sozofxtrading's profile
sozofxtrading

Bio:
B.A. Economics, MBA. Worked for Top FX broker in NY. Saw too much from the inside! ;)
Trading Style:
Daily chart only. Stops 200 to 300 pips out and a 75% RvR goal.
Motto:
Experience: More than 5 years
Location:
Vouchers: 1
Registered: Aug 06 2016 at 21:30
Blocked Users: 0
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sozofxtrading's Published charts
Dec 27 2016 at 01:55 GBPJPY,D1
1 Agree | 97 Views | 3 Following | 30 Comments
sozofxtrading's Feed
sozofxtrading
sozofxtrading
Lessons learned from working in FX. I am very blessed to have this experience. A few of the lessons outsiders need to know are basics of business. Brokers do not like day traders generally speaking. You will hear them market to you however deep inside the business it's impossible for them to clear the trades. If you place a 1k trade, the odds that someone else is placing at the same time is limited thus hurting the brokerage on spread. From a traditional Lot, 100k, these are the only realistic trades to offset. Trades smaller than this are much harder to offset from a market maker perspective. Just basics like this most people do not know and understand. The interbank only trades 100k lots last time I was in the industry so all the mini lots and mirco lots generally end up being held by the brokerages though not always. In times of extreme volatility I had my clients call in that they were stopped out when potentially profitable but the losers still ended up with losses. I had to reverse clients profits sometimes and take away the profit and then the losers still lossed. It was a tough gig. I would never trade closer than a 4 hr, maybe a 1hr chart. Support and resistance levels are easily spiked on the price feed also so you need to understand how to trade significant fractal support and resistances though this even isn't perfect.Too many of my clients were stopped out within 10 pips and the market reversed on them and they would have made a large profit. You must be very cautious of stop chasing. The brokers know your orders. They see everything so while a longer term Daily chart chart is usually respected, shorter term is really playing with the big boys and small positions are more realistic. Most of all my clients lost because they started gambling. I lost heart in what I did and chose to get out of this career. I was a customer service rep answering the phones. I could sell like no one else with passion for the markets but once you see people getting stopped out within a few pips and then reversing, you clearly can see the blatant stop chasing take place. The house always wins, never forget this. Some can beat the house but very few. In longer term trading average in position, this is more realistic and acceptable to profit because it gives the brokerage time to offset their books and not have to mess with prices. I caution against brokers like NADEX. They blatantly manipulate price action trying to justify 10 average feeds. That's bogus because within a few seconds you lose and immediately after your loss the market comes back in the money. Stick with reputable FX brokers who offer client services in education but never forget, that's the house teaching you how to trade which means they already know where you are going to place your stop etc.....
Dec 15 2016 at 07:27
CrazyTrader
CrazyTrader Thx for sharing and taking time to tell us your story! ^^
Dec 15 2016 at 09:18
CrazyTrader
CrazyTrader
Dear follower, I wish I could have worked on a fx brokerage to check myself howthings really work.
Would you mind to share your experience with us?
Dec 14 2016 at 13:41
sozofxtrading
sozofxtrading I would be glad to. How do I present this?
Dec 15 2016 at 07:25
sozofxtrading
sozofxtrading posted above
Dec 15 2016 at 07:27
Consumer Confidence (32 min)
Expect USD/JPY to increase further in co...(1 min ago)
EURUSD 1.07508 GBPUSD 1.24429
USDJPY 113.345 USDCAD 1.32831
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