1 March 2010 – Where is the time going and where have I been?

Hi Everyone,

Wow month 3 of 2010 and this is my first post of the new year.

I have been trading folks. As well as moving my office, sorting out broadband connections ( I am now getting 7 meg down my phone line whereas my previous provider could only give me 0.5 meg!!!!! AND they swore that was the best that could be done. Hhhhmmm) and doing my tax return.

Well this is my first blog and what an absolutely amazing day. I only managed to place one trade today as I am now having problems with my Metatrader platform freezing on me at the worst possible time…i.e. when everything kicks off. I don’t understand it. The live account freezes and the demo account is just fine. Is anyone else having this problem? If you are please let me know if you found a solution.

Anyway 1 trade and a score of 100 pips on cable on a day when cable had a stonking 421 pip range.

Here is the trade and it was very simple.


Entry was on the moving average cross over with the small rejection bar into the cross over at 1.5132 with a stop above the ma’s and the consolidation at 1.5152.

The initial target was the first big figure of 1.5100. Just over a 1:1 so not the best reward:risk but at the same time as this set up appeared on cable I noticed that GBPCHF and GBPJPY were also setting up so there was added confidence in the trade.

As I placed my market order for the cable short that’s when my problems with Metatrader began – ‘Invalid Price’ again and again. If it wasn’t Invalid Price then I was getting requoted all over the blasted shop. And then my platform froze and I didn’t know if I was in or out. And in the meantime I was still wanting to place shorts on the other 2.

Eventually the blasted platform came alive and I was filled on cable at my price of 1.5132 but by now GBPCHF and GBPJPY had already gone so I missed those 2 and cable was on it’s way to 1.5100.

Scaling out of the position on the way down, I took half my stake at 1.5105 (after numerous error messages and the platform freezing again – sigh). I actually closed out the trade by mistake at 1.5039. What I was trying to do was scale out and just leave a little shrapnel on the table to see what else I could scoop out of the market BUT in my frustation with Metatrader and continually getting error messages and frozen platform syndrome I forgot to amend the stake amount and so the trade was closed at 1.5039 for just shy of 100 pips.

I know I should be happy with getting that but I’m not.

What I am is beeping mad!

Can anyone recommend a decent broker – or is that an oxymoron?

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4 Comments on “1 March 2010 – Where is the time going and where have I been?”

  1. James Gillespie Says:

    Hi Andy,

    Thanks for posting your trade…I think I must have been the only one not short on cable yesterday – I wasn’t long either!

    So you must be pleased that you missed out on the first move of the morning like Paul and got in later for the big pull done – nice!

    Hindsight is a wonderful thing and wish I was short on cable yesterday, I missed the breakout you mention and well the price then moved to quickly and too far to then get a value entry.

    On brokers and platforms, I am getting great performance, spreads and super charting package with GFT. There isn’t anything, so far, that I can’t do with the GFT charting tools that you can do with esignal. The benefit I enjot is being able to trade straight from the charts. You can do that with metatrader with some brokers right ?

    Couple of comments on your great post.
    1) The major selling on GBP yesterday…….you would consider then taking multiple short positions on GBP pairs even though it’s clear that the move is fundamentally driven by 1 factor…GBP weakness. My question then is if you did take the short positions on GBPJPY and GBPCHF would you then (in your eyes) have 3x the risk on the same movement ? This is something I have been trying to work out myself recently.

    2)Have you felt it worthwhile to shell out on a static IP address with your provider or on a Dynamic ?

    Cheers, James

    ps – Just been filled on my short position on EURJPY for 47pips……good start to the day! R/R 1:1

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    • fxtradersandy Says:

      Hi James,

      Thanks for your comments and for sharing your experience of GFT. I actually have an account with them already and I totally agree with your assessment of them (as brokers go they are pretty good) the only problem I used to have was running their platform (Dealbook 360) on the narrowband dialup internet service I was receiving from my previous ISP. That’s all sorted now but I still need another broker as you never know what might happen.

      Hindsight trades are wonderful and when you look back at the charts it looks so obvious, but what I’m really after is one of those crystal ball trades! Now THAT would be worth having.

      Well done on your trade, a beautifully executed trade is a great way to start the day for sure.

      In response to your questions
      1. Some traders would not go heavy into one currency (GBP) in the view that you are multiplying your risk exposure. My objective is to take every valid signal that complies with the rules of my system. I have no way of knowing which of the 3 potential pairs would deliver the goods. It’s only one of those wonderful hindsight trades that would have shown which was the correct one to take or not take after the event. I ended up only taking cable (which is, in fact, my least favourite out of the 3 to trade). So if I get a signal I try to take the trade (broker permitting and allowing for my human frailties). I am comfortable with the risk as my system has been back tested to death and the results speak for themselves.
      2. Have no idea? I had a new line put in that only has broadband on it. Would either of your suggestions improve the performance/stability? If so, I am all ears 🙂

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      • James Gillespie Says:

        A static IP address, although a little more expensive, gves you a dedicated pipe to the exchange that you don’t share with the rest of the street. There will also be a better SLA (service level agreement) meaning better reliability of speeds and more importantly uptime.

        I don’t have one of these lines, but since I have been trading full-time (last few weeks) I have noticed dips in the internet connection that isn’t noticed when you browse and get email but is when you are looking at 5m charts….just occasiobally but usually happens just when you are waiting for your setup to happen.

        Have a good days trading

        James

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  2. Free Online Movies Says:

    Good post. Hope to see even more good posts in the future.

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