Forex Market

[reedNZ]

Is anyone here involved with or interested in being involved with the Foreign Exchange market?

[bottleofbeer]

Interested. But will tread the path with a great deal of trepidation!

I started investing in ETFs six months or so ago. Seen as the outlook seems pessimistic I'm open to the idea of going short (through spread betting) or FX. First I'll read up on it though and think extremely carefully.

[jammie]

i trade FX and make a decent sum doing so; no matter how the market moves you can easily make some money. Its just all about management!

You can easily make £400 (~$800) a day in 20 mins of analysis, but then again if you get it wrong you can wave goodbye to it all!

just play with money you can afford to loose. Practice makes perfect! I've been trading about 3 years and just went live 2 months ago, so far so good!

[bottleofbeer]

Originally Posted by jammie

i trade FX and make a decent sum doing so; no matter how the market moves you can easily make some money. Its just all about management!

You can easily make £400 (~$800) a day in 20 mins of analysis, but then again if you get it wrong you can wave goodbye to it all!

just play with money you can afford to loose. Practice makes perfect! I've been trading about 3 years and just went live 2 months ago, so far so good!

You living in Japan? Whereabouts?

[jammie]

Not at the moment, i might be in 2 years (you know the gimmick - teach english & learn the language etc.), but hopfully if my portfolio grows the way it is at the moment (13% this month so far! can't complain) then i might have enough savings to just enjoy it for a while.

I'm looking at either tokyo or kyoto when i go tho, i'd feel too isolated in rural Japan i guess

[reedNZ]

Im in Tokyo now, and involved in Forex for a job. I was just curious if many members of the GP community were involved in Forex and how many were doing well with it.
Jammie - I am also sitting at about 15% this month, there has been a couple of great days!

[jammie]

i think you should get me a job trading forex in tokyo =P

i have no formal qualifications but i'll have 5 years of experience in 2 years =]

... well ... it was worth a try =P

& i hope the next few months are as lucrative as this!

[Topex]

I just read this part of the blog and wanted to say that I just started 3 days ago, and without any knowledge of economics or soever I was able in 12 hours to make 70000 yen out of 40000 yen as starting point, I am really sourprised, so when I read about people who's been working with it for years I can't help to wonder, have you been managing your economic life with FX? like any other job?

[betard]

Originally Posted by Topex

I just read this part of the blog and wanted to say that I just started 3 days ago, and without any knowledge of economics or soever I was able in 12 hours to make 70000 yen out of 40000 yen as starting point, I am really sourprised, so when I read about people who's been working with it for years I can't help to wonder, have you been managing your economic life with FX? like any other job?

Nice, must have been a good 12 hours. Careful though, it's only a matter of time until you blow your account the way you are trading. At max you should be risking 2% of your account per trade, or 8,000 yen. Check out forexfactory.com if you really want to learn (see James16 thread). Lots of people go broke in this business so do yourself a favor and don't get overconfident as a beginner.

[Betting]

Originally Posted by betard

Nice, must have been a good 12 hours. Careful though, it's only a matter of time until you blow your account the way you are trading. At max you should be risking 2% of your account per trade, or 8,000 yen. Check out forexfactory.com if you really want to learn (see James16 thread). Lots of people go broke in this business so do yourself a favor and don't get overconfident as a beginner.

Babypips.com is also pretty good.

[von]

i want to hear from u in a yr or 2 and know if u still are making a killing!!!

3 days is a little quick to be quitting ur day job!!!

a nice little profit yes but a career i doubt it.

[Betting]

Originally Posted by Topex

I just read this part of the blog and wanted to say that I just started 3 days ago, and without any knowledge of economics or soever I was able in 12 hours to make 70000 yen out of 40000 yen as starting point, I am really sourprised, so when I read about people who's been working with it for years I can't help to wonder, have you been managing your economic life with FX? like any other job?

On Friday evening there was a massive rally which would have enabled anyone who was in the right position to take advantage of it to make some real money. But I wouldn't count on that to be happening every day of the week, certainly not ever day of the month. If you're doing US$/yen pair, movements like that are pretty rare.

[Topex]

I wanna thanks for the feedback, and point that the two recomended websites are grate, I think I have a lot to learn ahead but I'm willing to understand how it works, of course I wouldn't take it as a job, mainly because my japanese girlfriend would kill me jeje (you should have seen her face when I suggested it in a joke...

Concerning the trade, I will see other pairs with the yen, I live in Japan and don't want to mix the things with the currency of my account. This week I started to stitch to the 1% or 2% of the account rule to be safer, I realized that the way I was trading was very risky, didn't see it last week. Thanks again!

[richemarks]

The best and better way to earn in simple and easy way is forex trading system with small investment only.And forex trading will will return in high returns in short term only.The forex market is also a big market..

[Gaijin 06]

Originally Posted by richemarks

The best and better way to earn in simple and easy way is forex trading system with small investment only.And forex trading will will return in high returns in short term only.The forex market is also a big market..

Would you like to sell some Viagra too? And weren't you the one telling me about my Nigerian uncle who died with a huge unclaimed estate?

[tom2236]

Hi there

I've 'lurked' these forums for quite some time now and would like to start by saying anybody who says finding a job in japan is easy, is either very lucky, or knows someone who knows someone. I've been here two months and the only job I have found is commission based as a FOREX agent.

This brings me onto my next point: A lot of you guys know Japan better than I do and probably have a much wider circle of friends. I'm hoping that one of you could reply if you know anybody who wants to get into the Forex market or any good places known to be popular amongst investment types.

Any help is appreciated.

Tom

[thenoie]

Originally Posted by Gaijin 06

Would you like to sell some Viagra too? And weren't you the one telling me about my Nigerian uncle who died with a huge unclaimed estate?

ahh i know it is an old comment, but this gave me a great ole belly laugh on a friday...

great to know i am living up to my gaijin weirdo status in the office today.

[GaijinGolfer]

Hi all, I also dabble in forex quite succesfully I might add. Currently 76.7% Win ratio. Forexfactory is an all time fovourite of mine also. The news calendar is great. Also there are a multitude of customised indicators and EA's for free. There are some really intelligent posters there as well. All in all a great resource for budding FX traders. A very good comment by an earlier poster said trading is all management. I can't stress this enough! To give you an example. I work in the finance industry and a very well known forex based futures hedge fund with billions under management makes 20-40% return with and 80/20 LOSS ratio. This is acheivable with excellent money managment ie cutting losses short and letting winners run.

I would also be interested in hearing which Japanese brokers traders are using. Im with ODL Japan because I want to trade on Metatrader 4. So far so good. Any other Japanese brokers offering MT4?

[GaijinGolfer]

How is/was the forex gig working out? I assume you are/were at Tokiwa?

[thenoie]

Originally Posted by GaijinGolfer

Hi all, I also dabble in forex quite succesfully I might add. Currently 76.7% Win ratio. Forexfactory is an all time fovourite of mine also. The news calendar is great. Also there are a multitude of customised indicators and EA's for free. There are some really intelligent posters there as well. All in all a great resource for budding FX traders. A very good comment by an earlier poster said trading is all management. I can't stress this enough! To give you an example. I work in the finance industry and a very well known forex based futures hedge fund with billions under management makes 20-40% return with and 80/20 LOSS ratio. This is acheivable with excellent money managment ie cutting losses short and letting winners run.

I would also be interested in hearing which Japanese brokers traders are using. Im with ODL Japan because I want to trade on Metatrader 4. So far so good. Any other Japanese brokers offering MT4?

why do you like Metatrader 4? I'm currently looking for a decent Japanese based account.

[GaijinGolfer]

Metatrader in my minds eye is by far the most user intuitive platform on the market. Its coding capabilities allows you to create and import customised indicators and expert advisors for automated trading. Demo it! try Alpari or interbankFX (I'm not affiliated with them in anyway)

A lot of brokers are now offering this platform as an alternative to their own due to it's popularity. Most if not all Japanese brokers charge outrageous commissions AND have pretty wide spreads. FX online was the first broker to not charge commissions in Japan. It's owned by 3 foreigners so they have English capabilities and service but I don't like their platform. Spreads seem reasonable. Same again with Interactive brokers. They are an ECN broker which is what you want with tight spreads but once again a terrible platform.

I went with ODL Japan because they are a worldwide recognised broker with MT4 and I get support from a manager there who is a foreigner. My main reason for wanting a domestic broker is that I didn't want to be paying for international wire transfers to deposit and withdraw funds.

Are you trading forex or other intruments?

[thenoie]

Originally Posted by GaijinGolfer

Metatrader in my minds eye is by far the most user intuitive platform on the market. Its coding capabilities allows you to create and import customised indicators and expert advisors for automated trading. Demo it! try Alpari or interbankFX (I'm not affiliated with them in anyway)

A lot of brokers are now offering this platform as an alternative to their own due to it's popularity. Most if not all Japanese brokers charge outrageous commissions AND have pretty wide spreads. FX online was the first broker to not charge commissions in Japan. It's owned by 3 foreigners so they have English capabilities and service but I don't like their platform. Spreads seem reasonable. Same again with Interactive brokers. They are an ECN broker which is what you want with tight spreads but once again a terrible platform.

I went with ODL Japan because they are a worldwide recognised broker with MT4 and I get support from a manager there who is a foreigner. My main reason for wanting a domestic broker is that I didn't want to be paying for international wire transfers to deposit and withdraw funds.

Are you trading forex or other intruments?

Thanks for the info.

in currently trialling, 2 GUI's i wanted something that had the option of being in Japanese and English, but i think that light be to specific.

[quato]

Originally Posted by GaijinGolfer

How is/was the forex gig working out? I assume you are/were at Tokiwa?

I thought Tokiwa is now Shintoshin. Or Shintokiwa. Maybe I got the order wrong, but don't they change names every year?

[Betting]

Originally Posted by quato

I thought Tokiwa is now Shintoshin. Or Shintokiwa. Maybe I got the order wrong, but don't they change names every year?

As they probably should. I've never heard a good thing about them.

[GaijinGolfer]

Tokiwa or Shintoshin or whatever they call themselves nowadays are a bunch of rogues. From what I gather they are a market maker.

A word of warning about Market makers in general. They take the opposite side of your trade thus creating the "market". Its in the best interest of market makers that you lose because they are banking your losses+spread+commission (if applicable) and paying you if you win.

This is where a lot "dealer games" happen. Things like artificial inflation / deflation of prices, slippage, stop hunting, re quotes on orders, freezing all purposely done through a dealing desk. Market makers are to be avoided if possible.

One thing I do know about this mob is that they have the highest spreads I've ever seen! 10 pips on the EUR/USD is INSANE!!!!

[Offshore]

Originally Posted by Topex

I just read this part of the blog and wanted to say that I just started 3 days ago, and without any knowledge of economics or soever I was able in 12 hours to make 70000 yen out of 40000 yen as starting point, I am really sourprised, so when I read about people who's been working with it for years I can't help to wonder, have you been managing your economic life with FX? like any other job?

It would be interesting to hear what you were doing or how you were making your trade decisions, Cheers.

panamabrokerage.info
Offshore Forex Services

[Betting]

Originally Posted by GaijinGolfer

Tokiwa or Shintoshin or whatever they call themselves nowadays are a bunch of rogues. From what I gather they are a market maker.

A word of warning about Market makers in general. They take the opposite side of your trade thus creating the "market". Its in the best interest of market makers that you lose because they are banking your losses+spread+commission (if applicable) and paying you if you win.

This is where a lot "dealer games" happen. Things like artificial inflation / deflation of prices, slippage, stop hunting, re quotes on orders, freezing all purposely done through a dealing desk. Market makers are to be avoided if possible.

One thing I do know about this mob is that they have the highest spreads I've ever seen! 10 pips on the EUR/USD is INSANE!!!!

10 pips on EUR/USD, theft would be to kind a word. My broker for that pair (which I don't trade though) is only 3 pips. Anyone who trades through Tokiwa/Shintoshin is just giving away their money.

[GaijinGolfer]

Yeah, a lot of cleverly discuized theft goes on in this biz. I get 1.9 pips on this pair with no commission but, I don't trade it either. The EUR/USD is a trending pair. I trade range bound pairs like the GBP/JPY or EUR/CHF these pairs have higher spreads.

As forbrokers you want an ECN (Electronically Connected Network) or a STP (Straight Through Processing) broker. This connects you straight to the banks eliminating dealing desks.

[thenoie]

Originally Posted by GaijinGolfer

Yeah, a lot of cleverly discuized theft goes on in this biz. I get 1.9 pips on this pair with no commission but, I don't trade it either. The EUR/USD is a trending pair. I trade range bound pairs like the GBP/JPY or EUR/CHF these pairs have higher spreads.

As forbrokers you want an ECN (Electronically Connected Network) or a STP (Straight Through Processing) broker. This connects you straight to the banks eliminating dealing desks.

and how many have that level of connectivity with half decent clients.

[katie54]

Originally Posted by GaijinGolfer

Tokiwa or Shintoshin or whatever they call themselves nowadays are a bunch of rogues. From what I gather they are a market maker.

A word of warning about Market makers in general. They take the opposite side of your trade thus creating the "market". Its in the best interest of market makers that you lose because they are banking your losses+spread+commission (if applicable) and paying you if you win.

This is where a lot "dealer games" happen. Things like artificial inflation / deflation of prices, slippage, stop hunting, re quotes on orders, freezing all purposely done through a dealing desk. Market makers are to be avoided if possible.

One thing I do know about this mob is that they have the highest spreads I've ever seen! 10 pips on the EUR/USD is INSANE!!!!

Oh that's actually very interesting to hear. All I know is that my clients, who take our advise on trading make money rather than losing. And I never got ____ for helping my clients to make money (by accident). Maybe my boss was sleeping and didn't recognize that i was acting against our firm philosophy.

[GaijinGolfer]

Good traders will and can make money with "market makers" but their dealing desks make it extremely more difficult. Admittedly you do need a lot of capital and to be in the business to get what I get. Actually I get better rates than what I quoted but those are the institutional spreads I offer my traders.

Katie54 do you trade your own capital with your companies advice?

[GaijinGolfer]

Not ALL, but the vast majority. I think we all know who which companies you are referring too. These bucket shops need commissioned based agents to convince people to trade with them because their moto is to churn and burn.

[freeB]

Realize this question is a bit irrellevant to the thread so I'll be quick. Moving to Japan in a couple months with Japanese wife and will be closing out our bank accounts and cd here. We'd like to do so with the least capital loss possible. I get the feeling that a lot of you posting under this thread would know the best way to do this. Considering wiring our Dollars into an account in Japan, then timing the conversion to Yen when the exchange rate is favorable. Is this my best option. Realize it could be pretty cut and dry but thought it would be worth asking.

Any help would be appreciated

[Betting]

Originally Posted by freeB

Realize this question is a bit irrellevant to the thread so I'll be quick. Moving to Japan in a couple months with Japanese wife and will be closing out our bank accounts and cd here. We'd like to do so with the least capital loss possible. I get the feeling that a lot of you posting under this thread would know the best way to do this. Considering wiring our Dollars into an account in Japan, then timing the conversion to Yen when the exchange rate is favorable. Is this my best option. Realize it could be pretty cut and dry but thought it would be worth asking.

Any help would be appreciated

I think the dollar is going to take another hit in a short while, and will then continue it's climb up again. I'm guessing (yes, guessing) that it'll drop to high 80s again, maybe lower and then head up to 110-120 at least, by the end of the year.

[GaijinGolfer]

FreeB,
There's not much you can do if you need the money to live off making regular withdrawals. How about loading up your credit credit card with cash and only withdraw (your own cash) what you need to live on? Or an international debit card. Aussie c/c companies allow us to do this, not sure about US card companies. This way you avoid hefty international wire charges and your fees can be managed with the right card. We have Citi, and HSBC here which could be good choices fee wise. You could withdraw on a needs only basis limiting your losses until the dollar strenghtens. Hope this helps

[katie54]

Originally Posted by GaijinGolfer

Katie54 do you trade your own capital with your companies advice?

I have my money deposited in one of my family's accounts, it is traded by a family member with the companies advice. And well, it doesn't seem to be too difficult to make money with it, d'uh?!

[GaijinGolfer]

Any of you peeps know anything about the Tokyo Traders Club. I just came across their site. Any members here? If so is it worth joining?

[Betting]

Originally Posted by GaijinGolfer

Any of you peeps know anything about the Tokyo Traders Club. I just came across their site. Any members here? If so is it worth joining?

I'm a former member and I'm thankful to them for getting me into FOREX, as I find it extremely profitable (I use my own FOREX plan now). However, I found the club of relatively little value. Club meetings were far and few between. Actually any kind of activity with them was very limited. If you join, have a look at their forums, hardly any stuff has been posted there over the last 4 years or so.

Just in my opinion, I don't think they are of much value to anyone with some knowledge of the markets, but if you have no experience with FOREX and want to start it, they are good for complete beginners and they will get you started with one plan.

[GaijinGolfer]

Thanks for the heads up. Im going attend one of their workshops this Sunday. I am a seasoned trader with an already succesful trading startegy as well. I guess I'm just going to meet other traders to talk shop. I've been in Japan 11 years but only 6 months of those in Tokyo! so looking to meet other like minded people interested in making pips!!

How is everyone trading?
What stratergies are you guys using?

[thenoie]

Originally Posted by GaijinGolfer

Thanks for the heads up. Im going attend one of their workshops this Sunday. I am a seasoned trader with an already succesful trading startegy as well. I guess I'm just going to meet other traders to talk shop. I've been in Japan 11 years but only 6 months of those in Tokyo! so looking to meet other like minded people interested in making pips!!

How is everyone trading?
What stratergies are you guys using?

I just focus on buying low and selling high....