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prax
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Everything posted by prax
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it's kinda sad when people said it's a comforting situation. while there's still many traders out there not had a clear situation upon their trading account. most still stuck awaiting from their brokers decision, wether they will able to withdrawn their money or not. reading zdo link truly open wide our sight, never thought as much as now related to global economics. while in fact there's also brokerage services not affected by this event, and fully protected their client negative balance. got mine with iron and tickmill ecn service, while iron facing a very serious payment problem so far ( got a whole week awaiting for my wd to be processed), but none payment issue happen with my ecn one even they offer new start up 15% deposit bonuses for helping those who damaged from chf event.
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What Do You Think About the 1:50 Leverage Limit for Russian Traders?
prax replied to Mark Jansen's topic in Market Profile
we all know the answer, same happen with US regulation long time ago. many retail trader will disappointed, and most upper traders doesn't bother. this could be spread across other EU country, we may had similar leverage for all brokers globally.. not much we can do about it, real trader surely adapt at any market circumstances, including lower leverage. -
The best times are when volume and volatility lever are it;s peak high. high volume means more transaction lot been made of a particular currency (more buyer/seller), as high volatility means currency moving faster and trending quickly. high volume combine with strong volatile market cause larger pips movement, as the spread narrower. it may occur during each session collide, or best fit at high impact news release. sometime, well define good time are not enough, many traders should suffer from bad trading condition during market best time to trade, other may fall into widen slippage. this where brokers trading condition are crucial, even a 10 cents discount commission are very valuable one, a round turn 3.8$ instead of 4$ on my Tickmill account, an extra advantage, especially when average entry over 100 trades executed at monthly basis. :missy:
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indeed, when talking with the pro, the most discuss thing are the worst case come at first, the DrawDown! I fully aware, and avoid any DD above 20-30%. most noobs just forget a 50% account loss means we already broke, they didn't realize it required 100% profit to get back balance into initial deposit. while I learn this simple fact hard way. while most ameteurs end up become delusional traders who dreamed to turn 100$ into 10000$ without taking any risk. never take this field seriously nor made serious attempt on any aspect. for example not focusing in learning process but rather to gamble with 100$!!
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good for you, well, when looking for a broker there are so many things you have to check. But first i will consider the brokers reputation,trading condition and the withdrawal and deposit system. this what I consider before opening my account with Armada Markets last years ago, reputable one, even this not the only thing to consider, any website review sometimes just had their own odd issue, I'd prefer to make sure by my own experience. these where i found AM trading condition are very competitive.
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stock trading software, you may confuse because some 'silly' poster, recomend a forex platform. what he intend to search is a stock trading platform with screening feature, while most stock screening website cost member subscribtion.. i can't tell much, since i dont trade stock, but i know exactly what he looking for.
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FUTURES - Looking for Broker/trading Platform
prax replied to kdnash82's topic in Brokers and Data Feeds
i think you taking seriuosly fx trading, and let finish with your learning before start with your first quest with 'real' training. no need to worries for margin requirement, many brokers offer average low deposit minimum, and for commision and fees, i would suggest to start with ecn type brokers, any of them would be good, most of ecn offers low spread, at low commision cost, overal still much cheaper than fixed one. i've been with many brokers for past years, shift brokers often, as for now i use armada markets platform as primary use brokerage service, you may want to take them into your consideration. since i use mt4 platform, mean no sofware cost, no data feed fee, while i;m with ecn account type the execution are fair and fast. you may want to check their live spread during next tradign days http://quotes.armadamarkets.ee/livegraph/flot/quotes.html competitive spread, $2 commision fee per standard lot, i think it's the best deal for 300$ minimum deposit at ECN account type. put a test deposit at first to experience their trading condition or else try with their demo account, it not much differ than real, the only difference is demo trade didn't charge commision -
welcome Kahar, I'm indonesian. hope we can get along well since we are neighbour . take your first step with learning material. have a nice day.
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Which Trading Platform is Better..I Need Play Money to Trade
prax replied to demeanor's topic in Beginners Forum
if you said this couple years ago many woudl listen, but many traders been 'severe' already with zulu. nowadays we had a better option, a social trading capability, forexcopy feature. even so there's no lazy way to made profitable invesment, traders should keep on balance and have a better insight before taking decision. personally i use myfxbook autotrade feature with my armada markets account, been run for months, profit gain are good and reasonable, most important is the risk are keep at lower percentage. -
it;s kind rare to had brokers who accept paypal as their payment method, perhaps because paypal are based on US while US not very welcome with international broker companies. i prefer to use skrill as payment method, this what i use for payment process while trade on armada markets, and they also accept credit card, accept international clients. since i live outside US, it would be same either for any registration from venezuela clients.
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firstly, allow me to answer he thread header tittle. i would prefer pips. focusin on profit would lead to more risk to put. the pattern surely end up with a lot increasement trading startegies, for ex : martingle. and i may just like jpenny said, trending market change me, market movement nowadays are much different. if we stay with an old plan with a new market behaviour, there;s a slim chance to survive. and typically I began to use scalping strategies, once i was a positioning trader one.
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Advice for Beginners....don't Try to Make Money.
prax replied to TheNegotiator's topic in Beginners Forum
how bout invest with learning, it;s highly guaranteed of earning. there's no such affraid to lose while we stay focus on learning process. -
Articles, it's a good landing page to start, had a wide range article suit your needs. if you want to start learning from the very beginning, and advance as your reading advancing, babypips has a wide range teaching material. School of Pipsology | Learn Forex Trading it has structured course outline. while some traders more prefer an informative way of learning, instead of reading they prefer to watch video tutorial, you can find many in youtube, but most of them are too long to watch, some video are over 2 hours duration in single link, found this one well informed video, and more interactive video tutorial, you can select which one you need to watch, based on your knowledge level, each video only at average 3-5 minute duration, you may check at : Advanced Forex Trading Video Tutorials well, if you're new with trading, first thing invest your time with learning, and spend less while you just starting, and you'll surely came at day of earning.
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this where you need to know about the pair. as you mention EURUSD are direct pair, the opposite are inderect pair (USDCAD for example), and we also have cross pair. all pair calculate always taking US dollar into account. Currency pairs that do not involve the USD are referred to as cross rates. Even though the USD is not represented in the quote, the USD rate is usually used in the quote calculation. An example of a cross rate is the EUR/GBP. Again, the EUR is the base currency and the GBP is the quote currency. Calculating Cross Rate Pip Value Pip stands for "price interest point" and refers to the smallest incremental price move of a currency. Tick size is the smallest possible change in price. The base quote is the current base pair quote. Pip value for cross rates are calculated according to the following formula: Formula Pip = lot size x tick size x base quote / current rate Example for 100,000 EUR/GBP contract currently trading at .6750, and EUR/USD currently trading at 1.1840: 1 pip = 100,000 (lot size) x .0001 (tick size) x 1.1840 (EUR/USD base quote) / .6750 (current rate) = USD $17.54 Calculating Cross Rate P/L (Profit/Loss) Calculating P/L for cross rates is calculated as follows: Formula Selling price - Purchase price = P/L Example for 100,000 EUR/GBP contract initially sold at .6760 then bought (closed) at .6750: .6760 (selling price) - .6750 (purchase price) = .0010 positive pip difference = 10 pip profit To further convert the above P/L to USD, use the above "Calculating Cross Rate Pip Value" as follows: 1 pip = 100,000 (lot size) x .0001 (tick size) x 1.1840 (EUR/USD base quote) / .6750 (current rate) = USD $17.54 Therefore: USD $17.54 (pip value) x 10 (pip profit) = USD $170.54 profit now you realize why you pips value with cross pair not fixed at 1 usd per-pips just like eurusd does. hope it helps, further question are welcome
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now gold price keep stumbling and downward still rallies. most people still think of gold as pure commidity, it's more like they buying a real gold when the place an order on their trading account, and most are buy order. so why bother to make a chart analysis when we just already pick up to put buy order in row. for consecuentive 2 years, we now have gold price almost hit the level where it began to shine.
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there's many version of social trading platform as sirix platform some brokers also released their own social trading platform. mt4 platform also capable of such thing, this platform are widely use by most traders. a feature called 'forexcopy' lately become more popular as mql5 official website also offer such service, but i would suggest to check AutoTrade - The Best Forex Trade Mirroring Service | Automated Trading | Myfxbook they also provide similar feature, limited to few brokers, and has a tight rule applied for autotrade provider, i've been use their service on my armada market account, in short now i have profitable systems, hand picked from real expert trader accounts.
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well experience and knowledge are long term condition to be achieve. fact why he suggest to have a proper job before trade, in order to maintan a proper living expense before trade. part time trader always good choice, when everything ready trader sometimes quit their job and become a full time trader.
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Scalping Extreme Overbought / Oversold Areas ?
prax replied to brakkar's topic in Day Trading and Scalping
when you said at extreme level, and willing to use for scalping method. it's kinda bit controversy. overprice level best at higher time frame, it's quite dangerous if we put a reverse order, a whipsaw oftenly happen. -
try to keep my mind at ease. sometime I listen to my fav. music. at loosing condition, for now i'm not really taking this situation, and mused along losing trade. its always part of game in the vary beginning, accept that fact then you can relax. important thing, when profit how much we can get, when at loss how much we should care to loss. keep both side in balance would be helpfull.
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nice stuff. but i would rather to overcame my fear. it's take more time to define each my ear while taking preaction differently for any kind of fear type. face it, overcome and do it again
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never goes with pamm account, try with forexcopy system. its almost the same way, but we dont have to move our fund into traders account. means you have total control of your account. is not make sense at all for trusting your money with someone you didnt knwo about. but reason why most investore use this kind of service is they cant trust their own trading capability, unless they accept that fact and move out become a smart investor rather than struggle to become decent trader. it's a good way to start earning, learn about successfull trader, but it required a deep knowledge of how define which trading system are suit their investment plan.
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at first start out, focusing in learning not earning. read as many resource you can. and try your training immediately with demo account. trade carefully, write down on paper your trading plan, record any bad/good result, evaluate. besides, pencil and paper are best tool you have at the first place, human history proof it.
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some traders are turn greed into their needs. without greed there's no such thing as profit. the very reason why people turn into fx trading are based on greed, and when they start trade, greed are most prohibited thing to do, obvious isnt ? my thought is no need to wipe out your greed, you just to maintain and develop your greed into right direction, a positive well planned greed program . "Low start up capital` everyone can`t start with $2000 - $10000" what he mean is a capital where we can start a trading for living activity, which means high deposit with low risk, still maintain to cover your living expense. said 10% profit from 10k , are 1000 usd it good enough for your expense surely. but there's many brokers offer low deposit, but my suggestion avoid brokers with bonuses, they will eventually consume your small deposit. i start with low deposit ecn account with armada markets, 300 usd, it's a test deposit purpose, keep watch their trading condition for months, ask many basic issue with their support, a silly one sometimes, as long as they answer with honest and good respond mean they're value their client even the client with low deposit, later on i try to withdrawn small portion, and see how the process going. so far giving me a good deed, make me comfortable to made another deposit attempt, as for now i have several account with them with raise of deposit for sure.
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- recomended EA performance, try at autotrader feature on myfxbook. unfortunetly not all brokers are supported, only high rating one for now, any new brokers eventually dont support their feature. one think for sure, dont buy any ea, - any brokers will good, as long as it suit your trading needs. brokers with rebate offer directly, in my opinion it's a 'discount' brokers with many promotional offers and bonuses. personally never like them, eventhough i've try many 'discount' brokers before. if you willing gain rebate from your trade, it means never to trade at all, why bother with such offer we can just become their IB, no need to trade, no risk, commision rebate collected. if i write down what broker i currently use by now, i'm affraid it would become a violation of ads promotional act. first of all write down your trading strategies, i would glady direct you which broker you should stick with. reliability, reputation and regulation this 3 factor are the base variable in searching for decent broker company.
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i dont use ninjatrader yet, but based on what i read it required price data feed subscription. google for esignal, or just move totrading platform sub thread.