Archive through March 29, 2007

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wadda

Member

Post Number: 504
Registered: 10-2002

Rating: N/A
Votes: 0


Tuesday, March 27, 2007 - 11:08 pm:

Hello Ivan,

The CityIndex platform is probably more user friendly than the IG one but both do the same thing. The charts are pretty much identical, except CityIndex has tick by tick through to weekly loaded every time. For IG you have to go to the advanced charting function to load greater than daily.

However CityIndex lacks a few indicators that IG has (volume for example). Both tend to suffer from spurious spikes that throw the entire scale out making any interpretation intolerable.

Interest rates are lower than IG (2% above RBA compared to 2.5%), however GSLOs are more restrictive than IG. IG is superior in setting conditional orders or Orders To Open as CityIndex quotes reflect the underlying bid/ask price out of hours therefore can be a bit extreme, whereas IG has the mid-point between bid and ask making for a more accurate/realistic setting of opening prices.

Lafee put me onto Metatrader for a good free charting package for FOREX.

www.metaquotes.net

cheers,

wadda

"Buy low, sell high is a cliche, not a blueprint for action. It blinds investors to the professionals' approach of buying high and selling higher." Stan Weinstein

wadda

Member

Post Number: 505
Registered: 10-2002

Rating: N/A
Votes: 0


Tuesday, March 27, 2007 - 11:15 pm:

Went long GBPCHF @2.3883.

"Buy low, sell high is a cliche, not a blueprint for action. It blinds investors to the professionals' approach of buying high and selling higher." Stan Weinstein

ingot54

Member

Post Number: 1761
Registered: 05-2004

Rating: N/A
Votes: 0


Tuesday, March 27, 2007 - 11:28 pm:

Wow! Thanks Wadda. As a long-time user of IG I have not looked around. Sounds like it's probably apples and

Yes Lafee did put me on to the Metatrader4 package, and although I went to the site, I did not download it.

How are you finding it for demo? I still have not decided what platform to use full time, but if Lafee recommends it, I will at least give it a decent trial.

I believe it is possible to build your own indicators etc. That suits me because I want to use the GMMA's eventually. A friend of mine (deceased) used to use them and recommended them for periods longer than a day because they can smooth out the choppiness of intraday.

He actually preferred the MACD and DMI for 30 minutes minimum and mostly longer than 60 minute charts. I will trial these with 2 hour charts and see what results I can get.

By the way, I had 2 contracts eMinis open over the w/end for EURUSD and the interest bill was about 17 bucks!

So it is wise to remember interest over long weekends etc if trading and holding over. (Unless short etc).

Even then there is the interest differential to think of - wonder if there is a table showing those?

Keep Smiling - Don't look back

Trading style: Chartist Artist _ Breakouts and Shakeouts.

wadda

Member

Post Number: 506
Registered: 10-2002

Rating: N/A
Votes: 0


Tuesday, March 27, 2007 - 11:42 pm:

Hi Ivan,

The Metatrader seems to work pretty well. I haven't attempted building any indicators...in fact with my limit FX trading I find myself hardly using any indicators. I do use MACD on a two day chart to give me the bigger picture (something 'snifter' of days gone by on IC recommended).

As you mentioned the interest on FX is worked out on the interest differential between the currencies so I think it may be irrelevant whether you're short or long it's the delta that matters. I haven't found it too biting thus far...however I also haven't looked that closely at it.

CityIndex sends you a daily statement that I rarely look at (hence I haven't paid too much attention to the interest) however they also send you a monthly statement that summaries all the various interests - much easier than doing it daily. I wish IG had monthly statements.

Gotta got to bed and see in the morning what unfolded during the night.

Cheers,

wadda

"Buy low, sell high is a cliche, not a blueprint for action. It blinds investors to the professionals' approach of buying high and selling higher." Stan Weinstein

lafee

Member

Post Number: 500
Registered: 04-2003

Rating: N/A
Votes: 0


Wednesday, March 28, 2007 - 12:19 am:

Is it breaking??

IF it can be tested, it must be tested

VICTOR NIEDERHOFFER

lafee

Member

Post Number: 501
Registered: 04-2003

Rating: N/A
Votes: 0


Wednesday, March 28, 2007 - 12:20 am:

Ivan,

That interest bill doesn;t seem right to me.

Cheers Lafee

IF it can be tested, it must be tested

VICTOR NIEDERHOFFER

ingot54

Member

Post Number: 1762
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, March 28, 2007 - 12:27 am:

Fast move there on EURUSD.

I think it is away.

Will check statement on interest.

Keep Smiling - Don't look back

Trading style: Chartist Artist _ Breakouts and Shakeouts.

ingot54

Member

Post Number: 1763
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, March 28, 2007 - 01:05 am:

I think the yen broke upwards at 118.03

Keep Smiling - Don't look back

Trading style: Chartist Artist _ Breakouts and Shakeouts.

ingot54

Member

Post Number: 1764
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, March 28, 2007 - 01:23 am:

Short EURUSD @ 133.54

Keep Smiling - Don't look back

Trading style: Chartist Artist _ Breakouts and Shakeouts.

ingot54

Member

Post Number: 1765
Registered: 05-2004

Rating: N/A
Votes: 0


Wednesday, March 28, 2007 - 03:58 am:

Out @ 133.46

Should I have held my nerve?

Keep Smiling - Don't look back

Trading style: Chartist Artist _ Breakouts and Shakeouts.

lafee

Member

Post Number: 502
Registered: 04-2003

Rating: N/A
Votes: 0


Wednesday, March 28, 2007 - 08:08 am:

Just gone long USDJPY @ 11783.3

Cheers Lafee

IF it can be tested, it must be tested

VICTOR NIEDERHOFFER

lafee

Member

Post Number: 503
Registered: 04-2003

Rating: N/A
Votes: 0


Wednesday, March 28, 2007 - 08:20 am:

USDJPY looked vulnerable last night but nothing came of it. I think it would have broken down last night if it was going to. I only plan to be long for one day.

Cheers Lafee

IF it can be tested, it must be tested

VICTOR NIEDERHOFFER

trumpcard

Member

Post Number: 75
Registered: 07-2004

Rating: N/A
Votes: 0


Wednesday, March 28, 2007 - 09:10 am:

Hi Ingot, well just finished reading BWILC, certainly gives me a new perspective on things and I can see the error of my ways with my first foray into currency trading a year ago (over gearing!) But like most things, it's just a skeleton and one needs to pay up to fully learn how to apply it all: Their mentoring program sounds very enticing but comes with a price tag of US$1590 enrollment plus US$800 subscription a year...! hmmmmmmmmmmm

I haven't logged into the James16 site for a year, I remember when it was still being created and wasn't a paysite. I signed up for a couple of months to see the magical systems on display. Some looked quite good and the founders and main contributors are some very cluey people. InterbankFX uses it's own customised version of MT4, I found it a great platform to use. I'm looking at getting back into currency trading in about 2 months!

lafee

Member

Post Number: 504
Registered: 04-2003

Rating: N/A
Votes: 0


Wednesday, March 28, 2007 - 10:11 am:

Trumpcard,

You could just allocate your $1590 to a trading account and treat it as an 'educational course'. Trade the smallest position possible and keep a detailed diary of your trades, decision making rational etc. You will then have the best forex education money can buy. Don't worry too much if you loose your money but make sure you learn from the experience.

Its a great way to separate fiction from fact.

Cheers Lafee

There is no danger of the public ever finding any key to the secret of winning. The crazy gambling urge and speculative hysteria make that a certainty. But if the public play ever did get wise to the facts of life, the principle of ever-changing cycles would move the form away from the public immediately.

Robert Bacon
Secrets of Professional Turf Betting