FX for beginners

[Tok3n]

dig this , i think it was aud jpy i had a stop about 50 pips away from the action and in 1 minute shot down to exactly my stop and then back.
complained about it and they said it was a genuine market spike , so argued the point that you couldnt see spike on other crosses , then they agreed and reversed trade.
i asked for an explanation and they said it was a data supply issue.
On saxo bank there is weird spikes all over the place, so always worth a look to make sure it looks correct.
i think they all use their little tricks.

Do you get this often with them?

[arco]

Tok3n

Remember one thing....most of the FX 'brokers' are not real brokers......

........they are only there to make as much as they can out of you. Be aware of their tricks.

If you want a real trading environment you need go with a real broker - not a bucket shop.

arco

[dumbass]

if were having a bitching broker session then here is a few other issues.

Saxobank has some very impresive titles and lots of strategists , "Head strategist of the glaringly obvious" , "Strategist FX bollocks calls " etc etc.

They provide lots of research and commentary and even had a trading portofolio at one stage which had been running for over a year and amassed the huge total of about - 200 pips.

[arco]

I think thats the same for many DB

Not sure how FXCM strategies fare...they seem to have a lot of analysts.

I stick to my own trading ideas and try not to be influenced by what I see on websites. If you jump the other way every time you see an opposing view you will be all over the place and never get anywhere.

[AMR]

I vaguely remember seeing an FXCM TV show or something where they were training a young finance graduate out of college to trade the news. I think the name of the show was Wall Street Warriors or something to the like.

Looking more into trading busted patterns i.e taking on everything Thomas Bulkowski did in his encyclopedia, wait for a failed triangle/rectangle, and then moving in.

As this thread is turning into a bitchfest, I don't trust CMC with my share CFDs. I can't get an order for 500 filled at the offer price even when there's 20,000 in the offer depth, instead they make me pay a cent extra with a requote. It's not like NZO is a particularly illiquid stock.

[Juggernaut]

Neatest thing I've found so far is that support and resistance seem to get routinely violated by just a little, just enough to take out a stop.

Juggernaut, how are you finding it so far? Do you know how to set up stop loss as an entry point and then add a stop to that entry? I can't figure out how to do that for the life of me, I'm sure they've shown me how before!

Hi AMR,

Im finding latitude great to work with, easy to use and navigate,

To add a stop loss as an entry point, have a look at my attachment. Click the SL button next to the currency you want to trade, click on the + sign next to SL, and it gives you an option to set the stop loss as a BUY or a SELL, then add your order and click submit,

If you get an error message saying 'order is in the nofly zone', that is because you cannot place a stop loss buy order within 5 pips of the current price for some reason,

Also remember any SL or TP orders you submit will sit in your order summary and will execute when hit regardless of whether your other SL or TP orders have been hit. I have been caught out by this before, forgot to delete a SL order and just assumed it would become overwritten when my other SL order went through at a higher price.

[Tok3n]

Out of interest, Arco, AMR etc

Who do you guys trust to trade with then?

cheers

[arco]

Tok3n

Oanda have been reasonable for me up to present but I think they are suffering from too many customers now. The platform is slower and more prone to freezing than it used to be.

However, you can see their net capital is the highest, and that should give some comfort.

The following firms have net capital above $20 million

PFG $21,695,000
Interbank FX $33,341,000
Gain Capital $67,077,000
GFT Forex $69,497,000
FXCM $78,503,000
Oanda $164,523,000

The following firms have net capital $10- $20 million

ODL $10,500,000
GFS Forex $11,296,000
MB Trading $12,201,000
Alpari $12,810,000
IFX $14,941,000
I Trade FX $16,214,000
CMS Forex $17,996,000
FX Solutions $18,887,000

[AMR]

Hi Token

I use latitude FX, they use "Straight Thru Pricing".

[maknz]

I'm using Oanda's demo account for the moment, but I don't like their charting all that much.