*Official* Forex Trading thread.

[HerbalTeaSeller]

that is true!

because of urwords, i shall limit to $200 also. so i guess ish find ATB riao. thank u brother!@=

keverus ah keverus

 

[HerbalTeaSeller]

Can check if most of you have multiple currency accounts with your FX brokers?

I started with a SGD base account with my broker as I do not have multi-currency account with the bank.

As I progressed on to trade, it seemed to make more sense to trade using a USD account as most trades are settled in or via USD. So I also opened a USD account with the broker. I would trade using USD account and transfer USD profit/balance back to SGD base account at the broker conversion rate at a time of my preference. I noticed that my broker often markup 2-4 pips above quoted market rate. After which, I transfer to my local back account. The broker does not charge me for SGD fund transfer if done via internet banking.

In terms of cost effectiveness and ease and speed of transfer, is there a better option to this arrangement?

Secondly, I noticed that crosses are simultaneously executed. For example long GBPUSD and short EURUSD. Strictly from a cost effectiveness view, is this a better option than to do direct long GBPEUR?

Cheers
Kelvin

if you scared, you can hedge your usd position by long/short usd/sgd pair. simple as that.

e.g I am going long on GBP/USD, which means I am buying pound selling usd, so I can hedge by going long on USD/SGD to hedge.

But why make life so difficult?

 

[kelvin_99]

1. why so complex...to me..we stay singapore....we use sgd. if you think usd gonna appreciate..then buy usd/sgd. my account is sgd-based. yeah, when i close my trade, will have some conversion, probably in favor of the broker. bobian one lah. if u purposely convert to usd, when u want to cash out, also got same problem de lah.

2. u can do that lor...thats what i sometimes do..

The issue I forsee with having a single SGD account is that we are forced to take whatever conversion rate to SGD the broker quotes when a trade is done and this is not transparent. If I transfer to SGD myself I will be given a quoted rate which I can accept or reject. The broker mentioned that the transfer rate SGD to USD (or vice versa) account is "market rate" ie what I see from real time price feed. However, I realised after several transfers, I am changed 2-4 pips more when I see their quote before the transfer is done. They then say their quotes are still better than banks and money changer. Though the amount is not significant, but I guess I still have lingering thoughts of what else I may not have been informed which may impact my P&L.

Also equally important to me, I can also choose to wait to convert at later time if I think the USD/SGD rates would be better.

However, I have to agree with you that in terms of convenience having one single account is best, but for myself I am also factoring the cost in as well.

Anyways.. thank you sir for your input

 

[HairyTitaniumBalls]

keverus ah keverus

yes brother? how are you?

 

[HairyTitaniumBalls]

The issue I forsee with having a single SGD account is that we are forced to take whatever conversion rate to SGD the broker quotes when a trade is done and this is not transparent. If I transfer to SGD myself I will be given a quoted rate which I can accept or reject. The broker mentioned that the transfer rate SGD to USD (or vice versa) account is "market rate" ie what I see from real time price feed. However, I realised after several transfers, I am changed 2-4 pips more when I see their quote before the transfer is done. They then say their quotes are still better than banks and money changer. Though the amount is not significant, but I guess I still have lingering thoughts of what else I may not have been informed which may impact my P&L.

Also equally important to me, I can also choose to wait to convert at later time if I think the USD/SGD rates would be better.

However, I have to agree with you that in terms of convenience having one single account is best, but for myself I am also factoring the cost in as well.

Anyways.. thank you sir for your input

go money changer change ur usd cheaper. then go bank open foreign currency account and deposit.

best possible rates.

but...will u do it? dont think so.

end day, worth the hassle or not?

for urself to decide.

 

[kelvin_99]

if you scared, you can hedge your usd position by long/short usd/sgd pair. simple as that.

e.g I am going long on GBP/USD, which means I am buying pound selling usd, so I can hedge by going long on USD/SGD to hedge.

But why make life so difficult?

What I do not like is that I am forced to accept the rate (which is unknown to me at point of transaction) broker is using to convert my P&L to SGD.

In terms of convenience, as I mention earlier I have to agree having a single account is best.

Anyways thanks for your input

 

[HerbalTeaSeller]

yes brother? how are you?

I thought you go jail oredi? So fast come out?

 

[ExtremeWays]

I thought you go jail oredi? So fast come out?

He is DingYe???

 

[HerbalTeaSeller]

What I do not like is that I am forced to accept the rate (which is unknown to me at point of transaction) broker is using to convert my P&L to SGD.

In terms of convenience, as I mention earlier I have to agree having a single account is best.

Anyways thanks for your input

I am using cityindex i just calculated base on spot market rate, did not deviate much. So still acceptable.

 

[HairyTitaniumBalls]

I thought you go jail oredi? So fast come out?

changi got wifi

 

[Mr.Canberra]

Some brokers like Phillip Futures allow you to hold whatever currency that you have traded in your account until you decide to convert to another currency. It will not auto convert your profits back into base currency. In this case SGD.

Eg. USD/CAD pair. Any P/L will be settled in CAD. If you close position and have profit then CAD will be credited into your account.

Conversion rate spread confirm better than money changer.

Although Phillip Futures may not have the best spreads out there but I like being able to keep a basket of currencies as I can hedge. When one currency is down the other currency will make it up.

My basket consists of CAD, CHF, JPY, USD, SGD.

 

[HairyTitaniumBalls]

Some brokers like Phillip Futures allow you to hold whatever currency that you have traded in your account until you decide to convert to another currency. It will not auto convert your profits back into base currency. In this case SGD.

Eg. USD/CAD pair. Any P/L will be settled in CAD. If you close position and have profit then CAD will be credited into your account.

Conversion rate spread confirm better than money changer.

Although Phillip Futures may not have the best spreads out there but I like being able to keep a basket of currencies as I can hedge. When one currency is down the other currency will make it up.

My basket consists of CAD, CHF, JPY, USD, SGD.

hi buddy, so late havent koon ah?

i just lim jiu come back..lai lai..we discuss outlook for the coming week, ho bo?

 

[Mr.Canberra]

1. why so complex...to me..we stay singapore....we use sgd. if you think usd gonna appreciate..then buy usd/sgd. my account is sgd-based. yeah, when i close my trade, will have some convewrsion, probably in favor of the broker. bobian one lah. if u purposely convert to usd, when u want to cash out, also got same problem de lah.

2. u can do that lor...thats what i sometimes do..

Never trust blindly in one currency. Keep a basket of currencies to preserve your purchasing power. Learn from MAS.

 

[Mr.Canberra]

USD

hi buddy, so late havent koon ah?

i just lim jiu come back..lai lai..we discuss outlook for the coming week, ho bo?

Q2 2017 starts. Slight USD demand will be back.

 

[HairyTitaniumBalls]

Q2 2017 starts. Slight USD demand will be back.

so you expecting USD rally?

i have already closed off my USD longs.

my outlook for USD is..well..has turned bearish. the last run up to 112 might well be the last.

failed to maintain 111.50, boucing off multi year low of 110.30 but failing to remain in bullish channel.

that said, i wont say bearish bias is confirmed as well. USD might be range bounded for sometime.

 

[HerbalTeaSeller]

changi got wifi

Hahahah. if one day nvr hear from you means go back squat oredi. Now alot of anti vice around,later your stable tio raid again.

 

[HerbalTeaSeller]

I am bearish on USD, us dollar index reach 95 to 96 is a good time to load some. Just my 2cents.

 

[HairyTitaniumBalls]

I am bearish on USD, us dollar index reach 95 to 96 is a good time to load some. Just my 2cents.

range bound forr now imo. big picture, i agree with u, bearish. but if it can climb above 111.50 again (old bullish indiciator), then maybe we could see a rally of USD again. just 10 pips away. however, it is also important to note that USD/JPY ended pretty weak and USD generally turned in a shiat performance last session. selling USD rallies may now be a good thing.

 

[HerbalTeaSeller]

range bound forr now imo. big picture, i agree with u, bearish. but if it can climb above 111.50 again (old bullish indiciator), then maybe we could see a rally of USD again. just 10 pips away. however, it is also important to note that USD/JPY ended pretty weak and USD generally turned in a shiat performance last session. selling USD rallies may now be a good thing.

For me I like to look at big picture, smaller tf too much noise and might get whipped easily. On the other hand EUR looks bullish.

 

[HairyTitaniumBalls]

For me I like to look at big picture, smaller tf too much noise and might get whipped easily. On the other hand EUR looks bullish.

big pic, smaller tf, doesnt matter. all can make money. depends on person. for me, i mix and match. most of the time, dont like hold too long because

1. any news can fck things up. esp since fx is a pair, that means news from/for 2 countries can fck things up directly liao.

2. swap payment. of cos if u collect, then not too bad lor.

3. missed opportunities. this session maybe eur biggest mover, next session maybe usd. one day later, could be aud.


i have closed my eurusd shorts already. a bounce from here looks possible and likely, but is this a dead cat bounce or a real reversal, i'm not too sure.