Where's The Professional ET Forex Traders?

Discussion in 'Forex' started by secxces, Jan 11, 2007.

  1. secxces


    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
  2. 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.
  3. Isn't it great? :)
  4. secxces


    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.

  5. 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
  6. 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.
  7. secxces


    I would have to agree with everything you just said. Im curious, what type of approach do you take to the forex?

  8. secxces


    One other thing I would like to comment on.

    Volatility Analysis in the Forex

    I know no broker can adequately / realistically provide proper volume for any currency pair, due to no centralization. However, if my thoughts are correct, using a moving average of volume or any volume based lagging indicator for that matter, would still prove to be in good use. By good use I mean, they show exactly what they are suppose to show and would show the similar / relatively similarly the same thing as if there were a central exchange and volume could be calculated correctly. I mean, if lets say your using two moving averages of volume, and you look for an increase in volume to trade in the manner you do so, when the two cross you would say, there is adequate volume in the market. IMO the cross would occur in the same position/close to the same, as if it were centralized. I cant see the volume beeing off so much that it would effect things like this in anyway. The general direction of smoothed volume cant be wrong. Or am I wrong?


  9. Just discretionary -- tape reading, news reactions, intermarket stuff etc.

    I assume volume on globex is the best guesstimate for overall rate of transactions, thought obviously incomplete.
  10. secxces


    I see, I tend to trade a trend following method. Micro-trend following really. Using intraday/scalping multiple timeframes, such as the 1 and 5 minute charts. I have always used volume for confirmation, thats why I made a comment.

    Im actually Long Cable from 9456 @ 1:25am est. right now. Time for a bite to eat.

    #10     Jan 12, 2007