Wazua
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Realities of Forex Investment
Rank: New-farer Joined: 10/31/2010 Posts: 11 Location: nairobi
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Rabin , the different banks have their own requirements to get a credit card, you could also wire the money to your broker , the three brokers that i use to trade all accept wire or credit card, just be sure you are not borrowing to trade because that would not be a smart thing to do, also make sure you have mastered money management before you take the plunge,otherwise i wish you all thwe best. "Individuals who cannot master their emotions are ill-suited to profit from the investment process." Benjamin Graham
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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ngapat wrote:@hisah, you wish u didn't close True. But it's a god practice to take profits once your targets are hit or loss limits are reached in order to remain solvent
With Dec here, time to stay away from the trading desk. Thin liquidity can creat wild volatility. Will only maintain the USDCHF & USDJPY longs over Dec hols. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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hisah wrote:ngapat wrote:@hisah, you wish u didn't close True. But it's a good practice to take profits once your targets are hit or loss limits are reached in order to remain solvent
With Dec here, time to stay away from the trading desk. Thin liquidity can creat wild volatility. Will only maintain the USDCHF & USDJPY longs over Dec hols. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Member Joined: 11/9/2010 Posts: 132
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Hallo Traders, Which is the best platform that I can download and use? I want to learn and start trading.I have procastinated venturing into this market for a long time. Can I trade with as little as 50K? Thanks in advance.
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Rank: New-farer Joined: 8/6/2010 Posts: 26
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@Hisah,
You appear to have a very good understanding about this Forex thing. Now would I be right to say that GBP/USD and EUR/USD in most cases trend in the same direction. The only difference being that one pair is more volatile than the other? I am a novice trader and targeting to resume serious trading once I have sorted my skills.
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Rank: Veteran Joined: 5/24/2010 Posts: 846 Location: KENYA
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Hey guys. Does any of you own a Nokia E63 phone and are you able to download any forex trading software on it? If not please let me know which phone you find useful for FX trading. Thank you.
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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kasheshe wrote:@Hisah,
You appear to have a very good understanding about this Forex thing. Now would I be right to say that GBP/USD and EUR/USD in most cases trend in the same direction. The only difference being that one pair is more volatile than the other? I am a novice trader and targeting to resume serious trading once I have sorted my skills. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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kasheshe wrote:@Hisah,
You appear to have a very good understanding about this Forex thing. Now would I be right to say that GBP/USD and EUR/USD in most cases trend in the same direction. The only difference being that one pair is more volatile than the other? I am a novice trader and targeting to resume serious trading once I have sorted my skills. GBP pairs are usually more volatility than the euro pairs. GBP/USD in most cases follows the EUR/USD trend, but you also need to check the EUR/GBP pair to confirm which has more strength. As a beginner avoid GBP/JPY (geppy the beast) since this pair is the most volatile of GBP pairs. Since the 2008 crisis financial crisis the floor is shaky and it has made fx trading a more short term game; mostly day trading. Also while trading look at the economy fundamentals. E.g. Trading the euro or cable vs the $ is hard to track than say aussie vs euro or cable. The aussie economy is better than the those two, so it's easier to buy the aussie against the two. At the same time you need to understand tech analysis which can give you a better entry point for buying or selling. And most important always have stoploss levels.$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Member Joined: 12/2/2007 Posts: 230 Location: London,SW
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Wow!what a day that was?i will never forget Friday 17 Dec 2010.I traded for 24h non stop from thursday til friday.I was on fiber(EUR/Dollar),i went up together and came down falling together.
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Rank: Member Joined: 5/31/2010 Posts: 325 Location: NAIROBI
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Hi, guys to all forex traders, hope you had a great yr in trading,2010. As we usher in 2011, my proposal as traders we can brainstorm on this forum on which trades we taking and why. Does anybody support? Discipline & sticking to your strategy even when you loosing defines great traders.
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Rank: User Joined: 5/9/2010 Posts: 1,418 Location: Nai
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Hi all. Lovely NewYear all my fx traders. Now for the first few days of 2011 . a trend will be set for both the stock indexes (read s&p 500) and fx market.Big money went on holiday but still s&p 500 managed to rally for the better half of dec (2010) pullin w/ it commodities currencies.I believe a correction is about to take place on the s&p 500 i use it as my primary guage in trading the dollar). its terribly over-bought and was rising on low volume .Why do i care so much about s&p 500 because its the perfect gauge of where the aud/usd is headed.My favourite pair. eur/usd will come tumbling down once the dollar start gaining strength.The impending correction will continue for a number of weeks and this shld give a good trend to make allot of money.Even if it remain range bound the bias is downwards. With the poor forecast of the gbp economy i am short gbp/usd and long usd airs.Cable is forming a very nice head and shoulder formation on daily chart and that shld yeild a healthy amount of pips once its validated and starts going down. I hope all of you didnt sleep in Dec because aud and nzd really rallied because of the RISK IN ON message given by the successfull Santa clause rally on the s&p 500 this dec 2010. Happy Trading 2011 Your future depends on your dreams so go to sleep !
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Rank: Member Joined: 5/31/2010 Posts: 325 Location: NAIROBI
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@Hisah hope u dint maintain the bullish USDCHF &USDJPY trades for long coz I'm sure you saw the bear moves. Moving into 2011, im sure going long on the pairs will be a good bet. AUDUSD &AUDCAD we watching for bearish signs after crazy bull trends. we say the pairs water down Head & Shoulder formations on the daily charts, im sure many got caught in this. @Morey what strategy do u use, u seem to have followed the choppy movements nicely and ur strategy looks efficient. @Vestor yah u can start with 50k bt ensure you use small volumes and a very efficient trading strategy to avoid being wipped out. @Kasheshe I would say u can start with the EURUSD and the Cable, bt in the later wathch out for some crazy whipsaws, they can easily hit u hard even though u analysed the markets right. Discipline & sticking to your strategy even when you loosing defines great traders.
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Rank: Member Joined: 5/31/2010 Posts: 325 Location: NAIROBI
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Tue 4th @6.30 AM, I'm short NZDUSD @0.7745 TP 0.7700 SL 0.7845 Short AUDCAD @1.0057 TP 1.0000 SL 1.0160. Long USDJPY @ 81.90 TP 82.20 SL 81.55 Trades that I'm closely watching AUDUSD CHFJPY, CADJPY, EURUSD, GBPUSD, EURJPY. Discipline & sticking to your strategy even when you loosing defines great traders.
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Rank: Member Joined: 5/31/2010 Posts: 325 Location: NAIROBI
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UPDATE @9.30am NZDUSD already hit pfofit 45pips. I hv bn trailing AUDCAD which is in the money, jst in case. USDJPY also in the money. TRADES IN PROGRESS: re entered Short NZDUSD @ 0.7700 tp 0.7650 sl 0.7750 AUDCAD moved my SL to 1.0022, so we already 30+ pips and adjusted take profit to 0.9950 Short AUDUSD@ 1.0082 TP 1.0010 SL 1.0162 REMEMBER. Trail the trades. Discipline & sticking to your strategy even when you loosing defines great traders.
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Rank: Veteran Joined: 5/7/2009 Posts: 1,032 Location: Sea of Transquility
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Hi All, Just been going through the thread. Kudos to all for your contributions. @ Hisah, thanks to ur good analysis, hope u'll continue this year. @ Fxtech, thanks for the recent trade posts. Otherwise thanks to all, happy 2011. “small step for man”
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Rank: New-farer Joined: 9/15/2010 Posts: 8 Location: Nairobi
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I intend to start trading on a micro account this year and I'm trying to find a good market maker i.e. user-friendly platform,regulated. Several people have recommended forex.com but their platform doesn't work for me (always unable to log in).Kindly share your experiences as far as this goes "Success is like pregnancy; people will congratulate you for getting it but won't know how many times you were screwed before getting it."
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Rank: Member Joined: 5/31/2010 Posts: 325 Location: NAIROBI
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@baniani, I use FXDD, it's easy to use bt i gess the spreads sometyms are way too hi n funny whipsaws now n thn. I'm informed that Tadawulf got a very nice service wth regard to fx. @Ceinz thanks I wl be posting wht i'm trading once I get the opportunity hope guys wl open up n we pull 2gthr. Discipline & sticking to your strategy even when you loosing defines great traders.
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Rank: User Joined: 5/9/2010 Posts: 1,418 Location: Nai
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Recommended forex broker : this is from personal experience (i.e i have an a/c w/ them).I wld recommend easy-forex.com .This guyz are so nice they even call you back !!!!!!!!! when you email them w/ a problem.Very few brokers do this. try ibfx.com.au ( MAKE SURE ITS THEIR Australia branch). They are just tooooo professional.May be thats why they win awards left,right and center. and make sure your forex broker SUPPORTS MetaTrader 4 . It will just sweeten your forex trading experience ! Your future depends on your dreams so go to sleep !
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Rank: Member Joined: 5/31/2010 Posts: 325 Location: NAIROBI
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WED 5TH UPDATE: SHORT EURUSD @1.3285 TP 1.30350 SL 1.34500 (for nxt a few weeks) I'm sure we wl get retracements opportunities for scalping. Long USDCHF @0.9479 it's an open trade Short NZDUSD @0.76450 TP 0.7605 SL 0.76750 NB Trail the trades Wishing all you guys a successful piping day Discipline & sticking to your strategy even when you loosing defines great traders.
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Rank: New-farer Joined: 8/6/2010 Posts: 26
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I have used FXCM for the last 6 months and find their platform ok. They are UK and US regulated. I like their charts online seminars(Webinars).
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