Blog icon:

@Swiftz, as Odiaero has pointed out, fxpro is a good choice, but I want to add that if you are going to be settling with price action as your core trading method, then I will advise that you go with FXDD; that is what I've been using and no complains till now. The choice is totally yours!

You cannot trade with $100 with fxpro - $500 is the minimum. Try fxopen.

swiftz:

I have been planning on goin live next week. But with fault from alpari, i cant continue with them.  please, tell me, which one do you feel, based on experience is d good. Also, one that i can fund and withdraw using a nigerian account, Am not starting with much money, say 100USD,  Abeg, make una help me.

FxPro & FxDD are both good but bear in mind, the starting balance for FxPro is $500(with min lot size of 0.1) and $250 for FxDD. If you are starting with $100 as you stated above, I would suggest you use a broker that offers micro account so that you can start with lot size of about 0.02 to 0.05. It would be suicidal to start with 0.1 lot on $100.

Happy pipping.

@Ifara, if you are still on the buy position on Nzd-Usd I will advise that you be extremely careful of the 0.8290 level that the market is currently sitting under. There are several layers of resistance there that is likely to send prices back down. I will advise you trail your stop loss up and tighter or better still, take your profit there now. Just my opinion.

@blogicon i am still in the trade and have been shifting my SL accordingly. i still see some upside on this so SL now @ 1.8290 up 90 pips at the moment

^^^The level has been broken on the intra-day charts so it is safe now. Nice one man. Kudos to you!!!!!

I think Gu is overbought again, time to short again, . . . . . i think!!!!

Gold Digger here

First trade for the Day.

Pending BUY Orders placed:

EUR/USD @ 1.3826

GBP/USD @ 1.5812

Drving home now with my laptop beside me and glo edge network in case i need to scale out, Wish me luck.

Bought trades in before i managed to finish packing up my stuff

holahabib:

First trade for the Day.

Pending BUY Orders placed:

EUR/USD @ 1.3826

GBP/USD @ 1.5812

Drving home now with my laptop beside me and glo edge network in case i need to scale out, Wish me luck.

Not a good way to trade IMO. Trading like that could keep you tensed up. Trade as if you don't need the money, and see how relaxed you will be with your trading.

holahabib:

First trade for the Day.

Pending BUY Orders placed:

EUR/USD @ 1.3826

GBP/USD @ 1.5812

Drving home now with my laptop beside me and glo edge network in case i need to scale out, Wish me luck.

careful with buys on Gu and Eu. . . . .just my opinion though

people should help me this forex of a thing is turf

For Nzdusd, key overbought levels are 8393 and extreme overbought levels are 8575. these are key shorting areas, . . . .i think!!!

Dungren*:

FxPro & FxDD are both good but bear in mind, the starting balance for FxPro is $500(with min lot size of 0.1) and $250 for FxDD. If you are starting with $100 as you stated above, I would suggest you use a broker that offers micro account so that you can start with lot size of about 0.02 to 0.05. It would be suicidal to start with 0.1 lot on $100.

Happy pipping.

@swiftz, dungren is so rightt, follow his advice. or just keep demo trading till u get more money u can risk, and also stop looking for Brokers with Nigerian connection, all this third party stuff jst makes it more risky. IMO

http://articles.latimes.com/2011/apr/03/business/la-fi-amateur-currency-trading-20110403

Foreign currency trading is easy — an easy way to lose money
More and more Americans are dabbling in currency trading and losing in spectacular fashion. Experts say the structure of the currency market makes it hard for amateurs to beat the house.
April 03, 2011|By Nathaniel Popper, Los Angeles Times
Reporting from New York — Dorothy Ouma began trading foreign currencies after seeing a TV commercial touting it as a way to make extra money, something she could use as a single mother raising three children.

"The ads made me think, 'This is easy,'" said Ouma, 52, an administrator with the Grand Prairie, Texas, police department.


Ads by Google
Day Trading 4 Beginners1) Attend Our Free Live Market Demo 2) Watch Your Trading Profits Soar! TIDayTrading.com/ReserveYourSpotWant Monster Drives?Learn This 1 Simple Trick & Add 20-30 Yards. Watch Free Videos Now! PerfectConnectionGolfSwing.com
Ouma used her credit card to fund an account with an online currency broker. Within a few weeks of swapping dollars for yen and euros, she said, her $3,000 of borrowed money was gone.

"Even if you make money for a little while, eventually you just end up losing," she said.

Ouma made two mistakes: investing on credit and trying to make a buck by predicting changes in currency exchange rates, something best left to professionals, according to personal finance experts. But she has plenty of company.

An estimated 615,000 Americans are dabbling in foreign currency trading, encouraged by advertising from the two biggest U.S. brokers, FXCM Inc. and Gain Capital Holdings Inc., both based in New York.

Combined, FXCM and Gain have about 260,000 accounts, a third of them in the U.S.

These customers are losing money in spectacular fashion.

At FXCM, 75% to 77% of customers lost money each quarter last year, according to newly required disclosures to the Commodity Futures Trading Commission. At Gain, which operates through http://www.forex.com, the number of unprofitable customers hovered between 72% and 79% every quarter last year, according to its filing.

Lots of leverage, lots of turnover

As if those statistics weren't scary enough, the rules of currency trading allow investors to leverage every dollar they bet on a 50-to-1 ratio. This allows them to bet money they don't have — a tactic that can boost profits but also losses.

The losses have triggered recent lawsuits and regulatory scrutiny — but haven't stopped the swift growth of the industry, which barely existed a decade ago. Gain and FXCM went public on the New York Stock Exchange last December.

Executives with both firms say that they simply provide a conduit for people who want to trade currency, and that customers are given full disclosure of the risk.

"The majority of people today are on a quarterly basis not doing well," Drew Niv, FXCM's chief executive, acknowledged in an interview. "There's lots of education showing, 'Here's how to do it right.' … Do most people heed the advice? No, of course not."

Trading experts, however, argue that the companies use aggressive advertising to lure inexperienced investors into an unusually opaque market.

"The business model for forex trading is to burn the customer and then find another one," said Larry Harris, a USC professor and the former chief economist at the Securities and Exchange Commission.

FXCM's own statistics show that its customer turnover is about four times higher than that of an ordinary retail stock broker. Gain does not release turnover statistics, but its securities filings show that most of its customers at the end of last year were different from the ones it started with, also suggesting high turnover.


Ads by Google
Transfer Funds OverseasInternational Money Transfers - Two Transfers Fee Free. Great Rates www.UKForex.co.ukUnder US$1000 Used cars.Japanese Cars for Sale. Various Japanese used cars here. www.tradecarview.com

'At the mercy of the dealer'

Experts say the unusual structure of the currency market makes it hard for amateurs to beat the house.

With stocks, brokerages typically send customer orders out to be executed at an independent exchange and charge a set commission for each trade, no matter whether the customer wins or loses.

That's not the case in foreign currency markets. Because there is no centralized currency exchange, the brokers must fill customer orders themselves. This enables them to make money in two ways.

The first is by buying a currency at one price and selling it at a higher price — netting the so-called spread between the two. Unlike the set commissions charged by stockbrokers, these spreads can be set at whatever level the currency broker chooses.

The second way the broker-dealers make money is by sitting on the opposite side of every customer trade, like a blackjack dealer sitting across from a gambler.

For instance, suppose a customer buys 10,000 euros at $1.45 each and sells them back to the broker at $1.50 apiece. That would net the customer a profit of $500 — and give the currency dealer a loss of $500.

More commonly, however, it's the customers who lose out on these transactions, despite required disclosure statements that warn investors: "Your dealer is your trading partner, which is a direct conflict of interest."

Gain ended up making an average of $2,913 from every active trader it had last year, even though the average customer account contained only $3,000, according to the company's financial data.

FXCM made $2,641 for every active trader, while the average customer had $3,658.

@stagger and holahabib>>>>> i like your ways in here on that one ---my brothers, thank you very much.

namdo:

@stagger and holahabib>>>>> i like your ways in here on that one ---my brothers, thank you very much.

+1

ignis:

Forex na scam

i laugh , in BKH.

namdo:

i laugh , in BKH.

I guess ignorance isn't always bliss

Now I realise that FX has an insider trading but no one can be arrested, expect rallying in EU, GU & UJ. Has anyone ever analyse the COT report released weekly? That's where the money is especially for long-term traders. I've being following this report religiously. I'll try to do the little I can ahead of next week. If you hold a long position on EU, don't close it yet.

I need to catch some sleep after a tough trading week. God's willing see ya tomorrow.

Closing bell just rang in my trading room

JAkpayen:

Now I realise that FX has an insider trading but no one can be arrested, expect rallying in EU, GU & UJ. Has anyone ever analyse the COT report released weekly? That's where the money is especially for long-term traders. I've being following this report religiously. I'll try to do the little I can ahead of next week. If you hold a long position on EU, don't close it yet.

I need to catch some sleep after a tough trading week. God's willing see ya tomorrow.

Mr Fundamentals, you are onto something. Never heard of this until now, reading about it now

Muchas gracias

The COT (Commitment of Traders) is a detailed report of the open positions in the futures market which includes currency futures. It is released every friday by 8:30pm local time though the data is from tuesday thereby the information is delayed by 3 days. In the currency futures market, currency futures are mostly quoted as the foreign currency directly against the US dollar, so the price quotation is JPY/USD, CHF/USD, EUR/USD, etc. Please note that difference while analyzing the COT report. You can get the report from here: http://www.cftc.gov/dea/futures/deacmesf.htm
I use this report basically to decide whether to go long, short, or just standby. Let me briefly explain each data as per attached:
• Open Interest:- This gives the data of all open contracts, which represents the total volume.
• Commercial:- These are the open positions held by entities involved in production, processing, trading, etc which are especially for hedging to reduce risk.
• Non-Commercial:- These are the open positions held by speculators such as financial institutions, mutual funds, etc for profit purpose.
• Non-Reportable:- These are positions that do not meet the requirements for reporting.

I'll post the set-up conditions and criteria later.

^^^^Thank God i joined this thread. . . . . .in the space of 24hrs i have learnt two important things. . . . .

When it comes to analyzing information pertaining to currency futures in the COT report, it is generally more relevant for traders to focus on the non-commercial participants rather than on the commercial participants. The reason behind this is that they trade the futures contracts mainly for profits. This does not mean that I ignore the commercial participants outrightly because when they are net short, the non-commercial will be net long. PLEASE NOTE THAT THEY ARE DOING THE OPPOSITE WHEN IT COMES TO FOREX TRADING.

Now let’s look at the set-up conditions and criteria as it is interpreted in forex trading.

SET-UP CONDITIONS:

• FOR CAD/USD, CHF/USD, JPY/USD CURRENCY FUTURES

Where non-commercial hold net long position from previous week and they increase the contracts in the current week, the set-up condition will be:-
SET-UP CONDITION: long USD/CAD, USD/CHF, USD/JPY

Where non-commercial hold net long position from previous week and they decrease the contracts in the current week, the set-up condition will be:-
SET-UP CONDITION: short USD/CAD, USD/CHF, USD/JPY

N.B. It is the vice-versa of the above where they hold a net short position.

• FOR EUR/USD, GBP/USD, AUD/USD, NZD/USD CURRENCY FUTURES

Where non-commercial hold net long position from previous week and they increase the contracts in the current week, the set-up condition will be:-
SET-UP CONDITION: short EUR/USD, GBP/USD, AUD/USD, NZD/USD

Where non-commercial hold net long position from previous week and they decrease the contracts in the current week, the set-up condition will be:-
SET-UP CONDITION: long EUR/USD, GBP/USD, AUD/USD, NZD/USD

N.B. It is the vice-versa of the above where they hold a net short position.

SET-UP CRITERIA:

1. The change in open interest for the future contracts must be greater than 10,000.

2. The contracts added to/reduced from the net long/short position must be greater than 1,000.

3. The percentage of net long/short position to the total open interest should preferably be about 20% or more. But where it is less, as long as the first two criteria are met then this may not be necessary.

I always look at the H4 TF using an 'eagle eye' to see the general trend of the currency pair for that week by comparing the sunday evening open to low and high. Most times you'll see that once it's start trending in a particular direction, it will complete its range though with some minor retracements. I'll try to analyse the currency pairs before sunday open.

Happy Birthday Blog icon! May the rest of ur days be the best of ur days,and may the pips be in ur favour ¡Felix Compleaños!

Is it really Blog's baiday?!

[color=#006600][/color]i'm not followin up at all as am new to dis thread.i Nid Updates!