R
Randolf Mercer
@randolf_mercer
Last seen:
6 days ago
your next trade, your best trade
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Worst feeling is when you close a losing trade to cut losses, then you realize you shouldn't have done that so you get back in again only for it to result in another bigger loss
closed a winning trade too early for 10 and regretted that it would have been worth 40 pips had I stayed in at BE
I wish traders could think of themselves as hunters with limited firepower. They should imagine they have two bullets: one for by and one for sell. The bullets should be used carefully and once exhausted the hunt is over, no chasing the market.
Experienced traders are not bothered about losses because even if they make a few losses, their net P&L could still be positive, and that's what matters to them.
For me real traders don't give assurances, once you hear a trader say his strategy yields a sure 80% return just know he is lying. In the investment world it is forbidden to use the word "guarantee"
Retail traders make up only 5% of daily trading volume as per Bank of International Settlement Survey, so institutional players do not need our orders, we are too insignificant to matter.
When I am not trading I remove the funds from my trading account to keep me from being tempted into trading outside my trading hours.
I reckon the PCE considers both direct & indirect expenditure of US residents. So it's not just what the US resident spends at the mall that is taken into consideration but also bonuses, healthcare benefits etc. that accrue to that person. Whereas CPI narrows it down and focuses strictly on what the US resident spends directly from his pocket. So, when the Federal Reserve is looking for an inflation guage, they go for the PCE because of its broader approach to calculating inflation.
The dow is a much quieter index than the S&P500. The dow has just one ETF - the DIA ETF while the S&P500 has many ETFs. Basically for trading I prefer the dow but for investing I would invest in the S&P500
If you hate losing money & you think you should win all the time because youre so freakin awesome, then stay away from the forex market if you dont want to be humbled.
I have not used blue wave trading bots but checks show it costs about $2k. I would rather use that money to trade a live account than to gamble it on a bot because if the bot was so great the developers won't be selling it for a few thousand bucks.
You can also use the web version of MT5 that does not require downloading. Most brokers offer the web version, just login to your personal area, navigate to your trading account section, and click on "launch mt5" or "trade now"
It will be a broker that does not widen spreads before the cpi release, remember you need to open a trade a few minutes before the cpi release, It would also be a broker that will honor pending orders set before the cpi release. Some brokers will dishonor pending orders set before cpi release thus making you iss out.
this is not a recommendation, but I found that brokers like TD365, Trade Nation & Tickmill, meet the above criteria and are good brokers for trading cpi.
Lets say the United States releases their CPI report for last month and it shows prices of goods rose significantly, then a currency pair like EUR/USD will see its exchange rate start rising causing you to require more us dollars to buy one euro. This means the us dollar has weakened.
CPI means "Consumer Price Index" and it is a measure of how much the price of goods have changed over a specific period (usually one month). If the price of goods rise, then inflation will be said to have increased & vice versa.
Many forex traders anticipate the release of the cpi report of major countries like the USA because high inflation weakens a currency, so the traders will sell the currency if the cpi report indicates weakness.
Local bank transfer works for me. I also tried their broker-to-broker transfer and it was really slow
If I want to buy a rising market I wait till i see a small hammer candlestick pattern, then i get in, i don't know if this corresponds with the common practice but it works for me.
A carry trade is when you leave a trade open overnight so that you can earn the difference in interest rates between the two currencies that make up the forex pair you are trading.
For example, in South Africa the Reserve Bank has set the Repo interest rate at 7.25% and in the USA the Federal Reserve interest rate is around 4.50%, so if you carry a USD/ZAR sell trade over till the next day, your broker will pay you an interest of (7.25% - 4.5%) = 2.75%
I agree with this but i guess it is not in the brokers interest to do so. They want you to trade as much as possible, so they get their fees. I mean, you even see brokers opening their platforms to traders on some public holidays (like Easter) when they know fully well that liquidity may be insufficient leading to higher spreads.
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