Forex Trading - December 2003
- Thread starter Newtron Bomb
- Start date
- Watchers 6
Morning all and happy new year!
I've been looking back on past trades over the holiday period and reckon I can refine my entries by using stop/limit orders. However, if these are hit whilst not in front of the screen (Likely as I also have to work for a living), I have no way of knowing and would be unable to set a stop until I return home again (unsatisfactory as I wish to set a stop asap after opening a position). I am using cmc spreadbet for trading and oanda for charts. Can anyone provide any info with the possible alternatives that I have identified (may) be available?
1. Email alerts from CMC to a hotmail account which then sends a mobile phone text alert. (I can then phone in stop loss orders). I recall that Newtron bomb has used this method with Orange. Is this satisfactory (ie texts received promptly). Also, are these facilities available from any other mobile operator that anyone is aware of (particularly interested in o2).
2. Use of PDA/XDA. This is really dependant on being able to receive text alerts. I would then be abe to quickly check prices etc before placing orders whilst out at work. My questions here are a)do java based charts such as oanda work on a PDA/XDA b) does anyone have experience of using cmc's lite touch web based system for placing orders on a PDA/XDA as I would be unable to run marketmaker? c) for the XDA in particular which I beleive is an o2 product, can you use it on other mobile networks and finally d) what sort of costs would I have for say an average of 15mins per day internet access with a PDA/XDA?
I have tried to ask some of these questions to o2 and cmc but they don't really seem to be able to give me the answers I need. Does anyone actually have any practical experience of using a PDA/XDA for trading purposes?
3. Find an alterntaive SB provider who can offer a "linked order" system. ie I know some of the big FX co's (oanda/ fxcm and the like) offer the facility to set a stop loss order which is conditional on a stop/limit order being triggered. ie your stop loss order is not placed in to the market until your order to open the position has been triggered. You can therefore set an order to open a position and at the same time, attach a conditional stop loss order. I would then not need to rely on text alerts etc as the stop loss would be placed automatically. I wish to stick with SB for tax reasons. I remember reading somewhere that someone like FXCM was going to be offering SB facilities. Basically, my question is- has this happened and is there an SB platform (preferably with an FX company) that can offer linked orders in the manner described above?
Option 3 is my preferred route as this would also avoid the dreaded text alert at 4am!!
Anyway, sorry for the long winded post. Any feedback/ guidance that anyone can offer would be much appreciated.
Happy new year once more and happy trading!
Darren
I've been looking back on past trades over the holiday period and reckon I can refine my entries by using stop/limit orders. However, if these are hit whilst not in front of the screen (Likely as I also have to work for a living), I have no way of knowing and would be unable to set a stop until I return home again (unsatisfactory as I wish to set a stop asap after opening a position). I am using cmc spreadbet for trading and oanda for charts. Can anyone provide any info with the possible alternatives that I have identified (may) be available?
1. Email alerts from CMC to a hotmail account which then sends a mobile phone text alert. (I can then phone in stop loss orders). I recall that Newtron bomb has used this method with Orange. Is this satisfactory (ie texts received promptly). Also, are these facilities available from any other mobile operator that anyone is aware of (particularly interested in o2).
2. Use of PDA/XDA. This is really dependant on being able to receive text alerts. I would then be abe to quickly check prices etc before placing orders whilst out at work. My questions here are a)do java based charts such as oanda work on a PDA/XDA b) does anyone have experience of using cmc's lite touch web based system for placing orders on a PDA/XDA as I would be unable to run marketmaker? c) for the XDA in particular which I beleive is an o2 product, can you use it on other mobile networks and finally d) what sort of costs would I have for say an average of 15mins per day internet access with a PDA/XDA?
I have tried to ask some of these questions to o2 and cmc but they don't really seem to be able to give me the answers I need. Does anyone actually have any practical experience of using a PDA/XDA for trading purposes?
3. Find an alterntaive SB provider who can offer a "linked order" system. ie I know some of the big FX co's (oanda/ fxcm and the like) offer the facility to set a stop loss order which is conditional on a stop/limit order being triggered. ie your stop loss order is not placed in to the market until your order to open the position has been triggered. You can therefore set an order to open a position and at the same time, attach a conditional stop loss order. I would then not need to rely on text alerts etc as the stop loss would be placed automatically. I wish to stick with SB for tax reasons. I remember reading somewhere that someone like FXCM was going to be offering SB facilities. Basically, my question is- has this happened and is there an SB platform (preferably with an FX company) that can offer linked orders in the manner described above?
Option 3 is my preferred route as this would also avoid the dreaded text alert at 4am!!
Anyway, sorry for the long winded post. Any feedback/ guidance that anyone can offer would be much appreciated.
Happy new year once more and happy trading!
Darren
Newtron Bomb
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Darren i'll sed you a pm
Thanks NB
I have just had a more useful conversation with O2 than the last one, and to save anyone the trouble of replying on stuff I've already had answers to, I'll summarise as follows:-
1. O2 do not offer their own email/ text alert facility. However, they say that if your email provider has a pop3 facility, then they should be able to set this up. Will need to investigate this further.
2. They also say that the XDA2 allows full internet access as a normal pc. It should also allow use of java based facilities. ie charts so this should be possible. (Practical feedback on this would be much appreciated).
3. XDA2 is an O2 product and is designed for use on 02 network. You can buy it without connection to 02 but I think th eprice would be a lot higher and they say a lot of the facilities would not be available. For anyone else interested in the XDA2, the price has just come down to £300 until the end of jan when connected to o2 phone/ data tarriff.
Cheers
I have just had a more useful conversation with O2 than the last one, and to save anyone the trouble of replying on stuff I've already had answers to, I'll summarise as follows:-
1. O2 do not offer their own email/ text alert facility. However, they say that if your email provider has a pop3 facility, then they should be able to set this up. Will need to investigate this further.
2. They also say that the XDA2 allows full internet access as a normal pc. It should also allow use of java based facilities. ie charts so this should be possible. (Practical feedback on this would be much appreciated).
3. XDA2 is an O2 product and is designed for use on 02 network. You can buy it without connection to 02 but I think th eprice would be a lot higher and they say a lot of the facilities would not be available. For anyone else interested in the XDA2, the price has just come down to £300 until the end of jan when connected to o2 phone/ data tarriff.
Cheers
Newtron Bomb
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No problem Darrenf
For information cantor provide a pda service
xda and pda's fee are based on data downloads so you should only get a snap shot of the last price.
They are good if you are on the move whilst trading but if i leave the desk the telephone every hour or so just just the same.
Although useful it is a boys toy and not really cost effective until data prices come down from the providers, which is unlikely to happen shortly due to the extortionate prices the government charged for the licences.
Regards
NB
For information cantor provide a pda service
xda and pda's fee are based on data downloads so you should only get a snap shot of the last price.
They are good if you are on the move whilst trading but if i leave the desk the telephone every hour or so just just the same.
Although useful it is a boys toy and not really cost effective until data prices come down from the providers, which is unlikely to happen shortly due to the extortionate prices the government charged for the licences.
Regards
NB
Newtron Bomb
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might as well start a new month for forex ah see you all over there 