₦airaland Forum

Pipsland78: I admire your knowledge of the inner workings of the forex market. The difference between us is that while you were busy studying and understanding the inner workings of the forex market, I was busy developing and perfecting my trading strategy which is why I'm a better trader - and that's what really matters.

You think?

Anyways, it's one of the things I tend to see on here so not surprising but no, I'm not here to compete, your profits or success stay with you, mine stay with me.

mayten30: I remember when I saw like 5 topics concerning market makers and ecns and others and those that talked about the topics where different 5 top forex traders including george soros and one shocking thing was that they all had different views about the topic and I realized that no one can be sure they are right but can just share their opinion so you can spare the enlightment to the new-bies but concerning market makers or ecn as long as I have a broker that is not cheating me and am making my moolah what else remain again?I remembered when someone also told me that trading on yen pairs is rubbish and it is gambling and I met another forex trader that has being trading on only uj for the past 4 years and is earning at least 80 percent monthly with good compounding

I'm not posting "views", I'm telling you how these things run. Not as a trader, but someone who's been behind the scenes to know how it all sums up. So long as you're trading with an MM, it's not a matter of "can they" but "will they" (because they have the control basically, they see your stop loss orders, they can create price spikes, freeze your execution, etc) - hence the need to conduct due diligence when choosing a broker.


So as not to derail this thread (which seems to be geared towards making the money - of course, that's everyone's aim no doubt), I've created a new thread.

https://www.nairaland.com/1295981/little-insight-retail-forex-trading

You may wish to check it out. It's good for you to understand these things.

Now, I created this thread sequel to a couple of misconceptions flowing around this thread - https://www.nairaland.com/1191858/forex-trade-alerts-season-13/267

I quite find it hard to believe that some of the acclaimed forex traders on here don't understand the workings of the Foreign Exchange Market, the Participants or the Brokers (and how they operate).

This is going to be a couple of long posts and I may miss out a couple of points, so feel free to ask questions or share your views.

I don't plan to go type a long lecture on Forex Trading as a whole. But I will shed on light on Individual retail traders and the brokers.

Just go to - https://en.wikipedia.org/wiki/Foreign_exchange_market

And this - http://www.investopedia.com/articles/forex/11/who-trades-forex-and-why.asp

AND get some insight on how the foreign exchange market works as a whole, the several levels of access (which in the real sense is determined by your capital) and participarts.

I will clearly state here - there is NO central Forex Exchange. I've seen several posts that seem to suggest that every market participant is trading in "one big pool". Click up the links and read it thoroughly, it explains certain things you need to know first.

I would need to type several long posts to explain everything here.

Seems I may have ruffled a few feathers here.

You know, I got to know about this thread when it hit the Frontpage (several loss stories and all those arguments), and I clicked and read through. Some of the comments from supposed "Forex Traders" just baffled me.

It seems most of you don't know or care to know the underlying workings of the Foreign Exchange. Sure, let's just get the money, who cares to know about Market Makers or ECNs...yada yada.

I'll try to explain indepthly and clarify a few things so we can all be enlightened but I'll post it on a new thread so as not to derail this one.

takeprofit: So, which broker do u recommend. i hear someone talk about xemarkets. i hear hotforex. exness. forex=metal. markets.com .... so many of them

I only know of markets.com from the list there, but others could be good as well, just do some research and make sure they're at least regulated with verifiable business details.

There are tons of good brokers that have reasonable "minimum capital requirements". Like Oanda, FXCM, Fxpro, Alpari and Instaforex. I know a couple of people who use these brokers and so far no issues. (of course bear in mind that lower amounts = Dealing Desks because the ECNs usually require a fairly large sized deposit).

If you're buckled up you can head to Dukascopy, MB Trading or even ATCBrokers.

takeprofit: which broker do u use? i use instaforex. i can open ecn acct with them

So they claim.

However, instaforex can be considered an STP broker. Because if you trade larger lots, I understand that they "can" push your order to the interbank network but for smaller lots you're basically paired with other clients or they're hedging against you.

Some large MMs however, sometimes pool together a large order size from their clients and place it on the interbank network (i.e for example, if they have several clients opening "buy" positions on the EUR/USD, they can pool all the little micro-lot orders into something reasonable).

Now, so long as you do your analysis correctly, your trades will result in profit - this is the main aim here.

The only bad aspect with MMs in general is that the ability for them to manipulate a lot of things since they create the market - if they want to. But a good number of them are reputable and don't engage in any shady tricks. That's why you must research your broker before opening a Live account.

takeprofit: i mean mt5 acct. is mt5 platform related to ecn or its just a platform?
instaforex says its an ecn broker http://www.instaforex.com/ecn-broker.php

MT5 is just a platform, like MT4.

Pipsland78: Are you for real here because this goes against the first thing I learnt about the market. Are you telling me the price of EU, for instance, is different across different brokers? If there is any difference in price it boils down to spread, nothing more.

When I say there's not a central forex market, I'm stating the fact that Everyone does NOT trade in "One Big Pool". Unlike a stock market, the foreign exchange market is divided into "levels of access".

or do you think "Hedge Funds" as you quote above run retail accounts like we do?

"Governments longing or shorting the EU"? This has to be sarcasm for real.

Pipsland78: No single broker has the amount of cash required to influence the market. I wonder why folks keep saying that people lose because their brokers are betting against them, it's just not possible and this is why: if I'm using broker A and I decide to short the EU, and broker A decides to bet against me by longing the EU. It means that broker A is betting in favour of all other traders who are longing the EU at that particular moment. And what about brokers B, C, D, E,F, etc who are equally either shorting or longing the EU at that same moment. Also, what about the investment banks, governments, mutual funds, etc who are equally longing or shorting the EU at that same moment? So if my broker is betting against me, that means my broker is equally betting against soooooooo many other traders who are betting in my favour. And my broker simply does not have the amount of funds to influence the market - no broker does.

So the idea of a broker betting against a trader simply isnt valid; the market simply follows the majority and my broker doesnt make up the majority. If it were true that my broker could bet against me and force me to make a loss, then I shouldnt have been growing my account on a very consistent basis for so long.

Again, the market simply follows the money!

Like seriously? Are you for real here?

"Betting against so many other traders, investment banks" What? You have no idea how MMs operate, do you? (or even the Foreign Exchange Market in general?) Do you even know the types of brokers available? Do you trade or you're just "speculating"? Don't misinform people.

There is NO central forex market, know and understand that.

Forex Brokers, which are not Market Makers, operate either a Straight Through Processing (STP) or an Electronic Communications Network (ECN) These types of brokers I'd recommend to anyone who's serious about trading forex - only bad thing though is, they often require large "minimum funding capital".

Market Makers are dealing desks who create positions against your trades. The broker provides the liquidity. Your orders are never quoted on the interbank market, simply because the Broker IS the market. Most times the larger MMs, pair your trades - i.e they pair you with another of their customer on the opposite end of your trade.

All these brokers that let you deposit $100, with very high leverages, bonuses and all all that are nothing short of Dealing Desks (i.e Market Makers). Now, I'm not saying MM's are a terrible choice (esp. if you don't have enough capital to trade with an ECN broker), I'm just saying you understand the underlying operation. It is possible for your broker to manipulate things to their favor, from price to feeds, etc.

Surely there are good MMs out there, but there are those who engage in lots of shady actions. Hence I'd recommend an ECN broker (if you're able to ply that route).

If you can't get an ECN broker, you're better off with an STP broker. I'm low on adrenaline so I can't type a longer post to explain exhaustively how the forex market works for those here who may not know but I believe I've touched a few points.

.

^^^Good Idea @ the newspaper part.

But what do I care, she's not bad looking though.

Unless you've seen all the girls on Nairaland you have no right to claim so. Oh well, beauty is in the eyes of the Beerholer, innit?

Seriously?

denzel2009: does he know the story behind the name shina rambo?

I doubt he does. Kids these days.

Better a cab driver in the US than in Nigeria, I can assure you.

But then. . .it's a terrible decline.

annawhite: I want to slap a guy
Any volunteer?

Depends on what you're slapping with. Something soft, no?

Nairaland sure has changed a lot. Private ads now in place, hmm.

Hmmmm.

joeydozzy: Who are you?

Shouldn't I be asking you that?

Feels good to be back.

New Handles, lots of changes.

Inspired_M Do you do Car Customizations?

I want to pre-order a Car and I'll like a few extra options installed. Reach me on donsamuelp@yahoo.com.

Expecting your email.

@Adec, I sent you a mail, didn't you see it?

@Machinery, 2.5m

@Viperman, that depends but I prefer to know the price first, my budget is feasible enough.

Adec, Just sent you a mail.

@Kunle-A I get what you're trying to say.

The thing is that I need one pretty soon.If I see a clean one in Nigeria here or Cotonou, then I'll get it but I would prefer to Pre-Order one. If it can get to be by First or Second week of December, I'm okay with that. Do you have any clean Altimas?

femmy2010:
To buy from Cotonou call 08036363467 or email duduconsultt@yahoo.com

I'm not sure about the Cotonou Option, I needed a Pre-Order, except you're assuring me I can get a clean one with no problems from Cotonou.

I need a 2008 Nissan Altima real quick - it should arrive Nigeria before the end of November.

I would prefer;

- a Black Exterior Colour
- Leather Seats (that's kinda optional, I might settle for the fabric if the altima is clean enough)
- V6 definitely (I think that's the 3.5 S model)

Kindly forward more information to my email - [Removed. Order has been filled].

So what's your final price on this? (clearing/delivery inclusive).

I don't know why everyone else has a problem with white.

How much does the clearing cost anyway? I'm not so grounded in such areas. . .

2million?