posted
This is at its highest levels since March 2001. I usually make 30-40 pips a day playing it both short and long.
I am seriously thinking of shorting it for a long time once it heads down.
It is up 700 pips since the beginning of December. That's about $11,200 for every $1,000 you trade (assuming 100:1 leverage).
skip
posted
Thanks for putting this information up, been thinking of getting into Forex to pass the time when the markets are closed with something other than sports betting.
So, on this one, the thought would be to buy USD and short the Yen. Then buy back the Yen later?
Could you possibly illustrate your plan with a real life example of what you would like to do?
Thanks again for the info, very nice of you to do.
Squire38
posted
Sure last night after I posted, I sold short $100,000 (I have 100:1 leverage so this only cost me $1,000) of USD/JPY at 121.70. So this morning I wake up just now and look at my account, I'm up $200ish. The USD/JPY is at 121.45, thats 25 pips.
Squire38
posted
Now the USD/JPY is down to 121.30, so I'm up 40 pips since I sold it short. So each pip for me is about $8, so I'm up $320!
Now that I sold, I can rebuy here at 121.30. I'll look to sell at 121.60. 30 pips = $240!
Sold out at 121.55 for 25 pips. Went short at 121.50.
[ January 23, 2007, 12:31: Message edited by: Squire38 ]
Squire38
posted
I forgot to add the reason I sold at 121.50 was the resistance I found in that area from early this morning at 3am central. So my selling short a few minutes ago looks good. Support looks to be in the 121.30/40 area. I'll probably cover in this area and call it a day.
IWISHIHAD
posted
How many buys do you make in a day? (average)
Squire38
posted
Anywhere from 2 to 50.
From my play earlier, I did cover in the 40s area. For only 10 pips. Called it a day.
IWISHIHAD
posted
Seems like going long you have to give yourself a lot of pips for the ups and downs because of how much they can jump up an down per day unless you make your move at the perfect time, the upside is great the downside not so great. I am still trying to figure a good way to play them, not much luck yet.
Squire38
posted
Actually, you can make a ton. On USD/JPY each pip is $8 PER $100,000. Some brokers let you leverage $200,000 per $1,000 you own. That would be $16 per pip. If you go in with $5,000 then you leverage $1 million each pip is $80.
So if you go short or long it doesn't matter. These things can jump 10-30 pips in a minute. Depending on how much you play you can make $80 to $2400 in that same time. Also you could lose since you trade on margin.
FOREX, IMO, is hard to paper trade, get a free practice account (every broker I've seen has one) and mess around for a few months. Me personally my 1st week playing I made $1000, then I went crazy and maxed out my positions and lost $30k. Lesson learned only take position with 10% of your account.
I personally don't hold my position for a long time, at most overnight. If I am able to be near a computer then I tend to buy and sell on the peaks and dips.
IWISHIHAD
posted
Are you using any particular way to choose them? Or just getting a feel for the way the market goes and the general charts.
Squire38
posted
I only really play 3-4 pairs. Really for me it is mostly charts and momo. I also keep an eye on the news and whats going on in the markets of the pairs I play.
The best thing is to get the free practice account and only watch a few pairs. In the past week, I've only played USD/JPY and EUR/USD.
Last night I went short on USD/JPY at 121.70 (it is having a very hard time getting through that resistance level). I set up an auto cover at 121.40, so while I slept I made $480, I leveraged $200,000. Of course looking at the chart this morning it dropped all the way to 120.63 (107 pips or $1700 for me if I stayed in it). Also, if I was awake, not only could I have covered at 120.70, but I could have bought and sold at present levels of 121.45 (a 75 pip difference). Oh, well.
Squire38
posted
Time to short USD/JPY again at 122.05.
Squire38
posted
USD/JPY just went south in a big way. Time to go long for the short term I believe.
Squire38
posted
Well I could only squeeze out 10 pips, but good enough.
Machiavelli
posted
something i haven't seen you mentioned to the board is that momo happens usually or in my opinion when different markets open and overlap... I think the board is reading your posts and thinking this is one exchange when in reality there is no exchange... the 3 big markets for peeps other then permanentjuan and squire is London, NY and Japan... for more info for the basics on what a pip is? how it's calculated? the different markets? etc... check out site:
and also get a good broker and open a "Demo" account... there are good ones recommended on babypips....
tmh
posted
A suggestion to those who are new to the forex market. USD/JPY is an extremely risky game to non-professionals. I would seriously suggest you stick to GBP/USD or at the very least EUR/USD if you are new to forex.
And for the love of god use a demo account until you are extremely well versed with the market. I personally suggest you use FXDD (www.fxdd.com) as a demo platform, as it has a friendly interface for beginners. Also realize not to trade 100% of your capital to control your risk.
Machiavelli
posted
not trading with 100% capital goes without saying in any trading market.. be it stock, bonds, currencies or commodities... especially in FOREX with the margin... the one i use for demo account is www.cmsforex.com
posted ![[Smile]](smile.gif)