Cory2679

Yeah, but with an account <$25,000, they apparently charge a separate commission of 1 tick, so the spread for my intents and purposes would be more like 1.5 ticks...which isn't bad...that's pretty close to what FXCM micro is now. (With a $25,000+ account, the commission is drastically reduced...anywhere from 0.1-0.2 ticks, depending on the size of the account. I simply don't have that much, though.)

Would you consider Interactive Brokers FX a "bucket shop?" It's an ECN. When I posted an article about why fx futures are far superior to retail FX, Kiwi made this post:

Sleepy evening for me...no trades...no significant shouldawouldacouldas though, so that's always nice. There were a couple "opportunities," but the swing I would be trading off of would be <10 ticks in size...for me, I think that might be too small...especially when you consider the spot fx spread...and it's difficult/impractical to manage. I had a long order in, but it's quitting time so I've cancelled it. -Cory

I love the positive spin they tried to put on it..."No Dealing Desk Micro Execution is Coming" I'm trading a $5k demo account right now (and am planning on moving to a $5k real account reasonably soon), and I just went through all my trades so far this week... My average trade size: 42,091 My smallest trade: 26,000 My largest trade: 61,000 So even trading 5k, futures are not practical for me at this point...1 6E contract is 125,000 and 1 6B is 62,500...so even the 6B is impractical...keep in mind I usually split up my trades by PT's, so it's even that much more impractical. From FXCM's website: How Will The New Spreads Affect Me? Typical EUR/USD Micro Spread = 1.3 pips Typical EUR/USD Standard Spread = 2.3 pips That's a difference of 1 pip or $0.10. On average, that means your transaction cost (per lot) to trade the EUR/USD is only ten cents more than you're used to. That really doesn't seem like that big of a difference...1 pip...is it really worth moving to another broker? I'd really like to stick with FXCM...I haven't had any complaints...I'm especially impressed with the consistency of the spreads...even through news...Oanda will spike their spreads up to 10-15+ pips sometimes!! FXCM doesn't do anything like that. Plus, I've gotten virtually no slippage...including with my real account. Thales...your daughter probably doesn't need to move... From FXCM's website: SPECIAL OFFER FXCM would like to extend a one-time offer to all Micro accounts opened prior to March 2. If your account balance is $10,000 or greater at the close of trading on March 18, we will automatically provide you with a 1 pip reduction from FXCM's Standard spreads.

When NFP is released, do you make sure you are out of the market, try to be in a position to ride a potentially big move (if there's reason to be in, of course), or somewhere in between? I know it can be dangerous due to the potentially crazy volatility and widened spreads in spot... Thanks, Cory

Here's a chart with my shouldawouldacoulda... The first one is what I've already been over. The second one I would have likely taken, except I was getting on my computer a little late, and I was just loading my platform while that was going on, and before I could act it was too late...so I guess the only thing I can complain about there is that I need to get up 15 minutes earlier! The third one was frustrating because the reason I didn't get in is because I was so biased short that I wasn't considering any longs at that point in time. I know better, I just goofed.

Just to avoid any confusion... The quote in my post above was originally attributed to thalestrader, when in fact I was quoting myself! I'm not sure how it happened, but it's fixed now. -Cory

Today's Trades Well, the only trade I have is the one from last night that I've already talked about...I didn't have any trades this morning...a little bit of shouldawouldacoulda, but that's just how it goes! On the bright side... ...3 days down, 2 days to go for the week...I'm currently up +1.73R...with an average result per day of +0.58R...and my average loss is only -0.27R. So, that being the case, although possible, I think it's unlikely that I will be down at the end of the week...and that's an improvement...that's meeting my weekly "goal." I should be happy about that! I have a little change of plans...provided that I am not down at the end of this week, I'm going to go back to my live account Monday (with only $500). -Cory

I have to vent a little before I go to bed... I'm pretty frustrated with this evening... I missed the opportunity at "1" on my chart. It makes no sense...I saw it, thought about it, but didn't act...no excuse...could have gotten over +1R out of that. Then, at "2," I took a long...obviously not going anywhere...not a superbly ideal situation for me anyway...but I moved my stop tight, but I meant to make it even tighter to take a max of -0.25R, but little did I know I had messed my numbers up and took -0.4R. I'm worried about myself because I'm pretty frustrated and I feel like when I get this way everything goes down hill...I just don't know how to break free...I guess I'll just try my hardest... I've been relatively happy with this week thus far...I'm doing OK, certainly an improvement, but it's still a little discouraging when I'm currently up <2R, and meanwhile I see people raking in 3-5R+ on single trades, trade after trade it seems. I guess maybe I'll get there someday...my experience is still fairly limited I suppose (I'm trying be positive amid lackluster trading performance). -Cory

Today's Trades I'm done for the day...unfortunately, that's all I have time for this morning. I'll be back on this evening, of course. I want to comment on "Trades 7-8"...unfortunately, I was too aggressive with the second half of my trade and turned what could have been a good winning trade into a mediocre winning trade. Also, it looks like I should have reversed and gone long after the "Trades 9-10" short. Oh well, shouldawouldacoulda. Also, I've revised my "Trades" spreadsheet... -Cory

Sound logic. I will adjust my spreadsheet.

Thales, Just a quick question... When you enter a trade, pull out/stop out for a very small loss, and re-enter on new lows/highs, do you "count" that all as one trade for the sake of winrate/average win/average loss/etc.? I've recently been keeping careful track of that sort of thing, and I've counted it as one trade when I do that. Just curious. Thanks, Cory

I just ordered the book. It seems to be popular around here lately, so I figured it'd be worth a read...just as something on the side for now... -Cory

I passed on that trade...partially because it was after 12pm EST (London close), but mostly because I was positive for the day and was worried I'd give it back. For shame. Looks like we both may have missed out...

Geez, I wish I could make that in a week!!! :o:\

Here's a chart...

Today's Trades It's a little early, but I'm done for the day. My plan is to trade until as late as 3pm EST, but I'll just make the call day to day...I start getting less and less willing to take a trade after the London close at 12pm.

I don't know the origin, but when doing a quick search for it, I found this article...not about trading, but still probably worth a read for aspiring traders... It's basically that quote spread out into several paragraphs...only takes a second to read...it's something I can certainly relate to... The Person Who Says It Can't Be Done Should Never Interrupt The Person Who Is Doing It

I can relate...although, since I just graduated less than a year ago, I would wait a little while. I know for me, I was pretty narrowly focused on GPA and which courses/program prepared me the best and looked the best for potential employers (this was before I decided to trade full-time). However, that's not to say I didn't enjoy college or many of the courses I took, because I certainly did...I even miss it.

Hey Thales, I had an "idea" and I just wanted to run it by you (or anyone else here) because I'm sure your experience would give you a good idea whether this would be beneficial or not... Basically, my idea is to trail my stops by R...for example, once I have an unrealized gain of +1R, I move my stop to BE, once I'm up 2R, I move my stop to +1R, once I'm up 3R, I move my stop to +2R, etc. I know a downside to this is that it's "dumb" vs trailing natural stops...but it's just a nice way to lock in gain...it always stinks to be up 2R at one point and get BE on the trade... Thanks, Cory

...that's why what they say doesn't matter whatsoever, and shouldn't affect the thread's regulars... This (I assume Thales is getting PM'd) and the other incidents in the thread made me think... It's sort of like a middle school kid, who plays basketball averagely (or can't play at all!), talking trash to Michael Jordan...telling him he can't play, never could play, and is just a fraud. It wouldn't matter at all!! Not to MJ and not to anyone else!! Who the heck cares what that kid says/thinks?! That's how I see it here, and I wish those people didn't have the effect they do...if they're ignored, they'll go away...if they don't get the attention they're after (like the middle school kid). Just my . -Cory

One last post... Looks like the downtrend is losing steam (for now)...I'm not long, though...I'm flat (I'm done for the day).

One last couldawouldashoulda... With Trade 1...if I had entered the same move on a smaller degree of swing...10R+ was available! :rofl: Actually, though, I got to my computer a little late yesterday and missed that. All right, that's my last couldwouldashoulda and last post for today. -Cory

Just a quick little couldawouldashoulda... I was actually in this short yesterday...but I pulled out for <1R...just because I was a mess and was desperate to lock in some profit... If I would have held on and even taken it all out at PT1, that would have been a solid +3R. Oh well. At least I think I'm doing better now, though.

Well, I had 3 trades...1 winner (+1.53R) and 2 BE's. Sorry, I realize the chart is a little messy... Trade 1: Took a short last night...I was trailing my stop, but at about 11pm (quitting time) I decided to set my stop at BE, my PT at +50 ticks, and just let it run. Trade 2: After price had retraced back to my short entry, and reacted strongly, I got short...ended up taking BE. Trade 3: I thought the trend looked like it was slowing down and getting choppier...we had a strong bounce off of support, a retrace and what was perceivably going to be a higher low, so I got long (off a low-high-lower high on a smaller degree of swing)...ended up taking BE before price progressed to PT1 without me. (Trade 3's lines are bolder to distinguish it from Trade 2) ----- I am now profitable this week...but I'm not going to start counting until next week...I've just been a mess/all over the place this week working out exactly what I want to be doing... -Cory