Interesting Zero Sum Game

xgavinc posted
...
A myth in Forex trading is that for you to win, another trader must lose... this is simply not true, exchanging currency on returning from your overseas holiday (may gain or lose a bit, a lot of bits move rates, hence moves in price), issuing bonds (at an agreed price) also moves price, etc... it's simply not trader vs. trader (so be nice to fellow traders, they are not your enemy :-D). Wall Street shows make it seem like one trader's win is the other trader's loss, when in fact it's a competition for all traders to win the most, the competition is for highest bonus payouts. Chances of direct counter party trades with a fellow trader, and even less with a trader you know, is infinitely low. I somewhat digress...

xgavinc posted:
The rabbit, like me, is long gold... 😭
Damn you turtle!

togr posted:
And explain this!
Something big has just happened on the GBP, with a spike down of 1000+ pips, the reasons behind the movement are still largely unknown.

togr posted:
And explain this!
Something big has just happened on the GBP, with a spike down of 1000+ pips, the reasons behind the movement are still largely unknown.

xgavinc posted:
Yeah, I had my eye on gold... then all of a sudden GBP took a dumpster dive and brought near margin call. Closed out and funded account. Took an 84% knock today 😲

McLeonis posted:
I know GBP will dropping lower so i set BE in my GBP order and i loss nothing 😈

togr posted:
And explain this!
Something big has just happened on the GBP, with a spike down of 1000+ pips, the reasons behind the movement are still largely unknown.

Reason:
Traders and strategists said the initial catalyst for the pound's drop came from remarks by French President François Hollande in Paris, who called for tough exit negotiations in comments cited by Sky News. His comments came early in the Asian session, where light trading volumes likely exacerbated the move, they added. As the pound's descent worsened, it broke through technical levels that likely triggered further selling from trading strategies based on algorithms, traders said.

xgavinc posted:
Yeah, I had my eye on gold... then all of a sudden GBP took a dumpster dive and brought near margin call. Closed out and funded account. Took an 84% knock today 😲

Sorry to hear that 😲

togr posted:
And explain this!
Something big has just happened on the GBP, with a spike down of 1000+ pips, the reasons behind the movement are still largely unknown.

LLewis posted:

togr posted:
And explain this!
Something big has just happened on the GBP, with a spike down of 1000+ pips, the reasons behind the movement are still largely unknown.

I think HFT algorithms are involved here. They never sleep, unlike us who can lose money in seconds in such situations.

togr posted:
The point is if at every moment there are equal buy/sell orders (as each order needs counterpart to execute) how could this move th e price anywhere