Home >>
Stock Forums >>
Forex Strategy....Forex Strategy....
JCast3 said: "alright so in the spirit of education, i'm gonna start a thread based on my latest trades and try and work out some profitable strategies....since i'm such a noob, i really dont know whats a good plan and what isnt, so i'm gonna start with some basic trades and try and run with it....please feel free to chime in and tell me if i'm an idiot and doing it wrong, or if you think what ive done was seems like a good plan....
with the exception of eur/usd all the trades i've made so far have been carry trades, and they've worked out pretty well, so as they say, if it ain't broke, dont fix it....earlier today i put on a small basket of trades and plan on holding them through the end of the week and close it out sometime friday afternoon before market close....here are the trades i opened earlier this evening....
For simplicity I'll use 1 as the lot size
1 EUR/JPY @ 163.90..........Stop: 163.10
1 CHF/JPY @ 98.45...........Stop: 97.65
1 GBP/JPY @ 236.25..........Stop: 235.45"
lil dickie said: "So far so good. So you are using an automatic stop loss on these?"
Pb3190 said: "What broker are you using?"
JCast3 said: "[QUOTE=JCast3]
1 EUR/JPY @ 163.90..........Stop: 163.10
1 CHF/JPY @ 98.45...........Stop: 97.65
1 GBP/JPY @ 236.25..........Stop: 235.45[/QUOTE]
ok, so ive closed out my positions for these trades
EUR/JPY closed 165.08........+118 pips
CHF/JPY closed 99.10.........+65 pips
GBP/JPY closed 238.30........+205 pips
grand total of 388 pips for the week (actually since tuesday around 6pm)....so the first basket of carry trades i'd say was pretty successful considering the short time frame....i kinda wished i used USD/JPY instead of CHF/JPY, but im not too confident in the dollar's ability to appreciate against other currencies right now....
i'll probably try something similar to this again next week...."
JCast3 said: "[QUOTE=Pb3190]What broker are you using?[/QUOTE]
interactivebrokers.com"
Pb3190 said: "I didn't even know they did Forex. How do you like them, and have you traded any stocks with their platform as well?"
JCast3 said: "[QUOTE=Pb3190]I didn't even know they did Forex. How do you like them, and have you traded any stocks with their platform as well?[/QUOTE]
yeah i was surprised they did forex too....they dont carry all the exotic currencies, but they do have all the major ones, which is all i really care about....they also charge a small commission for forex, but for my tiny lots its only 2.50/trade....which actually works out better in my opinion since i'm not getting hosed on spreads to make up for no commissions....their spreads seem to be very fair i think....
as for stocks, i havent traded any equities with them, i'm currently with scottrade....but i think i'm going to transfer my two scottrade accounts over to IB....i have a friend that has worked at IB for like 5 years or so and he's been trying to get me to convert for a while now....i know they're a solid company and since they are a one stop shop for basically all major investment vehicles i figure i'll make it my home....
sorry to sound like an IB commercial but so far i like their traderworkstation very much....its easy enough to use for forex, so i cant imagine equities and options are much different....hope that helps...."
darsh999 said: "The main forex statergy is depend upon the forex statergy team which contains the main four trading currency pairs.
The main team strategy is to send to all clients first and real time signals entry and exit positions which includes Buy and Sell levels for the four main trading currency pairs: EUR/USD, USD/JPY, GBP/USD and USD/CHF."
lil dickie said: "I cant figure out what minimum deposit you have to make to open an IB account. Anyone know?"
Carol Mathew said: "If you're serious about Forex trading, or foreign currency exchange trading, you'll need a way to monitor and control your transactions without having to keep up with it around the clock. That's where automated Forex systems can help a great deal. Many automated Forex software programs have been developed to make trading life easier. Let's explore the benefits of these systems and see how they can work for you."
AlfredSokol said: "There's no system that can replace human intervention. And if there was, the developer wouldn't sell it to the public...instead he'd use it get rich himself and keep his mouth shut. :th_dblthumb2:"