Hi All,

I'm a newbie here but i've been trading for awhile now. I just moved back to Malaysia. I'll try to join the discussions soon, still going through the threads.

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Added on November 18, 2012, 2:10 pmhi,

I'm new to lowyat forum, i just saw your post and just wanted to add my comment. ECN is not as bad as you think, yes, you'll need higher volume but if you're an intraday trader, it's worth considering.

For example, FXCM (http://www.fxcm.co.uk/active-trader.jsp) charges commission of about USD7 per 100k lot - which is USD 0.7 per mini lot. So, in money terms, if you trade more than USD 0.70 per pip, then it's worth considering changing already. Of course, the real savings come when you trade in even larger volume.

No idea why but lots of brokers that are advertising in M'sia have REALLY high spreads. So, I think people should be more aware of this and either move to ECN accounts or change brokers. Well, that's just my personal view.

Lastly, FYI, I'm using MT4 on a ECN type account. This is nothing new and it's been there for awhile now. Slippage is unavoidable but you'll get slippage even in non-ECN environment. However, as you know that FX rarely slips, so, in the longer term, the slippage is really negligible.

This post has been edited by flipflap: Nov 18 2012, 02:10 PM

haha.. interesting that you said that, I did try to market my website but I was trying to promote trading psychology (i'm a blogger who is trying to write ebooks to sell). however, I realise that retail traders (as oppose to institutional traders) don't really care about trading psychology, so I'm slowly giving up on trying to stop ppl from gambling.. when they see the promo posts, they all get excited. oh well.. such is life

anyway, I'm using FXCM and Axitrader.

As I mentioned on the other post, FXCM charges USD7 per 100k lot, Axi charges about AUD$7 per 100k lot. AUDUSD is near-ish parity, so they are not too much diff. I know for certain that FXCM is a safe broker (they are pretty big, i THINK they are listed in US stock exchange and they also own http://www.dailyfx.com/). Axi is an Australian regulated broker, they keep their money mainly in HSBC, so, again, pretty safe.

if you're really keen to open with them, I have a promo code where I can get cashback, happy to split the money. PM me if you're interested. And NO, I don't work for either of them but this is my marketing for today.. lol..

FX Open seem to have good rates (see link) but not sure what their commission is and don't know their background, so can't comment.

http://www.fxintel.com/

Hope that helps.

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Added on November 19, 2012, 12:36 pmhey AllnGap,

I think I understand now but I also think there's some gap in what you're saying.

AdmiralMarkets is actually an ECN account too. However, there are 2 types of ECN account

- raw + spread (var commission)
- raw + commission (fix commission)

if you are on the standard account, you are paying a variable commission. This is a lot more transparent because you can see the spread and you know what you're paying. nonetheless, I have to agree with you, fix commission is less transparent and it can be quite annoying if you don't understand.

anyway, just sharing my view.

This post has been edited by flipflap: Nov 19 2012, 12:36 PM

I think etoro has pretty high spreads

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Added on November 30, 2012, 9:09 amlol.. at least you're honest about being lazy..

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Added on November 30, 2012, 9:16 amtry http://www.babypips.com/school/

everything up to Grade 2 is a must read. Personally, I'd recommend Grade 3-4 but would ignore Grade 5. Read all of them a few times before moving to higher grades.
There's no fix rules to this but be careful not to overload yourself.

This post has been edited by flipflap: Nov 30 2012, 09:16 AM

Hi Andy,

I agree, 2-3 pips is decent. However, I trade with AxiTrader and they operate like you guys. Their spreads are 1-2 pips for (EURUSD or USDJPY), they are non-dealing desk as well. And this is a no-commission account.

Anyway, have a nice day!

This post has been edited by flipflap: Dec 4 2012, 10:21 AM

hi guys, looks like some decent discussions here. unfortunately I don't follow/trade news, so can't really comment at this stage

Pok - thanks.

Nice ABC pattern (your diamond) on gbpjpy there.. I'm gonna stay out of JPY & crosses, JPY looks over extended but JPY has always been a weird one.. I'm just gonna stay out and keep watching..

Anyway, I'm watching Gold at the moment.. waiting for it to break the long term trend line to go short

Hi Pok,

Yup, i write a lot on Trading Psychology.

I'm in Gold now, short since it broke below the low of 22/1 daily bar. SL at BE now, so jsut going to watch. I agree with you tho.. Gold is not very clear... will see how the bar closes at the end of today.

haha.. nice one.. keep it simple.. just follow the orders

I haven't looked at chf & crosses until recently..

Just my thought. Not a Elliott Wave trader but I quite like this one.



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Hi Project68,

Sorry, hope you don't mind me saying. I thnk you should start to learn to trust your own analysis. Its good to know how others analyse the market but its dangerous to rely on others. Instead, learn to make mistakes. Maybe demo trade them if you're not sure?

anyway, just my 2 cents. ignore me if you think its irrelevant.

haha.. I know how that feels, yen is equally screwed... I placed an order to go long on yen on the 9 Nov but messed up the trade by changing my stop, i still haven't found a good entry.. and well.. i guess I'm still kicking myself since then..

rules are rules.. such is the life of a trader i guess.. lol..

as for EU, price is very bullish at the moment, even the COT sentiment is changing, I'll need a technical set up to go long.. none for me yet.. sigh..

Is everyone a scalper here? What timeframes do you guys normally trade? sounds like hourly or smaller?

sounds contradicting tho? trying to swing but tp 10 pips?

i have a feeling this is not your last strategy.. lol..

oh sorry, I wasn't trying to ditch you.. just wasn't sure how to scalp with tp 10pips. but I see what you're doing now..

make sure to use brokers with small spreads.. 1pip spread is already 10% cost of a 10pip target

well done on the 4 trades

If you're only trading EU or majors, then just ask for commission type pro or ECN accounts in the future. You pay commission but the spreads are about 0.5-0.8 pips. I think it's quite important for the way you're trading.. just make sure to check their commission la. Oh, and you'll need a slightly bigger account of course.

anyway, just a suggestion and good luck

Priorities = checked

lol..

hi boyvai,

not sure how you trade but I'm watching these:

AUDNZD Long at a weekly level
GBPNZD testing a major support level around 1.857
EURGBP approaching weekly downward trendline - drawn from 10/2009 high and 06/2011 high

hey long,

I'm using AxiTrader from Australia. they bank with HSBC

There will be bank admin fees but don't think there's a fix % charge.

They can transfer money to any of your account as long as you authorise them.

check them out if you're interested.