TradeProfits

CashBackForex – Get Paid to Trade

Posted on 08. Jul, 2011 by Jakob.

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CashBackForex is one truly amaizing site if you are trading forex. CashBackForex is a site where you can sign up with a wide range of different brokers and get commission on all the trades you take. I wrote a post about this some time ago, and since then I have received a lot of email asking me questions about this service. Read more... (331 words, estimated 1:19 mins reading time)

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Oanda on MetaTrader 4

Posted on 25. Jan, 2011 by Jakob.

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I am very pleased to see that Oanda will be upping their game, with the addition of MT4. I really never thought this would happen but now it sure seems like they are getting ready to allow customers to trade their Oanda accounts via MT4. This also means that traders will be able to continue the use of MyFxBook with their Oanda accounts. I contacted Oanda to know when it is possible to get an MetaTrader 4 account, and it seems to be a couple of weeks away. If you want to stay on top of things, keep an eye out, over at their forum. I will keep you guys updated on this.

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Forex Crunch Redesign

Posted on 16. Jan, 2011 by Jakob.

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Well I probably not a first mover, with the news right here, but I still thought it was worth mentioning. Yohay, the founder of Forex Crunch has gone through a major redesign of his site. Now it has more a feel of a portal than just a simple wordpress blog, and I like it. I have thought about the same thing for some time, but I think that will have to wait a bit. Anyhow, I think Yohay has done a good job, and continues to do so with new content every single day. I am currently browsing around on the site, reading his 5 points on how to choose a forex broker in 2011. Thumbs up Yohay. Keep up the good work.

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4-star Rated OneCorpFX Now a Scam?

Posted on 11. Nov, 2010 by Jakob.

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Not even a lot of good reviews will give you any guarantee when it comes to choosing the right broker in the world currency trading. OneCorpFx was rated as a 4-star broker over at FPM. A guy called Aladar was unable to access his funds in an account with OneCorpFx and was additionally informed that the money for some reason now was with Boston Technologies Read more... (203 words, estimated 49 secs reading time)

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CFTC Regulation in Full Effect

Posted on 18. Oct, 2010 by Jakob.

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October 18th is the day where the US brokers have to apply the new CFTC regulations on the retail forex exchange market where lower leverage is the main issue. Judging from the market movement we have seen today, it has not really been that much of a difference to notice from any other day, which somehow seems obvious in that the market mainly is moved by larger institutions and not the retails trader. Although we might not see a lot of change in the market in general, the individual trader is affected by lower leverage. A lot of traders consider this a bad thing, but in the end I think it will be beneficial for most traders out there. If I had been forced to use less leverage back when I got started in this game, I could have saved an account or two. However, I have now been trading with Oanda for some years so I am used to the, now, standard leverage. Obviously you still have the option to go with a broker outside US and get more leverage. What are your thoughts on the new CFTC rules?

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MT4 Spreads – Compare Broker Spreads

Posted on 03. Sep, 2010 by Jakob.

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MT4 Spreads is a new site somewhat similar to FXIntel which I have written about before. MT4 Spreads enables you to compare spreads from several different brokers in real time. The site is made in a cool web 2.0 style and the entire layout of the site gives you a very good overview. For those of you who are looking for a new possible broker, this is definitely a great place to find the ones with the lowest spreads. Obviously you still need some due diligence before you decide on a specific broker, but this is definitely a good place to start. Another was this can be utilized, is for those of you looking for a broker with good spread around news events, as you can keep track of many brokers at the same time. All in all I think this is a great place if you are looking for spread information. Check it out right here.

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Tell ForexPeaceArmy about Your Broker

Posted on 19. Aug, 2010 by Jakob.

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We all know that finding the right broker can be a tough challenge. With so many brokers it can really be a difficult task to find the right one, and there are a lot of questions which should be taken into consideration before you make your final decision. One example is spike trading, which can be a really rewarding trading strategy but everything basically comes down to the right broker choice. Other aspects such as leverage, reputation, years in business, location, slippage, order execution, ECN or none ECN, should also be considered before you make your final choice. Now the guys over at ForexPeaceArmy have made a forum thread solely for the purpose of helping you in finding the right broker. Check it out here and share your thoughts on the brokers you have any experience with.

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The End of Retail Forex Trading – Part 2

Posted on 22. Jan, 2010 by Jakob.

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Yesterday I wrote a post about the new regulation proposal from the Commodity Futures Trading Commission, which you can read here. Today I stumble upon two posts related to this topic, one of them from John Forman, the author of The Essentials of Trading; he basically states that leverage on retail forex trading will not be cut down to 10:1, due to the following: (take a look at his post here) Read more... (546 words, estimated 2:11 mins reading time)

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The End of Retail Forex Trading?

Posted on 21. Jan, 2010 by Jakob.

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I am sure you have read about this already. It seems like every forex trader out there is talking about it. The new CFCT proposal which was made public last Thursday, suggests some radical changes which, if approved, definitely will affect the retail forex industry. Basically there are three different suggestions, namely; registration requirements for all Futures Commodity Merchants, Retail Foreign Exchange Dealers, Introducing Brokers, Commodity Trading Advisors and Commodity Pool Operators. The second aspect is related to minimum capital requirements, where they propose that all Futures Commodity Merchants and Retail Foreign Exchange Dealers need to maintain a net capital of at least $20 million, plus 5% of any amount of retail customer liabilities that exceed $10 million. The last part is probably the most interesting, as they suggest stronger leverage restrictions for retail traders, which should be modified down to 10 to 1 in leverage. This basically implies that you would now need $1000 to trade one mini lot or $10,000 to trade one standard lot. If these regulations are approved, it will definitely affect both the retail traders as well as many of the new brokers out there. It will be interesting to see how things turn out. If you want to read more details about this, then take a look at this article, which is posted over at Forex Peace Army.

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36 Pips Move in a few Seconds

Posted on 27. Dec, 2009 by Jakob.

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I am not talking about profit here, unfortunately. Take a look at the two pictures below. The first one is on the 1-minute time frame and the second one is on the 30-minute time frame. Both the pictures are from my Oanda account, earlier this evening. The first move since the holidays was a whipsaw down and back up within a few seconds, in a total range of 36 pips. When you look at it from the 30-minute time frame, it is nothing but one long candlestick shadow. I have seen this in Oanda before; crazy spikes which are not similar on other broker platforms. Hence it seems reasonable to question why this happens on Oandas platform. One might first assume that if this spike is a mistake, your trade (in case you got one running over the weekend), will not be affected by such a spike, but you would be wrong. I have been stopped out by similar movements before. At this moment I have a long trade on the EUR/USD, but luckily for me, my stop loss was further down, so this time I was not affected by this spike, but I am sure some traders out there did. Although I am very satisfied with Oanda, this is one aspect which you might want to take into consideration, before signing up with them. Read more... (226 words, 2 images, estimated 54 secs reading time)

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