Currency Traders - Horse Racing Forum - PaceAdvantage.Com

badcompany · 02-03-2014, 07:55 PM

Which platform do you use?

I don't do too much currency trading, as I'm mainly a stock market guy, but I have an account with Oanda and have no major beefs.

RaceBookJoe · 02-03-2014, 08:19 PM

Quote:

Originally Posted by badcompany

Which platform do you use?

I don't do too much currency trading, as I'm mainly a stock market guy, but I have an account with Oanda and have no major beefs.

I trade futures through NinjaTrader and am pretty sure that you can trade forex with them. Lots of people run Ninja through Interactive Brokers and also assuming that they handle forex.

Dick Schmidt · 02-04-2014, 05:59 AM

Ninja does indeed work to trade Forex. Depending on your account size, there may be a charge to use it and get a live feed. Same with TradeStation, it can cost as much as $200 a month, but discounts are given depending on account size and broker.

The more or less defacto standard of the industry is Meta Trader, which is currently in it's fourth version, normallly called MT4. It is free to use, has a free data feed and is offered by just about every Forex broker in the world. It's real advantage is the active developer community and the massive number of indicators that it can run. Downside is that it is badly written in Russia and can be a pain in the butt some times. Can drive programmers mad, but it is what most private traders use because you can get it to do almost anything if you seek out the correct indicators.

I've used MT4 for about 4 years now and it sometimes gives me problems, but works well enough that after two days of trading this week, my setup is up about $2800, so I use it and put up with its flaws.

PLEASE download and practice with a Demo account (play money) before you try trading Forex. Every broker offers them. You are trading live against people and institutions who can move billions at a time (think European Central Bank or Bank of Japan) and you can get hurt in a hurry. Forex trades more in a week than the stock market does in a year and can move very fast, with no controls or oversite. Be careful out there.

Dick

Whenever I fill out an application, in the part that says, 'In case of emergency, notify:' I put 'DOCTOR.'

lamboguy · 02-04-2014, 07:37 AM

i don't trade currency's but i do trade paper gold. i use THINK or SWIM because everything is right in front of you with one screen without having to go back and forth.

badcompany · 02-04-2014, 10:14 AM

Good post, Dick.

A few questions, if you don't mind:

Which are your favorite indicators?

What time frames do you like?

How do you choose which pair to trade?

Thanks

badcompany · 02-04-2014, 10:27 AM

The Metatrader4 app has a free practice account

RaceBookJoe · 02-04-2014, 11:21 AM

You can also choose to trade the currency futures ie 6J=yen, 6A=aussie,6B=british pound etc

Dick Schmidt · 02-04-2014, 05:30 PM

Quote:

Originally Posted by badcompany

Good post, Dick.

A few questions, if you don't mind:

Which are your favorite indicators?

What time frames do you like?

How do you choose which pair to trade?

Thanks

I use a combination of several indicators that I have put together over the years that I find work well together. My favorite (the one I base most of my trades from) is the Supply/Demand level indicator based on the work of San Saiden from OTC.

I trade almost exclusively the 5 minute charts. Obviously this is not an investment, but rather a job. When in a trade, I keep my butt in the chair and watch it like a hawk.

Depends on the time of day. During the afternoon Asia session I trade mostly the Aussie pairs, as that is the market that is open. During London, I scan about 15 pairs looking for trade setups.

Dick

All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation. ~John Adams

badcompany · 02-19-2014, 04:13 PM

Found this online.

It's a PDF of a Barclay's/Lehman Currency Taining Manual. It's basically a course in Currencies.

http://jenner.com/lehman/docs/barcla...80-3356609.pdf

badcompany · 02-26-2014, 05:11 PM

Man, this is some cool stuff. Trading currencies on your smartphone:

Dick,

If you're still around, how many pips is a median winning trade on a 5 min chart?

Thanks

sammy the sage · 03-05-2014, 07:27 PM

I was at my bank today; there was a short line. There was just one lady in front of me, an Asian lady who was trying to exchange yen for dollars. It was obvious she was a little irritated . . . She asked the teller, "Why it change? Yesterday, I get two hunat dolla fo yen. Today I only get hunat eighty? Why it change?"

The teller shrugged his shoulders and said, "Fluctuations." The Asian lady says, "Fluc you white people too"

Tape Reader · 03-05-2014, 07:35 PM

Quote:

Originally Posted by sammy the sage

I was at my bank today; there was a short line. There was just one lady in front of me, an Asian lady who was trying to exchange yen for dollars. It was obvious she was a little irritated . . . She asked the teller, "Why it change? Yesterday, I get two hunat dolla fo yen. Today I only get hunat eighty? Why it change?"

The teller shrugged his shoulders and said, "Fluctuations." The Asian lady says, "Fluc you white people too"

Pisser! I needed a laugh like that after a very dull trading day.

Dick Schmidt · 03-06-2014, 11:24 PM

Badcompany,

My usual win is 10-15 pips, though I don't really track that number. The best 5 min trade ever was 209 pips, and I break even on about 10-15% of trades and lose about 20% with a 7 or 10 pip stop loss.

As you can see, I am in and out of the market frequently and don't hold many trades for the long haul. I occationally take a long term trade, but I prefer the quick in and out trades that you can find in almost any market at any time.

Dick

The difference between a Socialist and a Communist is that the Socialist doesn't have all the guns yet.

fast4522 · 03-07-2014, 06:26 AM

"The difference between a Socialist and a Communist is that the Socialist doesn't have all the guns yet."

The best post I have seen this year.

RaceBookJoe · 03-07-2014, 09:09 AM

Quote:

Originally Posted by Dick Schmidt

Badcompany,

My usual win is 10-15 pips, though I don't really track that number. The best 5 min trade ever was 209 pips, and I break even on about 10-15% of trades and lose about 20% with a 7 or 10 pip stop loss.

As you can see, I am in and out of the market frequently and don't hold many trades for the long haul. I occationally take a long term trade, but I prefer the quick in and out trades that you can find in almost any market at any time.

Dick

The difference between a Socialist and a Communist is that the Socialist doesn't have all the guns yet.

That's really good, maybe you mentioned it before, but are you trading off of price action or which indicator/s do you use for your trading. Thanks and keep it going !!!