Scalping the EUR/USD

Quote from AlpineTrout:

jrs3,

How's your execution speed with CMS Forex? Another ex-CMS user on another thread wrote that he had very slow execution times, sometimes minutes during high volume periods.

Have you ever used Oanda? If so, how do they compare?

I'm currently not a currency trader (QQQ), so I have to ask the question:

No commission
No software fees
High leverage
No Uptick restrictions on shorts
Tight Spreads
Most say instant (or close to it) execution

What's the catch? Why aren't more traders involved in currencies?
More...
"What's the catch? Why aren't more traders involved in currencies?"
___

AT, perhaps part of the reason is that equities/bonds/futures/mutual funds have been around for decades, whereas forex is a relatively new instrument to trade for retail small cap traders.

There are indications that more and more traders are beginning to trade fx.

I traded stocks / NASDAQ end of 1999 for 3 months - in comparison I would never trade anything else but currencies now.

also, forex may be the most complex instrument there is to trade successfully.

Best regards,

Sam
 
Quote from cable:

Gulp. That's why.

Today is a good day to look at the charts and realize that STOP LOSSES ARE YOUR FRIEND.

Oh. My. God.
More...
Cable: Heh, yeah, successfully trading moves like today separate the men from the boys.

A better friend than stop losses is positioning yourself on the right side of the trade.

Cheers!

Sam
 

Attachments

Sam... I have been trading equities for about 4 or 5 years now. If I wanted to transition into currencies what do you think would be the best way to go about the learning process?
 
Quote from AlpineTrout:

jrs3,

How's your execution speed with CMS Forex? Another ex-CMS user on another thread wrote that he had very slow execution times, sometimes minutes during high volume periods.

Have you ever used Oanda? If so, how do they compare?

I'm currently not a currency trader (QQQ), so I have to ask the question:

No commission
No software fees
High leverage
No Uptick restrictions on shorts
Tight Spreads
Most say instant (or close to it) execution

What's the catch? Why aren't more traders involved in currencies?
More...

Trading with internet forex dealers is the biggest ripoff in the history of trading.
 
Quote from ElectricSavant:

I am afraid I must agree with Mr. Brown..

Michael B.
More...

Why? (I'm ignorant when it comes to this subject. Just trying to find out more info from the people who know whats up)
 
I used to be a CTA...and I interviewed for a job as the "other side of the trade".....

You would not believe the insane amount of money to be made especially at those 5-10 pip spread companies. Hint: When a bank calls what do you think they buy the inventory for? The quoted price? No...you trade against it to fill the banks order

There are no standardized quotes.....nothing to keep them honest

Just recently the NFA has started to clean them up....but years to go...


Michael B.

P.S. Does Oanda still have that funky withdrawel policy? Why would anybody restrict withdrawels? (I still think Oanda is the best though)

P.S.S. As long as the Forex brokers advertise NO COMMISSION...or FREE TRADES...and try to fool the public...they will be regarded as a circus...





Quote from B1010:

Why? (I'm ignorant when it comes to this subject. Just trying to find out more info from the people who know whats up)
More...
 
Yeah, I asked my stockbroker buddy a few years ago what he was holding. He laughed and said "Nothing, that's a scam for suckers! You know that!" The only time he got in was when the market was exploding and he would just buy every internet stock, hold it for a week, then take his 50% return and dump it.... Being a broker is a sure thing. Making a guaranteed 2 or 3 pips times x thousand trades a day beats the heck out of MY risk:return ratio, that's for sure. I wish there was better rules in place to govern the industry... I'm always a LITTLE bit worried that OANDA or whoever will just disappear with my money some day, but you gotta trust someone some time I guess.
 
Quote from ElectricSavant:

I used to be a CTA...and I interviewed for a job as the "other side of the trade".....

You would not believe the insane amount of money to be made especially at those 5-10 pip spread companies. Hint: When a bank calls what do you think they buy the inventory for? The quoted price? No...you trade against it to fill the banks order

There are no standardized quotes.....nothing to keep them honest

Just recently the NFA has started to clean them up....but years to go...


Michael B.

P.S. Does Oanda still have that funky withdrawel policy? Why would anybody restrict withdrawels? (I still think Oanda is the best though)

P.S.S. As long as the Forex brokers advertise NO COMMISSION...or FREE TRADES...and try to fool the public...they will be regarded as a circus...
More...
Michael: I got a withdrawl the other day, happened like clock work - and within usual mailing time I got the check.

I think their policy is one free check a month then $15 for each one after that.

gsr
 
Quote from Mike Brown:

Trading with internet forex dealers is the biggest ripoff in the history of trading.
More...
Mike Brown: That's a statement of utter ignorance.

The entire world trades currencies. Without forex the world would stop cold.

Think about it.

Sam
 
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