FOREX Trading

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The lots stay open for as long as you want them too but it's a good idea to get
out and take a minimal loss when you see the market turning against. The guy
that does the insider code was telling us how one of his students bought
accidentally instead of sell while the market was peaking out, he kept his
position open and had to wait a year for it to peak back up again and he pretty
much only broke even, so it's not really worth it.

Shark, I've been trading the GBP/USD because it has the most volatility,
meaning the average pip move in one bar is higher, 27 pips is average for the
GB/US, so minus 5 for the spread, looking to take profits at around 22 pips,
although while I'm still getting started I've just been getting out when I see
the momentum die down and take a nice 10-15 pip profit each trade. Only
made 3pips yesterday because I was too impulsive to get in and the market
turned pretty quickly.

I just found out my lady friend is going to be gone for some time. I'm going to have more free time now.

Super007, what are you up to next week? I'm seconds away from going for the XE $20 course for July 9th. If we go together we'd be able to discuss/compare in addition to the Q&A that they already provide. Jericho is already there. If not there's the 23rd, or maybe we can just discuss/compare eventually. What do you think?

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Most likely Im gonna get it too, but not 100% sure yet, I'll go to the site again and review it.

Im getting really intersted in this. I'll most likely open an account within the next couple of months or so, although I'm gonna study it a little bit more before I do. Also Im trying to find a good reliable broker, since I read there are some Forex scams going on, so I wanna make sure the broker is legit.

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Jericho,
Thanks for answering my question. Im not sure yet but most likely I'll join you and DC in that class.

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TS,
Just out of curiosity, what time increments are you using when you trade? 15 min, 1 hr, Daily?

I'm gonna try my hand at this, if I get it wrong that means I got alot to learn. If I get it right, I probably still have alot to learn but Im on the right track.

The time is 17:55 GTM, July 5.

Trading EURUSD which is at 1.3599, the Buck will go up within the next day or two, to about 1.3620 or 1.3640.

I'm still kinda confused here so maybe you guys can help me.

Im looking at the EURUSD chart the second currency shown is always the one shown on the chart, in this case USD, correct?

Its at 1.3599 and Im hoping it will go to 1.3640, this means the Dollar is getting weaker, and the Euro stronger, correct?

So its basicly the reverse, even thought it shows the second currency going up in the charts, its actually going down in value, correct?

Having said this I expect USD to hit 1.640 from 1.3599 (up about 40 pips), do I want to buy or sell EURUSD?

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It does help thanks. Like the new way you $pell your name btw.

The different time frames serve a different purpose.
daily= identify trends
4hr= identify trends + identify areas of support and resistance
1hr= areas of support and resistance + pattern formations
15mins= patterns + entry and exit points.

edit----looks like shark already answered this next part but here's my take on it.

EUR/USD

the chart shows how many dollars you can buy with 1 euro. So the stronger
the euro, the more dollars you can buy, the higher it will be on the chart.

if you expect the chart to move down, from high to low, then you'll want to
sell and buy it back at a lower price. It's like if you had a TV and you sold it
for $50, then the guy turns round and says actually I don't really want it, so
you say OK, I'll buy it back off you for $30. If he agrees, you pocket the $20
difference as profit.

if the chart moves up, from low to high, then you'll want to buy low and then
sell it later on at a higher price, for a profit. So if you bought a car for $200,
then sold it to someone else for $300. You make a profit of $100.

Brokers

I'm using interbankFX, mainly because I find the charts and trading platform
easy to use but they do have a 5 pip spread and I'm not totally sure how
trustworthy they are.
It's best to find an ECN broker, this means everythings done electronically, so
there's no middlemen, you're dealing directly with the banks so the spreads
less (around 2 pips) . MBtrading has a good reputation but I find there
trading platform is for advanced traders and they don't have any charting
software.

Thanks Jericho, all info helps me to understand this better.

As far as brokers go I found one on call EFX GROUP that charges straight commision, they dont go by the spread. They go by dollar amount $5.00 per 100,000 currency traded for all USD based pairs, or $0.50 per 10,000.

Example:

100,000 USD/JPY - $5.00 commission
10,000 USD/JPY - $0.50 commission

100,000 EUR/USD - $5.00 * 1.2810 (rate) = $6.40
10,000 EUR/USD - $0.50 * 1.2810 (rate) = $0.64

100,000 AUD/USD - $5.00 * .7740 (rate) = $3.87
10,000 AUD/USD - $0.50 * .7740 (rate) = $0.39

You think this is better? Will it save on trading cost?

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They dont take it out of your trade, they charge you upon the execution of the trade.

That means if you buy or sell a 100,000 EUR/USD lot they charge you $6.40, if you buy or sell a 10,000 EUR/USD mini lot they charge you $0.64.

This is based on straight up commission meaning no hidden fees (hopefully). Unlike other brokers who take the fees out of the spread on your trade. At this point I'm not sure which is better.

Heres the link to EFX Group commision fee page
http://www.efxgroup.com/commissions.html

I found info them on a message board they say the is a small spread to cover but it is small as little as 1/10 of a pip or sometimes 0 spread, how much this occurs I dont know yet. I'm still wondering which system is better, because paying a 5 to 6 pip spread on a trade seems pretty steep.


Here is a second link to their spreads

http://www.efxgroup.com/about-forex-spreads.html



btw I really like what you did,---$sup€r007--its cool dude

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I havent dowloaded a free practice station yet Im still looking around and review basics of Forex trading. Although Im looking at the charts and trying to trade from there.

FX is by OANDA correct?

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I'm going to start looking into this very heavily starting Fri night. The girl is out of town, I got plenty of time to research this during the weekend and every night next week.

All this shit is looking good so far but I'm still patiently holding my load until next Monday, and even then I want to practice.

You can count on me signing up for XE tomorrow night, just want to have my mind completely committed to following the lesson plan next week.

Lol, You can't please all the people all of the time.
The release technique taught in the abundance course is about letting go
of negetivity, it's pretty clear from the guys statements that he never even
gave it a chance or tried to learn the technique.

Basically the abundance course is just an exercise book, it teaches you how
to release, it teaches how to bring up the unconcious thoughts and
associations that prevent us from having what we want in life and brings
them into concious awareness, allowing you to release the negetivity behind
them.
then it goes through a series of exercises focusing on key areas in life,
relationships, money, managing emotions, stress, breaking habits etc.
It's not the sort of book that you can read once and expect miraculous
changes, you've got to actually do the exercises and have belief that the
technique works. It's like anything if you believe it works, it usually does.

Although It does look at things from a spiritual perspective, which was why
I liked it so much, it reinforced alot of my beliefs as well as making me aware
of areas I need to let go of, for example, after going through the section
about money I realised I had a strong aversion to money, within two days of
releasing those negetive associations I had new job offers, companies ringing
up offering loans, increased overdraft on my credit card, plus I doubt I
would have gotten into this whole trading thing if I hadn't released my
aversion to money. So for me personally it's been one of the most life
changing books I've read, and if it's something that you resonate with I
recommend you get it.