FOREX Traders/ Brokers

[johnny333]

Forex can earn money mehz?? victor u try let then let us know

Important thing to remember is that you CAN LOOSE money

Same thing with buying & selling shares/ETFs/commodities.
FOREX is attractive because of the available leverage & the market movement.

The gov't is always calling for Sporeans to upgrade their skills. However If they can pick up trading skills they can make money as long as you have capital & a broadband connection

 

[johnny333]

Bro,
Slippages exist in all trades, not only forex.
Cheers!
DOM

I went on to get accounts with MB Trading & Hotspot. Both offer ECN access. Never had any problem opening/closing my positions. These accounts do charge when opening/closing positions, but never had the same problem I did with FXCM.

Also had Metatrader accounts with Gain, Velocity, Northern,.. & the problem with "slippage" is worse with FXCM :p

There's nothing worse than being unable to close a position that turns against you.

 

[blueblobster]

I NEVER used stops Now I do

Got hit very bad by that french rogue trader. Also alot of panic in the market nowadays during this recession.

No more overnight open positions. Very cautious now if I'm trading GBP/JPN, its amazing how quickly that pair can move. Hard lesson is not to hold on to loosing positions, because it can lead to margin calls

I once placed a limit order and stop for GJ. Went to the toilet and the order disappeared from my platform when I returned. But the price was at the same place as when I left. I thought my platform malfunctioned. Looked at the charts and realised that during my toilet break, it shot up, filled my order, triggered my stop and went back to the same place. That's how fast Yen crosses can move.

 

[blueblobster]

Bro,
Slippages exist in all trades, not only forex.
Cheers!
DOM

Bro,

Not all slippages are born equal. FX is notorious for that. When I trade the mini Dow futures, I always use market orders and the maximum slippage I ever get is 1 tick. The only time I accept obscene slippages are during gaps. Contrary to popular belief, FX does gap during trading hours although rare.

There are brokers notorious for slippages, stop hunts or other dishonest practices (even in SG), especially if they have trading desks. I use a few brokers. 2 of them give me guaranteed stops while the ECN broker I use usually slip by 2 pips max. 2 pips is within acceptable limit.

Cheers

 

[DOM the Clown]

Bro,

Not all slippages are born equal. FX is notorious for that. When I trade the mini Dow futures, I always use market orders and the maximum slippage I ever get is 1 tick. The only time I accept obscene slippages are during gaps. Contrary to popular belief, FX does gap during trading hours although rare.

There are brokers notorious for slippages, stop hunts or other dishonest practices (even in SG), especially if they have trading desks. I use a few brokers. 2 of them give me guaranteed stops while the ECN broker I use usually slip by 2 pips max. 2 pips is within acceptable limit.

Cheers

Bro,
Gaps DO exist frequently with USD/TRY!!! LOL!

Also, sometime GBP/JPY.......

I'm currently trading only EUR/JPY.

Good luck to you and all sammyboy bros who are trading FX now. May all of you make as much as the MPs (at least! )!

Cheers!
DOM

 

[johnny333]

May all of you make as much as the MPs (at least! )!

Cheers!
DOM

Wah, how can lah

We are HONEST traders, taking what the market gives us.

While they still get $$$$ for failure

 

[god_zeus]

anyone used any reliable market tips service?

anyone tried this fxbootcamp guy?

<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/4A7sl7B0jtQ&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/4A7sl7B0jtQ&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>

Bro,
Gaps DO exist frequently with USD/TRY!!! LOL!

Also, sometime GBP/JPY.......

I'm currently trading only EUR/JPY.

Good luck to you and all sammyboy bros who are trading FX now. May all of you make as much as the MPs (at least! )!

Cheers!
DOM

 

[MrLobo]

Ive been trading FX and futures for 7 years and almost full time for about 2. I think you have no idea how much can be made or lost with minis just on a monthly basis. Do it the right way, you can make 5 figure a month just trading minis or lose just as much if you do it wrong. And this is based on initial risk of JUST 2% of your initial capital and gradually pyramiding up. Unless you have loads of money to begin with, then by all means start with standard lakh. But make sure all your inital orders using standard lahk risk no more than 2% of your initial capital. Do you have that much capital to start with?

If you do, then pm me and tell me what benefits you are looking for in a broker. Many things can be done for you if you are a big player.

Cheers.

hi

what do you mean by big player?
what are the things that can be done for big player?

 

[blueblobster]

hi

what do you mean by big player?
what are the things that can be done for big player?

Big player? Main criteria is volume. Being a good pay master helps.

What can be done? Many things. Just to name a few:

1. Line of credit. Very useful for those who don't use stops and love fighting the market. Personally I never see the logic of fighting the market. I've seen millionaires who eventually got killed because they simply do not have enough money to continue fighting the market no matter how much they top up.

2. Emergency margin top up within minutes of client's phone call. Client does not have to pay first. In fact he can cancel the top up the next day if price moves back in their favour. The broker is in effect offering free credit.

3. Free management of client's positions. No need to share profit with broker.

4. Swap rebate for positions traders.

5. Slippage rebates.

6. Free access to proprietary non- TA based trading.

7. If requested, reinstatement of losing positions that were closed due to margin calls before client has chance to call for emergency top up. Good for clients who enjoys fighting the market.

8. Transferring of open positions from another broker at the original price. Clients can change brokers while still continuing to fight.

These are just some privileges big players get. There are others that I won't reveal here unless you are a big player

Cheers

 

[DOM the Clown]

Big player? Main criteria is volume. Being a good pay master helps.

What can be done? Many things. Just to name a few:............................
Cheers

Bro,
Wah! You old bird man! Nice meeting you! So, which pair do you trade nowadays?

Cheers!
DOM

 

[johnny333]

Big player? Main criteria is volume. Being a good pay master helps.

.....

So what volume do you need to qualify for these perks

 

[blueblobster]

Bro,
Wah! You old bird man! Nice meeting you! So, which pair do you trade nowadays?

Cheers!
DOM

Nice meeting you too bro. I have friends who are the real old birds. They have been around since the heydays where many foreign brokers, both licensed and not, set up shop in SG. There was even a Gold Exchange then.

I trade mainly the majors nowadays, except CHF. I do watch it as it sometimes leads the EUR. I am also keeping a close eye on EJ. My view is that once the S&P falls (IF it falls), EJ will drop fast and there is good money to be made if I can catch the move. Do it right and it can potentially pay for the whole year.

Cheers

 

[blueblobster]

So what volume do you need to qualify for these perks

Depends on the broker. For mid sized ones, about 2 - 5k standard lakh a month should do. Actually you can negotiate for better deals even if you trade less than 2000 lots but the more volume you have, the more power you enjoy.

I know one guy who "abuses" his perks. Whenever his positions are against him, he will call to top up and average down. He will do it again and again until price moves back in his favour. Once they are in profit, he will cancel his top ups and withdraw his profits in real cash. In effect, he is trading with the broker's money to make money. The broker is aware of his practice but since he has volume, they let him be. A long sustained move against him eventually killed him when the broker stopped his top ups after it went into 7 figures.

For small brokers, you will become a VVIP at around 1 - 2 lakh a month. I know of several small, "no class" bucket shops who will reject big players because they are afraid that they will be unable to payout the profits should the clients win big. Small brokers who do not hedge their positions have been known to go bust due to over loss.

Cheers

 

[DOM the Clown]

Nice meeting you too bro. I have friends who are the real old birds. They have been around since the heydays where many foreign brokers, both licensed and not, set up shop in SG. There was even a Gold Exchange then.

I trade mainly the majors nowadays, except CHF. I do watch it as it sometimes leads the EUR. I am also keeping a close eye on EJ. My view is that once the S&P falls (IF it falls), EJ will drop fast and there is good money to be made if I can catch the move. Do it right and it can potentially pay for the whole year.

Cheers

I agree with your observation. EJ is coupled to S&P and the Nikkei. I believe it's the interest rate thing. I'm not sure because I'm a TA guy.

GBP/USD used to be coupled to the stocks.

Cheers!
DOM

 

[johnny333]

Depends on the broker. For mid sized ones, about 2 - 5k standard lakh a month should do. Actually you can negotiate for better deals even if you trade less than 2000 lots but the more volume you have, the more power you enjoy.

...

Cheers

So are these local brokers or European & American companies who have an office in Spore

Many of us small time traders are always looking for decent brokers. We have to accept the tradeoffs from companies like FXCM, GAIN.....

 

[victorxq]

ANY brokers here? PLs pm me!!

 

[Papsmearer]

Hi i am a new forex trader and now thinking of making forex trading into my full time. any advise?

Yes, buy low sell high

 

[victorxq]

yeah. anyway been trading full time for the past 1 month found it quite exciting you a full/part time trader?