dlathrop's Posts | Myfxbook

Problem in New Traders Aug 21, 2012 at 23:57

It sounds like the price action on your chart is just the bid. If you change it to the "ask" price, you'll probably see a number greater than or equal to 1.23706 in the place where you were knocked out.

Are you happy with your broker? in New Traders Aug 21, 2012 at 22:35

I'm guessing he also works there.

What do you expect from a broker? in New Traders Aug 21, 2012 at 22:33

There are quite a few brokers in the U.S. that allow hedging on their MT4 platform. For example - see point #2 http://www.beamfx.com/videocatalog/chooseus.php

Do you think you can turn $200 into $400 in six weeks? in New Traders Aug 14, 2012 at 20:46

Yes, it's possible to turn $200 into $400 in six weeks. The trick is hitting really big trades with a great risk/reward situation. The key to executing this strategy is that you always have a tight stop that is in place. If you're wrong, you know very quickly, and get hit with a loss. Let's use a 5% loss for example. If you're right, and your risk reward is 1:5 - you make 25%. Of course, using that kind of leverage is dangerous. Trying to do this repeatedly in the long term will most likely result in a blown up account.

Can you Succeed like this in New Traders Aug 13, 2012 at 23:58

I like to gamble. All in EUR/USD!!!!

FX Manager Listing Board in General Aug 13, 2012 at 23:53

Quantify your definition of "minuscule">?

What do you expect from a broker? in New Traders Aug 09, 2012 at 11:37

Trading statistics don't give the "right insight"?? lol. Statistics are just an interpretation of raw data. I think you over-leverage and blow up accounts because you hide your trading record and insist over-leveraging isn't a fatal mistake. My trading profile is public. Yours is not. Your talk is cheap if you aren't willing to back it up with a public trading record.

What do you expect from a broker? in New Traders Aug 08, 2012 at 16:38

""Every sound broker offers the ability to hedge and exit trades in whatever order the trader would like too so that statement makes no sense."" There are plenty of forex traders out there who still don't know that U.S. brokers can offer the ability to hedge on the MT4 platform due to the Dodd Frank Act. Thus, it's a valid point to bring up. ""When it comes to leverage it is another personal choice and statistics don't always give you the best insight and always depend on the data collected as well as the source."" lol. Spoken like someone wh...

What do you expect from a broker? in New Traders Aug 07, 2012 at 15:16

Most people don't usually do what's best for themselves. Sure, MF Global and PFG were a black eye for the NFA and CFTC; but that just decreases the chance of it happening again in the future due to the increased scrutiny. I would also like to point out that the majority of forex broker related scams/fraudulent occur OUTSIDE of the United States. When forex brokers are subjected to looser regulation, there is a higher chance that they can go out of business. (I'm not referring to fraudulent activity here, merely the ability to profitably manage a business) On the MT4 platform, U.S. ...

What do you expect from a broker? in New Traders Aug 07, 2012 at 13:02

As I've said before, most people think about managing their risk only in terms of trading. They should be more concerned with managing their risk in terms of where their money is being held! I agree with you guys; which is why I believe that traders should use brokers in the United States, where brokers are subjected to the strictest regulation in the forex industry.

Forex Broker Debit Card in General Aug 07, 2012 at 12:11

The Kardashian girls came out with their own debit card a while back.

Why even trade forex? Will it be useless for us traders in the coming years? in General Aug 07, 2012 at 01:24

Copied & Pasted. Regulation is a good thing. Forex brokers can go out of business for a variety of reasons (including fraud) and that can result in lost customer funds. As a trader, you're suppose to manage your risk. That includes the risk of your actual account funds!There are four main reasons traders cite as to why they would prefer to open a forex account outside of the United States. Outside of the United States: 200:1 or more leverage is available, hedging is permitted, FIFO accounting rules are not required, and you can use your domestic currency to fund and trade your acco...

Why even trade forex? Will it be useless for us traders in the coming years? in General Aug 07, 2012 at 01:11

Actually, you and I trade on tighter spreads than people trading millions of dollars do. Most people mistakenly think that the more money you trade, the better spreads you can get from a broker. Actually, the opposite is true. Your trading costs usually increase when you start trading more than 5 million a click; but it can vary. 1 standard lot = $100,000 of purchasing power, 50 standard lots = $5,000,000. So as you can see, the odds of generating a higher return than of those who trade "millions" are in your favor. If you can make 5% per month consistently on a small account with ve...

Anyone burnt by PFGBEST's closure? in General Jul 17, 2012 at 16:41

Actually, you're wrong. It's a great business model when executed correctly. There are various methods of evaluating distressed debt. Companies that buy distressed debt have access to the distressed company's data (previous financial statements, etc.). There are also various other avenues of collecting information about distressed companies. This enables the (buyer) companies to be able to come up with a somewhat accurate estimate of the distressed debt's value. Let's say they believe the value of the debt is $0.35 on the dollar. There's always a risk that their estimat...

Anyone burnt by PFGBEST's closure? in General Jul 17, 2012 at 00:02

The day after it happened I read somewhere that some traders were trying to sell their frozen account funds located at PFG to a company that buys distressed debts and were quoted $0.22 - $0.25 on the dollar. That has got to hurt!!! lol. Anyone have a link or a current quote?

What do you expect from a broker? in New Traders Jul 16, 2012 at 20:30

Everyone should read this investor alert by the CFTC before choosing a broker and beginning to trade forex: http://www.cftc.gov/ConsumerProtection/FraudAwarenessPrevention/ForeignCurrencyTrading/cftcnasaaforexalert

What do you expect from a broker? in New Traders Jul 16, 2012 at 14:38

I couldn't agree more. Some people just prefer to not worry about whether their money is being held in a safe place or not.

What do you expect from a broker? in New Traders Jul 15, 2012 at 06:49

Oanda has more U.S. client funds than any other U.S. broker. ($190M). They have low spreads and a good transparent business model. I have nothing against Oanda - I think they are one of several good choices. However, choosing a broker is more about choosing the best "fit" for you. First you have to decide on how you want to trade: Dealing Desk, ECN, or STP. Then you have to decide on whether you want a commission/spread model or an only spread model. Then there's value added: a live trade room, trade signals, the ability to hedge on your MT4 platform, etc. One of the most importa...

20-40% performance fee (with high watermark) for Forex traders in Experienced Traders Jul 10, 2012 at 16:37

You don't necessarily need to have a risk-reward ratio of 1:1 in order to be profitable in the long term if the percentage of trades you win is higher than 50%. I agree with you though - there's far too little data available on my profile for someone to really be able to judge my trading performance. Time will tell.

Manual trading or EA?? in General Jul 10, 2012 at 16:36

Any normal trader can do that... Whether their predictions are correct more often than not is a separate issue. The point is that EAs can't make trades based on changes in market psychology - humans can.

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Posts by dlathrop