Intraday Live short term trading calls from an Expert Retail Forex Trader

[NVP]

Ok so the currency conversion rates being different is enough to skew any comparison. Thanks for that help.
Thanks also for the note about not trading until i know the basics. Ive been learning basics for quite a while now, and anticipate more learning ahead.

hey MM

you really need to run through everything with your broker before you trade - alongside plenty of practice opening and closing trades

a good trading system is only actually a relatively small part of the process ........

for me Its about having perfect 100% execution on each every trade (stoploss / RR / MM / Hardware / software / platform).......

without being able to understand everything and do this stuff with your eyes closed you and anyone will always slip up ......

for example i'm pretty comfortable with how I look to trade forex ..but due to lack of decent practice (I trade p/t) my execution sucks frankly on lower TF's ........so I need to work on it a lot

N

 

[Forexmospherian]

Hi all, hope your trading has been good today
I am still have issues with the commission charges on my FXpro account.
I sent an email but got an answer that totally ignored the point made in my email.
Im sure there is a good explanation.
check out these trades. MAybe its just my math, but how in the land of reality can a 9.4 pip gain at 20k, plus a 5.1 pip gain at 10K make £12.89 when a 5 pip loss at 30k makes a 14.15 loss?
Any help understanding this would be appreciated
.

Hi MM

Sorry I have missed you today - as been out this afternoon after the school run

Yes the FXPro demo account you have is working out similar to a straight 4 pip spread on how they have set it up with the commission - ie instead of having a good deal with a low spread and commission on your 2 winning trades - it would have been the same as being with another broker with nearly a straight 4 pip spread cost on the GU.

Now I am sure it would change on larger stakes sizes - but as the others have said you have trades 2 different pairs - possibly with different spread costs as well and all on different stakes sizes.

This is another reason why you can have a positive pip count - but an actual money loss.

I know here it is only the difference between a few euros - but it all adds up

If its on a demo try trades on 1 and 3 and 6 full lots and see how it works out then with the commission cut and then i will tell you what you would need as a deal of FXpro to stay with them with real money. Trouble is under say $25k they probably will not move much - so then you shop around and brokers like exness and pepperstone will beat their deal.

Was it a standard demo on euro's or did you change it from dollars or pounds as base currency ??

Regards

F

 

[pete_tong]

Hi Pete

LR setting can print differently on brokers charts. Unfortunately - most charts are not that accurate - and MM had to set one of his LRs at a totally different setting ( over 100 different ) to get the same reading as on my own charts at FXPro.

I do "fine tune" them but 5 or 6 setting have remained the same over 5+ years.

I like LR's better than MA's - as less lag and also some other qualities I have not seen from the standard MA's.

Hope that helps

Have a good weekend

Regards

F

Hi F,

Can you help with how MM has had to use different LR settings as above to you, when both of you are using FXPro for charting......confused

Thanks,
Pete

 

[DowJones]

Hi all, hope your trading has been good today
I am still have issues with the commission charges on my FXpro account.
I sent an email but got an answer that totally ignored the point made in my email.
Im sure there is a good explanation.
check out these trades. MAybe its just my math, but how in the land of reality can a 9.4 pip gain at 20k, plus a 5.1 pip gain at 10K make £12.89 when a 5 pip loss at 30k makes a 14.15 loss?
Any help understanding this would be appreciated
.

Good to see you posting your trade statement & glad you got your question answered. If I could make one suggestion: have a think about your position sizing. You made 3 trades here, 2 wins, 1 loss (a good win ratio), your avg win was also > your avg loss in pips (again good). However, you had more size on your losing trade - add in commish and your p&l goes -ve. Interesting also that you chose a cross pair for the bigger size.
Anyway, hope your future trading goes well. I've attached my day's trade statement in case you're vaguely interested (and so that forexmospherian doesn't pull me apart after me insulting him on the other thread ) A total of about +$450 after commish for 4 hours work (which also goes to show the impact of commish on scalping methods). Final note, ignore that I had no losses today - this is more luck than judgement - I usually incur some losses.

 

[Forexmospherian]

Hi F,

Can you help with how MM has had to use different LR settings as above to you, when both of you are using FXPro for charting......confused

Thanks,
Pete

Hi Pete

i have attached my EU chart for today on FXpro live account - not my only live account

MM has used a demo FXPro account and yes - even the settings on some of the LR's did not match with the live account

It does question the accuracy of indicators and charts - but we know they are inaccurate - by various degrees

When you set up a chart with whatever broker - post it on a 1 min and I will compare it live with mine here on the forum - and then if adjustments are needed - like MM needed - no problem - It can be sorted

This 1 min EU chart for today - shows the LR's going under price for the rises - assisted by trendlines and other clues we mentioned such as HH's and HL's and of course time windows

Hope this helps

Regards

F

 

[pete_tong]

hello F. I have swapped to using demo accounts with euro as the base currency. This was at the recommendation of FXPro.
I sent them the details of the 3 trades posted today.
The first response from them was in error. I think the syntax of my request, or possibly the grammar had obscured my question (possibly).
They have since got back ( i have to say that despite this issues they have easily outranked other providers in customer support. ) and said there is an anomily with the way my acc is converting the rates with regards to the eur/aud pair.
Shakone has prompted me to THINK ( i get lazy) about what dealing in other pairs not in your base currency actually means. I put my reply above. I hope that is in order and i have not misunderstood the process completely!

Hi MM,

Don't forget if you have eu as base currency and live in the UK, then you are exposed also.

Pete

 

[DowJones]

yes, that had recently occurred.
what do people do about this?
1) have two accounts one in eur and one in gbp? ( still have to pay conversion charges upon opening account in euro.)
2) limit pairs to ones tat match yr base currency?
3) use spread only service?

No, I'd just stick with an account currency that matches your local currency (e.g. GBP). Most institutional-level platforms will allow an automatic sweep of your various currencies to GBP at the end of the day. As for currency conversion, commish differences, and notional exposure changes due to different base pairs, just build that into your position sizing and risk mgmt. You'll probably find that if you trade a smallish number of currencies regularly, you can do half the necessary adjustments in your head.

 

[DowJones]

Ty for the reply. working on what the sweep bit means but the rest i think you mean be aware of the costs of trading a non base currency pair and adjust my pos size and stop to take account for the extra costs.

Sorry, "automatic currency sweep" - just a phrase that means the broker runs a process to automatically convert all currencies held on the trading account into the account's base currency, usually each night.

 

[Forexmospherian]

Morning Traders

Coming up to 7.00am on Tuesday 7th January 2014

EU topped yesterday at 3653 for now and as now over the last 12 hrs or so dropped again to 3611.

Needs back over 3635 to be trying to turn and really under 3630 still in scalp sell mode which is then needs under 3608 and 3600.

GU similar - topped yesterday at 6435 and since dropped to 6387 and now under 6400 still in bearish scalp sell mode. Needs over 6400 and 6410 to be looking at taking more scalp buys for higher - or for a turn up again.

UChf - price as been rising and price is bullish with a recent high at 9066.Above 9055 still in a scalp buy mode - but needs over 70 and 73 to hold on

 

[Forexmospherian]

Interesting - turns being tried over last 30 mins - with the GU making back into the 6400 zone - but EU still under 3635 and Swissy above 9055. I am scalping Swissy on a sell from a LH at 9064 and GU on a HL at 6396 was a scalp buy.

Please only scalp both ways if you know what you are doing and instead stay with the larger moves as suggested in post above.

Will check other pairs for half hr window - and out then alter on a School run for 40 mins

 

[Forexmospherian]

Half hr time window and Swissy could not get under 58 on a scalp sell from 64 and as we know above 55 is still in an upbias - so above 58 becomes a scalp buy again

GU 6404 high - and then only 6401/2 LH - meaning out any scalp buys and back to sells - but need under 89 and 85 to hold any on

EU - did not get to 3635 area needed for more scalp buys - stopped at 3627 and the LH at start of time window at 7.21am became a scalp sell.

Out in 10 mins - so I will be closing scalps fully for now - not leaving any part stake on

Not bothered with EA / EJ or AU for now - will check out when PA and movements are better

See you later and GL today

 

[Forexmospherian]

Morning MM

Only been back last 10 mins - PA not nice atm - checking calender as well

Gu only been down to 6382 as as done 2 LH's and no need another LL - but hr time window now

Eu trying up again - and Swissy seems topped atm

 

[Forexmospherian]

Euro red news at 10.00 am and then US red news 1.30pm

Notice Swiss testing 55 now -

 

[Forexmospherian]

Love this GU down and EU up play - the market loves playing ;-))

 

[Forexmospherian]

Where are we going to scalp sell EU then ??

 

[Forexmospherian]

I think it would be nice to try and scalp sell EU around 34-38 level - and then scalp buy it later around 19 to 22 ? - lets see how it all lines up

 

[Forexmospherian]

Only made 36331 on my platform

 

[Forexmospherian]

GU made 6380
Not ready to scalp buy it yet

 

[Forexmospherian]

EA nice with AU falling

 

[Forexmospherian]

Swissy bounced from 52 as EU dropped from 33 - now when do we swop again