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Realities of Forex Investment
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tonicasert
#321 Posted : Thursday, October 23, 2008 1:06:00 AM
Rank: Member


Joined: 3/10/2008
Posts: 301
Location: Abu Dhabi
GBPUSD seems to be heavily supported around 1.6200,and has bounced off a couple of times. Am currently trading on short term charts (5 and 15 mins),keeping an eye on the 30 min chart. In these volatile moments,even the 1 min chart is useful in scalping a couple of pips per trade.

For newbies,at these times of uncertainty dont be tempted to operate trades without a stop loss and dont be too greedy to let profits run too much. Always put Take Profit and Stop Loss for each and every trade.

GL and GT to y'all!
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tonicasert
#322 Posted : Thursday, October 23, 2008 1:23:00 AM
Rank: Member


Joined: 3/10/2008
Posts: 301
Location: Abu Dhabi
@cckip

Brokers are generally global thanks to internet. You may still continue using your current one. I've used fxcm before I changed to oanda who I have been with for the last 4-5 years. So far so good.

On trading fx for a living: I say it is very possible,but you need to have a very clear mindset. If you approach forex in a way that its going to pay your rent,then you may lose focus and this may translate into losses in your trades as you start panicking in a bad day or month. I would advice you also have a side booster like a small business that gives you peace of mind when things are down. This way you will be surprised at how much more you will make in forex since your full concentration will be on making rational and profitable trade decisions,and you end up making even more than the rent you are trying to achieve. Hope you get my drift.
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cckip
#323 Posted : Thursday, October 23, 2008 7:38:00 AM
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Joined: 8/11/2008
Posts: 11
Tonicasert

Thanks for your reply,that is a long time trading,i only learn about forex few weeks ago when i realiazed i needed too much money to trade stocks,forex to me was a foreign word though i am catching up. Yes i understand your point of view and i think i will still keep my job until i am comfortable with the returns. by the way are you in kenya? if so how much does it cost to have internet in your house? Thanks again


The most risk in life is taking no risk at all
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tonicasert
#324 Posted : Thursday, October 23, 2008 4:53:00 PM
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Joined: 3/10/2008
Posts: 301
Location: Abu Dhabi
@cckip

Am not in Kenya,but I beleive you can get adsl (is that the right speling) or any other good connection for between Shs 3-5K a month.
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NGAATU
#325 Posted : Thursday, October 23, 2008 4:55:00 PM
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Joined: 5/6/2008
Posts: 107
@cckip
I think what my colleague told you is very critical and you need to take time with it if you deem you are not fit enough and you do also need to have a side job to compensate you in bad periods.This does not mean you can not make a stable living but the problem of when you are starting to get into this market with a lot of responsilities on yourself as to meet all basic things the first months you will be pressurred to make mistakes and when you loose some trades you will panick and may end up loosing more and be frustated.

As time moves on you will be comfortable and can make a lot of things,but if you are starting always cushion yourself with another thing.Thats why you need some time to grasp the market and learn it.But your step is a good one.

@toni
I am scalping and it is helping in this volatilty.

@NGAATU
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NGAATU
#326 Posted : Thursday, October 23, 2008 5:11:00 PM
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Joined: 5/6/2008
Posts: 107
internet costs for zain is Ksh 3000 per month unlimited,but its a little bit slow cause its edge technology but its still doing work.
Safcom you can buy a bundle of 1GB which costs 2999/= then any MB will cost 8/=.
Its 3G technology and very fast 7.2mbps but the costs are crazy.You can end up paying over 7k in a month or more.

For home use there is a broadband which is very fast from Zuku to others and varies between 3-5k a month.

@NGAATU
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cckip
#327 Posted : Friday, October 24, 2008 1:34:00 AM
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Joined: 8/11/2008
Posts: 11
Ngaatu/tonicasert

Thanks guys,will take your advice seriously.Happy trading.


The most risk in life is taking no risk at all
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Passyson
#328 Posted : Friday, October 24, 2008 11:33:00 AM
Rank: Member


Joined: 8/8/2008
Posts: 97
Ngaatu,Toni,Kilabe et al....

Am back in the house now from my forced break ...many issues that had to be attended to.

Just a word of hi...also to let you know that i should be back to what i do best from monday next week....I plan to tinker with EUR/USD and AUD/USD for the next 2 months...will only be doing two currencies. I had a chat with a market strategist of Forex.com and got lots of insight. Plan to share it with you guys as we continue trading here.

Tokyo session...and the only trade for today...entered EUR/USD @ 1.279060 with a S/L at 1.28906 and a T/P at 1.27306. Profit should translate to 900 dollars and loss to 1500 dollars on lots of 15.

Happy trading and lovely weekend!


Anyone who lives within their means suffers from a lack of imagination
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kilabe
#329 Posted : Friday, October 24, 2008 2:08:00 PM
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Joined: 7/18/2008
Posts: 53
@Passyson

Sure brother at least the session is back live now,we had missed your presence together with ngaatu.Karibuni sana.Bring us the new tactics and we try them also and we will share with you some of ours which we had developed in the meantime.

Also going long with USD/CHF to take TP at around 20 pips and SL at 40pips

HARD WORK,HARD WORK HARD WORK
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NGAATU
#330 Posted : Friday, October 24, 2008 2:16:00 PM
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Joined: 5/6/2008
Posts: 107
Welcome home. The market has been behaving crazily the past month and so but i think some levels of sanity is returning back.The market aint bad any way.Bring us your new tactics we share with ours which we have developed during this crazy month.


@NGAATU
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NGAATU
#331 Posted : Friday, October 24, 2008 4:41:00 PM
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Joined: 5/6/2008
Posts: 107
Sure guys @passyson @kilabe the TP have all been hit already. Am looking at the GBP/USD with about 50 pips under to 1.5640.

@NGAATU
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Passyson
#332 Posted : Friday, October 24, 2008 5:50:00 PM
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Joined: 8/8/2008
Posts: 97
@Ngaatu and Kilabe...thanks for the welcome note.

Sure my T/P has been achieved for the EUR/USD...also went short on AUD/USD and AUD/CAD with T/P target of 40 pips each,which has been achieved.

My profit target for the day has been achieved and i can gladly call it a day.

Till Monday.




Anyone who lives within their means suffers from a lack of imagination
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Passyson
#333 Posted : Monday, October 27, 2008 5:21:00 AM
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Joined: 8/8/2008
Posts: 97
A very early morning fellow traders...

In case there is anyone up with me at this time,gone short EUR/USD (10 lots) at 1.25550 with a S/L at 1.26550 and a T/P at 1.24050...that should translate to a profit of 1,500 USD or a loss of 1,000USD...

Happy trading all!

PS/ My s/l was hit....entered same trade @ .2684 and exited at .2567. ...profit thus translates to 1170-1000= 170USD....risky trade here but i had to check the dynamics pre-4am open...verdict...No trading pre-4am

Next trading session....12noon (london session).

Adios.

Anyone who lives within their means suffers from a lack of imagination
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NGAATU
#334 Posted : Monday, October 27, 2008 12:03:00 PM
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Joined: 5/6/2008
Posts: 107
Morning @all traders.Also looking at the market currently in the tokyo session.@passyson thanks for the morning market insight.Looking to take position with the kiwi and aussie.


@NGAATU
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NGAATU
#335 Posted : Monday, October 27, 2008 12:28:00 PM
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Joined: 5/6/2008
Posts: 107
went short at NZD/USD at 0.55574 going for 15 pips. Still looking to go long with the USD/CHF at least for 25 pips as the european economic data is in the offing and supposedly bearish.

@NGAATU
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NGAATU
#336 Posted : Monday, October 27, 2008 1:12:00 PM
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Joined: 5/6/2008
Posts: 107
Already hit my TP for NZD/USD gone short for 15pips. Gone short for GBP/USD waiting to get out at around 25 pips under.

@NGAATU
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tonicasert
#337 Posted : Monday, October 27, 2008 3:43:00 PM
Rank: Member


Joined: 3/10/2008
Posts: 301
Location: Abu Dhabi
Hi everyone! Ngaatu,Passyon,Kilabe,et al

Welcome back Passyon,good to see you around. Please share the insights.

Had a long GBPUSD that was stopped out (never seen such volatilities!) at - 45 pips. Currently short at 1.5507,targeting close to 100 pips profit,but if I see some plateauing at +50 pips I might book the profits. Trend still looks down towards the support of 1.5425.

On another note: My stocks are really sucking and cant stand the losses any more (now at an average of 30-35% loss). Thinking of liquidating and pumping into forex. Any insights on whether they're gonna pick soon (read days' retracement)?

GL and GT
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tonicasert
#338 Posted : Monday, October 27, 2008 3:52:00 PM
Rank: Member


Joined: 3/10/2008
Posts: 301
Location: Abu Dhabi
The main driver for the losses in the majors has been the Yen strength as investors unwind carry trades due to the equity downturn. However there's talk of imminent intervention to stabilise the Yen (prob by BoJ),since a very strong Yen (currently at 93) is really hurting the export-dependant country. Such intervention willl see some more volatilities,and I reckon if they start happening,we may see some strengths on the GBP and EUR soon.
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tonicasert
#339 Posted : Monday, October 27, 2008 4:03:00 PM
Rank: Member


Joined: 3/10/2008
Posts: 301
Location: Abu Dhabi
Closed the GBPUSD with +114 pips at 1.5393. That was quick! Waiting for another retracement as all indicators are oversold,then I short further. If I see anything close to 1.5450,I will short again and target towards 1.5275-1.5300.

GL and GT to y'all!
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Passyson
#340 Posted : Monday, October 27, 2008 4:21:00 PM
Rank: Member


Joined: 8/8/2008
Posts: 97
Mighty great for you Toni with the GBP/USD pair...thanks for the welcome note too...

Ngaatu...am sure the trading will pick up later in the course of the day...as Toni rightfully said,i guess the present strength of the Yen does not augur well for the Japanese economy and i expect something to done asap to rectify this anomaly...

Gone short AUD/USD @ .60651 with a S/L @ .62151 and a T/P @ .60251...15 lots.

Will be back later in the afternoon...

GL all.

Anyone who lives within their means suffers from a lack of imagination
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