hmm seems like the market isn't going anywhere today

ya at the same rate it'll only take you 10 years (985 * 1.3^120) to reach 46,412,878,860,152,899 USD, which is about 46 thousand trillion, more than the world GDP combined, you would own the whole world!

30% per month is simply not sustainable in the long term, because it is impossible

I myself have made over 400% return in less than 2 months, but i know it's meaningless because i got lucky while over-leveraging, if i can maintain 30% per annum consistently in the long run, i would say it's a damn bloody good result

and in forex it usually takes only a few bad judgment calls to wipe you out

This post has been edited by orangysb: Jan 10 2009, 11:04 AM

The website looks pretty professional and it's got all the relevant information in regulatory compliance and all. Looks legit to me, maybe i'll open a demo account to see how it's like, but i'm pretty ok with Oanda so far.

I thought you can start trading whenever the market opens, the online brokerages start operating whenever trading begins don't they? In fact you can place your trades now and leave them there until whenever activity occurs, at least that's the case for Oanda.

The very first market that opens is probably New Zealand's, which is like about 6am Sydney/Melbourne time.

pissing off when the price barely touched your stop-loss only to go all the way in your favour, grrrrrrrr

Pretty good, i withdrew twice and i think they processed it the next business day and i think you get the funds on the same day if i remember correctly.

It's only the paypal to your bank account part that takes a bit longer.

That's a put option on EUR/USD, meaning you're shorting Euro against USD.

Sigh just when i thought all this flame has come to an end, there it goes again.

Please, before anyone replies to Txi's childish provocation,

JUST IGNORE IT.

I repeat,

JUST IGNORE IT.

It really depends on the size of your positions compared to the amount of balance you have in your account, if you have $1000, with 1:400 leverage you can open a position up to $400,000, but that's just suicidal, because the market only needs to move 0.25% against you to wipe your account out, or in the normal case, 0.125% percent as brokers margin call at half your balance left.

But if you're not stupid and don't do suicidal things like above, high leverage allows you to open multiple small positions, because every position only requires 0.25% of the amount, so to open a $10,000 position, you only need $25, and because you have $1000 in your balance, you wouldn't get a margin call until you reach a $500 loss.
In this example you are really only leveraging 10 times, as it's a $10,000 position on $1000 balance.

For me a leverage up to 1:50 is enough, because if you open multiple positions that go beyond 20x leverage, it's extremely risky, if not suicidal. Unless you're scalping of course, but good luck with that.

That's 78.1 pips not 781 pips.

I don't agree, EAs are for people who do not have the time to study and monitor the charts all-day long nor do they trade full-time. You ask why waste money on something you can do manually? Lol that's exactly what you're paying for, automation, that's kinda like saying why drive the car when you can walk.

You say EA doesn't have human reflexes, that's precisely where the strength of EAs lie, it doesn't have human emotions involved and strictly does what it's programmed to do. We all know humans are prone to errors and tend to allow our greed and biases to drive us away from our strategies, EAs strip that away.

If all you do is strictly TA only, where you look at a few indicators or a few signals to make your trading decisions, an EA would do it much more reliably than you.

Of course i'm not saying you should blindly buy some EAs online and let it do all the work, you gotta understand the fundamentals first and what system an EA is using, it's best if you trade manually yourself first and create an EA yourself that automates your routine reactive trades.

Which i do not have time for yet, sigh, i borrowed a TA book for over 2 months now and haven't had time to touch it yet, i give myself one month to read it.

That's why i said you should have an EA that automates your routine reactive trades, i never talked about fundamental analysis, of course i understand that ultimately the price of any security is determined by the fundamentals, but the discussion was strictly on the merits of EA in technical analysis.

Also a good EA should be able to know when the movement is against you and cut losses, then again i'm not an expert in this since i've never used one.

Like i said you should never blindly get an EA and expect it to do wonders for you without understanding the strengths and limitations of the EA. You should always study an EA and know what system it's using and what strategies it's taking, after all what is EA but an automated trading system based on certain rules and criteria? It is just like how you trade manually based on certain rules and criteria.

And whether there are negative remarks about a particular EA have no bearing on the merits of EAs in general, if one understands what an EA does he would know it wouldn't guarantee insane amount of profits.

And of course all this discussion is strictly on TA only, i'm not talking about FA.

You're not pointing out the flaw, you're pointing out the limitation, and i'm sure we all agree that an automated trading system is just that, strictly programmed to do what it's told, i'm not disputing its limitation, what i'm saying is criticizing EAs as simply for noobs disregards its usefulness.

Saying the limitation is a flaw is like saying cars suck because they can't fly.

Your example seems to be pointing out the strength of an EA rather than its weakness, if there's a sudden super bad news released and the price moves against you abruptly, your EA would save you by recognizing the change in trend and cut your losses early, which wouldn't be different from you trading manually with stop loss orders, but if you were trading manually without any such orders and you failed to respond quickly or were busy doing something else, you're screwed.

And if everyone's only trading and not working, there would be nothing to trade on.

Adam do you trade for OSK or do you trade for yourself? And so do you open an account with one of the online brokers like us or does OSK deal in forex too?