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Originally Posted by Captain Piptastic A probability distribution still applies to you. The post earlier where Captain Piptastic ran a test on gbp highlights this fact with all of his tests losing money once the spread was accounted for. If your borrowing costs are lower then your lending rate. Making Your Life Make Sense. The un-discussed thing about trading is that it changes you.
Discover Prime Book Box for Kids. Learn more. Customers who viewed this item also viewed. Page 1 of 1 Start over Page 1 of 1. Trading and Exchanges: Market Microstructure for Practitioners. Larry Harris. Anna Coulling. Market Microstructure in Practice.
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Customers who bought related items also bought. Dark Pools: Stock Market. Scott Patterson. The On-Purpose Person: Making Your Life Make Sense. But I wouldn't consider any of them master traders because they couldn't consistently outperform their peers. Technically you don't really pay interest to a japanese bank nor do you lend money to your broker. Those that can are absolutely qualified to call themselves pros until they can no longer do so.
If your borrowing costs are lower then your lending rate. Right so far? Now why does he have to pay interest on the currency sold. No you are currently long dollars. Were they ever really pros at all? It could easily be argued that if they were better skilled they wouldn't have found themselves in the situation they did.
The math goes something like: And in that vein Jim. Given that Oanda is spot on with "my" currenex feed. Quotes on institutional currenex networks are provided by banks. Most of the banks operate on multiple networks and are feeding the same prices to each prime broker.
This is ofcourse all perfectly accurate. I use the Currenex platform with a couple of different brokers.
You speak of Currenex rates — there is no-such thing. I'm a complete newbie. For example. I don't mind simplifying the answer to tsicby's question by saying that their pricing is pretty damn accurate. It also depends on whether the firm adds a premium to the spread or charges a separate commission. Originally Posted by tsicby I thought Oanda quoted the interbank xchange directly. Originally Posted by mrcooldude Darkstar. So in short. This is all on top of the interest spread you made.
I have found that asside from the spread. Since those opportunities are few and far between. How does this work? Are brokers marking up and giving a "retail" quote or do they quote the actual interbank price?
In comparing Oanda with Currenex. So talking about "Currenex rates" is similar in principle to taking about "Metatrader rates". If they weren't it wouldn't require much effort to arb the different networks. Originally Posted by loser Hi all. My friend asked me if I want to be a whimpee. When my friends saw my gloomy face. But deep inside. I want to rest and come back again. I was a scumb and I was nothing more than just a big fat mouth and an empty shell.
I really really don't know. In less than 2 months time. I told them that I've lost 5. Please help me by telling me how to control them. I am really really in pain. I want to be financially free but it seems I can't. I was not able to trade with ease. I've read books and go seminars to learn more about the market.
Now I am. I really don't know if I can make it. Blind confidence aside. I am in a lost. I've decieved even my dad that I am still making profit.
I've shared with my closest friend that I've lost that amount and close to crying out in the nights when nobody around. Although I can share about all indicators and explaining simple forex term. It is only about emotions. I don't want. I'm scare. I became the "in thing" within my social circle. I thought trading was that easy. Very painful. I was given a x1 leverage by Forex. After 4 months of hardship. I still managed to hid from them and they thought I was a successful trader who is making money.
I just type what I think. I lied about my situation and I lied about my overall results. I've know all the basics from the setups to how to read the indicators and I thought it was enough. Not for 5. I am an aspiring forex trader want-to-be.
I knew that it already hit the resistance or Fibo level or whatever trendlines and channels you can make. I wanted to be a trader really. As I went into trading with Mini. I've no confidence and I dare not tell anybody about my problem but to share in this forum.
Don't console me that trading is not for me. That did not become a reality after my last month of trading. Am I stupid or what my inner devil laughing at me. I just hope a kind soul to share with me your experience so I can get some comfort from. I wasn't able to make pips consistently.
It may not sound much to some of you. I told myself to trade on the 1-hour time frame. I am very much disappointed with myself.
I even feel so stressful when I type this out.
I don't know a trader who hasn't took a beating at some point in their trading career. I read your post and thought would be a good idea to throw some words of advice our there for you and some ideas doe how to pick your forex business up again. A loss is agoodthing.
That feeling makes them sick to their stomach. If some of you know what I've went through. Originally Posted by Mr Trend 1. That's a stupid saying. But instead.
I apologise that it has taken me so long to get back on. You could tell me over and over not to do something. Interact with fellow believers in your faith. Some people need to take a beating to get it. That is not to say you should trade with money you can afford to lose. Don't forget that. My lifestyle has totally gone upside down due to that loss. Talk with God more. I can become a better trader I believe. You're just keeping score.
You can change that mindset. I need help. Originally Posted by Bear73 I haven't been on here for a number of months but saw this thread and had to respond. I couldn't sleep. I'm not going to write further more. If I can pull off this period.
No more. To all those out there that have been asking me to post again. I need to learn the hard way.. Start praying more. I knowexactlyhow you feel.. Realize that everyone's been there. But then. Be honest with yourself. Realize that everyone has been in the exact same situation as you. Stay positive. If you can't totally accept the money that you use to trade as money that is possibly gone.
A loss is only a bad thing when you do stupid. Get involved in church. You have to accept capital risk. Some people need to be slapped around to get it. Most go on to blow their accounts. It will improve your mind and body overall. It's just numbers. No more than 1 trade per day.
This doesn't mean that if your capital is going backwards that you shouldn't be reducing your size. I would treat it again like a business. I would suggest the public library for source of research. I would use this in a combination of OCO orders with a break even stop.
This means a lot of reading. No one that knows you will be aware of how your going and as you can't change it will keep you honest about your results and I don't mean your points but your result about how you stick to you rules. Start investing in your education. Some suggestions for this business plan would be this 1. No increase in trading size for a 2 week period. I know people say that they are trying to get away from that.
What this mean is that if you have a couple of trades that go your way then you do not increase that amount of money per trade until the end of 2 weeks after your first winning trade.
I would suggest you write a business plan. Read details on the capital management of the Turtle Traders off the web to give you a better understanding of what I am talking about here. You are essentially running a business and once you start to think along those terms as opposed to trade and looking at the money things will start to change. If you have a bad trade you try and "win" the money back and this is a no no!! Set yourself a schedule of reading 2 hours a night instead of TV or something that fits in with your lifestyle.
When you get a university degree you don't get it over night. I would suggest that you keep some sort of online trading diary that you can't change. Work out what hours you are going to trade and treat it like a job. You must have a business plan and some sort of check list that at the end of every trading day you mark off to see if you have followed your rules. Look at a system of stepping out your position over time.
So once your in profit of 25 points or so then set your stop to break even straight away and getting back to point 3. Most brokers now a commission free so multiple trades don't cost you anything more to do. I would suggest that you be looking at the 8am London time as the key time to look at taking a position. Never allow a winning trade to become a loosing trade. This sounds hard to follow. Just a couple of other things that might help you. For you to become successful it has to become second nature to you and almost mundane.
It shows you the type of person you really are and either rewards you or punishes you depending on how that revelation sits with your values.
You should be starting will a small account a treating it like a 12 month computer game when you are learning and realise that you will be doing it like this for 12 months. I apologise for everyone for not having any input for the last couple of months but I have been concentrating on my trading business and a couple of other things and moving to the other side of the planet. I would suggest that you have the discipline for this over a extended period of time even if you are consistantly profitable.
The un-discussed thing about trading is that it changes you. The main reason for this is that they do not have the adrenaline rush that most male traders do. They sit down at 8am London time and trade and at the end of the day they close there positions for square and go home.
I hope this helps. If they do not have the book in that your after.
Some of the books that I would recommend to you is trading in the zone. This second point may sound funny. I would try to think like the people that really control the market.
By doing this you will be exposed to new ideas across a very broad spectrum of trading and something for a totally unrelated market you might be able to use.
Frankfurt and New York. If they are doing it on a massive scale and making very very good money doing it then why would you try and do anything different.
That females traders have a higher chance of becoming successful than male traders. This sounds strange. Tomorrow you can start with a brand new account and trading system.
I mean. Originally Posted by MrFuture I mean. Figure out exactly why it is that you do what you do and your trading will surpass your wildest imaginations. I was thinking either International Political Economy or Economics.
No exchange. It is just baked into the spread.
The SEC can place whatever restrictions on forex that they wish. Can all this soon change if forex becomes even more popular?
I hope not. I need some advice pertaining to my college Major. Very few brokers are actually based in America and as such are not within their justistiction. I am very interested in Japanese and all things related to the Stock. It all looks too good to be true. My question is.. So I wouldn't worry about crazy account requirements any time soon Thanks and God Bless. So yeah.. The platform becomes a marketing tool paid for by the spreads on live account transactions.
Commodiy and Futures markets. What should I study that would help me with this type of job? And also. Peace 1 You DO pay for many of those things. Originally Posted by irishdanceking I'm new to the forums. If I wanted that kind of aggrivation I would start a hedge fund. Just don't make all your future decisions based on the expectation of trading OPM.
If you want to be a trader. Thanks much for the link. Personally I don't think any of your choices are going to make the slightest difference whether you'll be successful as a trader or not. Originally Posted by irishdanceking Really. Banks don't pay enough to spark my interest. I'm not telling you to avoid an education. D Don't get me wrong brother. I read that FX traders if that is what you are talking about get paid a lot. Unfortunately that is a lot easier said then done.
Plus they make you move to a specific location. Call me Sister Posts. I second the above review and would like to add that once I bought the book I got an access to Darkstar's trading chat and forum. Darkstar himself is there every trading day answering our questions and sharing his valuable experience of the markets with us, which I found a great addition to the information in the book.
Aug 28, 9: Time for me to give reviews 1st. This book is not for total noobs. You have to know the basic at least. But this what makes the book got it best, it bridges you between the basic knowledge to the advanced knowledge.
You may see many basic forex lesson and many advanced economic analysis out there, but there are few who provide about how to tie the economic analysis to the forex market. This book cover them well. This book is about what happen behind the markets. What moves them, how one things could move the others. After you read this book you will gain insight about how the market works and it gives you more edges for your trading strategies and capabilities to absorb market knowledge.
This book gives you a bit of technical strategy of order flow you could use. They're working well and may gives you idea to create your own 4th. But adding member's forum and member's chat sure make it worth. Darkstar will kindly answer every single of your curiosity. How's that not worth it? Happy trading! Be the market. Sep 1, 5: Joined May Status: I dont have the book Based on what i have read about the review of the book so far All the topics that hanover mentioned about darkstar book: I am curious--and this question is addressed to those that have read darkstar book and also have familiarity with academic finance articles--Is there a dimension or outlook that darkstar brings to these topics that distinguishes it from what is generally written and exhaustively researched in finance articles of academia?
It may mean nothing at all ". Sep 1, Membership Revoked Joined Jun 1, Posts. I have it. First of all, let me say this because I know there are some excited newbies, I used to be one: If you think it is a book or a forum is going to make you a more profitable trader, you are wrong and naive. Having said that, here's my honest review: As others have pointed out it's not worth the price. It's was a bit too hyped.
I was expecting more longer, less basic, more in depth. The book in itself is nice, but if you can read Darkstar's post, study the basics of market microstructure, and do some of your own thinking and studying of the market both of which you need to do anyway, with or without the book then you really don't need the book anymore.
It's basically just the same stuff organized in one place.