There are many methods to use. But in my opinion, you should find a method which suit you the best - ie what sort of risk preference (risk reward ratios), your monitoring needs (time required), position sizing (capital required to fully execute your system)

Think they referring NFP = Non Farm Payrolls

No probs.
Will it affect USD price?
Depends from which way u look at it.

Fundamental view: Yes
News trading: Yes
Technical trading: No - movements will be reflected in the charts
EMT: No - already priced in

I m into pure technicals, so I usually shut off all news. That said, its only my personal preference.

A quick glance on the site, it looked like an ordinary broker as opposed to a fund management company.
If the above statement is correct, then perhaps your friend is merely trading his own account. Then to make 100% gain on a capital of RM10K is possible. This is due to the capital sum is rather small and fx works on leverage.
If fund management, then your dad is correct, with large capital base, best fund managers do not have returns of 100% pa. This is due to the more prudent approach with money management by the fund managers.

Jack,

I ve seen returns of 200% pm constantly too.
But then, what fund size are we talking about?
What is "big" fund and what is not considered "big"

Big hedge funds to me, is in the region of billions USD.
That, my friend, I ve not seen returns of such magnitude.
Do enlighten if you have seen such.

U ll incur interest/swap
The rates depends on your broker.

Bro,
200% free margin indeed is scary
Another thing, you have a free swap account?

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Added on February 5, 2011, 10:06 amJust noticed you re using Monthly and Weekly chart.
Wouldnt it be very risky considering 200% free margin and the range of monthly and weekly can be huge before a trend is confirmed?

This post has been edited by maxforce: Feb 5 2011, 10:06 AM

Holding losses or just holding overnight is dependent on:
1. Trading strategy
Say you use H1 chart, then chances for the movement to give a full swing may go to several days.
2. Money management
This depends on your account size, how much are you allocating for each position
3. Risk reward
Say your maximum is USD700 loss, so your maximum gain targeted should be in theory, USD1400 at least.
4. Fluctuation allowed
This relates slightly to (1) above, ie how much fluctuation is considered to be noise, how much is actual movements, etc.

Do take note, that this is only my personal view - from technical way of trading's perspective.

Yes indeed. Must find a strategy of play which suits our own character.

You can be the organizer.
Though I believe one should play a lone hand

My attempt to resolve some of the issues:
1. Scam brokers
Same like all things, there are scams. Even buy any products eg beauty products also got scam. Agreed with luqmanz - NFA regulated brokers - which simply means, those who abide by rules and regulations by a governing body - same thing with food products imported by US are regulated by FDA, or like our own SIRIM mark etc.
Myself, using IBFX but with US, as that time, they did not have IBFX Australia and I m still too lazy to make the clicking to switch to IBFX OZ.

2. Risk reward ratio 1-2
Depending on your strategy. In my earlier years of trading, I ve used before risk reward ratio of 1-1. I ve also used R/R 1-5, etc etc.
At the end of the day, RR 1-2 is a general guide. It really depends on what you re most comfortable with.

3. Starting up.
FOr those who interested to start, few things to learn:

a. The mechanics of the platform - download demo version from brokers like IBFX or Oanda or any other which you like.
b. Know the difference between fundamental approach and technical approach. Resources like investopedia may come in handy.
c. Within the fundamental or technical, there are many methods and techniques available. Some prefer this method, some prefer that method.
d. Know that there is no shortcut. No one can provide the quick fix DIY. Forex is probably the most liquid and its movements the most volatile. Many big hedge funds and government are into it as well. We re playing the field with players with such buying, selling, holding power. Suffice to say, on paper, it will look like we do not stand a chance.
The shortest cut, so to speak would be:
i. Join and attend seminar - those 2-3 days seminar for your first background introductory. Cost: Probably in the region RM5K - RM10K. I have no idea, as I have not attended one myself and am not too sure of current market rate. Do not expect to make $$$ immediately after attending seminar. Not possible.
ii. Read and explore the ideas and methods and see which is suitable for you.
iii. Test it out in DEMO version. See if it will even work in theory.
iv. Test with real money. Yes, test. LOLz. 99% of ppl will lose the money, hence test
v. Keep trading and improve on your skills.
vi. Dont forget to have fun

Good Luck and Happy Trading!

I believe that the weird movement mentioned is referring to the distributions seen in many of the fx pairs.
Now, whether the said distribution will be absorbed well or not, it remains to be seen.
Personally, I m taking position with only slight exposure.

Good Luck and Happy Trading!

No idea about news impact

If you re a news trader then the best way is to follow the set direction on the release of the news.
If you re a fundamentalist, you may be concerned that Mubarak's resignation may cause the outflow of money to unknown places, bring instability and may spread to other countries.
If you re a chartist, then u merely follow the chart and not question the moves.

Question: Why use Nov peak and not Oct peak?

Hmm then why not use the 1.337 peak?

So, what determines it as a peak to use?

Livermore's mantra - path of least resistance

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Added on February 13, 2011, 11:32 amBtw actually fibo can also use in 15m chart

This post has been edited by maxforce: Feb 13 2011, 11:32 AM

Hehe neither do I use fibo anymore as fibo needs assistance from other tools to strengthen the buy/sell signal.
That said, I also no longer use candlestick nor pivot.
Yet still, my method would be considered as pure technical.
LOLz!

There is no right and wrong.
The above was to make you start thinking about fibo.
Now that you mentioned exhaustion in support/resistance - is there exhaustion?
Another thing - why does it work well with 38.2 and 50 but not other numbers? Is it really the magic number that made it worked? Or is it more of the exhaustion which you ve just mentioned?