PDA's and smart phones are not that important to me at this time. It really does not make sense to carry fx positions at work for multiple reasons. That became apparent last week. If one were to have a larger fx account, then one could possible justify carrying a couple of positions. I do plan on looking into wireless laptop plans akin to VZ's BREW in the next few days. I have T-mobile hotspots. With a reliable wireless plan, I could drop cable and hotspots. By the way, Comcast is an awesome telecom company with, in my opinion, good products. Retail can be a much better experience than pro. less "sleaze." Scottrade is awesome in my opinion. I am on the fxcm program right now through a different broker. Account update: I got chopped up last week. My $300 account went up to about $450 high on some swing trades. I could not hold some of my positions and got liquidated at lows only to see huge moves in my positions that would have worked in my favor like on the Yen. My account fell to a low of $197. I'm now at $218 after several scalps. I'm tweaking my initial strategy to a shorter time horizon, trading one position at a time and trying to install some discipline. Also, I'm avoiding the big spread pairs. We'll see how it goes. The exciting world of fx. -$P
No. Absolutely not. We're right at the 61.8% retracemet of the move from the 109 handle to the 121 handle. I will wait for a significant pullback before considering a short position. I entered short at the confluence of the hanging man close and the daily 20SMA (Dec 30) and closed at the confluence of the lower BB and the 169EMA (Jan 6). (I dropped down to the 1 hour charts to enter.) I expect some chop in this area, but any strong direction emerging in tonight's London open should provide some clues about the coming week. I'll also be watching the dollar and yen crosses and of course there are some macro factors to consider on both sides. The Oct 25 range low was broken in early Asian trading today, so we could see further USD weakness/Yen strength in the coming sessions as momentum and position traders step in. Time will tell. Next support comes in at 113.00/112.80 and then again at 112.00/111.75...or something like that. Cheers.
Well I held onto that pos for a long time and got got out with 15 pips plus 1 on the $US. I'm about to go the gym. Do you have multiple ISP's to prevent getting trapped? It would seem to make sense if you had an account of $2k plus and trade more than 50x.
Nicely done. This is an interesting price level. I'm sure things will start moving a bit more in the next few hours. I have two brokeridge accounts and two ISPs (cable and DSL) with plenty of system redundancies to keep me alive in the event of software/hardware/system failures. The only thing that could hurt me is if one of my brokers pulled a REFCO. I trade a largish account for a retail FX trader, but don't feel the need to insure my funds at this point. (I have good brokers, but that's probably what those poor REFCO customers thought, too.) I trade with 100:1 on the smaller account and with 30:1 on the larger. I generally hold onto positions for several hours to several days.
Thanks. Two accounts would definitely make sense also. perhaps close to equal values, so if one gets shut down for whatever reason you could hope to take the opposite position in your other to lessen the losses. It is a shame that there isn't a deep discount futures broker with retail outlets.
I trade on the interbank spot market. Thinking of getting into futures, but not sure how my hard won skills developed as a spot trader will work in the futures markets. The transaction costs are comparable. I'm considering interactive brokers, but not even close to being in a mindset where I can comfortably migrate to futures. Thoughts?
First off, do you look at forest style charts. The forest charts were something I checked out for the first time a couple of hours ago. You are right about the Yen and, for that matter, several pairs look like possible doji trend reversals. At least they are risky entries for anything but quick flips. Second: I would imagine that it would depend on the futures just like the currency pair. Starting off on cocoa or platinum or something illiquid with big spreads would be a lot riskier than the emini's. Off course it is all hyper risky. Paper trading first? Also, starting trading futures with a very small percentage of your bankroll might be good (disposable). It might be foolhardy to hold positions after the close at first. Who knows? I'm Super Piker. I think I could possibly trade nq profitably in a strongly trending market and with a few months of study.
Nope. Anything with sufficient volatility for my primary trading model -- which requires that I hold positions overnight at times. I was thinking ES to start. I don't paper trade. Never did me any good. I would commit a small percentage of my equity -- maybe 5% -- and see how I do. Doing some research now on ES price excursions and it looks good. If I do start trading this instrument, I'll document it at my website.