Anybody trading forex knows how it works as most of us in retail trading are dealing with dealing desk as none of our orders are passed to the market. Don't treat us like naive idiots. I would exactly call myself an trading expert if I only finished high school in 2006, plus the years in university, gives you no more than a couple of years in the real world of trading. Irrespective of where you have worked, unless you had the portfolio of a few hundred customers and millions of their money for you to invest, which I doubt you had since you were not working in an investment firm and not likely to have a huge trading portfolio for your age, I wouldn't come here and call people naive.

Spend another 10 years in the market, come back with a portfolio of investors (and stop offering services in lowyat for RM30 to RM500) and then you can the people here naive.

This post has been edited by sleepwalker: Aug 9 2012, 08:39 PM

[quote=sleepwalker,Aug 9 2012, 08:38 PM]
You guys are so naive that you know nothing about the industry. I am speaking on behalf of my experience as a FX dealing specialist and account manager. Have you ever wonder why those FX companies will give you money when you open account with them ? Have you ever wonder why those fx companies can afford to buy such expensive advertisement space on Bloomberg channel or on high traffic internet site ? This is because Fx business is design to cut your throat !!! I would be interested to know if any members here are consistently making money out of fx. Unlike stock market, this is a zero sum game, and you need to join the 1% to make money from it. TA skills won't bring you anywhere to the 1%.

As a fx dealer, we feed the data through CP, which can be Citi, Barclays, JPM, GS, etc. The main purpose of a fx dealer is to ensure that all our clients' trade are not profitable. Do you guys know what is the standard market lot ? It is 100,000. And normally for CP , they won't accept order less than 10 mil , meaning 100 standard lot. So , have you ever wonder where your order of $1,000 or sometimes $100 EURUSD goes ? It goes directly to our dealing desk, where we, the fx firm, at this instant, will act as your CP. Meaning your order never go out to the market, the fx firm is gambling with you !!!! We can do this, because we have all your statistics. We know if you're the 99% or the 1%. If you're the 1%, we will route your order to CP, having no risk in our portfolio. However, if you're the 99%, we are more than welcome for you to come and increase our year end bonuses.
This is the photo taken on my last day as dealing specialist. The middle 3 black screens are Bloomberg terminal, where we feed data from, and perform TA analysis in case clients want to know them. The left side being trading terminal to CP, currently we are linked to Citi and Barclays, as they consistently provide the best price for us (Best price feed only available when the order reaches 10 mil). The middle bottom being statistical tool where we can monitor all clients activities, see if any scalping activities exist. As I am on the night shift, meaning I'll be working from 11 pm to 8 am, we can dress up casually and sometimes during 5 am , we can go to the nearest restaurant for Dim sum . Oh yeah, I work in Hong Kong, thats why we have all this yamcha places.

[/quote]

Anybody trading forex knows how it works as most of us in retail trading are dealing with dealing desk as none of our orders are passed to the market. Don't treat us like naive idiots. I would exactly call myself an trading expert if I only finished high school in 2006, plus the years in university, gives you no more than a couple of years in the real world of trading. Irrespective of where you have worked, unless you had the portfolio of a few hundred customers and millions of their money for you to invest, which I doubt you had since you were not working in an investment firm and not likely to have a huge trading portfolio for your age, I wouldn't come here and call people naive.

Spend another 10 years in the market, come back with a portfolio of investors (and stop offering services in lowyat for RM30 to RM500) and then you can the people here naive.

[/quote]

I like your comment.

It inspiring me.

Hope 1 years from now, I would like able to bring out a portfolio which able to help my investors to make a profit of 10% per months.

owh thanks for ur inquiry btw i also saw instaforex in that list .. hmm should i change to other broker like FXCM? so far using instaforex for 1 year no prob at all

Nobody can guarantee you that these bucketshop and market-makers don't suddenly close shop overnight. MG Global went bust overnight. The only thing that Instaforex did wrong to end up in that list is that they don't have a license from BNM to operate in Malaysia. Being on that list does not necessary mean it is a scam but if you are a reputable broker, why would you allow your IB or even yourself to open in a country where you can't an operating license.

The idea with all these brokers is that you do not leave all your money with them. Just have enough to execute your trade and to cover your limits. Withdraw the rest but you can still keep your trading plan by combining the money from the broker and your bank account. If you have 10000 but your trading plan and limit only needs 500 (that's already 5% of 10000), then leave 1000 in the broker. Don't use the broker to keep your winnings.

This post has been edited by sleepwalker: Aug 9 2012, 09:13 PM

i see thanks for ur advice sir now i know how to play with broker maybe i should withdraw my profit and only put what i need to use for trade only

Dont use scare tactics to sell your FOC reports. Those reports/data I can get it for free.

Who is naive? You are the 1 naive trying to make a fast buck selling FOC reports. Mind you, your so-called working experience from a Customer Service to MD in how many years? Every 6 months change jobs?? How old are you? I've been in the Banking & Financial Industry for the past 17 years & still I will respect fellow traders & wont call ppl naive. Let me calculate, when I started my career in finance, you are just learning how to walk & still need your parents to wipe your shits.

+1K%

trader respect other traders ...
scare tactics? new leaf might fall for that ... LOL

I wonder why you stop working as dealing specialist? it's a dream job man... to do what you love to do most ..

This post has been edited by poks: Aug 10 2012, 11:11 AM

An increasing number of brokers are claiming they are STP, if not ECN.

What percentage, I do not know. If your broker is dealing-desk, you may want to find another.

In MT4, apparently the telling sign is you cannot set SL and TP in the same trade order. You need to do a separate SL/TP modify order.

This post has been edited by howszat: Aug 11 2012, 02:47 AM

Just for fun

**trading is fun .. just put on some jokes
happy week end guys ...

This post has been edited by poks: Aug 11 2012, 10:36 AM


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Wow. Interesting thread.

Most dealers offer separate ECN accounts from dealing-desk. Those are easy to spot and at least they are not trying to hide anything. Those that say they are STP/ECN for ALL accounts, even those that only needs USD100 to open, then it is doubtful on their claims.

You can check and compare ECN brokers here. http://www.100forexbrokers.com/stp-ecn-brokers/

hello elliottician.glad to see another elliottician.please do sharing with us

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Added on August 12, 2012, 2:35 pmvery nice strategy mr poks.
as us/cad daily count,i lost count already 1day.but on mouteki system market will continue further down till 0.95** on long term.maybe slight light bullish then strong bearish.

This post has been edited by boyvai: Aug 12 2012, 02:35 PM

Hi, Trading options with ichimoku webinar coming week.

Details here: http://forum.lowyat.net/index.php?showtopic=2467410

for usdcad, i have to wait for sometime to actual put in order..but that doji really looking good
anyway... i'll wait for friday's high to be broken.. expecting range trading before it proceed up..

i was short eurusd on break & pullback of H&S.. if you really dig into the movement it's 1:1 ratio ..
just maybe it's taking a breather before the next dive..
but its a short term movement is up.. might close 1 trade just to be sure ..
looking for 1.226xx break on this pair ..
appreciate it if you can do some counting mr boyvai ...


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I use Act Trader platform.

When open trade with the TP target set.

It will open 2 position, let take buy E/U @ 1.02 and TP @ 1.03 for example

first order is buy E/U @ 1.02

second order is sell E/U @ 1.03

Is this consider normal? The 2nd order is open immediately/same time when I buy E/U.

This post has been edited by MNet: Aug 12 2012, 11:28 PM

i believe it's okay..
different system will have different terms...
but in trading terms:
1) if you buy a position, when you want out you need to sell, thus you need to find a buyer & now you are SELLER (Sell)...
2) sell position .. the opposite way..

btw.. did you ever reached your TP level?

This post has been edited by poks: Aug 12 2012, 11:40 PM

Hi,

In my opinion, that was a good call for EURUSD H4. It was supported strongly by the weekly ichimoku tekan sen (red line) with purple line was still strong bearish. It has also a possibility to reach 1.2160


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Watching GBPJPY for a breakout for a possible start of a long term bearish trend.


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Just normal count.not suitable for trade referral.

this pairing is great.