I’m in the process of applying for a CitiFXPro account. .3 - .7 pip spread during us/london, $35 commission per 1 million in contracts, and ridiculous fast execution time. Man, I think I’m gonna like it mucho.
Are you saying that basically, trading the pairs like EUR/USD on intra-day time frames is a lost of time because of the spread ?
You think that this is more profitable to trade some thing else in theses short periods of time ?
No, it definitely is not a waste of time.
EURUSD moves 150-200 pips on an average day (counting every price movement, of course … not in one direction), so grabbing 20 or 50 pips a day is possible with this pair.
Even if your broker takes a large spread (2-3 pips), you can still make money.
The nice thing about EURUSD is that it is the most liquid pair traded, so getting fills on your orders is no issue, no matter the trading session (at least trading retail-typical position sizes of 0.01 lots to 10 lots).
Of course, getting a position of, say, 100 million filled is a different matter … but since none of us deals with large sums, this is of no interest to us.
Cheers,
O.
Hi O.,
how do you do this? Could you explain it in detail please? Price action? I am still a newbie and its all a little confusing. Today i have one day off. Do i enjoy my family? No, i just want to learn how to make money with FX. 
Thanks + regards,
Alex
Sorry, bit late to this but that’s a bit strong, isn’t it? This is a discussion forum, after all, and without differing views being expressed we would never see much in the way of discussion on here. Even if you want to be rude to people, there have been various posters in recent memory who have been unpleasant, aggressive, all of that, you could aim your frustration at them, surely? You might not agree with Dale, but he is always friendly, polite and open to people disagreeing with him. So personally I would rather read ten posts by Dale than one negative contribution such as yours, above, which seems to add nothing other than a negative element to a thread which has prompted some interesting points.
ST
Yes, I trade spot. I have thought about looking at trading Forex futures, but tbh I am pretty new to this (only in my third year of trading) so my learning curve has been pretty steep already, so moving into futures is still a bit of a mystery to me, although it is on my list to explore.
I take your points on the differences, though, absolutely I do, and spot does need careful selection of broker. I am with ETX Capital and have always found the spreads consistent and pretty reasonable - 1-3 pips on most Pairs I trade, I am not a scalper (the occasional 20 pip target is as low as I go) so it has never been a problem.
I always figured that a spot trader whose profit line is being affected by the spread either needs a new broker or a new strategy! But you’re right, I am conscious that spot might not be my most efficient long-term route.
ST
It should be possible.
But faster you want to get rich more you will have to be able to afford loses.
First try to get an regular pip amount you can catch every day and then do the math to transform those pips in 2-5% per week playing with the position size your trades.
Bingo!!! Absolutely bold statements :21:
~ 5-10% is already inflation p.a. So one might want to get a little more with [U]any[/U] investment? 
Hello everyone.
And thanks ST (for your comment on my little ‘flame received’)!!! LOL!! I was quite taken aback myself when it appeared ‘right out of the blue’. But hey: I’m getting too old to fight back. I know that some may consider my views ‘radical’ when it comes to this business but I only post based on my own experiences (I mean: I cannot post based on somebody ELSE’S experiences let’s face it)!!! LOL!!! My ‘story’ here is ‘old’ and really my intention has ALWAYS been (before any association with a broker and still to this day) just to do the little that I can to help new traders to not ‘lose their shirts’ as I did. That’s it. If it sometimes makes me unpopular: then so be it. I just know that this business can destroy you if you’re not careful and you don’t have all the facts and figures and your eyes WIDE open. To this DAY I probably still learn new things every week about this business and most of what I read about and see doesn’t give me a ‘warm and fuzzy feeling’ I’ll tell you.
Anyway: I’m NOT saying it’s IMPOSSIBLE to make money trading Spot FOREX. Put it this way: THEORETICALLY it SHOULD be no different from trading anything else (given an honest broker being the one possible caveat). Put another way: if the SAME rules and principles were applied when trading Spot FOREX as would be applied when trading Futures Contracts then there shouldn’t be a problem (although I DO believe that Spot FOREX is ‘right out there on its own’ and ‘moves’ differently from other markets). But the POSSIBLE pitfalls are FAR greater in number and NOTHING is ‘designed’ to give a novice or new trader an ‘edge’ or to ensure ‘fair play’. I’ve already had major arguments about this on other threads. But it doesn’t seem to sink in. Leverage is but ONE example. In the hands of an inexperienced or undisciplined trader I’ll bet it’s just one reason for the bad statistics. But in the hands of an experienced and disciplined trader: TOTALLY different story and indeed a tool that can be used to great benefit. But as was actually noted in an article posted somewhere the other day: it noted something along the lines of that because of leverage ‘by definition’ a new trader with high leverage is uncapitalised. Not so in the Futures Market simply because it’s just not allowed. You cannot open a Futures Trading Account with under $5 000 if you’re deemed to be a ‘pattern day trader’. That’s the MINIMUM I’ve seen. Mostly: $10 000 is the minimum required AND EVEN THEN you’re SEVERELY limited as to WHAT you can trade and how many trades you’ll be able to have open at any one time. So there already is at least SOME form of ‘protection’ in the sense that even although ‘the human factor’ cannot be taken out of the equation: the boundaries are not quite as ‘wide open’ as is the case with Spot FOREX trading. And, unfortunately, I KNOW it’s ‘the human factor’ that is the reason for the horrible statistics. OBVIOUSLY: without a decent trading system you’re STILL not going to make money let’s face it. But it’s this ‘human factor’ that high leverage (for example) ‘preys’ on. That’s why I get so angry with ‘bucketshops’. I even sent an email in this regard to my first broker after I started realising that ‘something was amiss’ (which unfortunately took a LONG time for me to realise and cost me a lot of money in the process). My basic premise was: YOU GUYS KNOW that for the most part most new traders are going to lose their accounts. Isn’t that ENOUGH for you??? Why STILL go ‘messing’ with a trader’s trades or locking up the platform (and all the other ‘moves that were pulled’). Needless to say: I never received a response!!! LOL!!! That’s why I noted on one of those other threads: reduce the maximum allowable leverage (or at VERY LEAST make the maximum leverage available on a ‘case by case’ basis although how you’d be able to ‘police’ that kind of thing I know not) and increase the account opening minimums substantially. At least THAT way: your average new trader has a FIGHTING chance if nothing else. But, like I said, my opinions may be considered ‘radical’ by others (most???). I just believe that it should be ‘fair play’ all around. Let the traders that are prepared to put in the time and the effort to learn and know what they’re doing and let the brokers make their money too and everybody is happy. But I’m afraid it’s pretty much a ‘one-sided affair’ if the statistics are anything to go by. Then again: somebody also noted ‘how many of that 95% have ACTUALLY put in the time and effort and work required’. That I’d never thought of before.
WHO knows!!! Not me!!! LOL!!! Am I going to single handedly ‘fix’ this business. No unfortunately. Does it need ‘fixing’??? Not sure. Whatever the case it’s a question of ‘go with the flow’ I suppose.
Regards,
Dale.
WELL I NEVER!!!
And where have YOU been if I MAY ask??? YOU DO KNOW that some people here were pretty concerned about you Mr. Gecko!!! LOL!!!
Regards,
Dale.
ST.
Yes my comments are strong, and yes it is a discussion forum. But Simon, shouldn’t the discussion be kept somewhat on topic? And do you really feel that it’s fair for posters to hijack and turn threads into their own personal chat room?
Please take a look at thread “Trading is the US – WHY IS IT LIMITED?”. Then explain to me what right any babypip posters have to clog and hijack any thread the way it’s been done there.
In November 2008 I started the babypips school, join the forum a few months later. A great deal of my knowledge and success trading forex is due in large part to babypips community/forum. Through out the years there have been a lot of distracting members and silly threads, anyone remember the mustard catchup and relish guys?
At the same time, some real knowledgeable members have generously contributed a lot of high quality content. Over the years those knowledgeable members and quality threads have been the key to the community here. But those quality members are slowly finding other places and forums to share their trading ideas. Right now there is an active forum sharing trading ideas based on the concepts that Tess and company originally posted on babypips.
Why aren’t they here sharing on babypips? Will here is a quote recently post from that forum, [U]“As much as I thoroughly enjoy working through the information & material on those Technical Templates threads, it seems really out of place on Babypips. The participants on Tess & Jocelyn’s threads instantly appear much more mature & emotionally stable than the majority of the membership. Some of those popular threads quite often resemble a kiddies playground such is the immaturity of the behaviour.”[/U]
I apologize if my comments were over the line, but it really burns me and I take it personally when I see the babypips forum turned into a romper room and quality members and content slowly leave and move away.
PS My criticism is not about Dale’s opinion or point of view regarding trading. My criticism is directed at his hijacking and clogging threads with not one, two or even three off-topic post, but using them as a personal chat room for what ever he wants to talk about…
d-pip:
For what it’s worth: I’m not offended at all. And I have to say that I agree with you TO A POINT. Some decent and knowledge contributors have moved away from BabyPips but I doubt very much that it has anything to do with threads that go off-topic or anything like that. I’ve seen generous contributers here get ‘flamed to death’ for what, at the time, didn’t seem warranted. That is why they move away is my guess. I’m just more ‘thick skinned’ than most I suppose.
Anyway: you’re right about that other thread. But as I did note (a little bit earlier today): the thread starter’s questions were addressed and answered in the beginning of the thread. Should the thread have gone on THIS far and be THIS far off the topic??? No. You’re probably quite right. But, well, it was a Sunday, and everyone was a bit ‘chatty’ so I guess we ‘took it too far’ really. No question.
My posting a picture of my dog REALLY WAS only because that guy (anadai…) (whatever he was called) did ask me about my dogs so I thought I’d post a picture (which as I noted I’d been looking for for AGES now anyway) for him BUT on HIS thread. But then I realised HIS thread had been closed for posting so I created a new one. I suppose I could and should have posted in that ‘play room’ forum (or whatever it’s called) so again: I agree with you. But really: it’s nothing that I cannot have removed (and frankly may as well have it removed because I have a feeling that chap has disappeared anyway i.e. I ain’t seeing no more signals being posted)!!! LOL!!!
Regards,
Dale.
Edit:
PM sent to Admins to remove the ‘dog’ thread. The other one that went so far off topic??? I’m not sure it’s worth the Admins’ time to ‘sift through it’ and remove the totally off-topic posts BUT if it upsets too many people then I’ll have those posts removed too (although I’m not sure if I’m within my rights to ask to have OTHER people’s posts removed but I’m sure it can be done I guess). Alternatively: I’m sure if enough people use the ‘Report Post’ feature the posts will be removed. There’s another solution.
So we’re ‘done’ now and still friends??? Hope so. LOL!!!
Well it would & does certainly influence my participation on a forum & I’m pretty certain I’m not the only one.
It’s extremely frustrating & tiresome to scroll through off topic & irrelevant posts. Just as tiresome as having to speed read through lines & lines of pointless waffle.
Hi D-Pip,
Thanks for coming back to me, I don’t like to grump at people then just leave it hanging! I don’t know the other forum you mention - I’m comparitively new around here, I inhabit a kind of no man’s land between the old guard and the new joiners, I think - but I get the comment you quoted.
I had not read the other thread you mentioned, the leverage thread (I have been a little occasional around here, recently), but I have now read it as you suggested, and thank you for the prompt. Nice to get a reasoned reposte, to be honest. I think where I have ended up, having read that and your latest post here: I still think you were a little grumpy about it, and personally I would have been gentler, but I agree with your underlying point. Some conversations could certainly be dealt with in pm and leave the threads for discussion of OP’s original point, with any banter broadly associated with that rather than off at a bizarre, personal tangent.
So I apologize if I steamed in with my size twelves without understanding the context within which you were posting - you did not phrase it as I would have done, but I was wrong to tackle you on the whole ‘this is a discussion group’ thing. You have my apologies, and my support in your crusade to keep BP threads on-topic.
ST
Listen: you’re now starting to push the wrong buttons here with me now. And I see d-pip ‘Likes’ your post too. So actually: do you know what both of you can go and do with yourselves??? I’m sure I don’t have to spell it out.
The thread starter here asked a question which I answered and my answer was based on my experience and what I KNOW to be true for ME. I DON’T know that big money can be made trading Spot FOREX because it’s never worked that way for me. So if I KNOW (which I do) that $5 000 is a nice tidy sum to start with and the thread starter will have no problem trading Equities and Commodities given that with that amount of money they can manage risk MORE than adequately and trade and be profitable then what am I supposed to do??? Just keep quiet and let them go and throw their money away??? By the sheer wording of the thread title: I doubt that the question was being asked by someone that has any experience in this business. So now we have a new trader with $5 000 who wants to know if it’s possible to become ‘rich’ trading Spot FOREX. If it were an experienced trader: a) they wouldn’t be asking that question and b) in all probability they WOULD QUITE POSSIBLY get ‘rich’ trading Spot FOREX. Who knows??? Where I was coming from is this: with my trading systems (which are on offer to anyone) and trading CFDs on Equities and Commodities and given some guidance and assistance from me they will be profitable within a relatively short space of time . I know that my trading systems don’t work trading Spot FOREX (not for ME anyway) but they do work trading CFDs on Equities and Commodities. So all I was giving to the thread starter was advice based on what I KNOW to be true for ME. They can take my advice or leave it. As simple as that. It’s not my money. I’m certainly not going to make a dime out them. And just because of my giving that bit of advice: do yourself a favour and just go and take a look at how many off-topic posts have been posted on this very thread because I was giving my opinion. And then you’ve (both) actually got the nerve to tell ME that you’ve got ‘issues’. Let me tell you: I’ve got just over 4 000 posts. I’ll admit that probably 1 000 of them are nothing more than ‘inane nonsense’ and ‘shooting the breeze’ and, I suppose, a good few of those 1 000 posts were new posts posted by me when I joined here and was ‘learning the ropes’ too. The point is that the rest of those posts (say 3 000 odd) are mostly me spending time trying to help new traders or discussing very relevant topics. And then I have to get ‘flamed’ for ‘mucking about’ now and then on ANOTHER thread and from time to time??? Not to mention being ‘flamed’ by somebody who joined here in December 2011 and has 5 posts (and 1 of those 5 posts being the one that you’ve just posted thus just adding to the number of irrelevant posts on THIS thread which the two of you have issues with). Do me a favour. Put it this way: the day the Admins have ‘issues’ with me: I’m outta here obviously. But until that happens: I ain’t going nowhere and will continue to give my input and advice that I deem fit to give in and effort to help new traders out. That’s that. So the two of you: carry on. Add a few more irrelevant posts to THIS thread. If you’ve got such issues with that OTHER thread: ‘Report Post’. Either that or just don’t read it.
And if all your other ‘heroes’ cannot ‘take the heat’ and put up with a bit of ‘frivolity’ now and then??? Well then that’s their problem too. If they think they’re ‘too good’ for the likes of the members here: then good riddance and you have the choice of following them wherever they go.
I tried to be civil here and apologised and have done what I can to resolve the ‘issues’ that d-pip had. Not good enough??? So sorry. Too bad then. As they say in the classics: ‘suck it up’.
So here we have YET NOTHER off-topic post!!! Well done.
Regards,
Dale.
And while they’re doing that how about you enrolling into an [B][I]english composition for beginners[/I][/B] class so folks won’t get a migraine every time they attempt to read one of your irritatingly garrulous offerings.
Keep going.
Let’s see if we can hit a new record here for a thread with the MOST off-topic posts (before it gets closed for posting which will eventually happen of course) which, after all, is apparantely the original issue!!! LOL!!!
And if you don’t like my offerings and they’re ‘hazardous to your health’ then don’t read them. Come to think of it: it’s quite funny really. I mean: you had to actually read my post(s) to be able to make those comments!!! LOL!!!
Anyway: is that ‘short’ enough for you and easy enough for you to understand??? LOL!!! No headaches or anything like that???
AND counting …
Regards,
Dale.
Thankfully that’s not the case where you’re concerned.
Fortunately you’re a creature of habit. A very quick skim through just a couple of them is sufficient to arrive at that conclusion.
Not bad … 7 posts and making friends already. 
Especially friends who in all probability have forgotten more about trading than you have learned so far … even though I might be wrong there: after all, you could be Soros in disguise.
O.