Filthy Rich for Dirt Cheap - Ajaymein

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aliassmith
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Postby aliassmith » Sun Jun 05, 2011 2:10 pm

adaseb wrote:Yes but aj doesn't have a $5000 account like most noobies.

When a noob trades with his $1000 account on OANDA he probably doesn't mind paying 3-4 cents in spread for each trade, but imagine if you got a $100K+ account, each penny adds up with large lots.

If you trade at $100/pip, each half pip in spread costs you $50, and imagine trading that same instrument a couple times a day, everyday for a month. It's a lot of money.

Nobody should be scalping gold or silver on OANDA with a large account. It just doesn't make sense.

However if your swinging or position trading silver then thats fine.


And it didn't jump from $1500 to $20K overnight, CME issued many increments in margin hikes. The last rate hike was around $50 and everybody who was overleveraged got burnt, hence causing that massive sell-off.


Makes sense if you are a commodities trader. I am a currency trader and
I just happen to hear Kramer on CNBC say something about silver being
a scalpers dream. My broker happened to have it available so I have been
"pumping" it for what I can, about 160 trades in May. :) I'll still trade
currencies long and short term positions, so I'll keep my broker.
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ajaymein
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Postby ajaymein » Mon Jun 06, 2011 1:06 pm

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Postby ajaymein » Mon Jun 06, 2011 1:10 pm

OUT

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ajaymein
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Postby ajaymein » Mon Jun 06, 2011 1:14 pm

adaseb wrote:hey aj

i noticed that you seem to take your trades on OANDA. Just wondering why you aren't trading the silver futures (or gold) with a futures broker.

The spread on OANDA for silver is roughtly what 3-4 cents, on the futures market its 0.5 during a liquid period.

The only advantage i see in trading on OANDA is that you can trade any unit size while the margin on the futures is around $20K for each contract.

However you are really getting ripped off on spreads, especially when you are trying to scalp.


I've been wanting to get into the futures market and different commodities because I noticed some very successful traders prefer that as opposed to the spot forex market with brokers like Oanda. Since many made that decision and are likely trading large accounts, I figure there are some distinct advantages and benefits.

However, I haven't gotten around to looking into it yet. Yes, I pay a lot in spread but I don't think of it that way. I just look at closed trades and profits. I'm making good money so it doesn't bother me that I am paying those spreads as I have already factored it into my cost of trading. But, I do know I can increase my profits by looking at alternate brokers...just haven't gotten around to it yet. :wink:

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Postby ajaymein » Mon Jun 06, 2011 1:45 pm

Missed this beautiful perfect fukin short...

Image

Got the long though...

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Postby ajaymein » Mon Jun 06, 2011 1:47 pm

I'm long off the red box with stop tucked right below around 10 pips...I executed on the Oanda java platform...damn MT4 isn't refreshing to show the trade to

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Postby ajaymein » Mon Jun 06, 2011 1:50 pm

Fuk bad execution error...for some reason my TP was auto set at 20 pips which is like 2 pips for silver so I got +2

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Postby ajaymein » Mon Jun 06, 2011 1:53 pm

That's pretty fukin annoying

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adaseb
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Postby adaseb » Mon Jun 06, 2011 1:59 pm

Yeah I think whats worse is hitting the wrong button.

Sell instead of Buy

aliassmith
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Postby aliassmith » Mon Jun 06, 2011 2:33 pm

ajaymein wrote:I'm long off the red box with stop tucked right below around 10 pips...I executed on the Oanda java platform...damn MT4 isn't refreshing to show the trade to

Image


Took similar trade entry for +10 cents
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