For anyone who day trades the financial markets, there have been some lovely trends today and yesterday on this pair!
Jeff
EUR/USD
PS If you trade the daily timeframe, it's just breached support (see below).
Jeff
Jeff
Ferru123 wrote:For anyone who day trades the financial markets, there have been some lovely trends today and yesterday on this pair!
Jeff
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Looks like EURO is slidng against most currency for last day or so. I started trading on Lmax yesterday and exploring with small trade but made 24 GBP with 1 contract selling EUR/GBP. Though I must say I then lost 46 GBP on FTSE100 so overall down. I should've brought a bit of fundmental knowledge to bear rather than just relying on technical analysis when buying FTSe100 as the share market must be a bit nervous. I've just gone short on Eur/USD with 1 contract at 1.3374 & it's currently -1.36 but I'll see how it goes and let you know the closing position
Personally, I only use technical knowledge when it comes to trading Forex and the FTSE.
With fundamental analysis, you need to know about both what's going on, and how the market is likely to respond. With technical analysis, you just take your lead from the market!
How do you find Lmax, btw? Is income from trading on Lmax classed as gambling for tax purposes?
Jeff
With fundamental analysis, you need to know about both what's going on, and how the market is likely to respond. With technical analysis, you just take your lead from the market!
How do you find Lmax, btw? Is income from trading on Lmax classed as gambling for tax purposes?
Jeff
npatel999 wrote:Looks like EURO is slidng against most currency for last day or so. I started trading on Lmax yesterday and exploring with small trade but made 24 GBP with 1 contract selling EUR/GBP. Though I must say I then lost 46 GBP on FTSE100 so overall down. I should've brought a bit of fundmental knowledge to bear rather than just relying on technical analysis when buying FTSe100 as the share market must be a bit nervous. I've just gone short on Eur/USD with 1 contract at 1.3374 & it's currently -1.36 but I'll see how it goes and let you know the closing position
To be honest, I've just starting out on financial trading so haven't looked at the tax implication in detail and I doubt that I would've made much progress by the end of tax year. I'm only doing occasional trades so should be covered under CGT & therefore annual allowance should cover any gains made by then.
Would it fall under the category of CGT though? Do you actually own the instrument, or is it like spread betting, where you are just gambling on whether a price will rise or fall?
Jeff
Jeff
npatel999 wrote:To be honest, I've just starting out on financial trading so haven't looked at the tax implication in detail and I doubt that I would've made much progress by the end of tax year. I'm only doing occasional trades so should be covered under CGT & therefore annual allowance should cover any gains made by then.
I registered on LMAX ,looked at the prices and said thank you very much .
First -if you wanna pay taxes (because is forex) there is a lot of platforms(ECN) with straight access to the market ,at LMAX you have access now to market makers .Compare prices i.e. -mbtrading and LMAX ,no comments .;
Second -if you are not a scalper there is no difference between spreadbetting and forex platform (but no taxes),tradefair or Spread Co. for example offer good spreads -to be sure ,that everything is OK you can open in other window ECN.
First -if you wanna pay taxes (because is forex) there is a lot of platforms(ECN) with straight access to the market ,at LMAX you have access now to market makers .Compare prices i.e. -mbtrading and LMAX ,no comments .;
Second -if you are not a scalper there is no difference between spreadbetting and forex platform (but no taxes),tradefair or Spread Co. for example offer good spreads -to be sure ,that everything is OK you can open in other window ECN.
Post by Ferru123 » Tue Nov 23, 2010 3:53 pm
For anyone who day trades the financial markets, there have been some lovely trends today and yesterday on this pair!
Jeff
I missed a big opportunity to profit from the Euro slide partly due to chart on my PC (I can get chart on my laptop but not PC & LMAX looking into but haven't yet solved it), Thanksgiving last Thursday and my day job. Had I kept my 1 contract short on Eur/USD that I entered last Tuesday and closed today then I would've made £246 on a single contract. I would've had a stop-loss at about £30 just in case it went the other way.
For reasons cited above I haven't kept any trade open longer 12-14 hours.
Did profit £42 from EUR/CAD the following day though. I haven't traded on LMAX since then.
From the way EUR/USD has dropped today, I'm guessing that the markets aren't impressed by the EU rescue fund deal announced this morning:
http://www.bbc.co.uk/news/world-europe-12014385
Jeff
http://www.bbc.co.uk/news/world-europe-12014385
Jeff