Best Thread Live Cable Trading
Jack o'Clubs said:
Ive modified they way I take profits in order to make me feel more comfortable when trading larger size. I played around the EMA levels to get (imo) a better tunnel and also modified the filter. I like the Strat because my risk reward ratio is 1:8. I never have a loss more than 30 pips on any trade.
marmoset
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Red Alert About Monkeybounce
Hi all,
THERE'S A MAJOR CALCULATION ERROR IN MY BACKTESTING SPREADSHEETS!
There, I've said it.
OK, what happened is that the losses didn't get properly counted due to a field definition error (text i/o number, being taken over from the 8 P/L pipcount definition fields into the equation fields), throwing the resulting pip count way off.
I only noticed the anomaly on the Major Downweek backtest, when I tried to speed up Excel's number crunching. The count of SL hits vs. limit hits didn't jibe with the posted end results.
So for the time being: DON'T USE MONKEYBOUNCE! My sincere apologies.
What IS encouraging though, is that the down week figures show a nice pattern, albeit upside down, that I've nicknamed L15 LoserZone. Could be that this will be at the basis for a levelset for downtrend, opposite for an uptrend...
Hi all,
THERE'S A MAJOR CALCULATION ERROR IN MY BACKTESTING SPREADSHEETS!
There, I've said it.
OK, what happened is that the losses didn't get properly counted due to a field definition error (text i/o number, being taken over from the 8 P/L pipcount definition fields into the equation fields), throwing the resulting pip count way off.
I only noticed the anomaly on the Major Downweek backtest, when I tried to speed up Excel's number crunching. The count of SL hits vs. limit hits didn't jibe with the posted end results.
So for the time being: DON'T USE MONKEYBOUNCE! My sincere apologies.
What IS encouraging though, is that the down week figures show a nice pattern, albeit upside down, that I've nicknamed L15 LoserZone. Could be that this will be at the basis for a levelset for downtrend, opposite for an uptrend...
I dont know about that priceman, after a lovely trender yesterday one would expect some sort of correction today, sometimes the market really does not know where its going , spikey action, tightish range, better to walk away then gamble it away.
In a trillion $ day market, one would needa lot of $$$$$ to swing or manipulate the price....
Maybe the brokers are watching......
In a trillion $ day market, one would needa lot of $$$$$ to swing or manipulate the price....
Maybe the brokers are watching......
darktone
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Priceman said:Being a conspiracy theorist myself.... do you think some of the big boys look at these sites and kill everyone off if they know the methods we use... in fact, are any of you the enemy within... !!
lol.. theres only one enemy!.. its right there staring at you in the mirror every morning!.
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Priceman
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yeh only kidding guys. It's just fascinating isn't it the amount that needs to be spent to move these mothers ! And imagine someone at a bank that says we need to realise 10mill of capital for the business this year... sell or buy... or governments !! Wow it blows your mind.
All we want is a few pennies here and there ! Damn this is a good way to make money. Providing like darktone says you can master the man in the mirror !
Now what's going on with this cable today !!?
All we want is a few pennies here and there ! Damn this is a good way to make money. Providing like darktone says you can master the man in the mirror !
Now what's going on with this cable today !!?
VSATrader
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Priceman said:Being a conspiracy theorist myself.... do you think some of the big boys look at these sites and kill everyone off if they know the methods we use... in fact, are any of you the enemy within... !!
No, they don't have the time, but read this text below, your orders never make in to the Interbank system. FXCM might find this intresting. I am with FXSol.
Forex brokerages take different routes to execution
s the interest in retail trading of foreign exchange continues to expand, so does the battle for brokerage firms attempting to capture those traders.
However, not every forex brokerage is alike. There are differences in the way they handle and execute trades, and each brokerage, obviously, touts their way as being the best.
Every forex firm has a trading desk, but how that desk functions and how it is staffed are very
different. Ridgewood, N.J-based FX
Solutions has only two or three
employees on a desk per shift because
of the efficiency of their technology,
according to head of trading Michael
Cairns.
“As the company and the market
evolved, huge foreign exchange desks
weren’t a necessity,” he says. “1 know
other firms have 30-person desks, and
my question is, why do you need that
many people? We have a scalable platform.
All our customers are going to
be treated the same, whether they
have $500 or $5 million.”
Drew Niv, CEO of FXCM, says his
firm has a 40-person trading desk. He
takes issue with firms that claim to act
as forex “ECNs” meaning, they simply
match customer orders with other
customer orders because he
believes that model creates accountability
issues.
“Since we are the counter party to all of our customer’s transactions, if a customer feels he was cheated out of a trade a stop was missed or something like that he can complain directly to us because we were on the other side,” Niv says. “When you are using a third-party trading desk, there is no accountability.”
FXCM and FX Solutions are firms devoted exclusively to forex. Other firms that are primarily futures brokerages but have added forex trading capabilities often handle things differently.
XPRESSTRADE, a Chicago-based futures brokerage, has a trading desk staffed with salespersons versed in forex trading. However, when it comes to the actual execution of the trades, XPRFSSTRADF routes its orders to a forex market maker.
“If we wanted to do forex here we could,” says Dan
O’Neil Jr., principal of XPRESSTRADE. “But our bread and butter is futures brokerage. Market making is a different game, so we wanted to leave that to a company [that specializes in that].”
Regardless, all firms agree they want to minimize the amount of human interaction that occurs in a trade.
“Any time a human gets involved, it calls into question the integrity of your system,” Cairns says. “The fact there is a human involved means you’re not sure of your actual pricing. To be successful, you have to be getting the ultimate price. If someone is touching that price or there is somebody in between you and getting that price, to me, that’s a problem.”
Niv says that while extraordinarily large trades trades worth tens of millions of dollars must be handled manually, the majority of the trades at FXCM are executed without any intervention from the trading desk.
“Because we do so many trades every day, it is not humanly possible for a desk of 40 people to execute them,” he says. “Our system is structured to be an internal matching engine. The dealers don’t have control over spreads. There is an independent feed that handles spreads.”
While Niv believes a smaller trading desk can lead to increased human interaction, Cairns counters that by saying smaller is better if your system is good.
“We are totally confident in our price discovery,” Cairns says. “We have heard of some companies that are continually monitoring the rates and ticking them up or down manually because they are not certain of pricing. If you get a re-quote or the price moves, you have to question why somebody needs 30 people sitting on a trading desk.
“We manage our risk with scientific algorithms, so we are continually in the market offsetting risks. Our role for the trading desk is customer support. If somebody’s computer blows up, we can put on a trade for them, but we’re not touching our rates. We rely on our system. If you’re employing 30 traders, that money could be better spent making sure your systems are safe and secure.”O
CURRENCY TRADER April 2005
So i am short cable, the whole day i am shorting the maket, it starts off well, any strength and i am in with a line of shorts, i am convinved the market is goin to hit the V levels in the 8700's. My experience and the price action suggests cable will make new lows but suddenly it stats turning sour, the market starts making higher lows and I ignore my rules, the discipline is out of the window, i start averaging, something i have not done for 2 years. I watch the afternoon rally in disbelief, this not meant to happen, I am telling myself, the market is wrong, but we all know the marker cannot be wrong, i finally bite the bullet, my end P+L is very much in the negative. I walk away in utter disbelief, kicking myself for getting it so wrong but most of all for letting months of ingrained discipline just wash away.
Now I am back infront of the screen with a wry smile on my face, the V levels hit and the anticipated lows made.
Its a very fine line that divides success and failure I philosophise and I am slowly but surely getting closer.
Darktone summed it up in one sentance....theres only one enemy!.. its right there staring at you in the mirror every morning!.
Now I am back infront of the screen with a wry smile on my face, the V levels hit and the anticipated lows made.
Its a very fine line that divides success and failure I philosophise and I am slowly but surely getting closer.
Darktone summed it up in one sentance....theres only one enemy!.. its right there staring at you in the mirror every morning!.
