MP -- THOUGHTS AND EXPERIENCE WITH FOREX - Page 3 - Penny Stocks

capt_nemo · Sat, 12-02-2006, 08:22 PM

Quote:

Originally Posted by mp6140

======================================

I REST MY CASE !!!!!!!!!!!!!!!!!!!!!!!!

if CNBC and your chiro both talk about it then your sainted grandmother is not far behind --- when she calls, SHORT !

LOL

MP

Good one Mike!!!!

mp6140 · Tue, 12-05-2006, 01:42 PM

k, so for two days shes gone done -- now i can see everyone leaving CNBC on for 24 hrs a day, going with Cramers picks (not always so shabby either) and listening for every word on TASR !

right now, i think this is profit taking and that she will drop and then retrace and at some point end up at the 2.0500 area (and maybe not so far away !)

of course, if one of those 450 indicators i use daily (never do get to trade, cause im always trying to figure out the indicators) makes the correct wiggle, then the CNBC theory may come true, which it certainly seems to be trying to live up to as of this writing !

we see

enjoy and trade well

mp

mp6140 · Fri, 12-08-2006, 11:10 PM

Not since the age of the SOES bandits has such a lovely thing existed, remaining unknown to many, if not most, of the forex retail traders. Now revealed is the fact that there exists a world of up and down ticks WITHIN the pips you see posted on your charts.

Open Crown FX MT4 charts and watch their tick chart and compare it to any other tick chart you have handy (FXDD comes to mind) and you will see that for each up or down tick on FXDD, there may be thirty up and down ticks on Crown. Now these ticks present a wonderful opportunity with Crown's pip structure, which may well be one pip spread, because when FXDD moves one tick, its actually at least a 3 pip move on Crown (most of the time).

Now, if you get with the program, and understand which way the mm at the trading desk is going to move the ticks, you can easily buy/cover at the bottom and sell/short at the top of a 3 tick move, repeatedly.

Today forex went crazy over the non-farm payroll data, and during the news releases and for a number of hours after, each tick on the Cable was moving like a whirling dervish on high voltage tomatoe juice, with a plunge to minus 200 and up to plus 600 dollars all in one to two seconds, while FXDD plodded along in the manner we are all used to seeing, not revealing what was going on behind the scenes at all the trading desks all over the world.

Its fun to hit the buy/sell button and 2 seconds later hit the button again and see $600 added to the account (my average was somewhere around $40 per scalp, with a bunch of $80 - $150's thrown in for fun)

but anyway, just wanted to point out that theres a whole new world lying UNDERNEATH what you always thought was just normal tick movement, and if you like scalping, youre gonna love Crown.

PROBLEMS AND CURES !

now there are issues with getting filled all the time, especially in a fast moving and volitile market, but ive found them to not really interfere measurably IF YOU TRADE IN THE DIRECTION OF THE TREND (if the trend is down, resist the temptation to go long on a scalp and stick with shorting -- that way, even if the ticks move up for a while, they will come back to your price within minutes) --- if for no other reason, scalping is a game for the experienced trader, as one MUST know which way the trend is moving I use a premium bank feed for my QT charts and work off a one minute and 0.05 second chart(as well as the more normal charts) --- try their demo and see if you like that style of trading !

This method is NOT for the newb, the hesitant or the inexperienced, but for the right trader it is a phenominal way to achieve unbelieveable pips per day!

enjoy and trade well

mp

mp6140 · Sun, 12-10-2006, 06:10 AM

Although ever so tongue in cheek, I predicted the Cable's reversal to the downside one day before the event and a few posts ago, based on the reasonably well supported "CNBC theory" (the more CNBC talks about something (in this case the rise of foreign currencies vs the dollar), the sooner it will drop like a rock !))

OK, gotta admit that the Cable was WAY overextended, having reached multi year highs, and since i watch CNBC every day now for years, had some historical perspective in the matter.

I predict that CNBC will start talking about the renewal of strength of the dollar on Monday and that when the Pound hits the 1.9322 support area, we shall see the reversal of the Cable back to the upside !

of course, all the pairs will react accordingly, either moving up or down as soon as they hit their support or resistance areas, but it should be a pretty global result !

Lets see if CNBC follows my script !

Heard a great quote attributed to Warren Buffet (one heck of a smart and well focused man) --- "my definition of success is doing what you want to do and doing it well !"
Words to live by and aspire to always !

btw, unless you live under a rock on Mars, youve noticed i no longer post about stocks --- dont like em, dont need em and dont want em any longer, not when FOREX exists ! Why on earth should i ruin my phenominal social and sex life by sitting like a geek, scanning for stocks every nite, when forex just sticks the choices under my nose and makes it so much simpler ??????
AND "MIKEYS METHOD" POPS THE WINNER OF THE DAY RIGHT UP IN FRONT OF ME !

There are lessons to be learned and a slightly different attitude towards trading adopted, but i know a lot of people who used to fail at pennies and now do "just fine thank you" in the Forex mkt -- and one of them (oh my golly gosh !) is a GIRL !!!!!!

Its certainly not a "whole new game", but does have concepts peculiar to it !

The good side is theyre easy to learn !

trade well and enjoy

mp

mp6140 · Fri, 12-15-2006, 06:46 PM

hot off the presses and available at a computer near you --- your own free issue of the WILDLY popular e-mag !

(ok, so i just found out about it !)

Currency Trader Magazine -- Issue Download Page

enjoy and trade well

mp

mp6140 · Fri, 12-15-2006, 08:35 PM

besides "forex bastards" try this one

http://www.brokersmatrix.com/index.p...ct=showdircomp

pay particular attention to whether "hedging" (ability to hold a long and short position in the same currency at the same time) is allowed, as I use it constantly to hold a long (for instance) core or swing position and trade intraday wither long or short, depending on direction of the currency at that time ! Without hedging, you must SELL or COVER the position you hold before you can initiate another in the same currency !

if NO hedging is allowed (usually only the MT4 platform allows that) check to see if they allow sub-accounts. With a sub account, you can hold an opposite position in the same currency, which is sort of a clunky work around, but works !

mp6140 · Mon, 12-18-2006, 10:26 AM

true to what usually happens in forex, the cable has resumed its downside move after having some fun with the dollars news for the past few days -- now we got more news coming, so "trendus interuptus" may occur yet again, but remember the trend direction and that "once a trend is started by the smart money, that trend tends to continue -- BECAUSE THEY WANT IT THAT WAY !"

such "pure" trading -- brings tears to my eyes !

its simply wonderful !

mp

a1964h · Wed, 12-20-2006, 04:07 PM

Could anyone who is a FOREX trader in Canada recommend a good broker, please.

MP, which book would you recommend to read about FOREX trading to a newbie.
Thank you for sharing.

Alfred

Quote:

Originally Posted by mp6140

besides "forex bastards" try this one

Compare brokers in the matrix

pay particular attention to whether "hedging" (ability to hold a long and short position in the same currency at the same time) is allowed, as I use it constantly to hold a long (for instance) core or swing position and trade intraday wither long or short, depending on direction of the currency at that time ! Without hedging, you must SELL or COVER the position you hold before you can initiate another in the same currency !

if NO hedging is allowed (usually only the MT4 platform allows that) check to see if they allow sub-accounts. With a sub account, you can hold an opposite position in the same currency, which is sort of a clunky work around, but works !

mp6140 · Wed, 12-20-2006, 05:58 PM

Quote:

Originally Posted by a1964h

Could anyone who is a FOREX trader in Canada recommend a good broker, please.

MP, which book would you recommend to read about FOREX trading to a newbie.
Thank you for sharing.

Alfred

================================================== =
Im not familiar with Canadian brokers, but is there a need to use one ?

Forex is international, and so are the brokers, banks and ECN's that service it, so unless theres a law in Canada requiring you to use a Canadian firm, picking one of the ones that are thought to be good should serve you well !

a subscription to "Currency Trader Emag" as well as tons of links and info is at Currency Trader Magazine

a decent ebook is here forex_ebook.pdf

a list of books is here Free Download FOREX Trading E-Books
(I have not read any books on forex because trading is trading and the differences between forex and equities is actually fairly little -- trends and news -- with news altering a trend for a short time, and then the currency returning to its original trend (but also understand that im not a buy and hold kind of trader, but fairly quickly in and out of trades !)

decent site is here MoneyTec Traders Community Forum

I personally DO NOT like "no commission brokers" who trade against you with a "deal desk" (thats like a market maker on steroids with a bad hangover and a permanent nasty attitude and he/she WANTS your money !") so I go for places like MB Trading, IB trading, Hotspot FX, which are ECN's -- same as Arca and Inet in the stock world -- who allow you to trade with the complete liquidity pool, with the spreads that exist in the REAL world (and not your brokers artificial ones), allow you to play level 2, see whats happening and take your shot ! Its like this -- MB Trading charges you (on the pound/dollar for instance), $20 round trip on one lot. FXDD often has a 4 pip spread, and you MUST buy at the ask and sell at the bid, which means that the second you open a position, you are DOWN $40 (for one lot) and you must MAKE UP that $40 before you can show a profit --- with MB, you pays your $10 and then, using level 2, you offer out at the bid, the ask or anywhere in between which usually means you just end up making more and faster !

As an example, as i post this, FXDD has a 5 pip spread on the cable, while MB has a 0.00005 spread and I was taken at the bid and it cost me $10 instead of $50.
so much for NO COMMISSION BROKERS !!!!!!!!!!!!

Its not that money cant be made with brokers (like Crown, FXCM, FXDD, etc) as long as you dont try to flip the small moves, but when things slow down, youre trading against the very broker who youre giving your money to --- and they are NOT on your side !

now forex is a wonderful, "pure" kind of trading, dependent on technical analysis and moved easily by news, real or perceived, BUT it has stringent money management rules (the margin available can get you into trouble REALLY fast) and you still have to have trading experience to be good at it, just like ANY trading (although its WAY easier than pennies)

have a free weekend ? Google for "forex" and stand back !

enjoy and trade well

mp

permanentjaun · Wed, 12-20-2006, 08:16 PM

Yea it doesn't really matter where your broker is at. A lot of them allow you to designate your base currency. In fact I just read a book titled, "Beat the Odds in Forex Trading," and the author actually suggests not creating an account with American forex brokers as they tend to be the bucket shops. He prefers to use brokers in Western Europe and especially Great Britain. Makes sense considering the pound controls the market pretty much.

Tue, 12-05-2006, 01:42 PM	#22 (permalink)
mp6140 CRUSTY ON THE OUTSIDE ! Join Date: Mar 2005 Posts: 839	MP -- POUND/DOLLAR k, so for two days shes gone done -- now i can see everyone leaving CNBC on for 24 hrs a day, going with Cramers picks (not always so shabby either) and listening for every word on TASR ! right now, i think this is profit taking and that she will drop and then retrace and at some point end up at the 2.0500 area (and maybe not so far away !) of course, if one of those 450 indicators i use daily (never do get to trade, cause im always trying to figure out the indicators) makes the correct wiggle, then the CNBC theory may come true, which it certainly seems to be trying to live up to as of this writing ! we see enjoy and trade well mp __________________ Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages ! As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

Fri, 12-08-2006, 11:10 PM	#23 (permalink)
mp6140 CRUSTY ON THE OUTSIDE ! Join Date: Mar 2005 Posts: 839	MP -- SCALPING FOREX -- ITS THE GOOD OLD DAYS !!!! Not since the age of the SOES bandits has such a lovely thing existed, remaining unknown to many, if not most, of the forex retail traders. Now revealed is the fact that there exists a world of up and down ticks WITHIN the pips you see posted on your charts. Open Crown FX MT4 charts and watch their tick chart and compare it to any other tick chart you have handy (FXDD comes to mind) and you will see that for each up or down tick on FXDD, there may be thirty up and down ticks on Crown. Now these ticks present a wonderful opportunity with Crown's pip structure, which may well be one pip spread, because when FXDD moves one tick, its actually at least a 3 pip move on Crown (most of the time). Now, if you get with the program, and understand which way the mm at the trading desk is going to move the ticks, you can easily buy/cover at the bottom and sell/short at the top of a 3 tick move, repeatedly. Today forex went crazy over the non-farm payroll data, and during the news releases and for a number of hours after, each tick on the Cable was moving like a whirling dervish on high voltage tomatoe juice, with a plunge to minus 200 and up to plus 600 dollars all in one to two seconds, while FXDD plodded along in the manner we are all used to seeing, not revealing what was going on behind the scenes at all the trading desks all over the world. Its fun to hit the buy/sell button and 2 seconds later hit the button again and see $600 added to the account (my average was somewhere around $40 per scalp, with a bunch of $80 - $150's thrown in for fun) but anyway, just wanted to point out that theres a whole new world lying UNDERNEATH what you always thought was just normal tick movement, and if you like scalping, youre gonna love Crown. PROBLEMS AND CURES ! now there are issues with getting filled all the time, especially in a fast moving and volitile market, but ive found them to not really interfere measurably IF YOU TRADE IN THE DIRECTION OF THE TREND (if the trend is down, resist the temptation to go long on a scalp and stick with shorting -- that way, even if the ticks move up for a while, they will come back to your price within minutes) --- if for no other reason, scalping is a game for the experienced trader, as one MUST know which way the trend is moving I use a premium bank feed for my QT charts and work off a one minute and 0.05 second chart(as well as the more normal charts) --- try their demo and see if you like that style of trading ! This method is NOT for the newb, the hesitant or the inexperienced, but for the right trader it is a phenominal way to achieve unbelieveable pips per day! enjoy and trade well mp __________________ Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages ! As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

Sun, 12-10-2006, 06:10 AM	#24 (permalink)
mp6140 CRUSTY ON THE OUTSIDE ! Join Date: Mar 2005 Posts: 839	MP -- GBP/USD Although ever so tongue in cheek, I predicted the Cable's reversal to the downside one day before the event and a few posts ago, based on the reasonably well supported "CNBC theory" (the more CNBC talks about something (in this case the rise of foreign currencies vs the dollar), the sooner it will drop like a rock !)) OK, gotta admit that the Cable was WAY overextended, having reached multi year highs, and since i watch CNBC every day now for years, had some historical perspective in the matter. I predict that CNBC will start talking about the renewal of strength of the dollar on Monday and that when the Pound hits the 1.9322 support area, we shall see the reversal of the Cable back to the upside ! of course, all the pairs will react accordingly, either moving up or down as soon as they hit their support or resistance areas, but it should be a pretty global result ! Lets see if CNBC follows my script ! Heard a great quote attributed to Warren Buffet (one heck of a smart and well focused man) --- "my definition of success is doing what you want to do and doing it well !" Words to live by and aspire to always ! btw, unless you live under a rock on Mars, youve noticed i no longer post about stocks --- dont like em, dont need em and dont want em any longer, not when FOREX exists ! Why on earth should i ruin my phenominal social and sex life by sitting like a geek, scanning for stocks every nite, when forex just sticks the choices under my nose and makes it so much simpler ?????? AND "MIKEYS METHOD" POPS THE WINNER OF THE DAY RIGHT UP IN FRONT OF ME ! There are lessons to be learned and a slightly different attitude towards trading adopted, but i know a lot of people who used to fail at pennies and now do "just fine thank you" in the Forex mkt -- and one of them (oh my golly gosh !) is a GIRL !!!!!! Its certainly not a "whole new game", but does have concepts peculiar to it ! The good side is theyre easy to learn ! trade well and enjoy mp __________________ Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages ! As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

Fri, 12-15-2006, 06:46 PM	#25 (permalink)
mp6140 CRUSTY ON THE OUTSIDE ! Join Date: Mar 2005 Posts: 839	MP -- CURRENCY TRADER DECEMBER MAG FREEBIE hot off the presses and available at a computer near you --- your own free issue of the WILDLY popular e-mag ! (ok, so i just found out about it !) Currency Trader Magazine -- Issue Download Page enjoy and trade well mp __________________ Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages ! As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

Fri, 12-15-2006, 08:35 PM	#26 (permalink)
mp6140 CRUSTY ON THE OUTSIDE ! Join Date: Mar 2005 Posts: 839	MP -- BROKER COMPARISON besides "forex bastards" try this one http://www.brokersmatrix.com/index.p...ct=showdircomp pay particular attention to whether "hedging" (ability to hold a long and short position in the same currency at the same time) is allowed, as I use it constantly to hold a long (for instance) core or swing position and trade intraday wither long or short, depending on direction of the currency at that time ! Without hedging, you must SELL or COVER the position you hold before you can initiate another in the same currency ! if NO hedging is allowed (usually only the MT4 platform allows that) check to see if they allow sub-accounts. With a sub account, you can hold an opposite position in the same currency, which is sort of a clunky work around, but works !

Mon, 12-18-2006, 10:26 AM	#27 (permalink)
mp6140 CRUSTY ON THE OUTSIDE ! Join Date: Mar 2005 Posts: 839	MP -- POUND/DOLLAR true to what usually happens in forex, the cable has resumed its downside move after having some fun with the dollars news for the past few days -- now we got more news coming, so "trendus interuptus" may occur yet again, but remember the trend direction and that "once a trend is started by the smart money, that trend tends to continue -- BECAUSE THEY WANT IT THAT WAY !" such "pure" trading -- brings tears to my eyes ! its simply wonderful ! mp __________________ Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages ! As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!

Wed, 12-20-2006, 08:16 PM	#30 (permalink)
permanentjaun Member Join Date: Dec 2005 Posts: 87	Yea it doesn't really matter where your broker is at. A lot of them allow you to designate your base currency. In fact I just read a book titled, "Beat the Odds in Forex Trading," and the author actually suggests not creating an account with American forex brokers as they tend to be the bucket shops. He prefers to use brokers in Western Europe and especially Great Britain. Makes sense considering the pound controls the market pretty much.

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