Sorry, I don't use indicators but there are lots to choose from and lots of strategies around the net, in fact there's a couple here in this thread which sound ok.
10 Pips Per Day - Everyday
- Thread starter Trader200K
- Start date
I stand by my endorsement of another posterâs powerful advice against risking money with mostly unregulated entities that sell a totally unregulated product. The words "market" and "broker" usually mean honest, exchange-traded products. The regulatory and reputational risks for the firms that broker those products generally overcome temptations toward dishonesty and exploitation of retail customers. Retail forex has none of those characteristics which protect customers. None.
Right, and the stock exchanges around the world are all above board and honest, investors are all protected because of regulation and never exploited? So there's no manipulation, corruption, improper trading, accounting scandals, illegal mutual fund trading, trading ahead, the list of regulation abuses is endless!
As one NYSE trader said "rules are there to be broken"
So much for regulation huh?
Thanks Cable... That says it. I was sitting here formulating a response and you slammed it...
Fear is a definite way to lose all you have. I am reminded of the story of the 3 servants and the talents they were given. The last servant was fearful, buried his talent and lost it anyway. LOL.
Fear is a definite way to lose all you have. I am reminded of the story of the 3 servants and the talents they were given. The last servant was fearful, buried his talent and lost it anyway. LOL.
Exactly.
Check this out.
I can't believe he admits it in public, but my hat is off to him for doing that.
http://www.youtube.com/watch?v=GOGLvxqAk4A&feature=related
I am sure it is only a tiny sampling of what is going on...
Also check out the many other "market manipulation" videos there.
Ooops, sorry about that!
Wow, those videos are crazy, thanks for the link Panamadan, it makes me glad to be in forex and only having to contend with central bank intervention and a bit of stop running!
I've got a lot of respect for the little guy who trades those markets and makes a living, I wouldn't know where to start!
This has been a pretty interesting and informative thread.
***
To the OP, I don't know how the guy traded, he may have used a Monthly/Weekly/Daily combo for all I know.
I just know he said he was profitable in Spot Forex, and that if we weren't, the problem was not with the market, but that we were using too short a time frame.
That's fine, I'll stick to scalping the ES for my $100 bucks a day quota
, and look into developing longer-term strategies for other derivatives.
I might even look into automation, but that isn't 100%, and it represents another learning curve.
Good trading,
I
***
To the OP, I don't know how the guy traded, he may have used a Monthly/Weekly/Daily combo for all I know.
I just know he said he was profitable in Spot Forex, and that if we weren't, the problem was not with the market, but that we were using too short a time frame.
That's fine, I'll stick to scalping the ES for my $100 bucks a day quota
, and look into developing longer-term strategies for other derivatives.I might even look into automation, but that isn't 100%, and it represents another learning curve.
Good trading,
I
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. total meltdown) by the broker. For that reason, I would only trade through a broker that has a reputation and a market presence larger than spot forex. I have been trading stocks and futures through IB for about 5 years now, so I am reasonably comfortable trading spot forex with them.
I want to follow the opportunities, and that means taking a bit of risk.
Very good point, additional revenue streams may keep the company solvent for longer, reputation I wouldn't rely on because it seems too easy for these firms to fabricate balance sheets (RefcoFX).
Are IB account holders funds covered by SiPC even if they only trade forex do you know?
In the UK up until recently funds had to be segregated and were protected on a sliding percentage basis above 60k, unfortunately the FSA changed the rules and now clients are at the bottom of the list of creditors if the firm goes bust.
It's a minefield for sure, it's not ideal but the best we can do is withdraw out initial deposit once sufficient profit has been made and hope for the best!