New Forex week starting in 4 minutes. Fatal flaw with my current positions is they're all betting on the same thing (USD) lol.
Wish I was in CAD or NZD to be honest.
Wish I was in CAD or NZD to be honest.
I'm back. Hopefully better and more realistic.
- Thread starter farmerjohn1324
- Start date
I don't just think they will.
I know they will try and they have many tools at their disposal.
I play because I have an edge and I know how to minimise the risks.
Same with the LP's, they would not fill your orders if you were trading large size and you were identifiable. But if you were trading small size and were grouped together with other trades from the same broker, then they would not see your individual trades.
They would simply see a group of trades which at some stage (when they have accumulated enough orders in their books) they will trade against.
It will happen, it is simply a matter of time.
Well I'm dealing with large amounts of money when building/selling houses. So unless I'm able to wager that same amount of money safely, then I can't proceed.
What hard evidence do you have that your broker was stealing from you? I use IG for Forex, which is licensed in the United States. For futures, I use Schwab. I don't think Schwab would steal from me.
You have a lot to learn my friend.
Your trading seems somewhat random, you'll need well defined rules and a plan as to what to do with your losing trades.
Simply placing a trade and hoping for the best, is not trading.
Since you seem to want to average into positions, try and stick to the trading side which has the smallest retail positions.
The logic is that if 80% of retail EURUSD positions are long, price will struggle to move to the upside (because the big boys don't want to pay)
There are a few websites which show you these positions.
IG markets is one
https://www.dailyfx.com/sentiment-report
Myfxbook is another
https://www.myfxbook.com/community/outlook/EURUSD
I wish you every success
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I didn't say that your broker will steal from you.
The liquidity providers are not your broker, they are big banks and if your broker puts you in their A book of traders and passes your trades out to the market, then your trades will be bundled together with other trades and depending on size, they could be distributed to various LPs.
Your broker is not moving the market, the big LP's are and I never said that they will steal directly from you, I said that they will find ways to take our money. The usual way of doing this is by moving price to the side which has the most positions and when they clear up that side, then they will turn around and target the other side and the process repeats forever.
Anyway, its a complex topic, I'm out of here.
All the best.
I'm betting that the dollar will remain strong throughout this week. This view is shared by many. I would like to think it's an educated guess.
Off to a good start... With one minor hiccup...
The hiccup: This is my first time trading a live account in a while so I made the mistake of using nearly all of my account balance in active trades. So I got an early margin call and lost $85 even though that pair USD/CHF has since turned around and I would have been positive on it. Oh well...
So my 2 open trades EUR/USD and GBP/USD... I'm currently positive $500 between the two. This is a $10,000 account.
So basically I'm up about 4.2% since starting this towards the close of last weeks trading. I know it could turn bad any second, but it's good for now.
If this is the type of momentum that USD is starting with... Then I'm feeling real good about holding it through the week.
The hiccup: This is my first time trading a live account in a while so I made the mistake of using nearly all of my account balance in active trades. So I got an early margin call and lost $85 even though that pair USD/CHF has since turned around and I would have been positive on it. Oh well...
So my 2 open trades EUR/USD and GBP/USD... I'm currently positive $500 between the two. This is a $10,000 account.
So basically I'm up about 4.2% since starting this towards the close of last weeks trading. I know it could turn bad any second, but it's good for now.
If this is the type of momentum that USD is starting with... Then I'm feeling real good about holding it through the week.
Whoa. My account was up 9.3% just 20 minutes ago. Now it's 6.8%.
This is DAY 1. So what should I do with this knowledge? These predictions (strong USD) were based on sound reasoning and reinforced by others, such as DailyFx and other economic news sources. This was not a blind 50/50 guess.
My next step to improve is.... Figure out what I would have done if I had lost. Other than place a SL to avoid catastrophe? Because by the time of catastrophe, I would have been down 20%. But if I place SL too early, then I miss out on potential gains if I end up being correct.
This is DAY 1. So what should I do with this knowledge? These predictions (strong USD) were based on sound reasoning and reinforced by others, such as DailyFx and other economic news sources. This was not a blind 50/50 guess.
My next step to improve is.... Figure out what I would have done if I had lost. Other than place a SL to avoid catastrophe? Because by the time of catastrophe, I would have been down 20%. But if I place SL too early, then I miss out on potential gains if I end up being correct.
Account is up 15% on the day. So if I grow my account by 15% every day, with compounding... Then after 100 trading days, I will have $11.7 billion!!! Sounds realistic...
$10000 * (1.15^100) = 11,743,134,507
$10000 * (1.15^100) = 11,743,134,507
I finally start posting about real action and people stop responding...
Well that 15% I had made dwindled to 1.4%. It was negative just 20 minutes ago. I find a problem with my current strategy... That I'm basically hoping/guessing/gambling/praying that the data/news releases will go as I want and that the resulting price action will help by bets. I am strong USD.
Today's releases were the core CPI that was lower than expected by 0.1%... Then they will release the results of Treasury Note auctions at 1pm.
Even in the strongest of uptrends, there are still portions of downtrend, during which time you will lose significant amounts of money and will start to question yourself.
Look at the strong uptrend of AUD/USD since March 2020. But even here there are periods of weeks or months where you would have started to question the trend after losing lots of money.
Well that 15% I had made dwindled to 1.4%. It was negative just 20 minutes ago. I find a problem with my current strategy... That I'm basically hoping/guessing/gambling/praying that the data/news releases will go as I want and that the resulting price action will help by bets. I am strong USD.
Today's releases were the core CPI that was lower than expected by 0.1%... Then they will release the results of Treasury Note auctions at 1pm.
Even in the strongest of uptrends, there are still portions of downtrend, during which time you will lose significant amounts of money and will start to question yourself.
Look at the strong uptrend of AUD/USD since March 2020. But even here there are periods of weeks or months where you would have started to question the trend after losing lots of money.
