haha, you still don't get it obviously, it is ok for you to scold me as dumb, LOL. But again I strongly advice you to TEST your method with LIVE ACCOUNT. If not, good luck, tsk tsk tsk.

sleep, I am agree with you I don't contribute much here, HAHA, I admit, and from the way I look here, NON of us here is contributing since day 1, HAHAHAHA

This report sent to my mailbox and I find it very funny and true. Please read my friend.

 secret.pdf ( 452.08k ) Number of downloads: 77

I agree 101%. Forex guru/expert who know 888 charting techniques, know the theory and use all the listed indicator in MT4, appear in cnbc/bloomberg talking about supply demand and economic news doesn't guarantee he is a forex winner, and most of them didn't even trade at all or using demo account and historical data. In fact they are still the 95% losers.

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Added on March 17, 2010, 8:39 amDear Valued Customer,

The off-exchange Retail Foreign Currency Market (FOREX) market community has seen an outpouring of support in opposition to the 10:1 leverage limitations—with over 7,000 public comments submitted to the CFTC.

In fact, several lawmakers have raised concerns about the negative impact this would have for the U.S. retail Forex market:

House Lawmakers Concerned On CFTC Retail Forex Leverage Proposal

Senator Orrin Hatch Letter to Chairman Gensler

As we’ve stated before, we stand behind the belief that you, our customers, should be given the freedom and right to choose the amount of leverage that is appropriate for your individual desired risk. This basic principle of 'choice' is in jeopardy by the proposed CFTC regulations.

To offer a bit of background, the CFTC was created in 1974 with a mandate that would prohibit the CFTC from creating any anti competitive rules and regulations in regards to its members. As we can see, 10:1 leverage would do just that.

This change would create an anti-competitive environment for Forex brokers in regards to competition with banks not regulated by the CFTC. In addition, 10:1 leverage would also allow the entire United States Forex community to be uncompetitive with global competitors.

Interbank FX supports 99.9% of the proposed CFTC rules, excluding the leverage requirements. In addition, we support the original Farm Bill in 2008 that allowed the CFTC more authority over FX dealers. Since 2008, Interbank FX has required all money managers and all solicitors to be registered with the NFA—instilling a safe and well regulated trading environment

Please make your voice heard—there is still time for you to help determine the outcome. Public comments will be accepted until March 22, 2010. You can submit your comments directly to the CFTC at: secretary@cftc.gov.

Please include 'Regulation of Retail Forex' in the subject line of your message and the following identification number in the body of the message: RIN 3038-AC61.

As always, we want the best for our traders. We hope you’ll join forces with us to prohibit the proposed leverage requirements.

This post has been edited by bulkbiz: Mar 17 2010, 08:39 AM

I heard a lot of rumours about FXopen and instaforex, they don't allow the traders to withdraw when he profit a lot. I personally use IBFX.

All local deposit by local agent is illegal my friend, I am using TT transfer to IBFX bank account directly, will charge you around usd20-usd25 if I am not mistaken, which means if you deposit 1k, maybe in your new account you will get 980usd only. I suggest you have a live chat with the IBFX agent, they are very friendly.

That is not H&S pattern for me. It looks more like ranging market LOL

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Added on March 19, 2010, 3:51 pmTrend Following ‘Day Trading’ Question

Trend Following | February 24th, 2010

Feedback in today:

“Hi Michael, I have been reading and following your website and blog posts for the past several months. I have to say that the information you provide is rare to come across in today’s internet world. The work you’ve done over the past several years has been amazing. I just wanted to introduce myself and ask you a question on which you may be able to shine some light on. Firstly, my name is [blank]. I am currently a student at the University of Toronto in Ontario, Canada. I am in my final year of, what they say, is a prestigious finance program in one of the top universities in the Country (although the quality of information i receive daily is, in my opinion, average at best). I will be graduating in a about 2 months and am one of the few lucky students, in this economy, to have been offered a full-time position post-graduation. In May, i will be starting a job as a junior trader in a prop-trading firm located in [blank]. The firm specializes in futures trading. Although i have been interested in trading and trade on a part-time basis for the past year or so, i am fairly new to the game. The firm is mainly a day-trading firm as many prop-trading firms are. I was wondering how your concept of “Trend-Following” applies to the day trading time frame (that is minutes, hours, etc)? Does this type of strategy only work for longer time frames or has it been successful with traders who use it to day trade? Thank you once again for everything you do. Hope to hear from you soon, [blank]“

It is tough. Many issues from transaction costs to a need for superior access and execution are working against you. Ed Seykota once gave some insights on short-term trend trading:

“Intraday trading is tough since the moves are not as big as for long-term trading and there is no comparable reduction in transaction cost. In general, short-term trading systems succumb to transaction costs and execution friction. You might simulate your system over historical data and notice how sensitive it is to assumptions about where you get your fills…The shorter the term, the smaller the move. So profit potential decreases with trading frequency. Meanwhile, transaction costs stay the same. To compensate for profit roll-off, short-term traders have to be very good guessers. To improve guessing skills, you can practice dealing cards from a standard deck, one at a time. When you become very good at it you might be able to make money with short term trading.”

Seykota was also asked:

“I am new to trend following and wish to ask you what your favorite chart is for determining a given market’s trend? Daily, weekly, yearly, hourly?”

Seykota responded:

“Hmmm…your list seems to lack scaling options for minute, second, and millisecond. If you want to go for the really high-frequency stuff, you might try trading visible light, in the range of one cycle per 10-15 seconds. Trading gamma rays, at around one cycle per 10-20 seconds, requires a lot of expensive instrumentation, whereas you can trade visible light ‘by eye.’ I don’t know of even one short-term trader, however, who claims to show a profit at these frequencies. In general, higher-frequency trading succumbs to declining profit potential against nondeclining transaction costs. You might consider trading a chart with a long enough time scale that transaction costs are a minor factor — something like a daily price chart, going back a year or two.”

I agree with Seykota’s wisdom, but he is not saying short-term is impossible. There are shorter-term systematic traders who have done quite well (Toby Crabel and Jim Simons, for example). They would agree with Seykota that their style is hard. The shorter you go, the more the need for great execution, fantastic data, and multiple systems. And in closing from Jessie Livermore:

“…the big money [is] not in the individual fluctuations but in the main movements — that is, not in reading the tape, but in sizing up the entire market and its trend.”

Big trends? Gosh, don’t we all just know those are coming! No prediction of what or when, but they are coming!

This post has been edited by bulkbiz: Mar 19 2010, 03:51 PM

No need declare la I think, unless you are big player with 100k up and down market, then possible. Ten of thousand withdraw still ok.

You are a great man, born to be a trader. Salute you.

spot gold currently in ranging market. Will cut lost when the market open later, and wait for opportunity to re-enter.

Since Thomas is using real money, then just let it be. Double up account in a few days also means possible to margin call your account in few days. He will learn from pain and joy. Sooner or later one will realized the important of money management, risk management, risk to reward ratio. No one will care about that with demo account.

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Added on March 22, 2010, 8:22 am2 years is also consider fast for me already. hehe

This post has been edited by bulkbiz: Mar 22 2010, 08:22 AM

From the way thomas predict, I suppose he is using the feng shui method to forecast. Don't laugh, yes feng shui, from david yap am I right? My friend went for that course as well and the result hehe. RM8k course. If I am not mistaken david yap got one millionare student trading dow jones index.

Good luck my friend, don't forget to treat us a meal when you reach your target.

No comment, it depends on individual when it comes to following a system. My friend hop to another system, so call kuda system, LOL, that can generate thousand of pips within a week.




This post has been edited by bulkbiz: Mar 22 2010, 01:21 PM

no one doubt your ability la bro, if you are confident, no one here can say a shit to you coz you really can make 1 million within months.

Do come back here often to update your status ok?

Me too I am waiting for opportunity to trade gold, but I dono which way the market will go, coz I never predict the market.

Yes, spot gold. Very volatile market.

Ok la, come back to reality la all my friends here. Don't dream anymore.

Thomas, no matter win or lost, do come back and report your status.

Good luck !

Here normally ppl reply once a while, din check the forum 24x7 lar, hahaha

You should hold your short position for xauusd, hahaha

Friend, you have been trading since morning until now....><

Full time is not like that one, full time trader is having peace of mind with their trading.