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My bad... This is thread is part of the Forex Forum, and I neglected to make that distinction. It is my impression that with forex it is as easy to go short as long. For that matter, isn't short USDJPY equivalent to long JPYUSD? The only difference is the base currency. I believe...

That is disappointing. I guess we will have to file it under "trader lore". I agree with jaronimo that trading has a high failure rate, but I am not sure anybody knows what it is. All startups have a high failure rate. Starting capital requirement for trading is low enough, especially for...

This has been an interesting thread -- 60 pages of posts, several flame wars, trolls, etc. Confusing jargon (10 pips per day, 10 cents per day) aside, the subject of this thread is average net income per day. If you do some reading, it becomes clear that what we are talking about is $100 per...

A hundred handles lower I would think means 1311.63.

I believe that is correct. The meaning of point is often ambiguous, and ambiguity is usually bad. Some people mean 1.0 (a handle), and some people mean 0.01 (a basis point). I think the term car, denoting a contract, comes from the fact that most ag contracts fill one [train] carload.

I can see why that would be confusing. Maybe this document will explain this better than I can: http://www.finra.org/web/groups/rules_regs/documents/notice_to_members/p003881.pdf Since Reg T margin is calculated at the end of the day, PDT rules were implemented to protect both the trader...

Your broker is correct. With $25k cash, you can hold positions worth up to $100k in a margin account. When you liquidate something, the money is available immediately to enter a new trade. If you have a cash account, you must wait until a liquidation clears (T+3) before reusing the cash...

I hope I am not hijacking your thread here. . . I am a little surprised that IB would even consider compensating customers. Their (and every other broker's) standard agreement disclaims that, as far as I know. I didn't have any positions open, so maybe I would feel different if I had lost...

This is the best response so far. I was unsure whether to add a comment to all the other nonsense in this thread. I don't know the OP, so I cannot be sure what his point was. It's highly unlikely that the stock market will disappear, but it is a fool who never stops to think about what...

One possibility you didn't list is to get a [relatively, in this economy anyway] secure job outside Wall Street, and trade your own account. You can make a lot of money trading for a bank or hedge fund, but getting there involves factors that may be out of your control. If you really want to...

Perhaps the largest and best-known firm is Robert Green: http://www.greencompany.com/

Thanks for the information. I am just starting to look into spot forex, and I was wondering about tax treatment. It is my understanding that the Commodities Futures Modernization Act of 2000 (CFMA) started the forex boom. The Frankwell Bullion case clearly established that the CFTC has...

There are really two questions here: What works (if anything), and is there anything you can buy that works. I don't have a lot of confidence in purchased systems, but they can sometimes be a starting point in your quest for a system of your own. I autotrade stocks, but I have not found...

I think these are valid concerns. All things considered, I prefer trading regulated markets, rather than unregulated. But it is important to remember that hanky-panky happens in regulated markets too. I think the biggest risk due to lack of regulation is the potential for failure (i.e...

I am not a very good trader, and so I use automation to compensate. The computer doesn't get bored or excited. So far, I have only written systems for trading stocks and futures. Spot forex is new to me. None of my systems are designed to run unattended, so that greatly simplifies coping...

Maybe we should have a thread on who has taken the biggest, nastiest hit and survived.:D

I don't like to talk about my performance because it sounds like I am bragging, which isn't my style. But I think it helps the newer traders to develop perspective. It's all about lifestyle! I never lasted long in a regular job. I always got bored after a couple months, or I tangled with...

I'm a little older than the typical ET'er. I start drawing Social Security next Fall, and I expect that will cover about 1/3 of my living expenses. My goal for all my trading is 20% per year, but I certain wouldn't quit when I make that. I can always find something to do with the extra money...

Checking for hidden liquidity may be theoretically possible, but I don't think it is very practical. The only way a broker could do that is to post a limit bid/offer, wait some time (maybe less than a second), cancel if no fill, wait for a confirmation, try the next pool, etc. Many customers...

I too am reading that book, and I was particularly struck by Harneker's modest goal and his use of automation. It is quite clear that when Harneker talks about 10 pips, he is referring to single lot trades with a $10 pip value. That equates to $100 per day or $25k per year. Obviously if you...