40% of my trades reach target. Of those ave 10-15 trades a month, 3-4 trades are closed at breakeven, and usually loosing trades and winning trades are close to 1:1. All I'm saying can be verified, and I'm not talking bull here. I have no prob verifying. In brief - it all depends on aproach, patience, experience and descipline. Everyone is good at something. Some trade metal, some trade currency... I've just bookes 225 pips on trading usd/canadian. I entered the trade on monday - day before the announcment and the big bounce, and while writing this post looked at charts and saw my tgt 1.3975 was hit and trade closed. This is one of recomendations I gave on forum readers where I post... its all verifioble, if someone doesnt belive me...Currently I sold cable (yesterday) at 1.5946, it went upto 1.60, but now I'm alteady 80 pips in green and stop is moved to entering point. I before that I had -35 pips on aussie this month... if considering only these trades, its 8.1% mtd. Not bad at all in terms of risking averaged 2% per trade. make your judjments... Good Trading no matter what yu trade, Regards, Rezo.
I follow Rezos' trades from the other forum, he has earned alot of respect there for his comments on price goals, trends and posting his trades. Not saying hes God, but he does know helluva lot bout ForEx and ive learned allot from him.
So you're swing trader, not stricte day trader. I also found swing trading with profit targets to be the most profitable, at least for index futures. I wouldn't be suprised if it also works well on FX. Good trading to you, too
Corvus, How is Whistler?....looking forward to be skiing their this next winter....did you get my PM? John/rttrader -
REZO!!!! ok sorry on this board you never can tell the players without a scorecard ...............and even then it's REALLY difficult....love your post's man keep em coming! rttrader -