Forex for Dummies 2

[Cartman]

Hi ,i'm surprised someone with your ability has the need to ask any kind of questions,

Infact its quite similar FX and Surfing.
Both have sharks as a hazzard!

Wow i'm impressed by your reply!
The surfing, sharks and all the rest...did you have to think very hard for that extraordinary piece of writing,
Never mind, i have to thank you, you reminded me why i only post in a private forum.

c'mon u guys --- now who started this !! -----

 

[tech/a]

Caribean

Not until I saw your avatar.
Never gave it a thought at the time.
No direct comparison meant.

My apologies I can see where you'd have been miffed.

 

[caribean]

Apologies accepted, i'd have to be the last person here to be called a "shark"
as i'm always sincere with what i write.
When i said: "a person of your abilities", it wasn't a smartarse remark.
Anyway, good luck with your trading.

 

[kam75]

CanOz and White_Goodman many thanks for your answers. I've been testing Captain Currency's 3 Duck Trading System for the past week on MT4. Do you or someone else here day-trade this trading system with MT4? If so, I have more questions:

1. Metatrader4 currently rejects my stoploss if its less than 60 pips. Why? Can this be changed and how?

2. Can I use Metatrader4 to trade with real money with a broker - how can I configure the software. (It's currently a demo, do i need to purchase license?)

3. How reliable is the demo data feed? Do you guys use it to trade for real or use other data, if so which one?

4. Is there an Australian Forex broker you would recommend to trade with, using MT4?

Many thanks
kam75

 

[BentRod]

1. Metatrader4 currently rejects my stoploss if its less than 60 pips. Why? Can this be changed and how?

Not sure which demo you are using but that does not sound right. Try another demo.

Try Alpari.

2. Can I use Metatrader4 to trade with real money with a broker - how can I configure the software. (It's currently a demo, do i need to purchase license?)

Yes you can use it with a broker free of charge with real money but I would not recommend it.
Basically MT4 is what all the prime bucket shops use and if a broker is using it, best to steer clear.

MT4 is a good charting platform but useless to trade from , you will get nothing but slippage(Disguised as requotes) and other various problems(read: safety of your money).

The only time MT4 might be useful is if you are using an EA(not the rip-off bought ones though

As soon as you get to decent size they will cut you off anyway.

3. How reliable is the demo data feed? Do you guys use it to trade for real or use other data, if so which one?

Data feeds vary within a few pips. I use MT4 for basic charting but execute trades through Oanda.
This is only because Oanda is such a bad platform, if they had a decent platform I wouldn't use MT4.

4. Is there an Australian Forex broker you would recommend to trade with, using MT4?

No.

There is only one, Go Markets, personally I would not recommend them (or any other MT4 broker)

 

[Stormin_Norman]

i just started with go markets to run my MT4 EAs. i previously had used IBFX without any dramas.

ill let you know how go markets...well go

 

[kam75]

i just started with go markets to run my MT4 EAs. i previously had used IBFX without any dramas.

ill let you know how go markets...well go

Many thanks Stormin_Norman. Can you tell me what were the spreads like?

 

[white_goodman]

i just started with go markets to run my MT4 EAs. i previously had used IBFX without any dramas.

ill let you know how go markets...well go

i use ibfx and gomarkets for both my EA's, they both seem the same spread wise...

but on the AUDNZD the ask(red line) always widens the spread when going down to reach one of my sells... not so much for my buys

 

[Cartman]

Can you tell me what were the spreads like?

at the current moment ---- different times slightly different spreads --- Eur/Usd drops to 2 during peak hours


EURUSD 3
AUDUSD 4
GBPUSD 3
EURGBP 6
USDJPY 3
AUDNZD 20
AUDCHF 9
AUDCAD 9
AUDJPY 7
CADJPY 8
CHFJPY 3
EURAUD 13
EURCHF 6
EURJPY 5
EURNZD 37
EURCAD 8
GBPCHF 8
GBPNZD 18
GBPAUD 21
GBPJPY 8
NZDCAD 10
NZDJPY 9
NZDUSD 3
NZDAUD 20
USDCAD 5
USDCHF 3
USDSGD 5

 

[CanOz]

Many thanks Stormin_Norman. Can you tell me what were the spreads like?

Kam, hows the 3 ducks system going? Have you got some results yet? I've been trading it over my holidays and this week and will have two weeks worth of results soon that i'll post.

Maybe we can start a separate thread on that system?

Cheers,


CanOz

 

[Stormin_Norman]

Many thanks Stormin_Norman. Can you tell me what were the spreads like?

as above i think but 2 on eurusd and 3 on aussie.

http://www.gomarketsaus.com/forex

 

[tech/a]

Dumb question 101

When do you know when to trade the next periods contract and when to stop trading the current?

 

[BentRod]

Tech,
Most here don't trade the futures.

Only Spot.

 

[Gundini]

Dumb question 101

When do you know when to trade the next periods contract and when to stop trading the current?

When you are on a massive profit,

or

when your stops are triggered, and you are tired.

 

[tech/a]

Tech,
Most here don't trade the futures.

Only Spot.

Spot.

This is english--no?

Speak slowwwly I no understand your lingo.

 

[BentRod]

When you are on a massive profit,

or

when your stops are triggered, and you are tired.

Gundi.....He's asking about the rollover.

Wayne or Trembler would know, I have no idea Tech???
When liquidity starts to dry up I guess.

 

[BentRod]

Spot.

This is english--no?

Speak slowwwly I no understand your lingo.

There are two ways to trade Currencies.

1)Futures

2)Spot

There are advantages/disadvantages of both.

Spot is more common as you can open small accounts and get more leverage.

Google "spot vs futures" .

http://www.learningmarkets.com/inde...n-9-forex-futures-vs-spot-forex-accounts.html

 

[lesm]

Dumb question 101

When do you know when to trade the next periods contract and when to stop trading the current?

The expiry months specified for foreign currency futures contracts are March, June, September and December. All currency futures contracts expire at 12:00 two business days prior to the third Wednesday of the expiry month or, if that day is not a business day, then the previous business day

Can someone who trades currency futures please verify the above quote, believe it is correct.

As a rule of thumb, as a currency futures contract approaches its expiry date you should expect to see the prices start to track (converge) with the spot market prices.

You can consider rolling the contract over into the next period or close the position (contract). You will need the advice, as to the pros and cons, from an experienced currency futures trader on this. Some trading accounts are set up to auto rollover.

As mentioned previously, most of us are trading spot (FX).

Cheers.

 

[Stormin_Norman]

your broker will automatically roll the position over.

 

[lesm]

your broker will automatically roll the position over.

Yes, that is usually the default, but the client can elect to close the position. Either activity will usually occur two days prior to the expiry date.

Always pays to ensure what the default activity is, rather than take anything for granted.

Cheers.