David's Rules of Engagement

[dwartenb89]

Rule #1 - Always check the spreads. Nothing like buying in on the CAD/USD when the spreads spikes to 15.7.

To be continued...

Sincerely,
David

[FringFX]

15.7 pip spreads?? which broker?

[JJ6845616]

15.7 pip spreads?? which broker?

Oanda widens the spread during the times of news sometimes upto 20 pips.

[dwartenb89]

I was using FXCM. It spiked like none other, wonder why they did that!

[Jason Rogers]

I was using FXCM. It spiked like none other, wonder why they did that!

Hi David,

You might have already considered this, but it’s not uncommon to see spreads widen during economic data announcements or rollover. FXCM receives prices from 10+ liquidity providers and the best bid/ask spread is then automatically streamed onto the platform with FXCM’s pip mark-up. The spread is determined through price competition and not by FXCM. If you still have questions about this trade, I'd be happy to look into it for you. You can email me your account number and the ticket number to me at jrogers@fxcm.com.

In case, you haven't already visited the Broker Aid Station, I'm FXCM's Online Ambassador to BabyPips. I'm here to answer any questions you have about our services.

Welcome to the forum

Jason

[KingKaivar]

Check the spreads. Is that it?

[dwartenb89]

I'll add three new rules to this thread with a recap of the first. Keep in mind, while I am going for a light hearted thread about treading forex, these are some rules I am writing down these rules as a safeguard and as a reminder of those bone head mistakes I've made whilst beginning my forex career!

Rule #1 - Always check the spreads.
..................

Rule #2 - Always calculate your exact position size. Nothing is worse than over accidentally over leveraging your account due to some bad math.

Rule #3 - Never Panic. So your trade is profiting 20 pips and you're feeling great about it, then all of a sudden it goes south and in a hurry triggering your stop loss. Regardless, don't panic and be thankful you BabyPips Forum members told you to place appropriate stop losses.

Rule #4 - Enjoy the victory, no matter how small. Whether you just landed the marlin of trades or closed the trade with just a few extra bucks than before, be sure to enjoy the victory. After all, there will always be another trade.

[dwartenb89]

New Rule, New Rule, New Rule!

Recap!

Rule #1 - Always check the spreads.

Rule #2 - Always calculate your exact position size. Nothing is worse than over accidentally over leveraging your account due to some bad math.

Rule #3 - Never Panic. So your trade is profiting 20 pips and you're feeling great about it, then all of a sudden it goes south and in a hurry triggering your stop loss. Regardless, don't panic and be thankful you BabyPips Forum members told you to place appropriate stop losses.

Rule #4 - Enjoy the victory, no matter how small. Whether you just landed the marlin of trades or closed the trade with just a few extra bucks than before, be sure to enjoy the victory. After all, there will always be another trade.
.........................

New Trading Rule:

Rule #5: Generally speaking, trade the trend. But if you want to trade reversals, don't expect them to be huge reversals but expect smaller retracement. There is no use in getting dollar signs in your eyes from what will more than likely just be a minor retracement.

Thanks for checking out my trading rules everybody! Hope these have been either entertaining or ringing true for you guys (perhaps even both)!

Happy trading,
David