.

[Forexmospherian]

Hi DJ

Friday afternoon - no more red news and I am having a glass of rose rather than a cup of tea ;-))

I reckon you have had a cracking week with a few days over $1500 and even $2500

I would say really Well Done -

It can be very stressful at times on the larger lots and as you know I gave up trying over £100 a pip or 15 /16 full lots ages ago and prefer to stay under 10 lots with most of my trading in the 2 - 8 lot ball park.

It's for me - my comfort zone and I have no intention of really taking over 25 trades a day or over 15 lots etc etc

I think though - you can do so much more - and although you are making good money - there's still so much more for you a few days per week

You may feel - its not broke - I need not fix it - so stay with whats been good for you

I would not blame you one bit - but only if you are over 50 yrs old

If you are still in the 30 -45 yr old bracket - start pushing yourself more - I reckon you would enjoy it ;-))

Here's to a good February


Regards

F

 

[twinj]

Nice to see that profitable trading is possible.

Does anyone make consistent profits with spread betting?

I was once interested in LMAX as I thought buying at the bid and selling at the ask is possible as long as you place a limit order instead of a market order. When I traded with them a few years ago, this was not possible. I wonder if it is possible now?

Thanks in advance.

 

[DuCaan]

Cable at a support level. Lets see if this holds by the close of the day or not?
http://marketchartpattern.com/forex...pport-level-technical-analysis-24-march-2014/

 

[SlowlyButSurely]

Nice to see that profitable trading is possible.

Does anyone make consistent profits with spread betting?

I was once interested in LMAX as I thought buying at the bid and selling at the ask is possible as long as you place a limit order instead of a market order. When I traded with them a few years ago, this was not possible. I wonder if it is possible now?

Thanks in advance.

This is not possible no matter which broker/bank you use. There is a spread for a reason.

Also, there are people who make money off of spreadbetting, but you avoid currencies with a large spread. I look for anything less than 1 pip.

 

[SlowlyButSurely]

lol

Sorry do you know a broker that allows you to buy at bid and sell at the ask?

No. You don't.

 

[tar]

Sorry do you know a broker that allows you to buy at bid and sell at the ask?

No. You don't.

With LMAX and other ECN's like MBtrading for example you may place limit orders at the bid and the ask - or in between - and wait for another trader to trade at your limit order , example price now 92-93 , you place a limit to buy at 92.1 and wait for either price to trade through your limit ,, or an another trader to sell to you at 92.1 , much like exchange traded markets - futures - . However you still have to pay commissions to the broker/ECN .
Anyway it is not practical to do so in forex as a means to earn an income , unlike in slow moving markets like IRs futures .

 

[SlowlyButSurely]

Cheers DJ will do mate.

Sarcasm aside though I should apologise as I was wrong and answered as though it was fact. There's always something new to learn.

 

[Pat494]

Just to move the thread back to the topic of trading, here's yesterday's trade statement (total +$1075). Traded for about 2 hours. Pays a few bills...

OK you have made some money but what exactly are you trying to achieve if you are not saying how you trade ?
Perhaps you could post live trades before they are closed out ?
Either that or this thread is just for your own pleasure and boasting ??

 

[tar]

Ironically you didn't prove any of these points ...

 

[tar]

Actually I used the word 'highlight', not 'prove'. Anyway, you say I didn't, I say I did.
Either way post your last 2 day's trade statements here, or jog on...

But you didn't post any statement either , a screenshot is not a statement . And a statement of 2 days wont mean much anyway ....

Good Luck

 

[tar]

I know that 2 days is a v small sample - I was trying to make this extra easy for you.
Not surprising you can't do it. So jog on & enjoy your play trading lol.

I don't see the relevancy of your request ...

 

[tar]

Of course you don't. We're done here. Now f*ck off.

rofl

 

[twinj]

It is nice to see your success. Correct me if I am wrong but the middle column of mainly +-5 and +-10s are the size of your bets? I am familiar with spread betting so it is like 5 pounds per pip?

Can you tell me what the dashes are on the right column? You make profits mainly shown in green and the few losses in red and the dashes. I thought is could be break even but I saw a zero there so I figured it can't be.

If it is not too discomforting, could you tell me your stop loss size? Judging from the losses and if the middle column is the trade size, you are out in 5 to 10 pips? What do you trade?

Thanks in advance.

 

[twinj]

Seriously impressive to be able to spot these moves with such large trades. I wish I could be as confident and accurate as you. If you don't mind my asking, what is the size of your trading account? I am 40 to 50k pounds. I really don't want to go beyond that because most companies I trade with only guarantee up to 50k.

On your few loss making trades, do you stay away from the move because you deem you made a mistake or do you enter again thinking you slightly mistimed it?

With the sort of profit you are amassing, you will seriously benefit from spread betting.

 

[twinj]

Thanks for your quick reply. I have a set up that works. The return is around 40 percent. If only the protection was greater, the 40 percent would be more respectable. Alas, I cannot see the government increasing the safety net substantially higher.

You mention your account is greater than the safety net so now I understand why you would go for LMAX as they make their profit through commission only. But they are making a loss it seems.

I could not see the full time of your going in and out so not sure but are you a scalper? If so, I can see the strategy failing with spread betting.

 

[twinj]

Hi DowJones, I think I asked this before but it must have been missed.

I have a feeling you are exclusively a market order guy? Do you ever use limit orders with LMAX? I thought that as they are an exchange, I could buy at the bid and sell at the ask. But my limit orders never executed at those levels despite the bid and ask were showing the price. It would only execute if say I had a limit order to buy, the ask price fell to that level. Other DMAs allow this but LMAX does not. At least when I traded with them perhaps 2-3 years ago. Could you tell me if things have changed?

 

[SpreadDoctor]

this quarter has been v poor in FX generally, both banks and brokers reporting falls in FX revenue).

The talk is that this is to do some participants in the marketplace lightening up due to concerns about the ongoing investigations into price manipulation in the FX market. I imagine some hefty fines are on the way.

 

[twinj]

Thanks DowJones for the reference. I remember reading that post but it wasn't clear to me so I wanted to hear from someone who is currently trading with them. I think things haven't changed.

From my experience, fpmarkets allowed you to buy at the bid and sell at the ask. Sadly they no longer have a presence here in the UK. They are only regulated in Australia.

 

[johnclark7889]

fx Trading

To be successful with the Forex, you need two things strategy-wise...
1) You need a strategy. They are NOT as hard to come by as people suggest.
2) Then you need good money management. Even with the best strategy, if you trade too large of lots, or you do poor money management (aka impatience, greed, etc) you'll blow your account.

I suggest that you open a demo account at the above link, and add ALL of the top 20 strategies to it, and let the demo run for a month or so. If it does well after a month, you can then weed out any of the strategies that didn't do so well at that point. I suggest following multiple strategies rather than just one, because more strategies = more stability. Any strategy can go bad at any time, no matter how good it's done in the past. But following multiple good strategies means that if several go bad, you're still in the green.

 

[SlowlyButSurely]

I suggest following multiple strategies rather than just one, because more strategies = more stability. Any strategy can go bad at any time, no matter how good it's done in the past. But following multiple good strategies means that if several go bad, you're still in the green.

I wouldn't agree with this approach, especially not for a newbie trader. The only strategies I ever see 'stop working' are those employed by an EA. If you are manually trading then you need just one strategy and that is your own.

Takes a long time to develop and you will likely cover many subjects, picking bits from here and there, but in my opinion it's really the only way to learn to trade.

Taking on too much too fast too young will leave you in a mess