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402

Hmm … wish this had been posted a couple of days ago. I just closed my account with FXCM, and was looking for an alternative. I was looking at FX Solutions & Interbank FX because I want to have the option to trade micros. I decided to go with EFX Group (MB Trading) because of the high praise so many are giving to ECN’s (and due to a positive experience I had with MB Trading with an equity account).
With FXCM I felt like we were on opposite sides of the fence … I was trying to keep my little account alive & they were trying to blow it out. Probably not, but that was my impression. Everyone says with an ECN you don’t feel that way because they are working on commission, not trading against you & they have more reason to see you survive.

Anyway, it’s good to hear such high praise for FX Solutions. If I can build my account up a bit, I can open a second account with them also because I prefer 2 accounts to one.

403

I just opened an account with FXDD. I’ve been trading their demo and it seems pretty decent from that aspect (yes i know it’s totally different). Any opinions?

404

or was it? I didnt even look at the news I just refreshed it now from 115 minutes ago.

I traded through it. I cannot get a foothold here. I keep scalping a few and getting flat
as price is up and down lik,e a yo-yo but I am bagging pips still trying to get out the door. Sometimes I drive and trade at the same time, this is difficult as it is always hard to see the screen. And driving while not looking at the road is dangerous even if you are NOT driving.

405

I have not heard good things about FXDD, but have no direct experience. However check the Rate My Broker thread for discussions about brokers.

406

Yeah, you’re addicted… :smiley: :smiley:

407

But have never really used it yet and didnt open a live account yet. I have a demo and a EA demo. I didnt quite figure out how to trade the EA demo yet,
but I think I put some orders in but don’t know.

I really am not that smart on things (the first time) sometimes. But once I have done it once, I instantly improve. The learning curve for new systems and subsystems is complicated and time consuming at times.

Stay with FXDD if it works for you. They are mt4 which can be an asset as there is much support and enthusiasm for that platform. All sorts of neat custom indicators that are widely exchanged.

What you will learn with many brokers though is the hard way through experience of trading with them. In time You will know all the bad points about them, things that you do not like or want. They are not going to just come out and give you a insider crash course on thier systems, but you can and will learn hopw to use thier systems to your advantage, but at times it could cost you money. FX SOL cost me money, but they taught me :slight_smile:
and I will never give up money to anyone through them again as I experientially know now how one loses money thru their systems.
SO I change and adapt and no longer do my actions yield those undesireable results. BAsically they won’t get me again with that if you can understand that mentality.

It’s like this. I once met a sweedish man who was a genius and a social misfit. He knew “everything” I wanted to know. Literally! He knew he knew too. But he couldn’t just start chatting and tell me everything I wanted to know. I actually had to ask and strategically extract that intellectual information from him. He was willing to take the time to tell me all of it, but hwe was not constantly chatting and telling me everything I wanted to know without some persistant prompting on my part.

It is like playing a game with someone and you are new to the game and don’t know all the “tricks”. BUT after you lose, you learn WHY you lost and act to prevent that from occuring again. When I play chess, winning is fun. But losing is better, NOT if I am losing on purpose, But if someone is beating me, BECAUSE they just outsmarted me, what can I DO? They genuinely beat me. Is it because they are smart than me? (LAUGH NO!) They were ONE step ahead of me or able to look PRIOR steps BACK and see something I could not. SO when it comes down to itm, FOrex is a battle of wits my friends. Lots of forex traders are bankers. I am a banker whatever that is. So everytime you BEAT me in chess I learn something, And if you beat me enough times, I am going to KNOW ALL your tricks, then guess what? NOW I am going to start beating you. And if I can now tell you things, that will cause you to act in such a way, so that I now ALWAYS beat you, what would you say then? I am not saying I know all the forex tricks But every bundle of pips I have lost paid for some “tricks” or think of it as learning or something else you prefer. I am not learning many new tricks these days in forex. And I think I am only like 396/400 which takes me down to 99.0 percent, but what really shocks me at times is the closed minded limited thinking minds of others around me. Instead of being floored by those kinds of near perfect trading averages, they are doom and gloom doubt worry and looking for BUT’s. If you use the word “BUT” you are limiting your mind and stopping the process of receving things in your life which you desire.

I am much like gj, very hard to bring down.

408

Learn that MB trading platform and stuff and help me LOL!

As far as a broker trading against me, thats funny because I pity that broker.
I am going to take his money 99 percent of the time, yes I will make him lots of 9 pip spreads, but what good is 9 pips if I got you for 10 pips or more so you still lost 1. I am going to start letting trades ride longer.

409

I see tremdous upward pressure. SHe is full of air ATM and wants to break madly higher.

The Bulls should win today and she should sail up and make new highs,
maybe even peak to 209.

There hsould be excellent scalping in range.
I have been killing them all mroning but have to go do some real work :slight_smile:

410

It’s looking as if there’s some pretty good resistance at 209. The high from a few weeks ago is 208.99. The DT is ready for a reversal. Hope I’m wrong but if I’m not, time to scalp baby!!

411

Well needless to say she peaked at 209 well 208.97 and made a double top on the 15M which shopuld have told you she was going to come down from there some amount.

I just got in the door and didnt look at this all day.
I have not studyied any charts but off the top of m head I would say 208.00 should provide solid support if 208.50 doesn’t hold.

Of course I am flat and made pips and not nearly as many as I could have.
Not like I didnt know it was going to 209.

I am looking to get long into 208.50’s so at say 208.59 208.29 207.99
You could get in with a losds leader but when you see a double top like this near 209 on the 15M you know that is VERY toppy and wouldnt want to get long there but I think it is safe ot start getting long around 208.59 or heck even go 207.99 as your first one or even lower but then you may miss the next leg up. Buit I am expecting a retarce down to at least 208.50 before we can make new highs and 209 is MT or LT resistance so we may need to bounce off it more than the 2 times we have al;ready bounced off it before we blow through it and it turns to support.

412

Good catch. Things are at a breakpoint here, and that long from 204.20 (I’m a perennial bear on this pair - well, for almost a year, anyway - but favor long and short pips equally!) is looking kind of tenuous.

On the long side:

Upside break of ascending channel this morning at 207.88.

RSI bullish: H4 looking oversold, though D1 has room to breathe.

DI+ maintaining uptrend with an uptick in strength, but looking plateaued on H4, may be exhausting on D1.

This is the fourth touch in the ~209 area since 04/18/08. The last rejection resulted in a 1000 pip drop, but (corrective?) uptrend since mid-March continues.

In fact, with that drop, we have the making of an ascending triangle where 209 forms the horizontal. Upside breakout?

On the short side (some of this will look redundant):

This is the fourth touch in the ~209 area since 04/18/08. The last rejection resulted in a 1000 pip drop, but (corrective?) uptrend since mid-March continues. How much pushback can bullish pressure sustain before it wears off?

RSI: going oversold on H4. Bearish? Not necessarily; but…

Fib Retracement: the level the Guppy is bouncing off of is the 78.6% retracement line - typically a formidable level for advancing trends that generates a disproportionate number of reversals…square root of the Golden Ratio and all that.

I’ve got a pitchfork chart somewhere around here too that shows we’re coming up on a trigger line…or maybe it’s the median…ah, I can’t remember; but I think it was important. :rolleyes:

I’ve got no problem with more upside pips. What I have to watch out for, personally, is a bearish bias that predisposes me to look for reasons not to go long. I’ve learned the “just want what the market wants” lesson in the past - a couple of times. Whenever I find I’m viewing a pair through a psychological lense that includes a strong directional bias (often), taking a step back for self-examination is critical. Why we play favorites with directionality is a mysterious thing. Is it based off of now stale-dated technical analysis? A correlation that was once very tight but has since slackened? A fundamental picture that is become less relevant as the local economies represented on that pair evolve? Am I just pessimistic? My pessimism on GBP/JPY is the antithesis of this method, where the temptation is to minimize reasons to suppose the pair will take a dive. But the pair is teetering on an edge, and that’s something worth being cognizant of…

gbpjpy.jpg700×525 75.4 KB

413

"The distance between insanity and genius is measured only by success."
Bruce Feirstein

414

Sweet! Thanks for the analysis, and yes that is possible, in fact I am safe way past 1000 pips. And a 1000 pip movement against me assures nothing other than its retracing 100% back to where it sunk from, then going another 350 higher to boot. The GJ will give you what you want and expect.
Inspect what you expect. Being pessemistic only yields undesireable results.
It is no different than NOT thinking about what you dont want. If you are always thinking about what you dont want, that is what you are going to get.
I don’t play favorites the GJ is just in a LT uptrend and upward movement at this point over time is much more likely to head further north. It is a widely held opinion although wiser fellows think of it as a matter of fact.
We hope the pair takes a dive! it will come back, we will scalp, collect interest
and be happy. I do not need to say how many pips can be made when you are getting her. She is on the edge right now, but she is like an eagle,
she swoops down low grabs a rat and heads back up intop the sky.

415

And I have orders to buy going down over 1000 pips. If it goes down that hard it is not going straight down. many of my orders will get filled and sold for a profit down all 1000 pips. I will rebuy after those are sold and sell those too. Then while I am waiting for it to come up, I am making pips, then it returns to price, blows through that makes new highs and I get flat.
ANd it took me a month to complete the whole thing so I made 30 interest on my tied up margin which is holding my trades open.
SO it would be grand and exciting if it dropped 1000 pips as it has been a slow month. As I have only made 3,790 pips this month. And I am now flat again waiting for my pending orders to be filled.

416

I can’t get any ground my last loss leader at 208.70 hit its TP
so I’m flat again.

I know this is an old post I am replying to, but look how relevant it is price wise.

I wish I was long still from:
"I am long all the way down from 207.89 to 206.09. Am I crazy? " :slight_smile:

417

"Remember, today is the tomorrow you worried about yesterday."
Dale Carnegie

418

Good point Elijah!! Touch�!

You know, I wish I had put in that hedge short to protect my account while I waited for the GJ to come back up…it would have been just insurance and I would have canceled the order when it hit zero. It would have preserved my account and I would be in Tahiti right now…drat…oh well…I will live to trade again.

My account is funded again, but I haven’t touched it!!! Cold feet. Still trading demo…

So…are we headed for 212???

Todd

419

I put my order in to TP at 251.00 on one order my loss leader.

I think I am going to stop setting my loss leader to TP at such a low target.

A few cycles back my loss leader was at 205.00 and sold it at 205.20 or something. Needless to say that wasn’t many cycles ago and it sure would be nice to be either still holding that last loss leader, or having sold it at 208.90 instead of 205.20.

I also started thinking that I need to leave some trades open with no TP and let them ride. Or set thier TP’s hundreds of pips higher.

I was telling Ginger yesterday that, If I had bought all my orders a week ago and set no Tp’s and went off in to the woods and came back a week later.
I’d be up 600 pips on most of my orders.

I am not going anywhere anytime soon for any extended periods, but we may need to start incorporating some swing trading, not like we dont have some drawdown experience.

I am still not too sure on those hedges. For hedges I prefer Land and rental houses. And Soon I will start exchanging foreign currency for free, for real
(where I have debit cards demoninated in other currencies I choose), when I start building up some more cash reserves and debit cards drawn on banks all over the world in thier local currencies.

We are kind of high on GJ price I feel. But I am set for much more of a run down than I have been previously. I will make less but it will be safer.

MY 207.99 just hit its TP I have 3 orders higher than that and just reentered my 207.99 order. MY loss leader is all the way up at 208.78 with a TP of 251.00! We will get back there as sure as I am sitting in this chair.
I don’t know when yet but it really wasn’t that long ago that we fell from 251.

GJ is very much like life, it WILL give you what you expect.

420

I know that feeling!

I am still trying to figure out the correct proportion of acct size to # of trades and potential drawdown and how to get past the big “F” word. (no not that one, the other one…

In the meantime in my demo acct, I made over $30k in this last round…

421

To gain pips, have you ever thoght about spacing your orders 10 pips apart, but instead of placing your TP at 10, placing it at 15? I’m trying it now to see how it works out. I’m just curious as if it would get too many orders open…