For AUD,

1. Watch the gold price. GOLD UP AUD UP, Australia is 3rd gold exporter, gold price have a direct benefit of AUD.
2. AUD is also affected by Stock market. If the overall the whole world stock market down AUD down.
3. Australia own economy. If the country economy out come is strong, AUD up.

NZD follow exactly of AUD.

Please dont deposit USD & GBP, thats my advise to you.

Good job to be live. Now it is your time to taste to feel of printing money.

fxtrade is @ oanda, and Oanda offer 10,20,30,40 and maximum 50 leverage.

oanda can trade as small as $1USD, that is if u know money management. Dont worry.

because USD is keep going down, but the time you earn money and exchange back to RM you will earn lesser.

I doubt any broker have Chinese yuan as it is a controlled currency. But most broker have euro acc.

I opened my euro acc when exchange rate is RM4.50, guess what happen now? exchange rate is almost RM5. Just the exchange rate alone I already profit 11% and beating the annual Fix deposit rate.

This post has been edited by billytong: Nov 29 2007, 10:38 AM

Even large broker like FXCM also have past history about such thing. Not much of surprise to me. I still trust my money on larger broker than the smaller unknowned one. (if they dont even have a prestige office/ capital power how can u trust them?)

If you play smaller unknowned broker, when u consistently grabbing 5-6 figure monthly from them. You will start seeing their true face.

also with Large acc, most broker will cut your leverage. Because most of them do not have enough capital to hedge your positions. for ex. Fxcm mini acc limit is 100K USD, standard is 250KUSD. After that they will start cutting leverage from what they offer you.

dbfx is one of the broker where you can make >1 million position. (10K per pip) without getting ur standard 100 leverage cut.

dude I also have that plan too. I have been lazy trading/scalping much these days. Maxis wireless with a 12" light notebook seems a good choice. Pda, smartphones have limited function. It is difficult to read the whole screen, chart or news.

Speaking of the eur/usd with a expected bad US housing data + the market already price in.

the euro hardly even move. All I can say is we have limited reason for the euro to be Very bullish, and for temporary the euro also have problem going further down.(after a huge drop) But if huge surprise of USD +ve fundamental news, it can easily take euro down another 100 pips.

right now the case is like this.
-ve USD news = little bullish on eu
+ve USD news = major bear impact on eu

I think now the only thing can return the big euro bull is ECB rate rike to 4.25%. (which is highly unlikely right now)

As for the gbp/usd, it is pretty much the same. UK subprime I said months b4 will get worst and we will see gbp getting sell off across the board. I'll be looking for it to break 1.98 in near future.

Agree, with this thin market. The euro Rally is cause by a huge disappointment from the Retail Sales in US. And 200pips in this thin market is not a lot movement and it does not prove where the market want to go.
I am not quite convince on this euro rally, much more like the Previous ThanksGiving day.

I have not trading for the whole week. I suggest you guys do the same. Take a break enjoy your holiday and Have FUN.

Pakistan is not a major Oil Country, it has little impact on global economy, let alone USA or Europe. The recent sell off of USD is triggered by the ultra weak retail sales. Which caught out of everyone expectation( but not mine, weak US economy will trigger everyone in US spend very caution. This is pure simple theory)

if GU go to 2.05 I will likely to short as heavy as I can.

GU is going down. My target breaking below 1.98 I said 10 days ago had reached. I would not be surprise to see 1.95.

It is cause by the slightly upside of existing home sales that happen @ 11pm our time.

As I said, a slightly positive USD news can easily make USD go up crazy. Especially the home related news.

As for GU. I prefer to "Short on the rise". I'll likely to short every time it peaks. Unless the economy of UK has Fix, otherwise I will not see GU stand above 2.00 long enough.

The job market this week, should push the USD lower.

I am looking to try 1 AUD/USD long.

This post has been edited by billytong: Jan 2 2008, 09:04 AM

Each broker they do mention about how much is the withdrawal fees, check their website then u can know.

Seriously if u are earning thousands or tens of thousands, those small fees are not much of you concern, u can easily make it back by scalping the market 10-50pips. Even a single mistake I make I can also miss RM5K.

Those small fees? Pay them, who cares about the fees, it is the time it takes for ur money to reach your bank acc matters.

This post has been edited by billytong: Jan 9 2008, 02:39 PM

when u trade GU u can only do one thing now, short on the top.

But at this low I prefer not to do anything.

and of cause the market is waiting for the interest rate announcement from BOE & ECB 7-9pm today. Every is uncertain b4 these 2 event happen.

As for GU, I said we will see 1.95 instead of 2.05 weeks ago. And there is ur 1.95.


Doing anything on EU or GU now is extremely dangerous.

yes only if the fundamentals from the USA really bad or the europe is not as bad as most people think. Then the euro could go above that level.

In my opinion,

Anything above 1.45 eur/usd is over bought. the europe region have their own problems just look at the fundamentals data come out from forexfactory, it is almost all red. Things are looking shaky in europe, they have growth problem, economy slow down. So I will not surprise to see the euro drop back 700-1K pips some where in 2008. but that still have to depend on the interest rate policy. Should the ECB rate hike to 4.25% then we can see euro 1.5 or even 1.52 first.


As for GBPUSD,

I can only see breaking of 1.95, anything below that I'm not very sure. Both GBP and USD is heading down. So it is harder to predict GU now when it is at this low. What I can see is the BOE will likely to continue cut the interest rate. But they will do it less aggressive than the USA.

The key for the game in FX now is inflation(except USA). Watch the PPI or CPI numbers.

EDIT: I forgot to mention there is the retail sales in USA, that one can move quite a bit for USD pairs.

This post has been edited by billytong: Jan 15 2008, 10:34 AM

Normally when u trade the news, about 1-2 minutes before the news launch ur broker will increase the spread to protect themselves.

So it is not wise to take a position right b4 the news (especially the big one) unless it is pretty obvious u are 90% correct about the direction.

Why it is not wise?
1. Spread are larger
2. Market can go 100-200pips up/down, & if u are at the wrong side = pray.

For big news(Except Non-farm payroll),

1. If the numbers come out is VERY WAY out expectation, then u will see the market react instantly within 1sec & move at least 100-200 pips afterward.
2. If the numbers come is lower/higher than expectation. Normally it will take 15-30minutes for the market to react.
3. If the numbers come out is just a fraction/same from the expectation. Normally the market will not move much.

Warning: this is just my personal observation. There are not necessary right.

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As for the big move that the euro made yest, Just like what I said b4 days & weeks ago, euro is overbought, a better than expected USD news can push the euro down REALLY hard.

This post has been edited by billytong: Jan 17 2008, 09:57 AM

Because you are either trading too short term, and have super tight stoploss. You are trading the noise of the Trend.

I let my EU short @ 4743 go -ve 200pips all the way up to 1.492x, but I'm not panic and close for a loss. Instead i close it yest @ 4653 with nice 90 pips income.

This post has been edited by billytong: Jan 18 2008, 03:01 PM

I have no minimum capital for a newbie. Why?

Some newbie is rich that can open an 10K-20K USD Account, while some couldnt even fork out $1000 USD.

As for percentage of Trading. You should not use more than 10% of ur capital as margin to trade all the time.
Conservatively, I prefer a newbie use only 5%-7.5% all the time.

As for the size of a position. Open a position should not be more than 2% of your acc.
Conservatively I prefer a newbie to use 0.5% to 1% of margin each time they open a position.

As for me,

Sometimes I use as little as only 2%, I barely go more than 5% of total margin usage. Each position I open is 0.3% of my acc to 1%.

Currently the latest, I use only 1.5% margin of my acc and each position only use 0.3%. So I have 5 positions open now.

Why use so little?Because by using so little u can withstand huge drawdown. The market can swing -ve 100-500pips without getting urself at risk of margin called.

This post has been edited by billytong: Jan 19 2008, 09:13 AM

There you go, dude, normeck.
These are all the answers u want from our lowyatian Fx expert.

I hope u find it useful! Welcome to become a forex member.

PS: Sob I'm soo happy everyone here is an expert & earning big bucks!

This post has been edited by billytong: Jan 19 2008, 05:12 PM

Not a good idea, I would suggest one should learn to trade his own way. Tech indicators may work for one person but it may not work for others. Not to mention, techn indicators will be wrong sometimes, may be that person is an American where he trade during American time frame. You trade during Asia-europe time frame, which is different & any other possibilities.

if u trade ur own style ur own way, u do not need to adjust urself to trade the trading style. It is the trading style adjust themselves to suit u.