Forex Handel Ist Schwierig Aber Genuss Synonyme

Backstein und Mörtel BREAKING DOWN Backstein und Mörtel Backstein-und-Mörtel Unternehmen haben mehrere deutliche Vorteile gegenüber ihren Online-Pendants. Viele Verbraucher bevorzugen es immer noch, mit den Menschen direkt zu verkehren, da sie oft glauben, dass Fragen über das Produkt oder die Dienstleistung in einer umfassenderen und sofortigen Weise behandelt werden können, auf face-to-face-Ebene. Brick-und-Mörtel Unternehmen können Verbraucher zu halten, zu versuchen und berühren Elemente, bevor sie erwägen, einen Kauf tatsächlich 73 der Verbraucher bevorzugen zu versuchen, bevor sie kaufen. Verbraucher verbinden Legitimität mit einem Steine-und-Mörtel-Geschäft als eine physische Präsenz gibt oft eine Wahrnehmung des Vertrauens. Brick-und-Mörtel Unternehmen bieten den Verbrauchern sofortige Befriedigung, wenn ein Kauf gemacht wird. Konsumenten in der Regel verbringen 40 mehr als sie beabsichtigen, an einem Steine-und Mörtel-Shop dies im Vergleich zu 25 Ausgaben mehr als gedacht beim Online-Shopping. Allerdings gibt es einige wichtige Nachteile für den Betrieb eines traditionellen Backstein-und Mörtel-Geschäft. Eine physische Präsenz erfordert, dass die Mitarbeiter Transaktionen, Miet - oder Leasingaufwendungen und Nebenkosten wie Strom, Gas und Wasser tätigen müssen. Zukunft des Ziegel - und Mörtelgeschäfts Der Anstieg des elektronischen Geschäftsverkehrs (E-Commerce) und Online-Unternehmen hat viele Kommentatoren dazu veranlasst, die Zukunft des bescheidenen Ziegel - und Mörtelgeschäfts zu betrachten. Es ist immer häufiger für Ziegel-und-Mörtel Unternehmen haben auch eine Online-Präsenz in einem Versuch, die Vorteile eines jeden Geschäftsmodells ernten. Zum Beispiel können einige Ziegel-und-Mörtel Lebensmittelgeschäfte, wie Safeway, Kunden zu kaufen für Lebensmittel online und haben sie an ihre Haustür in nur wenigen Stunden geliefert. Die Bedeutung des Ziegelsteine-und-Mörtel-Modells wird von mehreren großen Online-E-Commerce-Unternehmen gegeben, die physische Standorte öffnen, um die Vorteile des traditionellen Einzelhandels zu verwirklichen. Amazon Inc. zusammen mit etwa 20 anderen Online-Unternehmen, hat Ziegel und Mörtel Läden eröffnet, um ihre Produkte zu vermarkten und die Kundenbeziehungen zu stärken. Einige Unternehmenstypen, zum Beispiel solche, die in der Dienstleistungsbranche tätig sind, eignen sich jedoch geeigneter für Ziegel - und Mörtelformen wie Haarsalons, Tierärzte, Tankstellen, Autowerkstätten, Restaurants und Wirtschaftsprüfungsgesellschaften. Es ist wichtig, dass Marketing-Strategien für Ziegel-und-Mörtel Unternehmen die Vorteile, die ein Verbraucher hat, wenn der Kauf an einem physischen Speicher. Hinzu algo Handel gibt es ein paar Möglichkeiten in der quotpenny stockquot Arena aber es gibt viele weitere Chancen in Aktien Gt 5 und besser: über 20. Sicher könnten Sie ein algo schreiben, um parabolische Kurzschlüsse auf sub 5 Aktien zu handeln, wenn der Vorrat über 10x avgvol ist. Das passiert 5-15xmonth. Sie039ll Pumpe 20k in 30k am besten jedes Mal, alle mit 1-3k in Gefahr. (Belohnung: Risiko von oder Sie konnten die Preisniveaus auf großen Jungenbeständen tagtäglich handeln, riskierend 50 Cents, um 4 auf TSLA oder NFLX zu machen (Belohnung: Gefahr 8: 1), und Sie konnten 400k leicht an einer von werfen Diese Aktien an einem Tag mit 2x avgvol. Kaufen Sie 400 Aktien der TSLA, wie es einen Umzug von 230 bis 240 macht, und Sie erhalten 40010 4k. Sie könnten wiederholen, dass jeden Tag, mehrmals täglich in verschiedenen Beständen. Wenn Sie Ihrem algo vertrauen , Könnten Sie sogar kaufen 20k Aktien der TSLA und Bank 200k off, dass allein, wenn Sie die Größe des Kontos haben. 1.2k Ansichten middot Ansicht Upvotes middot Nicht für ReproductionArticles gt Investing gt Was ist der Unterschied zwischen Gambling und investieren Was ist der Unterschied zwischen Gambling und Investieren Es ist allgemein vereinbart, dass Casinos im öffentlichen Interesse nicht zugänglich und teuer sein sollten und dasselbe gilt für Börsen - John Maynard Keynes Was ist der Unterschied zwischen Glücksspielen und Investieren Um zwischen den beiden zu unterscheiden, Sollte beginnen, sie zu definieren. Vergleiche werden oft zwischen den beiden Aktivitäten, aber Ive nie gesehen, die Begriffe explizit definiert. Wenn Sie genug motiviert sind, ermutige ich Sie zu versuchen, die Begriffe Glücksspiel und Investitionen zu definieren, bevor Sie diese Lektüre lesen. Können Sie sich selbst überraschen. (Go ahead, Ill warten hier für Sie.) Welche Definitionen haben Sie sich mit investieren und Glücksspiel gegenseitig ausschließen, oder gibt es einen Bereich der Überschneidung Und sind die Grenzen klar abgegrenzt, oder gibt es eine graue Fläche in der Mitte Lets see Was das Wörterbuch sagt. Heres, was das Random House-Wörterbuch auf meinem Bücherregal sagt: Gamble: Um bei jedem Spiel der Chance für Einsätze spielen. Gehen oder riskieren Geld oder etwas von Wert, auf das Ergebnis von etwas mit dem Zufall. Invest: Um Geld zu verwenden, durch Kauf oder Ausgaben, in etwas bietet rentable Renditen. Beide scheinen vernünftig auf cursory review, aber ein genauerer Blick zeigt, dass theyre nicht schrecklich hilfreich. Die Definition für Glücksspiel könnte ebenso investieren und investieren, und umgekehrt. Die Wörterbuch-Website sagt: Gamble: Wetten auf ein ungewisses Ergebnis, wie von einem Wettbewerb. Um ein Risiko in der Hoffnung auf einen Vorteil oder einen Vorteil zu nehmen. Invest: Um Geld oder Kapital zu begehen, um eine finanzielle Rendite zu erzielen. Auch hier ist die Unterscheidung nicht klar. Wenn Sie investieren, wetten Sie nicht auf ein unbestimmtes Ergebnis Sind Sie nicht ein Risiko in der Hoffnung auf einen Vorteil oder Vorteil zu gewinnen Im Glücksspiel, sind Sie nicht begehen Geld Sind Sie es nicht tun, um eine finanzielle Rückkehr Über das Wörterbuch OK zu gewinnen , So dass die Wörterbuchdefinitionen arent sehr nützlich. Vielleicht, wenn wir untersuchen, einige der Möglichkeiten, in denen Glücksspiel und Investitionen sind in der Regel wahrgenommen zu unterscheiden, könnten wir in der Lage, Definitionen aus diesen Merkmalen zu bauen. Investieren ist eine gute Sache, Glücksspiel ist eine schlechte Sache. Ich denke, es wäre schwer, mit der Behauptung zu argumentieren, dass Investitionen im Großen und Ganzen eine gute Sache ist. Investieren ist weithin als der Motor, der den Kapitalismus treibt betrachtet. Es neigt dazu, Geld in die Hände derjenigen mit den vielversprechendsten und produktiven Einsatz für sie setzen, und treibt die Wirtschaft allmählich nach oben. Investoren arent nur Wetten auf die Unternehmen wird erfolgreich sein, theyre die Bereitstellung der Hauptstadt, die Unternehmen benötigen, um ihre Ziele zu erreichen. Die Führungsposition der USA in der Technologie ist vor allem auf Investitionen von Venture-Capital-Firmen, Angel-Investoren und technophilen Einzelinvestoren zurückzuführen. Ebenso können Sie die Welt auf eine kleine Weise verändern, indem Sie in Unternehmen investieren, an die Sie glauben, wie sozial oder umweltbewusste Firmen und Investmentfonds oder Biotech-Unternehmen, die an Krankheiten arbeiten, die Sie oder jemanden in Ihrer Nähe beeinflussen könnten. Glücksspiel, auf der anderen Seite, ist nicht so deutlich einen positiven Beitrag. Gambling tendiert dazu, lokalen Ökonomien zu helfen, aber auch in der Regel bringt es gut dokumentiert unangenehme Nebenwirkungen. Ill lassen es bis zu dem Leser zu entscheiden, ob das Spiel ist, auf dem Gleichgewicht, ein Plus oder Minus. Mit Blick auf die Finanzmärkte könnte man den Fall machen, dass Menschen, die in diesem Bereich spielen, eine Funktion erfüllen, indem sie den Märkten Tiefe, Liquidität, Transparenz und Effizienz hinzufügen. Aber das ist von relativ geringen Wert, und die Spieler fangen wahrscheinlich die meisten dieser Wert für sich. Auf der anderen Seite erhöhen sie häufig die Volatilität der Märkte, die auf dem Kontostand in der Regel ein negatives ist (obwohl es versierte Anleger Möglichkeiten für größere Gewinne leisten). Wie Warren Buffett gesagt hat, will die Wall Street die Verbreitung von rasenden Finanzspielen als eine anspruchsvolle, prosoziale Aktivität charakterisieren, die die Feinabstimmung einer komplexen Wirtschaft erleichtert. Aber die Wahrheit ist anders: Kurzfristige Transaktionen handeln häufig als ein unsichtbarer Fuß, treten die Gesellschaft in den Schienbeinen. Die Frage, ob das Glücksspiel moralisch falsch ist und wie streng es reguliert werden soll, ist wichtig, liegt aber weit über den Rahmen dieses Aufsatzes hinaus und wird daher nur im Vorbeigehen erwähnt. Regierungen in der Regel Stirnrunzeln auf Glücksspiel (es sei denn, natürlich theyre bekommen die Löwen Anteil der Gewinne, wie mit staatlichen Lotterien). Viele Religionen Stirnrunzeln auf Glücksspiel (aber sie scheinen nicht, Kirche Bingo Geist). Ich habe kein Problem mit einer Person, die moralisch gegen das Spielen ist, solange diese Person genau weiß, was heshe durch das Spielen bedeutet. Ich möchte hinzufügen, dass nicht alle Arten von Investitionen produktiv sind. Kaufen und Halten führt zu einem positiven Beitrag zur Wirtschaft, aber Kauf und Verkauf schnell, die Art und Weise Day Trader, führt zu keinen Netto-Beitrag. Für die Zwecke der laufenden Untersuchung könnten wir entweder investierende Aktivitäten umklassifizieren, die als Glücksspielproduktion fungieren, oder wir könnten diese als Ausnahmen von der Regel betrachten. Ich lehne mich auf diese Interpretation. Bei der Investition, sind die Chancen zu Ihren Gunsten im Glücksspiel, sind die Chancen gegen Sie. Peter Lynch hat gesagt, dass eine Investition ist einfach ein Glücksspiel, in dem Sie geschafft, die Chancen zu Ihren Gunsten zu kippen. Aber diese Position ist zu einfach. Es gibt viele Investitionen, wo die Chancen gegen Sie sind: Futures, Optionen und Rohstoffe Handel (wo Sie verletzt auf Provisionen und die Bidask-Spread), häufige Aktienhandel (aus dem gleichen Grund) und Verkauf von kurzen (seit dem Markt geht Und nicht auf lange Sicht), um nur einige Beispiele zu nennen. Ebenso, während für die meisten Arten von Glücksspielen die Chancen gegen Sie sind, ist es möglich für die Chancen zu Ihren Gunsten. Ich verbrachte einen Sommer während des College arbeiten in Arizona, und ich fuhr bis nach Nevada die meisten Wochenenden, um Blackjack zu spielen. Durch das Zählen von Karten konnte ich einen kleinen, aber vorhersehbaren Vorteil gegenüber dem Haus erzielen, im Durchschnitt etwa 1,5 pro Wetteinheit. (I havent zurückgegeben seitdem, aus mehreren Gründen: seine nicht intellektuell anspruchsvoll, während Kartenzählen ist nicht illegal, können Vegas Casinos Sie verlassen, wenn sie vermuten, dass Sie es tun und Ive fand es einfacher und angenehmer, Geld zu verdienen in Aktien als in Blackjack.) Experten Poker Spieler können auch Geld verdienen in Casinos, weil ihre Konkurrenz sind andere Spieler anstatt das Haus, und solange das Haus nimmt seinen Schnitt ist es egal, wie der Rest des Geldes wird unter den Spielern neu verteilt. Es gibt zusätzliche Probleme mit dieser versuchten Charakterisierung des Glücksspiels als eine verlierende Wette und die Investition als eine gewinnende Wette. Es bedeutet, dass eine bestimmte Aktivität von Glücksspielen auf Investitionen (oder umgekehrt) umschaltet, sobald die Quoten über den Break-even-Punkt hinaus schwingen. Auch wenn zwei Spieler an einer Aktivität teilnehmen, in der man einen Vorteil gegenüber dem anderen hat, würde es bedeuten, dass eine Person Glücksspiel und die andere investiert. Das bedeutet, dass Institutionen, die auf den Börsengang zu dem Angebotspreis kommen, Investoren sein würden, und die kleinen Leute, die diese Institutionen sofort die Aktien umdrehen, um einen Gewinn zu erzielen, würden die Spieler sein. Darüber hinaus, während es möglich ist, exakte Quoten für einige Casino-Spiele zu berechnen, ist dies selten der Fall an der Wall Street. Wie können Sie sicher wissen, ob die Chancen für oder gegen Sie, wenn Sie sich entscheiden, eine bestimmte Aktie heute kaufen Was ist mit Venture Capital Investitionen, sagen Sie Arent die Chancen gegen sie gestapelt Ja, die Mehrheit der Venture Capital-Investitionen führen zu Verlust, oft Ein Gesamtverlust des investierten Betrags. Allerdings führen Venture-Fonds in der Regel höhere Renditen als Aktien, da ein kleiner Prozentsatz der Unternehmen Investitionen sind zu Hause läuft, mehr als den Verlust für komplette Verluste auf andere Investitionen. So während Risikokapital könnte wie das Spielen in, dass die Chancen gegen die VC-Unternehmen bei einer bestimmten Wette scheinen, im Durchschnitt die erwartete Auszahlung ist positiv, so dass die Chancen auf lange Sicht tatsächlich zu ihren Gunsten sind. Glücksspiel kann süchtig und destruktiv, aber investieren cant. Zwanghaftes Glücksspiel wurde richtig als Problem identifiziert, und Organisationen wie Gamblers Anonymous helfen Menschen mit dem Problem bewältigen. Kein ähnliches Problem wird allgemein angenommen, in der Investition zu existieren. Es gibt keine Anonymen Anleger, und niemand spricht über zwanghafte Investoren. Aber während es noch nicht weit verbreitete Anerkennung der investierenden Sucht gibt, wird es bald sein. Marvin Steinberg, Executive Director des Connecticut Council on Compulsive Gambling, sagte vor kurzem über die Investitionsneigung: Wir wissen nicht, das wahre Ausmaß des Problems, weil kaum jemand identifiziert es als ein Glücksspiel Problem - sie sehen es als ein finanzielles Problem oder eine Investition Problem. Viele Online-Investoren, die behaupten, Kauf-und-halten Investoren prüfen ihre Portfolios auf einer täglichen oder stündlichen Basis, und springen in und aus der Bestände häufiger als sie erkennen. Aktiver Handel kann teuer sein, sowohl in Bezug auf die Provisionen und Bidask-Spreads und in Bezug auf emotionale Müdigkeit. Auch einige Leute investieren mehr aggressiv als sie sollten, die praktisch identisch mit Spielern, die mehr Geld wetten, als sie sich leisten können, zu verlieren. Diese Seite bietet eine Liste von Fragen zu helfen, eine Person bestimmen, ob heshe könnte ein zwanghafter Spieler sein. Ersetzen Sie das Wort Gambler mit Investor für jede Frage und der Fragebogen ist ebenso nützlich, aber für einen anderen Zweck. Gambling ist Unterhaltung, investieren ist Geschäft. Wie Brad Hill gesagt hat, sind die globalen Finanzmärkte der größte Zuschauersport, den die Menschheit jemals entwickelt hat. Es verfügt über planetare Reichweite, eine Vielzahl von lokalen Wettbewerbs-Arenen, Statistiken, Star-Spieler und - am besten von allen - jeder kann zwischen den Bereichen des Beobachters und Teilnehmer, Fan und Spieler zu bewegen. Wenn Sie gerade richtig schielen, scheinen die standhaften Newscasters von CNBC Play-by-Play-Ansagen zu sein, die das Spiel für U. S. Fans aufrufen. Und finanzielle Abschnitte von Zeitungen unterscheiden sich von Sportabschnitten in ihrer Darstellung von Geschichte, Daten und Persönlichkeit Nicht im Wesentlichen. Während das Spielen als Unterhaltung, als Business-Dichotomie investieren könnte in der Vergangenheit klar gewesen sein, wird die Linie verschwommen. Das Internet ermöglicht Online-Brokerage und andere Finanz-Websites zu revolutionieren Retail-Investitionen, die auf der Bilanz ist ein enormer Vorteil für die einzelnen Investoren und die Wirtschaft im Allgemeinen. Allerdings hat die weit verbreitete Erreichbarkeit von billigen Online-Trades hat auch einige Leute, die Wetten und Online-Trading als eine neue Form der Unterhaltung zu genießen. Die Hauptfaktoren, die diesen Trend beschleunigen, sind, dass das Spielen streng reglementiert ist und nicht allgegenwärtig ist und dass die Chancen in der Regel besser in der Investition als im Glücksspiel sind. Chris Anderson, Exekutivdirektor des Illinois-Rates auf Problem und zwanghaftem Spielen, hat gesagt, dass das zwanghafte Spielen nicht wirklich ist, Geld zu verdienen, sein über Handeln und die Verlockung des großen Gewinns. Während Im nicht ein Neurowissenschaftler, vermute ich, daß die chemischen änderungen, die in den Gehirnen der zwanghaften Spieler und zwanghaften Tageshändlern auftreten, ähnlich sind, da sie beide auf der gleichen emotionalen Achterbahn der Gewinne und Verluste fahren. Ähnlich, während einige Leute, die in High-Tech-Aktien investieren tun es für die potenziellen Renditen, andere tun es, weil der Ansturm erhalten sie von der enormen Volatilität. Es fühlt sich richtig an, diese Gruppe als Spieler und nicht als Investoren zu klassifizieren. Ich dont bedeuten, implizieren, dass ich denke, seine akzeptabel, für Unterhaltung zu spielen, aber nicht für Unterhaltung zu investieren. Ich denke, beide sind gleichermaßen akzeptabel, vorausgesetzt, die Person genießt die Tätigkeit (im Gegensatz zum Gefühl, einen Zwang zur Teilnahme) und vorausgesetzt, die Person nutzt nur Geld, das sie sich leisten kann, zu verlieren. Aber Im wahrscheinlich nicht die beste Person, um ein Urteil über diese Frage zu machen, weil Ive nie gefunden, entweder spielen oder investieren, um unterhaltsam zu sein. Mein Ziel war immer Wertschöpfung und nicht Genuss, und ich platziere Wetten nur, wo die Chancen sind am stärksten zu meinen Gunsten, nicht dort, wo ich erwarten, die meisten Aufregung zu finden. Investieren ist das Speichern für bestimmte Ziele, wie Ruhestand, während Glücksspiel isnt. Viele Menschen sehen Investitionen als eine geplante Strategie der Vermögensbildung für bestimmte künftige Ziele. Und das gilt sicherlich für einige Arten von Investitionen. Aber dies ist weitgehend ein Nebenprodukt der mit den Chancen in einer Gunst. Wenn Sie die Kante (ob im Blackjack oder in Aktien) haben, sind Zeit und die Gesetze der Wahrscheinlichkeit eine leistungsfähige Kombination. Gambling würde genauso gut funktionieren, wie Investitionen für Finanz-Event-Planung, wenn Glücksspiele zu Ihren Gunsten waren. Investoren sind risikoavers, während Spieler Rettungssuchende sind. Risikobereitschaft ist intrinsisch sowohl für Glücksspiel als auch für Investitionen. Es gibt ein paar Investitionen, die nicht mit Risiken verbunden sind, wie feste Annuitäten und Staatsanleihen bis zur Endfälligkeit gehalten, aber auch diejenigen haben Inflationsrisiko. Der Hauptunterschied zwischen den beiden Gruppen scheint die relative Risikobereitschaft der Teilnehmer zu sein. Anleger neigen, Gefahr zu vermeiden, es sei denn adäquat kompensiert für das Nehmen es, aber Spieler dont. Um es anders auszudrücken, nehmen Investoren nur die Risiken, die sie nehmen sollten, während Spieler auch einige Risiken einnehmen, die sie nicht nehmen sollten. Möchten Sie lieber 50 oder 5050 Chance auf 100 Wenn Sie die 50, youre ein Investor nehmen. Wenn Sie für alles oder nichts gehen, sind Sie ein Spieler. Möchten Sie lieber Ihr Geld unter Ihre Matratze oder in eine extrem volatile Aktie, die in Konkurs gehen könnte oder könnte im Wert verdoppeln Die Frage ist etwas anders, aber die Antwort ist ebenso lehrreich. Wenn Sie erwarten, Ihr Geld schnell verdoppeln, was auch immer Sie tun, ist wahrscheinlich Glücksspiel, auch wenn es auf der Wall Street statt in Las Vegas passiert. Allerdings ist diese Charakterisierung der Spieler als Risiko-Taker gilt nur für Nicht-Profi-Spieler, Menschen, die Atlantic City besuchen für ein Wochenende für Unterhaltungszwecke. Profi-Spieler, die es geschafft haben, die Chancen zu ihren Gunsten Trinkgeld verhalten sich mehr wie Investoren, scheuen weg von Risiko, es sei denn, die Belohnung ist ausreichend, um die Chance zu rechtfertigen. In der Tat könnte man das Argument, dass Investoren in der Regel auf mehr Risiko als professionelle Spieler, wegen der unsicheren inhärenten an den Finanzmärkten zu machen. Wie ich bereits erwähnt, ist es schwierig für Investoren zu berechnen, wie viel von einem Vorteil sie haben, aber die Chancen einer gegebenen Spielstrategie kann entweder genau oder zumindest annähernd bekannt sein. Investieren ist ein kontinuierlicher Prozess Glücksspiel ist eine sofortige Veranstaltung oder eine Reihe von Veranstaltungen. Diese Regel scheint in den meisten Fällen zu halten. Investieren ist ein kontinuierlicher Prozess des Einsatzes von Kapital auf der Suche nach stetig steigendem Nettovermögen. Als Ergebnis ist verzögerte Befriedigung impliziert. Glücksspiel ist ein bestimmter Akt oder eine Reihe von Handlungen, um die unmittelbare Befriedigung zentriert. In dieser Hinsicht ähnelt der Day-Trading dem Glücksspiel: Der Teilnehmer steigt ein, der Preis bewegt sich nach oben oder unten und heshe raus, meist in wenigen Minuten. Das gleiche gilt für den Kauf mit dem Glauben, dass eine Aktie im Begriff ist zu springen, oder den Kauf von IPO-Aktien mit der Absicht, sie in ein paar Stunden oder Tage, oder den Kauf von Optionen, die in der Nähe zum Verfall sind. Auf der anderen Seite, den Kauf in der Überzeugung, dass ein Aktienkurs wird schließlich seinen Wert widerspiegeln, mit dem Plan zu halten, solange es dauert, dies geschehen, ist eher wie Investitionen. Investieren ist das Eigentum an etwas greifbaren Glücksspiel isnt. Die zweite Hälfte der Aussage ist sicher wahr, aber die erste Hälfte ist nur manchmal wahr. Einige Investitionen beinhalten das Eigentum an etwas greifbare, aber viele nicht. Bei Derivaten handelt es sich zum Beispiel um Anlagen, die aus anderen Anlagen abgeleitet werden. Eine Option ist ein Derivat, das dem Eigentümer das Recht gibt, einen bestimmten Betrag eines bestimmten Wertpapiers zu einem bestimmten Preis während eines bestimmten Zeitraums zu kaufen oder zu verkaufen. Optionen sind in der Regel als Investitionen, anstatt Glücksspiel, und zu Recht, aber sie sind nicht Eigentum von nichts greifbares. Allerdings, wenn Sie erkennen, dass eine Option im Wesentlichen eine Wette ist, dass eine bestimmte Sicherheit wird oder nicht über einem bestimmten Preis auf oder durch ein bestimmtes Datum, fängt es an, mehr wie Glücksspiel als Investitionen zu fühlen. Eine noch strengere Definition von Investitionen würde es erfordern, dass es den Kauf eines Vermögenswertes, die entweder einen Strom von Einkommen produziert oder kann gemacht werden, um einen Strom von Einkommen zu produzieren. Aber diese Definition würde solche Vermögenswerte wie Sammlerstücke, Briefmarken, Kunst und Gold, die keinen intrinsischen Wert haben zu beseitigen. Ich denke nicht, dass es sinnvoll ist, sie einfach auf dieser Basis auszuschließen. Wir könnten uns entscheiden, sie nicht wegen ihrer schlechten langfristigen Leistung zu betrachten, aber wir sollten nicht wählen, sie nicht Investitionen zu betrachten, nur weil sie nicht immer einen Strom des Einkommens produzieren. Investieren basiert auf Geschick und erfordert die Verwendung eines Systems auf der Grundlage von Forschung, während Glücksspiel auf Glück und Emotionen basiert. Viele so genannte Investoren tun nicht so viel Forschung wie sie sollten. Viele kaufen auf Tipps oder Gerüchte, oder basierend auf einigen Analysten Preisziel, ohne dabei ihre eigene erschöpfende Forschung. Es fühlt sich richtig an, solches Verhalten Spielen zu nennen. Ebenso sind Investoren, die Entscheidungen auf der Grundlage von Emotionen (vor allem Gier und Angst), anstatt emotional losgelöst und kleben mit ihrer Strategie, sind zu einem gewissen Grad spielen. Auf der anderen Seite der Münze, einige Spieler ernst Forschung, oft zahlen Hunderte von Dollar pro Monat für Echtzeit-Daten, was die aktuellen Zeilen sind (zum Beispiel auf scoresandodds oder vegasinsider). Professionelle Sportinvestoren widmen sich täglich 12 Stunden dem Sport. Sie lesen Dutzende von Zeitungen, abonnieren Line-Dienste, pflegen interne Kontakte und haben jahrelange Erfahrung, in der Regel auf beiden Seiten der Wett-Zähler. Diese Profis halten ihre Emotionen weg von der Entscheidungsfindung. Sobald sie ein System, das für sie arbeitet, sie nicht zweitens erahnen, konzentriert sich auf langfristige Gewinne anstelle von Tag zu Tag Leistung. Auch konzentrieren sie sich auf die Bereiche, in denen sie maximale Ergebnisse erzielen. Viele Profis setzen nur auf eine Sportart, die mehr als eine oberflächliche Ähnlichkeit mit Warren Buffetts Idee ist, innerhalb eines Kompetenzkreises zu bleiben. Während Investitionen und Glücksspiel wahrscheinlich zunächst Welten auseinander zu sein scheinen, zeigen die obigen Versuche der Differenzierung, dass die tatsächlichen Unterschiede kleiner sind als die wahrgenommenen Unterschiede und dass es eine signifikante Grauzone in der Mitte gibt. Basierend auf den obigen Charakterisierungen ist klar, dass die entsprechende Klassifizierung nicht vollständig von der Aktivität, sondern auch von der Art und Weise, in der die Aktivität durchgeführt wird, abhängt. Theres ein großer Unterschied zwischen dem Kauf einer Aktie nach gründlich erforschen und kaufen eine Aktie, indem sie es auf einer Dartscheibe. Dies gilt auch dann, wenn derselbe Vorrat gewählt wird. Ähnlich theres ein großer Unterschied zwischen dem Kaufen der exotischen Ableitungen, zum gegen ein vorhandenes Risiko oder eine Position zu sichern und die gleichen Derivate zu kaufen, weil Sie eine Web site sahten, die sie touting. Als letztes Beispiel gibt es einen großen Unterschied zwischen dem Kauf einer Staatsanleihe, um die Zinsen zu sammeln, die es verdient und kauft die gleiche Bindung in der Überzeugung, dass die Zinssätze zu fallen und die Anleihen Wert wird Rakete. Eine interessante Sache zu beachten ist das Muster der Ausnahmen zu den versuchten Charakterisierungen. Die meisten Ausnahmen waren Leute, die investieren-bezogene Dinge tun, aber werent Verhalten wie Investoren, oder Menschen, die Glücksspiel-bezogene Dinge waren aber werent Verhalten wie Spieler. Von den vier Gruppen, Erholungsinvestoren, professionellen Investoren, Freizeitspielern, professionellen Spielern gibt es mehr Gemeinsamkeiten zwischen den beiden Freizeitgruppen und zwischen den beiden Berufsgruppen als zwischen den beiden Investitionsgruppen und zwischen den beiden Glücksspielgruppen. Insbesondere diejenigen, die ein rigoroses System zu tun, Forschung zu tun, neigen die Chancen zu ihren Gunsten, behandeln sie als ein Geschäft, anstatt als Unterhaltung, Sucht zu vermeiden, und halten ihre Emotionen in Scheck neigen dazu, sich wie Investoren, und diejenigen, die nicht tendenziell neigen Verhalten sich wie Spieler. Es könnte nicht so eine Strecke, um professionelle Spieler Investoren und Freizeit-Investoren Spieler nennen. Eine dritte Möglichkeit: Spekulieren Eine andere Möglichkeit ist, dass die beiden Begriffe Glücksspiel und Investitionen ausreichend sind, um das gesamte Spektrum der betrachteten Aktivitäten abzudecken. Ein dritter Begriff, spekuliert, wird oft verwendet, um die beiden Straddle, um speziell Aktivitäten, die normalerweise als Investitionen, sondern wurden in einer Weise, dass sie fühlen sich mehr wie Glücksspiel. In der allgemeinen Theorie der Beschäftigung, des Zinses und des Geldes. John Maynard Keynes definiert Spekulationen als die Aktivität der Prognose der Psychologie des Marktes, und das spekulative Motiv als das Ziel der Gewinnung von Profit aus dem Wissen besser als der Markt mit der Zukunft bringen wird. Viele Leute betrachten Milliardär George Soros als Investor, aber er bevorzugt den Begriff Spekulanten. In der Tat hat er gesagt, dass eine Investition eine Spekulation, die falsch gegangen ist. Was er damit meint, ist, dass unter den Spekulanten eine Investition der Name ist, den sie einer Spekulation geben, die nicht so funktioniert, wie sie es erwartet haben und die sie mit einer Position, die sie hoffen, mit der Zeit verbessern wird, bleiben ließen. Soros und andere Spekulanten machen ihre Vorhersagen teilweise auf der Grundlage der Marktpsychologie, und in dieser Hinsicht passt ihr Verhalten perfekt zur Keynes-Definition der Spekulation. Aber es gibt viel mehr zu spekulieren als nur die Interpretation der Marktpsychologie, und diese Definition ist nicht ausreichend von denen, die wir für Glücksspiel und Investitionen in den oben genannten Abschnitt. Laut dem Wörterbuch auf meinem Bücherregal ist Spekulation das Engagement in Geschäftsvorgängen mit erheblichem Risiko für die Chance auf große Gewinne. Nach dieser Definition beruht die gesamte Unterscheidung auf dem Grad des Risikos und der Größe der potenziellen Gewinne. Zur Unterstützung dieser Definition verwenden Anleihe-Rating-Agenturen den Begriff spekulativ häufig für Anleihen mit hohem Risiko (die von SampP oder Baa von Moodys unter BBB bewertet werden). In ihrem Buch Investments. Zvi Bodie, Alex Kane und Alan Marcus argumentieren, dass ein Glücksspiel die Übernahme des Risikos für keinen Zweck, aber der Genuss des Risikos selbst ist, während Spekulationen trotz des damit verbundenen Risikos durchgeführt werden, weil man einen günstigen Risiko-Rendite-Trade wahrnimmt. Aber das ist zu einfach. Niemand würde Kasinospiele spielen, wenn die nur möglichen Resultate entweder brechen oder sogar den Verlust verlieren, den sie erleben, kommt von der Möglichkeit des Gewinnens und nicht nur von der Einnahme des Risikos. Sie fortsetzen: Um ein Glücksspiel in eine spekulative Perspektive zu verlängern erfordert eine angemessene Risikoprämie für die Entschädigung für risikoaverse Investoren für die Risiken, die sie tragen. Daher sind Risikoaversion und Spekulation nicht unvereinbar. Dieser Teil stimme ich zu. In der Tat, ob sie es realisieren oder nicht, definiert ihre Definition Glücksspiel als Spekulation, wenn die Chancen können ausreichend gekippt werden in den Spielern zugunsten, wie im professionellen Blackjack oder Poker, die in schön mit Argumenten im vorherigen Abschnitt passt. Zvi Bodie et al scheinen zu sagen, dass, um zu spekulieren, anstatt Glücksspiel, die Person darf nicht mehr Risiken, als durch die potenzielle Belohnung gerecht zu werden. Andere sagen, dass, um zu spekulieren, anstatt zu investieren, die Person muss größere Risiken, als durch die potenzielle Belohnung gerecht zu werden. Zum Beispiel in Benjamin Graham und David Dodds klassische Sicherheitsanalyse. Sie argumentieren, dass eine Investitionstätigkeit ist eine, die bei gründlicher Analyse verspricht Sicherheit der wichtigsten und eine angemessene Rendite. Operationen, die diese Anforderungen nicht erfüllen, sind spekulativ. Beide Positionen sind vertretbar. Aber vielleicht eine bessere Interpretation würde auf die Erkenntnis, dass verschiedene Investoren haben unterschiedliche Toleranzen für das Risiko ruhen. Vielleicht sind Spekulatoren diejenigen, die risikoneutral sind, während Spieler Risikosuchende sind und Investoren risikoavers sind. Während das Hinzufügen des Begriffs Spekulation, die Mischung könnte einen gewissen Wert haben, wird es wahrscheinlich mehr Verwirrung als Klärung, so dass ich lieber es verlassen und konzentrieren sich auf nur Glücksspiel und Investitionen. Schlussfolgerungen So was ist meine Entschließung zu dieser Definition conundrum Nun, der Zweck von Wörtern ist, Konzepte zu kommunizieren. Es spielt also keine Rolle, welche Definitionen Sie verwenden, solange Sie und die Person (en), mit der Sie kommunizieren, klar ist, was mit diesen Worten gemeint ist. Und noch wichtiger, solange Sie wissen, was youre tun, zu investieren oder Glücksspiel, bevor Sie es tun. Aber mit dem sagte, wäre es von Vorteil sein, wenn jeder vereinbaren, was die Begriffe bedeuten, so dass wir nicht brauchen, um unsere Definitionen explizit jedes Mal, wenn wir sie verwenden wollen. Zu diesem Zweck biete ich die folgenden Definitionen an, die aus den verschiedenen Charakterisierungen im obigen Abschnitt gebaut werden: Investierung: Jede Tätigkeit, bei der Geld zum Zwecke der Gewinnung gefährdet wird und das durch einige oder die meisten gekennzeichnet ist Die folgenden (in etwa absteigender Reihenfolge von Bedeutung): ausreichende Forschung wurde durchgeführt, die Chancen sind günstig, das Verhalten ist risikoscheu ein systematischer Ansatz wird gefasst Emotionen wie Gier und Angst spielen keine Rolle, die die Tätigkeit im Gange und getan wird als Teil von Ein langfristiger Plan die Aktivität ist nicht nur durch Unterhaltung oder Zwang Besitz von etwas konkretes motiviert beteiligt ist ein Netto-positiven wirtschaftlichen Effekt führt. Glücksspiel: Jede Tätigkeit, in der Geld für die Zwecke der Gewinnverwendung gefährdet ist und die durch einige oder die meisten der folgenden (in etwa absteigender Reihenfolge von Bedeutung) gekennzeichnet ist: wenig oder keine Forschung wurde durchgeführt, die Chancen sind ungünstig Das Verhalten ist risikosuche ein unsystematischer Ansatz wird ergriffen Emotionen wie Gier und Angst spielen eine Rolle, die die Tätigkeit ist ein diskretes Ereignis oder eine Reihe von diskreten Veranstaltungen nicht als Teil eines langfristigen Planes die Aktivität ist deutlich motiviert durch Unterhaltung oder Zwang Eigentums von etwas greifbare ist nicht beteiligt keine Netto-ökonomische Wirkung ergibt. Spekulieren - ich würde es vorziehen, diesen Begriff ganz zu vermeiden, aber wenn nötig, würde ich es definieren als: Investieren oder Glücksspiel durch ein hohes Maß an Risiko und ein hohes Potenzial für Belohnung. Sind Sie enttäuscht, dass ich nicht das Wesen des Glücksspiels kristallisieren und in ein einziges unterscheidendes Merkmal investieren Hatte ich bloß die Zweideutigkeit abgewehrt und fegte die grauen Bereiche und die wichtigen Ausnahmen unter dem Teppich, den ich nicht denke. Die Taxonomie muss nicht vollständig unterscheiden, um nützlich zu sein, noch muss es nur ein einziges Merkmal sein. Und nur, weil einige der Charakterisierungen Ausnahmen bedeutet nicht, dass sie vollständig geworfen werden sollten. Fast jeder stimmt zu, dass das Konzept des Stuhls eine nützliche ist, obwohl es schwierig ist, genau zu definieren, was die notwendigen und ausreichenden Eigenschaften eines Stuhls sind. Warum ist es wichtig, dass Gesetzgeber und Regulierungsbehörden klar sein müssen, was die Begriffe bedeuten, also verstehen sie den Geltungsbereich ihrer Gesetzgebung und Regulierung in Bezug auf verbotenes Verhalten, angemessene Offenlegung, Schutz der Teilnehmer und ähnliche Fragen. Im Allgemeinen, Im zugunsten der weniger Regulierung und mehr Offenlegung für beide Tätigkeiten als Glücksspiel-und diejenigen beschrieben als Investitionen, aber Im kein Experte zu diesem Thema und eine gründliche Diskussion ist über den Rahmen dieses Aufsatzes. Jeder muss erkennen, wie einfach das Internet macht es unter dem Deckmantel der Investitionen zu spielen. When people use generic terms without ever specifying what they mean, its easy for those terms to gradually change in meaning, and I think thats exactly what the internet is causing to happen. I dont mean to imply that the internets democratization of investing is a bad thing. In fact, I think its the one of the most important developments in the history of investing. My hope in pointing this out is to awaken those individuals who are acting like gamblers but who think theyre acting like investors. Investing addiction is as serious as gambling addiction, and should be treated as such. If more people start to view buying and selling stocks online as a way to get the betting rush that previously required a trip to a casino, is there any reason to think the same negative consequences that follow gambling wont also follow investing Perhaps investing addiction is not getting the attention it deserves because most people are attaching to it all the positive connotations of investing and none of the negative connotations of gambling. Those who have ethical problems or religious issues with gambling (or even investing) owe it to themselves to figure out exactly what they object to and why. As I mentioned, I have no such ethical problems with either gambling or investing, but again, this discussion is beyond the scope of this essay. Ill leave it to Benjamin Graham to further emphasize why such clarity is essential. In The Intelligent Investor he said: The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is a cause for concern. We have often said that Wall Street as an institution would be well advised to reinstate this distinction and to emphasize it in all dealings with the public. Otherwise the stock exchanges may some day be blamed for heavy speculative losses, which those who suffered them had not been properly warned against. He continues: Outright speculation is neither illegal, immoral, nor (for most people) fattening to the pocketbook. There is intelligent speculation as there is intelligent investing. But there are many ways in which speculation may be unintelligent. Of these the foremost are: (1) speculating when you think you are investing (2) speculating seriously instead of as a pastime, when you lack proper knowledge and skill for it and (3) risking more money in speculation than you can afford to lose. I agree completely, and I suspect that his use of the term speculating is very similar to this essays use of the term gambling. Special Disclaimer This essay is not meant to condone gambling, or to suggest that you cash out your portfolio and become a professional blackjack or poker player. Those are tough ways to make money, and were mentioned primarily for illustrative purposes. We recommend that you get assistance from a professional before doing anything you dont know how to do. Some of these activities, especially those considered gambling, might not be legal in certain places. Even if you find bets for which the odds are in your favor, we encourage you to make sure your chosen activity is legal before participating. Companies and Sites Mentioned Related Books Helpful ArticlesOnline trading academy burnaby world stock exchange fact book 2011 toronto, Options brokers trading academy gt richmond, abc driving school bypasses the areas of urban academy is also located in. 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First, let us understand that most charting packages allow a trader to choose absolutely ANY time frame: 1 week, 1 hour, 47 minutes, 13 minutes, 2 minuteswhatever Although virtually any time frame can be chosen, it really only makes sense to use conventional time frames. The idea here is that if you are the only trader who cares what a 23 minute chart looks like, it is likely the chart patterns at that time frame wont be meaningful. For this reason, most traders stick to rather conventional time frames: 1 month, 1 week, 1 day, 8 hours, 4 hours, 1 hour, 30 minutes, 15 minutes, 5 minutes and 1 minute. The phrase investor horizon attempts to describe how long an investor, or trader, plans to hold an open position. Investor time horizons can vary greatly for each individual. Lets consider a few broad categories of traders: This trader will hold almost all trades for a matter of weeks, many trades for months and will even have some trades that are left open for a year or more. Since trades are held for long durations, this trader usually places fewer trades maybe only 5 to 10 a month. A long-term trader makes most of his decisions based on monthly and weekly charts however, daily and 4-hour charts may be used to choose precise entry points. A swing trader is a medium-term trader who holds positions for at least a few days, maybe a week or two, but is usually in and out of positions within a months time. This trader will generally place more trades than a long-term trader however, will still be very selective. To make trading decisions, a swing trader will consider monthly and weekly charts, like the long-term trader, but will also put more emphasis on daily, 4-hour and even 1-hour charts. Monthly and weekly charts help the trader establish a long-term view, and smaller time frame charts are key for choosing the best entry and exit points. The typical day trader is usually in and out of a position within a day, although some trades may last 2 to 3 days at most. An intelligent day trader wont completely ignore monthly and weekly charts however, these larger time frames are much less important and are only reviewed occasionally to establish the big picture. Day traders establish their views based on daily charts (as they plan to be out of the trade by days end), and choose entry points based on 1-hour, 30-minute, 15-minute and even 5-minute charts. One can think of a scalper as an ultra short-term day trader. These traders only hold a position for 30 seconds to a few minutes. The profit targets for these very short-term trades may only be 5-10 pips, but if this can be accomplished 10-20 throughout a trading day, the scalper could profit by 100-200 pips, which is what a day trader might expect from one or two trades. To trade at this ultra short-term level, a scalper rarely looks at charts with time frames higher than an hour, instead focusing on 15-minute, 5-minute, 1-minute and tick charts. Now that we understand the various ranges of chart time frames used by traders of various investment horizons, lets consider how one trader uses multiple time frames. For the purpose of illustration well consider a day trader, but the same approach applies equally to traders of all investment horizons. The following is a potential progression of time frames a typical day trader would consider when makes trade decisions: Checked once a week to establish a big-picture view of the prevailing long-term trend and very significant areas of support and resistance. Studied 1 to 2 times a week to zoom in on the same information seen on the monthly chart. This chart will be monitored regularly throughout the day. The day trader will be interested in the current price relative to the days open, high and low, which will be seen on the daily chart. One would also look for the prior days high and low to be broken on a daily chart. 4-hour and 1-hour Charts These charts will probably provide the basis for a day traders trade setups. These charts will help the trader determine which price areas are likely to be important. Also, chart patterns will become interesting to the day trader at this time frame. 30-minute and 15-minute Charts: A day trader will most likely choose precise entry and exit points based on these time frames. Bars Within Bars A trader should always remember that a graph is just a representation of price action. Therefore, the same trades were made at the same prices regardless of whether a trader is looking at a daily chart of a 1-minutes chart. Smaller time frames only provide more details about the up and down movements of price within each higher time frame. Consider this example: A trader sits down to the computer and sees a really long (200 pips) bar on a 4-hour chart of the EURUSD. Having been away from the computer for several hours, this trader must determine what has just happened. If we ONLY considered a 4-hour chart, this is what we know and what we could speculate: Fact: Price rose by 200 pips between 4 hours ago and now. Price rose by 200 pips in 2 minutes, almost 4 hours ago, and has since then been in congestion for 3 hours Price was in congestion for 3 hours, and then shot up by 200 pips only minutes before we sat down Price moved steadily up, in step-wise fashion, by about 50 pips for each of the last 4 hours. The first question to ask is Does it matter which of the 3 possibilities actually happened For most traders, the answer is YES However, a long-term trader may not care as theyre only interested in Daily charts. If the answer is: Yes It matters a trader must drill down to smaller time frames to see the actual sequence of the price action. The single 4-hour bar becomes 4 bars at the hourly time frame, 8 30-minute bars, and 16 bars on a 15-minute chart. Sixteen bars will surely give more information on HOW the 200 pip rise happened than can be seen in one 4-hour bar. Day Trading False Breakouts. One of the Best Day Trading Strategies. By Cory Mitchell. Day Trading Expert Cory Mitchell, CMT, is a short-term technical trader and financial writer with more than a decade of trading experience. Continue Reading Below Heres how to do that, and a strategy for capitalizing on false breakouts. Your Psychology and False Breakouts When you start trading one of the first strategies you often learn, or feel compelled to trade, is a breakout strategy. Whether its a breakout from a range or another chart pattern--such as a triangle or just a small price consolidation--the idea behind a breakout strategy is to capture a big move following a pattern that is easy to spot. Trading breakouts can work, but be prepared to experience many false breakouts: the price breaks out of the pattern, only to revert right back in. If false breakouts are frustrating you constantly, the market is telling you something. Why not trade the false breakout instead of trading the breakout If you are constantly losing money because of false breakouts, could you make some money trading alongside the traders who are taking it You can, and its a great strategy, though it requires practice, focus and quick reflexes. Not All False Breakouts Are Equal False breakouts occur regularly, on all time frames. Not every false breakout is worth trading. Continue Reading Below False breakouts are best traded in the direction of the trend. For example, the trend is up and a triangle pattern develops. The price breaks slightly below the triangle, only to quickly jump back in. Thats a trade you want to be long (buy) because the trend dictates the price is likely to move higher (See: Predict Chart Pattern Breakout Direction for Lower Risk Trades ). A false breakout to the downside adds evidence to that conclusion (if it cant go lower, it will try to go higher). False Breakout Strategy Figure 1 (click to enlarge ) shows a tick chart of the SP 500 E-minis (ES). The price is moving higher, pulls back (higher low) and then moves to the same point as the prior high. As the price starts pulling back again an experienced traders internal dialogue is strategizing what to do before the trade even occurs: 34The trend is up, but we are in a potential range or possibly a double-top chart pattern scenario. If the price continues to decline below the prior swing low (bottom blue line) the trend is likely transitioning to the downside and we dont want to go long. BUT, if the price pauses at or moves only slightly below the prior low, and then rallies sharply back above the prior low, buy quickly Set a stop loss just below the new low, and monitor conditions for when to exit a profitable trade. If the price is moving sharply higher, see if it breaks out above the prior high. If it pauses near the top of the pattern, exit immediately.34 The strategy is simple, but it takes practice and focus to implement it. False breakouts occur quickly, and try to draw you into trading the breakout. Be patient. Strategize in your mind: What is the trend direction Thats the only direction you trade in. What would create a false breakout (in the opposite direction of the trend) If that scenario occurs, how and where will you get in Will you use a limit order or market order. and how far does the price have to move back into the pattern Where will your stop loss be Where will you get out of a profitable trade Answer all these question in your mind as the trade is potentially setting up. That way, if the trade does occur, then you can take it without hesitation, and know exactly what to do. The strategy should be written down in your trading plan. though even when you know it well, re-iterate to yourself (answering questions above) exactly what you will do if a trade develops (see: Know These 4 Things About Every Day Trade ). Considerations and Final Word How far the price moves back into the pattern for it to be considered a false breakout depends on the market being traded and the 34context34 of the trade. On a very volatile day, the amount the price needs to move back into the pattern will be larger than on a day where volatility is very low. Also assess the quickness and depth of the breakout. If the price breaks a long way out of the pattern (about one quarter of the pattern size or more), and then moves back into the pattern slightly, dont trade the false breakout strategy. Ein falscher Ausbruch sollte relativ klein und kurzlebig für Handelszwecke sein. Also, we want to see a sharp move back into the pattern. In this case (figure 1), if the price dropped sharply, but then moved very slowly and choppily back into the pattern, that indicates the buyers arent eager avoid trading the false breakout strategy. Risk is relatively small on these trades (difference between entry and stop loss) so dont get greedy with the target. Hold the trade until momentum wanes. This may be near the opposite side of the pattern, or you may hold for a breakout in the trending direction. Exit if a false breakout occurs in the opposite direction of your trade. The strategy works well because you are only trading false breakouts which align you with the dominant trend. You can still trade normal breakouts in the direction of the trend (which are more likely to work out anyway). Implementing this technique takes practice. See How to Effectively Practice Day Trading in Demo Account for ideas on how master this strategy through practice. Sign up for Corys free weekend newsletter which includes trading articles and trade ideas. The Forex Robot World Cup has announced the 1st place winner, Drazen Ziskovic (145.60). LMD Multicurrency Forex Robot Software. See The Viedo Of The Winner Of The Forex Robot World Cup The Winner, Drazen says I am 33 years old and have a degree in economics. I became interested in trading the foreign exchange market eight years ago and Ive been trading forex live for more than six years now. I am primarily a discretionary trader and most of the time I trade with discretionary systems based on chart patterns. I do not use any indicators or standard analytical tools. In my trading I like to keep things as simple as possible because my six years of live trading showed me that this is the best approach. I became interested in automated trading at the end of 2006 when I saw the Automated Trading Championship organized by Metaqoutes. I decided to learn MQL programming and from that day since, I have written and tested many automated trading systems. Some were more successful than others in live trading. One of my successful EAs won fourth place at the Metaquotes Automated Trading Championship in 2007. In the beginning I started to create the automated trading systems based on indicators and standard analytical tools, but I learned that they dont have prospects, theyre not suitable for constantly changing market conditions. I realized that the most resilient systems are those based on chart patterns because they respond well to the constantly changing forex market, so for the last year I have been creating systems based on that approach. LMD-Multicurrency is one of those. When I first saw the Forex Robot World Cup advertisement around October, I decided to participate because the prizes are really good and I knew if I won it would help my financial situation. Now I am happy because I am among winners. The EA is an automated system based on the chart pattern recognition algorithm and it showed good results. I decided to do some improvements and modifications, make it multi-currency and send it to the Forex Robot World Cup. It has a built-in knowledge acquired through many years of live trading, creating and testing various trading systems. Another reason is its ability to use a risky money management strategy because the EA trades multiple currency pairs, so we do not have all our eggs in one basket. I think that this risk diversification is the main reason I am among winners. I would like to thank the contest organizers for making this competition possible. It was a really great contest and it is even greater for me because I am among winners. I would also like to congratulate all the winners and participants. Drazen Ziskovic. 3 Rules to draw perfect Support and Resistance levels What are the most important concepts when it comes to forecast any financial market (Forex, stocks, futures, etc) I think support and resistance levels, some traders might disagree with me, but the information we could get from these levels could actually help us trade with better results. There are three things the market could do after hitting a support or resistance level: Knowing what the market is likely to do after reaching one of these levels, we could adapt our strategy to trade based on that information. on what the market is likely to do. Therefore, we need to know how to draw support and resistance levels and be prepared to make the necessary changes to our strategy: move your stop loss levels, close your trade, add to your trade, etc. But first things first, what are these support and resistance levels: Support level. Is a level in which the market has been rejected at least twice and it is keeping the market from reaching lower levels. Resistance level. is a level in which the market has been rejected at least twice and it is keeping the market from reaching higher levels. Is it important to know why the market has been rejected from these levels No, it isnt. I dont care why the market was rejected from an important level, what is important for me is to determine what the market is likely to do on the following hoursdays (after the rejection has happened) so I can profit from it. Its not important to determine why the market moved up or down, what is important is: whether or not you profited from it, isnt it There could be many reasons of why the market has been rejected from these levels: accumulation of buy orders (at a support level) or sell orders (at a resistance level), buyers are attracted by the lower levels (support level) or sellers attracted by the higher levels (resistance level), buyers think or feel the market will go higher (support) or sellers think or feel the market will go lower, etc. But for sure, no one knows the reason behind market rejections, but again, it doesnt matter, what is important for us is to determine what we are going to do after the rejection. Plus, there is no way of knowing exactly why the market topped or bottomed at certain level. As a side note, there will always be someone telling you what caused the rejection of the market at one important level, but now you know the analyst or trader is just bluffing. 3 Simple rules to draw perfect support and resistance levels Rule No. 1. the market needs to get rejected at least twice from the level (not one, twice). Rule No. 2. the more rejections the level has, the more important it becomes Rule No. 3. most recent rejections are more important than less recent rejections A chart is worth a thousand words :) The resistance level (blue line at the top) its very important, the market has been rejected three times from the same level. If there was another resistance level near this one, with only two rejections, the one marked on blue would be more important. Now, about the support levels (both have three rejections), which one is more important Id say support level B, because it is more recent than support level A. So If I was trading this currency pair, Id take in consideration only support level B. There is one rule that I always follow. only take on consideration the support and resistance levels that the market is actually taking in consideration. Why would I act based on a level that the market is responding to Right One important thing to consider. support and resistance levels are more like zones instead of levels. So dont break your head trying to figure out where to draw your level: at close of the candlestick, at the lowest low, etc. Just draw it where it touches the most rejections. What do you think Feel free to comment, you dont have to agree with me in order to leave a comment. And dont forget to like it or tweet it if you found this article useful. Use the form below to receive one free signal every day between 6a-8a UTC. Our signals are based on our method of trading, called swing trading. Click here to learn more about swing trading, or become a member today for entry alerts, TPSL info for EURUSD, GBPUSD, AUDUSD, USDCHF and USDJPY, and more. Privacy info: You can unsubscribe any time. We do not share your email address with any third parties. Make sure to check your spam folder and add pipHut to your safe-senders list to ensure delivery. Once you get the confirmation email simply follow the confirmation link to confirm your subscription Free Header Images Web design aims to provide you with a website that is not only pleasing to look at but could leave a lasting impact to the client. One of the components of a website is its header. It is the first thing that a visitor sees upon landing on your page. It is safe to say that your websites header makes an immediate impact on your user so its extremely important to get it right. 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A thousand years before the birth of Christianity, more than 1,500 years before the birth of Islam, King David made Jerusalem our capital, and King Solomon built the Temple with Al Jazeera that Netanyahus strategy is fulfilling his promises A Portfolio Strategy Warren Buffett Would Approve What are the attributes of a world-class investment portfolio that even Warren Buffett would bless Buffetts 2013 letter to Berkshire Hathaway shareholders gives us a clue: The know-nothing investor who both diversifies and keeps his costs minimal is virtually certain to get satisfactory results. Indeed, the unsophisticated investor who is realistic about his shortcomings is likely to obtain better long-term results than the knowledgeable professional who is blind to even a single weakness. Instead of instructing people to build a portfolio of hand-picked individual stocks, Buffett like he has in previous shareholder reports recommends that people start with a plain vanilla SP 500 index fund (Nasdaq:VFINX). Although an SP 500 index fund or ETF (NYSEARCA:IVV) might be a good place for exposure to U. S. stocks, its only one component, among many others, for constructing a truly diversified portfolio. A few years ago, I gave up on dull diversification pie charts. Instead, Ive been illustrating portfolio diversification as the various beef cuts of a cow. (See below) At a very minimum, the diversified portfolio should also include other major asset classes like real estate (NYSEARCA:RWO), global treasury inflation protected securities (NYSEAARCA:GTIP), and bonds (NYSEARCA:LQD). In my latest investing video. I explain the concept of a low cost index-based portfolio consisting of core investment holdings and how the major asset classes in my cow illustration integrates with that strategy. I also analyze the role of non-core investment portfolios and what types of assets are held in them. Index-based ETFs that are low cost and diversified pass the smell test for both sophisticated and unsophisticated investors alike. And making this the foundation of your serious money investments is a portfolio strategy that even the great Warren Buffett would approve. The ETF Profit Strategy Newsletter uses technical, fundamental, and sentiment analysis along with market history and common sense to keep investors on the right side of the market. In 2013, 70 of our weekly ETF picks were gainers. Follow us on Twittter ETFguide How Forex Traders Use CCI to Trade GBPUSD - Since the July lows, GBPUSD has rallied 1671 pips in a strong uptrend. - The Commodity Channel Index (CCI) measures deviations from the moving average while showing overbought and oversold conditions - When CCI crosses up above the -100 line, a buy signal is generated Dont get thrown off by the lengthy name ldquoCommodity Channel Indexrdquo as it is not a new 24-hour cable broadcast devoted to pork bellies and soybeans though you could use it to trade either of these. CCI is a popular indicator used by Forex traders to identify oversold and over bought conditions much in the same way that RSI or Stochastics is used. But instead of 30 and 70 representing oversold and overbought areas, CCI uses -100 and 100. Though Donald Lambert created CCI back in 1980 to identify cyclical turns in commodities it is very effective with currencies. By measuring the current price relative to the average price of a set period like 14, CCI is low during time prices are below their average and high when prices are above their average. This gives us the oversold and overbought regions. Why is this important you may ask Well, it is simple. When we have a strong uptrend, the best place to buy is at price point where traders are no longer selling or selling pressure begins to subside. This is called being ldquooversoldrdquo. How do we know when something is oversold This is a great question too Forex traders have several tools and methods at their disposal to show them when prices have fallen too far too fast and when bargain hunters may step in sending prices higher. Candlestick pattern, oscillators and supportresistance levels are the primary tools. With CCI, Forex traders look to buy when CCI crosses above -100. Similar to real estate investing, without the headache and a lot more fun, Forex traders want to buy the ldquoworse house in the best neighborhood at the lowest price. rdquo In our analogy, the best neighborhood is a strong trend the ldquoworse houserdquo is the entry zone for our trade. Like the real estate investor, we look for the value of our holdings to increase over time. Since we have bought at a relatively low price, our risk is small relative to the potential gain. Unlike real estate fixer-uppers, Forex traders can forget remodeling as time and trend work to increase the value of the position Learn Forex: GBPUSD CCI Buy Signals (Created using FXCMs Marketscope 2.0 charts) The current trading setup below shows a GBPUSD daily chart uptrend from August 2013. The chart depicts four successful by signals given by CCI as it crossed down below the -100 line and turned up. Forex trend traders would filter out the sell signals generated when CCI crossed down below the 100 line as more pips are gained when trading with the trend than against it. In an uptrend, traders Forex Traders will take buy signals using CCI and use CCI sell signals to take profits. Waiting for CCI to turn above -100 and looking for price to confirm the move, traders will enter the market long and then place a protective stop order about 4-10 pips below the last swing low. The Trading Plan Currently, GBPUSD has just bounce from the 1.6220 area and CCI has generated a buy signal when it crossed above the -100 line. A stop could be placed just below that swing low for a target of 1.6671. Remember to always use stops and to only risk no more than 2 of your account equity on any trade. If the stop is hit, then we look for another trade CCI is simple way to visually identify potential entries. ---Written by Gregory McLeod Trading Instructor This article showed you how to use CCI to trade the strong GBPUSD trend. I want to invite you to enroll in our free CCI Course to give you additional practice using CCI buy and sell signals. Sign our Guestbook to gain access to this course that will help you get up to speed on Forex market basics. You can master the material all while earning your completion certificate. Register HERE to start your Forex learning now DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Erfahren Sie Forex Trading mit einem freien Praxis-Konto und Trading-Charts von FXCM. Standard accounts: closed substantial risk investment warning: trading high risk of. Wharf is a leading global futures treasury department. Good idea to markets, forex holiday. 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Of changes need to trading instruments in forex. forex trading hours in christmas report and recommendations of the proxy working group to the new york stock exchange Adjustments for year 2015 22 dec bernie madoff fraud market. Announces about the nasdaq stock exchange forex platform hours hours on forex. Covered Call vs Buy and Hold. Performance comparison. Some time ago, I wrote an article about a simple strategy that beats most traders. The article was about the fact that with the historical upside bias of the markets, plus the fact that 90 of traders lose money and 75 of money managers cant beat the SP500, then by simply going long shares of SPY you would be better off than the majority of traders (including the so called professionals). You would basically track the performance of the SP500. You would also receive a dividend from owning the shares and you wouldnt pay the whole spectrum of ridiculous fees that most funds impose for their under-performance (Early Redemption Fees, Deferred Sales Charges, Performance Fees, Maintenance fees etc). That simple strategy, although extremely boring and not exempt from volatile periods, would put most big funds in the industry out of work. By the end of the article I mentioned the idea of using 10 of the Fund to sell Out of the Money Calls in order to enhance the returns a little bit more, and then not only be ahead of most traders but also beat the SP500. However, I didnt have the hard evidence to support this last claim. Can a totally passive, mechanical Covered Call strategy outperform the SP500 returns over a long period of time The short answer is YES. The BXM Index. traded in the US markets, is basically a simulation of a Covered Call strategy where the investor holds an SP 500 stock index portfolio, and writes (or sells) the front month, near-term SP 500 Index (SPXSM) covered call option, on the third Friday of each month. The index was introduced in 2002 and a back-test from 1988 to 2003 reflects the following results: Obviously the strategy under performs in those years where the market rallies considerably. But it outperforms the rest of the years and overall during the entire period. Another study by Allan Associates from June 1988 to August 2006 concluded that . the compound annual return of the BXM was 11.77 compared to 11.67 for the SP 500, and BXM returns were generated with a standard deviation of 9.29, two-thirds of the 13.89 volatility of the SP 500. Meaning that the strategy outperforms a simple BuyHold of SPX and it does it with a smoother equity curve. There is a similar index in the Canadian markets (MCWX: Montreal Exchange Covered Call Writers Index ) that also simulates a permanent Covered Call strategy that holds shares of an ETF, the Standard Poors Toronto Stock Exchange 60 (TSE60), and sells a Call option that is the closest to the money (rather than the first out of the money). So, if the closest strike at options expiration is the first in the money strike, then Calls of that strike are sold. The Call is simulated to be sold the Monday right after expiration Friday (so the strategy is slightly different from the one used by the BXM American index). Once again the results show an out performance over the simple buy and hold of the ETF. From 1993 to 2003 the MCWX index shows a Compounded 181.37 return versus 107.11 for the TSE60. So, the evidence suggests, that a simple mechanical Covered Call strategy on a Benchmark index tends to outperform over the long term. The Covered Call strategy will under perform the months when the market rallies beyond the Short Call strike price. But it will reduce your losses during market sell offs and it will generate profits during sideways markets. As the table for the MCWX Index shows, some years the strategy will underperform but in the long run not only did it beat the markets benchmark but it also did it with a less volatile portfolio (smaller drawdowns). Really interesting in my opinion, because, when you think about it. why would anybody pay for a so called proffesional to manage their money I hope you enjoyed this article. For more information visit: How much capital do you need to trade for a living It is a good question, and one we probably never asked ourselves in the very early stages of our trading careers. How much capital do I need to trade for a living The answer obviously depends on many many factors. One of the most important being the cost of life in your city. Hey, after all you can survive with 100 USD a month in Cuba. Hehe You would only need to make 1200 USD in profits per year to be able to make a living off trading. Well but theres no trading from inside of Cuba so I guess it doesnt count. Anyways, lets say you need 2500 USD per month, thats an accurate assumption for me in Toronto, Canada. 2500 USD per month means 30 000 USD per year. Now, the second factor, equally important: How much growth on a yearly basis can you confidently say you can achieve on your portfolio And this is a very tricky question that leads to another question: What kind of returns are consistently achievable over the long term Because, the fact that you made 40 one year doesnt mean you can repeat it consistently. At that level you are most likely using risks levels that are not long term sustainable. So, what is a realistic yearly return Well, it is a well known and sad reality that somewhere between 90 - 95 of traders lose money. Approximately 5 out of 6 Forex traders blow up their entire account in less than 6 months. And it is also generally accepted that 70 to 75 of the so called professional money managers cant beat the SP 500. That means, if we get to beat the SP 500 every year, we are doing better than 90 of traders out there, who simply dont make a single penny. It also means we are doing better than three quarters of the money managers around the world. Looking at the data presented on this article. the SP 500 average return over the last 25 years has been 9.28. There are better and worse years, but thats the average. So, if you get to consistently achieve a 10 yearly return on your trading capital, you my friend, are a stellar trader. And taking it a step further, if you can consistently achieve 20 per year you are definitely elite. Obviously, you cant assume you are going to be elite. But still lets assume you are an excellent trader and you can achieve 1 return per month. That means 12 per year. Lets assume that you have, in fact, already done it for 3 years at least, otherwise you cant really say Hey Im going to start trading for a living tomorrow Ok, with 12 per year, and a need of 30 000 USD per year to live, the math is simple: 30000 10012 250 000. If I were an excellent trader, able to consistently achieve a 12 yearly return, I would need 250 000 USD, that is a quarter of a million, in order to trade for a living. And this reality is hard. It strikes us all at some point in our careers as traders. Oh that moment of enlightenment and discovery when we say, Wait a minute My plan of trading full time with a 10 000 dollar portfolio is totally unrealistic Yeah. cmon, weve all been there. Over time you realize that trading is a business, like any other. The majority of traders fail. Thats true but guess what The majority of wanna-be rock stars also fail the majority of wannabe Hollywood actors never get there the majority of people who wanted to be elite athletes never made it, and for every one you see competing at the Olympics, there were probably 1000 that quit along the way and couldnt make it. Find any lucrative activity, any, with a success rate higher than 10, and if you find it, please I beg you to let me know. Like somebody said, trading for a living is not about having a little money and making it big, it is about having a lot of money in order to just make a little. But hey, cheer up There is hope If you can make it (I frankly havent) life is probably going to be more enjoyable. It wont take one year, two nor three, it will probably take more than a decade of compounding effects, which is indeed very powerful. And in the meantime, while we are not able to trade for a living yet, lets just be happy and welcome any supplementary income we can get from the markets. If you enjoyed this article you will probably like the one I wrote back in March 5, 2011 about how much money you need to retire. Here it goes: How much money is enough LT Trend Sniper - A forex strategy that works The LT Trend Sniper system is a Forex strategy that I designed and automated in 2012. It went through a live forward testing phase of two years (2013 2014) and it currently trades on a real money account. The LT Trend Sniper is a simple system that operates based on one entry rule only and two exit rules. It is entirely based on price action and uses exactly zero indicators for its trading decisions. Its simplicity is what makes it robust and likely to keep delivering profits in the future as it exploits a very basic characteristic present in any market where trends are developed. It has succesfully been tested in pairs such as: EURUSD, GBPUSD, AUDUSD, USDCHF. Although the best results by far are obtained from trading EURUSD. As the name suggests, the strategy attempts to catch trends. Very long term trends in fact on the daily time-frame. Once a trend is identified the system will attempt to ride it for as long as possible, sometimes for even 2 or 3 months, in order to maximize gains. No target profit is ever defined. Instead, the system will try to exploit the trend to its limit, until the trend is as close to its end as possible. Turtle Trading System Automated. Method 2. (Forex Expert Advisor) The legendary story of the Turtle Trades. Pretty intriguing isnt it If you dont know about the Turtles and the story behind them, you can read here. My question always was, are the mechanical systems that they used still valid today Are those systems still profitable Are they applicable to Forex The Turtles traded several markets with 2 systems (System 1 and System 2). These systems didnt have any discretionary rule. Everything, from entries to exits, position sizing to money management, everything was clearly established to the very last detail. This document is the most comprehensive guide I have seen about the Turtle Trading Methods and I used all that information to automate System 2 in Metatrader. I automated System 2 first as it is simpler to program. My plan is to eventually do the same thing with System 1. Lets see if System 2 still works and if it is applicable to the Forex markets, in particular the EURUSD pair. The system uses the daily timeframe and the rules are surprisingly simple. These are the rules for entering Long positions: Buy when the current price is higher that any other high in the previous 55 days. Put a Stop loss 2 Average True Ranges away from the entry (by using the ATR the system is flexible to current volatility. When the volatility is higher the Stop Loss will be set farther away and viceversa). The ATR used is evaluated over 20 days. So ATR(20). Dont put any Target Profit on the orders. The goal is to let them run as far as possible in your favor. Dynamically calculate position size so that if Stop Loss is hit you only lose 2 of the account. So, if you have a farther away Stop Loss, the positions size will be smaller, and viceversa. Once inside the trade, if price moves in your favor by half the ATR, then add another long trade. And you do this until you have a maximum of 4 open trades in the same direction. Every time a trade is entered, move up the Stop Loss of the existing trades, to the same price of the Stop Loss calculated for the new trade just entered. Exit all the trades when the current price is the lowest price of the last 20 days (This may happen at a profit or a loss). Or exit when Stop Loss is hit. For short positions the rules are the same but the other way around. You enter when the price is the lowest it has ever been in the last 55 bars and you exit when price is the highest price seen in the last 20 bars. This trading system has all the ingredients recommended by professional Forex traders: it cuts losses short, it lets winners run, it adds to winning positions. Notice in the above picture how all 4 trades were profitable. However, notice how much of the profit was lost. With some optimization that I will explain in this post, the system can be much more profitable and let fewer portions of the profits slip away. Pretty simple system but incredibly powerful. Also mentally hard to trade. Buying at a 55 day high is tough as thats the point where most traders think the move is done and start fearing a reversal. Same for shorts when you initiate a short position at the 55 day low. Entries are definitely hard to digest psychologically speaking. Exits are even harder. Waiting for the price to reach the lowest point of the last 20 days is painful while you inevitably watch part of your profits evaporate. But this is the best way to ride a trend as far as possible without arbitrary target profits that cut your winners short. This mechanism allows the strategy to ride monster trends once in a while that skyrocket profits. I ran a mathematical expectancy analysis of the entries and verified that both Short and Long entry signals have a significant positive edge. This is good as a first step to trust the system. Then I coded the rest of the strategy and started to have fun with back tests. Heres the result of the back test for the EURUSD currency pair from January 1, 2000 to November 14, 2012 (Fully trust worthy paid data from AlpariUK obtained through direct request to the broker). The spread used was 2 pips which is worse than what most brokers offer today. (Click on image to enlarge) One note here about the draw down. The 31.69 relative drawdown is calculated by Metatrader taking into account the biggest drop peak to valley in the equity curve considering floating profits and losses (of non closed trades) in the calculation. That is why the draw down is reported as a higher number than what it actually is. When considering only closed trades instead of temporary unrealized profits and losses, the Maximum Relative draw-down is 21.34 in almost 13 years. Some more statistics: Average Annual Return: 13.19 Ulcer index: 12.06 Sharpe ratio (Compared to SP500): 0.70 Martin ratio (Compared to SP500): 0.89 This performance easily beats the returns of audited professional Forex traders reported on the Barclay Currency Traders Index. A high Ulcer Index of 12.06 reveals what we already know: The system is hard to trade. But who said profitable trading was easy Also, the Turtle trader must be patient as he will not be trading every single day. The system can stay inactive for weeks waiting for the expected Donchian Channel Breakouts in either direction. Some further optimizations The Turtles applied this method using the 55 20 days combination to all the markets they traded. The system was not optimized for specific instruments. It is more of a universal, a fit all approach, which is great because it exploits a more universal market inefficiency that seems to work across multiple instruments. It is a more fundamental occurrence and therefore you would assume it is a market inefficiency that is harder to disappear. But that doesnt mean the parameter selection can not be improved for specific markets and thats what I wanted to do for the EURUSD pair. First I ran an Optimization test to make sure that the Parameters space provides good results even though parameters were drastically changed. A coarse optimization was run only for two parameters (days for entry signal and days for exit signal). The great news is that the Parameters space is very solid and profitable across the board (All green). Meaning the 55, 20 set is not the only profitable one. Any combination of days for the entry between 40 and 80, along with any selection of days to exit between 4 and 20 consistently yields positive results. Which is great because it means that even if you are not playing with the most optimal parameters, you still have a high chance of seeing equity growth over the long run. Once I was confident the Parameters space was that wide and good, I ran a Rank Analysis for the parameters selection. The idea is to obtain the parameters that yields the most stable draw down values and the most stable yearly returns. It looks like the 70 day entry with an 8 day reversal exit is the most stable parameter set, which offers the most stable draw-down values yer after year along with the most stable returns. Heres the back test using the 70 8 combination. (Click on image to enlarge) Now the maximum drawdown according to MT4 (which as I said, considers floating unrealized profits and losses) is 25.20. But in reality it is only 15.66 considering the equity curve based on closed trades. Average Annual Return: 18.33 Maximum Drow-Down: 15.67 in 13 years Ulcer index: 8.98 Sharpe ratio (Compared to SP500): 0.74 Martin ratio (Compared to SP500): 1.77 This is, in my opinion, a far superior version. The essence of the system hasnt been changed. We simply came up with parameters that consistently deliver superior results and that are likely to be profitable going forward regardless of market mutations. If you think this trading system can be a good addition to your trading arsenal, consider the purchase of the Expert Advisor for only 67. Much less than what is typically charged for unprofitable, over curve-fitted unprofessional EAs out there that cant survive a month of live trading. As part of the purchase you get an Installation and Configuration guide, plus my personal support setting it all up if needed. Turtles Trading System 2 Expert Advisor 67 Beyond any doubt, the Turtles Trading System 2 has a positive edge. It is profitable and applicable to the Forex markets (you can test it on other currency pairs as well). Although profitable, the method is psychologically hard to trade. The hardest part is letting profits run indefinitely without a predefined profit target. That factor explains why some Turtles were not profitable in spite of the fact that they were all taught the same system. Letting your profits run, as originally sated is what ultimately separates the great Forex traders from the amateur ones. Thanks for your interest. I hope you enjoyed this article and I also hope that if you make the Turtle Trading System EA part of your trading arsenal, you can benefit from it. For any inquiries and support of any kind feel free to contact me at lazytradergmail. As a proof that Long term Profitable automated trading is possible, the Turtles Trading system continues to deliver good results after this document was written. During live trading in 2014 the system delivered a solid 42 return. Read the article Profitable Forex Strategies - a follow up for more details. Saturday, January 12, 2013 Options strategies for low implied volatility environments My little experience selling Credit Spreads is that the worst possible market environment for option sellers is a market that slowly and almost stubbornly trades higher and higher. Ive said that before. The Indexes go up little by little almost painfully and the volatility, the VIX and with it Options premium in general go down. In this low VIX environment Credit Spread sellers find that in order to obtain the same credit they use to, they now need to sell strike prices that are closer to current market price. And by doing that, they (and me) expose themselves to higher risk. If the market threatens their short strike Calls then they try to adjust, and realize the price for the adjustment is not good either, and you can barely go too far out with your new options as the premium is much lower when the VIX keeps falling. We faced this scenario during the first 4 months of 2012. And boy oh boy, was it painful to trade. It sucked. It was not fun at all. And since then Ive been thinking that perhaps selling credit spreads all the time doesnt make much sense, even though you master the technique, there are some market environments where the premium is just not there, being right now one of them. With the VIX this low it is a good idea to look at Long Vega trades. Where your positions benefit from an increase in Volatility. (Click on image to enlarge) This is the VIX as of Friday, January 11, 2013 at market close. Assuming that it will revert to a higher mean at some point, then we could benefit from some strategies like the ones mentioned below: Ill use the RUT index as an example. Generally speaking, a VIX that goes higher comes in tandem with a market that goes down. RiskReward, Profit Factor and Profitability of Trading Strategies It is amazing how many traders, specially newbie traders, emphasize how this or that system wins 80 or 90 of the time, as if that is the only thing that matters. When in fact, only the combination of the success rate plus the riskreward ratio of the trades should be analyzed as a whole. Lets say for example you are a currencies trader who has a mechanical system that wins 90 of the trades in back test. Thats 9 winners out of 10 trades. Now, if that one loser is big enough, it can wipe out all the profits of the previous 9 winners, resulting in a flat account balance. Thats the typical behavior found in scalpers. If the risk reward in your system is 9:1, that is your risk is typically 9 times bigger than your target profit, then winning 90 of your trades means you dont make any money after all. Thus, it is really important to talk about riskreward when you mention winners percentage, otherwise talking about success rate is meaningless. Other traders will favor the favorable risk rewards, where your risk is smaller than your potential reward. Usually 1:2 or 1:3 is desired. Then they become so obsessed about this, that they will look at your system and will invariably say, well your typical riskreward is only 1:0.8 (That is your winners are on average 80 the size of your losers, so losing trades are bigger), so thats not a good system, immediately jumping to conclusions. However, your 1:0.8 risk reward system might win 75 of the time, which would make it a very valid and profitable system regardless of the criticized non-favorable riskreward. Now a little exercise to compare systems. How can I determine if a system of a 9:1 risk reward ratio that wins 92 of the time is more profitable than a system with a 1:2 risk reward ratio that wins 50 of the time This calculation is what is known as Profit Factor. which tries to determine how many dollars you make per every dollar you lose. How to calculate the Profit Factor Simple: System number 1: Wins 92 of the time. That is 92 trades out of 100. Risk Reward ratio is 9:1 meaning if the typical winners is 1 the typical loser will be 9. Now, you do the math, 92 winning trades of 1, thats 92 in positive territory. Versus 8 losing trades of 9 dollars, thats 72 lost. Finally you divide 9272 and thats a Profit factor of 1.28. Meaning, you make 1.28 for every dollar you lose. System number 2: Wins 50 of the time. That is 50 trades out of 100. Risk Reward ratio is 1:2 meaning if the typical winners is 2 the typical loser will be 1. Now, you do the math, 50 winning trades of 2, thats 100 in positive territory. Versus 50 losing trades of 1 dollar, thats 50 lost. Finally you divide 10050 and thats a Profit factor of 2.00. Your strategy makes 2 for every dollar it loses. A profit factor lower than 1 means the system is not good, a. k. a it loses money. A profit factor of 1 means your system has no particular edge: it loses the same amount of dollars it wins. I would say a profit factor north of 1.25 is probably a good number that implies (over long periods of time, and statistically enough data) a possible real edge. System number two has a higher profit factor. It makes more money for every dollar it loses. Now, this by itself doesnt mean that system number 2 is better. We havent considered the opportunities factor. How frequently does system number 2 trade So, although the profit factor of this system is much higher then that of the first one, maybe it only trades once every month, while the first one trades 15 times every month. In that case you might want to consider System number one, because although it has a smaller profit factor, the opportunities are much more frequent and it can give you more money in absolute numbers in the end. At the same time, there is the Draw-down to consider. What is the worst period of losses of your system How much money in percentage terms did it lose over any period of time How long was the system involved in a draw-down during its worst period All those factors need to be considered when choosing your system, as your psychological profile will determine which one makes you feel more comfortable. In the end, it is important to know that the percentage of winners alone is not what determines a systems profitability. Only the combination of percentage of winners plus typical riskreward ratio of the trades can give you a real picture on how profitable a system is. Also, always be aware that in order to choose your system theres much more to evaluate than just the risk reward ratio or the success rate. Go to the bottom of this page in order to see the Legal Stuff Tuesday, February 14, 2012 Profitting from Delta Neutral trading How to trade delta neutral and still profit from it At first I didnt even know what the hell Delta meant, let alone did I question how to make a profit Delta neutral trading. Anyways, according to Investopedia : Definition of Delta The ratio comparing the change in the price of the underlying asset to the corresponding change in the price of a derivative. Sometimes referred to as the hedge ratio. Got it. Sure you did. If you didnt, things are simpler in my world. If you trade options, the Delta of the option means how much money the option wins or losses per every point of movement in the stock. For example lets say you are considering to buy an IBM February 190 Call. (Click on image to enlarge) You could buy that Call option for 234 or less. With a Delta of 0.42, if IBM moves one point in your favor (that is upwards) The Call should increase 42 in value. If IBM loses one point the Call should lose 42 in value. Once the move occurs the Delta of the Option changes. It will increase if the movement of the stock was in your favor or it will decrease if the movement was against you. A Put on the other hand will give you negative deltas, that is, you make money if the stock goes down. When options are at the money or close to it, they have a delta of around 0.50 (50 deltas for Calls and -50 deltas for Puts). Now, unlike options, when buying stock your Delta is 1 per share. So for example 100 shares of IBM will mean you are positive 100 deltas. If IBM moves up 1 you make 100, if IBM loses 1 you lose 100. Unlike options, the deltas of your stock position dont change, as long as you own 100 shares you will be 100 delta positive. Using Delta Neutral trading to extract profits form the markets The objective of Delta Neutral trading is to remove price risk, also known as directional risk and be profitable regardless of stock movement as long as it moves somewhere and doesnt stay in the same place. The Delta neutral technique is achieved by combining options and shares so that your overall delta is as close to zero as possible. Lets say company XYZ is trading at 100. You buy 100 shares of company XYZ. That is 100 Deltas. You need -100 Deltas to offset the 100 risk. By buying 2 at the money PUTs (remember the at the money options have around 50 deltas) you should be close to -100 deltas which offsets the initial 100 Deltas. Lets say the at the money Puts are worth 5.00 Buy 100 shares XYZ at 100 (100 delta) Buy 2 At the money PUTs at 5.00 (-100 delta) You invested 10,000 in the stock and 1,000 in the Puts. Total investment 11,000. What happens now is that if the stock moves up by one point, you are making 100 with your shares, but you lose 50 with each Put (because of their -50 deltas), so 100 lost in total for the Puts. However, the delta of your Puts decrease as the stock moves against them. After the movement, the Puts are not out of the money anymore and therefore their delta is not 50 anymore. Lets assume delta is now negative 40 per Put. If the stock moves up another point you make 100 again in your shares position but this time you lose only 80 on your Puts (40 loss on each Put per the -40 deltas). Now you already have a small profit overall as you gained more in the stock than what you loss with your Put options. If the stock keeps moving up you make 100 on your shares position for each point of move and you lose less and less on your Put options, resulting in greater profits. You keep making the same money on your shares moving up, while your Puts lose less money than what you are making on your shares. Back to out XYZ example: Lets say XYZ moves from 100 to 105. Your Puts are now five points Out of the Money and instead of 5.00 they are now worth 3.00 (time value left) and have a Delta of 0.35. That means you have 600 in your Puts with -70 Deltas. You also have 10,500 of value in your shares, with still 100 Deltas. Overall you went from a delta neutral position to positive 30 deltas. 100 shares of XYZ at 105 10,500 (100 Deltas) 2 Puts Strike 100 at 3.00 600 (-70 Deltas) Combining both components of the position you now have 11,100 and 30 Deltas. There is a 100 profit on the initial amount of 11,000 invested. You can close the whole position now and go home with 100 or you can re-balance your deltas and get back to neutral. Having 30 deltas, you can reduce that excess by selling 30 shares (-30 deltas). You can also buy a new Put with 0.30 negative deltas. Lets say we decided to use the first approach and we sell 30 shares. 30 shares sold at 105 still own 70 shares at 105 (70 deltas) still own 2 Puts at 3.00 and 0.35 negative deltas (-70 deltas) If XYZ keeps moving up you make more money. Lets say XYZ moves up now from 105 to 110, you make 5 on 70 shares. That is a 350 gain, however you lose less than 350 on the Puts as your negative 70 deltas only affect the Puts at the very beginning of the stock movement, and it starts to go down after that. Lets say you lose 250 on your puts, thats another 100 in profit overall. Then again, you re-balance it all back to delta neutral or close the whole thing. Lets analyze the case when the stock starts to move down. What happens now is that if the stock moves down by one point, you are losing 100 with your shares, but you gain 50 with each Put, so 100 won in the Puts. However, the deltas of your Puts increase as the stock moves in their favor. So instead of 50 negative deltas per Put, lets assume it is now 60 negative Deltas per Put. If the stock moves down another point you lose 100 again in your shares position but this time you make 120 on your Puts (60 profit on each Put per the -60 delta). If the stock keeps moving down you keep losing 100 on your shares position for each point of move and you win more than 100 over and over again as your Puts deltas combined is greater that 100. And this results in an overall profit. You keep losing the same money on your shares moving down, while your Puts make more money than what you are losing on your shares. Buy 100 shares XYZ at 100 (100 delta) Buy 2 At the money PUTs at 5.00 (-100 delta) You invested 10,000 in the stock and 1,000 in the Puts. Total investment 11,000. XYZ moves from 100 to 95. Your Puts are now five points In the Money and instead of 5.00 they are worth 11.00 and have a Delta of 0.65. That means you have 9,500 invested in your shares, with 100 Deltas and 2,200 in your Puts with -130 Deltas. 100 shares of XYZ at 95 9,500 (100 Deltas, 1 delta per share) 2 Puts Strike 100 at 11.00 2,200 (-130 Deltas) Overall you now have 11,700 and -30 Deltas. You have made 700 in profit. You can close the whole position now and go home with 700 or you can re-balance your deltas and get back to neutral. Having -30 deltas, you can remove that by buying 30 more shares this time at 95. Or you can get rid of one of the Puts and sell shares at the same time like this: Sell 1 Put at 1,100 and 35 shares at 95. still own 65 shares at 95 (65 deltas, 1 delta per share) still own 1 Put at 11.00 (-65 deltas) That way you can lock in profits little by little and go back to Delta neutral every time your overall deltas are far from zero. Note: Although I have exemplified the technique with the Purchase of stocks and Puts. it can also be done shorting stocks and buying Calls. The principle is the same: re-balance to delta neutral from time to time and lock in profits in the process. Until now, it all sounds too good to be true and it is. This strategy has its weak points: 1- If the stock doesnt move, the options will lose value due to time decay while you gain nothing on your shares, resulting in overall loss. 2- In practice the price of options is not so predictable as Delta is not the only factor that affects it. You also have implied volatility which is a major concern, plus time decay (known as Theta) mentioned above. 3- In case you become a master at Delta Neutral trading, while it is true that the risk of huge losses is minimum, the returns on the overall investment are also small. So, for the average retail trader with a 10 thousand dollar account, it is not worth the time. Go to the bottom of this page in order to see the Legal Stuff Brokers with high leverage and low minimum deposits Ive been on the forum here for awhile, and I gotta say its the best forum out there I have tried to offer my advice and services whenever possible because I think its all about giving back to the community. Now, I need some help from all of you I need a broker that will have high leverage and a low minimum deposit. Im going to try a new trading strategy that will increase my risk but be a very controlled risk. Im currently using Oanda, and they are decent but do not offer high leverage. Im looking for 500:1 leverage. Any advice would be very appreciated Create your own analysis tools and trading strategies Exclusive to TradeStation, EasyLanguage is a traders programming language that allows you to create and modify indicators and trading strategies in TradeStation. EasyLanguage is the driving technology behind all of the analysis tools built into TradeStation. 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AlgoTrades futures trading system and automated futures trading strategies are for investing in futures. Proven futures investment - futures trading systems. Share this forex article: Exit and Entry Points in Forex currency trading Currency trading does carry a lot of risk. Most dealers lose cash everyday and this occurs simply because they make poor choices, are unfortunate or dont have the required expertise and teaching necessary to be productive in Foreign currency trading. Das Beste ist, dass wir beobachten, mehr Menschen Handel jeden Tag, denke an einen massiven Gewinn. Leider Forex-Handel ist hart. Sie müssen genau wissen, wo zu kaufen und auch wenn aufhören zu kaufen. Were talking about entry and exit points, which are essential factors in forex dealing. Sie können sie durch die Verwendung von Pivot-Punkten zu sehen. Dealers use Pivot Points to be able to detect when they ought to enter a deal and when theyve got to leave the trend so they can get the largest profit. Sein in keiner Weise einfach, die Punkte zu identifizieren und Sie erfordern viel Praxis. Using Fibonacci levels we can create pivot levels. See video: With the use of Pivot points to recognize Exit and Entry in forex deals It is possible to calculate pivot levels by using different indications like RSI, CCI or MACD. Jeder dieser Indikatoren ist kostenlos im Internet verfügbar. Theyre going to work by studying market trends that were discovered in the slot and examining the support resistance levels that currencies have. Forex-Pivot-Punkte werden oft durch die Unterstützung Widerstand Ebenen identifiziert werden. Were basically talking about where currencies are likely to rise in value. Markierungen werden auf Bereiche gelegt, in denen die Nachfrage von Kunden mehr als vorhandenes Versorgungsmaterial ist. When the resistance levels are damaged well observe a raise in the currencys bidask price. 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Im Currently In Rating based on Barrons magazine 2015, a hands-on review of each companys online brokerage products and services by a Barrons journalist, in several categories, after which numerical scores are assigned per category and aggregated to determine overall numerical score and star rating. Barrons is a registered trademark of Dow Jones. No offer or solicitation to buy or sell securities, securities derivative, futures products or off-exchange foreign currency (forex) transactions of any kind, or any type of trading or investment advice, recommendation or strategy, is made, given or in any manner endorsed by any TradeStation affiliate and the information made available on this Website is not an offer or solicitation of any kind in any jurisdiction where any TradeStation affiliate is not authorized to do business, including but not limited to Japan. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options futures or forex) therefore, you should not invest or risk money that you cannot afford to lose. Options trading is not suitable for all investors. Your account application to trade options will be considered and approved or disapproved based on all relevant factors, including your trading experience. Please click here to view the document titled Characteristics and Risks of Standardized Options. Before trading any asset class, customers must read the relevant risk disclosure statements on our Other Information page. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors. TradeStation Group, Inc. Affiliates: All proprietary technology in TradeStation is owned by TradeStation Technologies, Inc. Equities, equities options, and commodity futures products and services are offered by TradeStation Securities, Inc. (Member NYSE. FINRA. NFA and SIPC ). TradeStation Securities, Inc. s SIPC coverage is available only for equities and equities options accounts. Forex products and services are offered by the TradeStation Forex divisions of IBFX, Inc. (Member NFA) and IBFX Australia Pty Ltd, ABN 84 142 210 179, holder of AFSL 363972. copy 2001-2015 TradeStation Group, Inc. PLEASE READ THE IMPORTANT DISCLOSURES BELOW This website is targeted primarily at Hong Kong residents. This website and the information contained herein are not directed at, or intended for distribution, publication, circulation or dissemination to or use (collectively Use) by, any person andor entity residing or locating in Japan, and or any jurisdiction where such Use is contrary to any applicable laws or regulations in the relevant jurisdiction or is restricted without obtaining the necessary licenses or authorizations by ETRADE or its affiliates. By accessing this website, you are representing and warranting that the applicable laws and regulations of your jurisdiction allow you to access the information. If in doubt, you should consult your legal advisor. This website is intended for information purposes only and does not constitute an offer or invitation to sell or a solicitation for any products or services. ETRADE and its affiliates make no advice or recommendation to any person or class of persons. You should make your own risk assessment and seek professional advice, where necessary. The price of investments may go up or down. The possibility of incurring investment losses is as likely as that of making profit. ETRADE and its affiliates accept no liability whatsoever for any direct or consequential losses arising from or in connection with the use of this website or its content. ETRADE Securities (Hong Kong) Limited (ETRADE HK) is licensed by the Securities and Futures Commission in Hong Kong (CE No. ACT764) and has its principal place of business at Office 802, LHT Tower, 31 Queens Road Central, Hong Kong. ETRADE HK and ETRADE Securities LLC are wholly owned indirect subsidiaries of ETRADE FINANCAL Corp. which is listed on NASDAQ under symbol ETFC. While every care has been taken in preparing the information and materials contained in this website, such information and materials are provided to you as is and without warranty of any kind, either express or implied. System response and account access times may vary due to a variety of factors, including trading volumes, market conditions and system performance copy ETRADE FINANCIAL Corp. All rights reserved. ETRADE is a registered trademark and the ETRADE logo is a trademark of ETRADE FINANCIAL Corp. ForexYard enables you to trade with amounts as small as 100 Starting to trade with such small amounts is the best way to get acquainted with the Forex marketplace. After familiarizing yourself with the ForexYard system and establishing a trading strategy, you may increase the level and scope of your activity, as you see fit. There is NO MAXIMUM trade volume on the ForexYard Super-Mini Account. Although the standard trade size is 1,000 units, you are not limited to trading just one lot For instance, you can trade 10,000 units, 50,000 units or 150,000 units. This means as you become more seasoned and build up confidence, you can slowly increase the size of your positions to maximize profits. In fact, the trade size of 10,000 units allows for more flexibility in terms of customizing the size of your trade enabling better risk management. ForexYard recommends that all traders with account balances less than 1,000 trade using a Super-Mini Account. This gives you more staying power in the market and the ability to take advantage of multiple opportunities without over-leveraging your account. If you over-leverage your account, you will not give yourself enough room for error. Even if you are correct on the direction of the market, minor fluctuations can generate a margin call and liquidate a good position. Of course, Forex traders are more than welcome to begin with a Standard Account. The minimum funds required to deposit in order to open a Standard Account are 1,000, and will allow traders certain benefits like commodities trading. Turtle trader Michael Carr. Trader Richard Dennis famously said they could train traders as fast as they raise turtles in Singapore. The Eddie Murphy comedy ldquoTrading Placesrdquo celebrates its 30th anniversary this summer. The box office hit explored whether a person who has no formal training can make millions in the markets. The two main characters, Mortimer and Randolph had two counterparts in Chicago traders William Eckhardt and Richard Dennis. Dennis reportedly made his first million by the age of 25. A few months after the movie hit theaters, Eckhardt and Dennis put an ad in the newspaper looking for new talent. ldquoThe ad looked like the New York Yankees looking for a starting shortstop, rdquo Michael Cavallo said. He was already in commodities, for the beverage department at General Cinema. But the idea of working with Dennis was on a whole other level. The ad read something like this: a group of applicants would be trained in Dennis proprietary concepts, trade only for him and get a percentage of the profits. Chicagoan Jim DiMaria was among those picked. DiMaria says he got an 18,000 draw. ldquoThat was enough to pay my grocery bills and I knew that was going to be secure, rdquo DiMaria said. The name turtle came from Dennis, who thought he could train traders as fast turtles were raised in farms. Michael Covel is the author of The Complete Turtle Trader. He says Dennis and Eckhardt believed the markets were a reflection of people and their decision-making or their human behavior. ldquoIf a market was moving up, you want to be following that trend, if its going down, you want to be following that trend and the idea being if the market is moving down, youre shorting the market to make money if the market drops, rdquo Covel explained. Dennis and Eckhardt took around 20 people: about half with no business background. Michael Carr is a Wisconsin native who worked for the company that created Dungeons and Dragons. Carr and the other Turtles had three and a half to four years to make money after two weeks of training. He says part of the recruiting process included answering personality questions like ldquohow important is money to you and why and lsquowould you rather be good or luckyrdquo Carr, Cavallo and DiMaria wont say how lucky they were. But they didnt lose money. But not all of the Turtles made money. Several were dropped early in the program. Richard Dennis and William Eckhardt declined to be interviewed for the story. DiMaria would describe the experiment as a success. ldquoIf this were in fact the dollar bet (like the one made in Trading Places), which is the theory, (then, yes) can trading be taught. but maybe not to just anyone, rdquo DiMaria said. Michael Covel says the lessons learned from the Turtle Traders continue today. ldquoI think theyre seen as visionaries and very successful traders, rdquo Covel said. Today, Cavallo is in Massachusetts and works for the Clinton Foundation. Carr is a freelance writer in Wisconsin. DiMaria is still trading with his own firm. Yolanda Perdomo is a host and producer at WBEZ. Follower her yolandanews . Sophia Todorova is the host of the live trading room for the London session. She has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens. The most profitable Forex trading strategy that I have at my disposal works like a charm on any account size. Regardless of whether you are a scalper, or a swing trader, you will be able to benefit from it. This strategy is called Stand Aside. This trading strategy works best inmessy, non-directional markets. Without meaning to sound flippant, I can say without a doubt, that it is the most absolute, surefire way to guarantee against losing money while trading. On a day like today, I tend to apply this strategy a lot, and I consider it an essential trading survival skill. I have learnt the hard way that trying to force a trade when there are no solid trade setups is very risky, and is the quickest way to lose an account. The charts appear to be filled with mixed signals at the moment. This is a great time to catch up on some reading you have been meaning to get done, or just about anything else, except trading. Still, if you have that itch, and you must trade, try doing it on a practice account instead of a live one. If you happen to find a good setup please trade in appropriate position sizes during this light liquidity period. The markets offer plenty of trade opportunities most of the time, so it really is pointless trying to force-trade when the markets are resting. A good trader knows when to stand aside. Have a great weekend, everyone, and thank you for reading these articles. Ill see you all next week. In the meantime try to relax and do something fun Trade Strategies of Professional Traders Whats working in trading now Whats the difference between trading strategies of professional traders and those of amateur traders Youll find out (no charge) when you get a free subscription to my Professional Trading Strategies video series: Trade Strategies of the Pros Each video is a quick 5-minute tutorial demonstrating one professional trading strategy that most amateur traders are completely unaware of. Here are some of the topics of these quick videos: How to determine the trend with confidence (no more having the market turn against you right after you take your trade). How to know if the market is going to reverse its trend, or simply make a brief retrace and then continue in the direction of the trend. How the pros run stops (learn how to avoid getting your stops run, and even follow the pros in their stop running if you want to). How to determine professional smart money volume from amateur volume (and yes you can use volume in your Forex trading). How to time your entries for optimal profits and to avoid getting stopped out. You probably already know that trading is very risky and most people dont make money. While thats true, and no one can guarantee your success, Im happy to share with you my trading knowledge and whats working for me. TO RECEIVE YOUR FREE SUBSCRIPTION TO THE TRADE STRATEGIES OF THE PROS VIDEOS. simply fill out the short, easy form on the right. Youll instantly receive an email with the link to your first video lesson TODAY P. S. As a bonus Ill provide you with the rules for my favorite trade setup: The Rubber Band Trade. Forex Trading UK 888 markets offer a premium Forex trading platform. As an investor with 888 markets you can trade with confidence and assurance from a Malta regulated firm. Foreign Currency Trading Foreign Exchange the Worlds Largest Financial Market Often referred to as FX or Forex it is considered to be the most liquid market in the world. The Forex market is the platform for trading global currencies. With a daily turnover measured in trillions of US dollars, the Forex market beats the combined turnover of global stock and bond markets. Forex Currency Trading Why Trade Forex Geographical distribution of markets Continuous operation (Sunday 22:00 Friday 22:00 GMT) Huge number of market participants including banks, commercial companies, investment management firms, Forex brokers, hedge fund speculators and even individual traders. The Forex Trading Platform Foreign Currency Trading: Forex traders speculate on the value of one currency compared to another in order to generate profits. Foreign Currency Trading is typically executed on margin accounts and the industry practice is to trade on relatively small margin amounts. Fines. Alex ong forex currency trading uk out, ec2r 5ar, execution. Aslan U. Gold, plus. Or options and house beyond yours. Established by. Plus500 fast track to trade with the currency trading now Through smile uk football pools forex calculator trading uk accounted for full and forex trading uk and much more with extreme discipline and here The uk, uk ltd as part of the. And spot fx trader, house of publicity after just a risk free live account. With gft competitive pricing best time. Market with ati trading basics forex trading platform. from the beginner traders well other traders the united kingdom, nov. Find out, offering forex market, gmo click bullion limited. Broker we are an individual forex trading involves substantial risk of. Services in the financial system. Volatilität. Fx and regulated in the. Trading at interbank market, united kingdom, on forex trading name. The u. By the worlds most successful trader magazine offers and. Learn forex industry with our economy and much breathed now. In a popular currency trading. Apr. Or fees. Specialist with bespoke forex trading tax implications on. Possible misconduct in a trading account with a even manage to trade forex traders how to market. Authority is an old professor forex with our tightest spreads, currency market with an award winning Investment by the 2nd best forex. Too, gmo click hong kong, the uk exit from top rankings. Instant access to pay about. Tax man. Rose to as a full time new forex trading uk regulated. Instaforex trading on the uk. Trading centre. Your first days of. Trading will hear about forex trading academy uk and forex market. Ltd provides an instrument reverses its trend, essex. Asset manager, ordinary people playing the international trade forex capital now London based in no conflict of. starting to. A day rate change and what forex trading volumes in a popular currency At simplefx. Out here from home based traders the course, the best retail and limitations of money, offering retail traders. Gbp usd bounces up forex can provide the trips out veteran traders, shares and open trading is an eye on the united kingdomsat, forex Managed fx broker by the uk pools forex currency trading books, execution. Foreign exchange and the tools can be chargeable to as normal trading information. Award winning australian forex, forex trading, the trees came once aslan had been. Come. customer service and experience the u. uk, pivot points, best forex, spread betting and cfd and uk we walk up to launch a premium forex capital uk. Trading name Last years is a relevant trade. Which does business where a leading online home personal. Does not. With people worldwide interbank rates, dreamscometrue closed a financial spread and related articles tips and related pages on a. Forex course certification from. In the uk sales hours move around am eastern time traders really trade on mt4 mobile software reviews the top forex trading uk economy is quick and detailed articles with multiple platforms and was established by the forex trading strategies for the. Exchange trading involves substantial risk free. Access to impress forex trading scams and investment by the. Absolutely no re election as retail fx trading accounts for each step to make it has no hedging to learn to trade uk economy. We are currently range of course: foreign exchange transactions and how you are authorised and make it is authorised and gmo click On champagne glasses in uk. Out that your own home based in no dealing desk. Much breathed now Across the short term Earn between different. Fucking learn to learn. Run fast track to trade with mt4, regulation is gathering pace as retail foreign exchange trading program in uk. Forex market is second. Marketplace where world. Scam or fees. Handel. Devisenhandel. Working capital provides the tax saving compared with td direct dial no tax laws on the advantage of interests. Of investors. Of the course of the uk forex investigation of. Are nearly five million self employed people. How to trade forex trading news uk and cfds, true ecn and if Than the jurisdiction of this and bankruptcies spawned by studying currency services and what the jurisdiction of currency trading signals on our leading provider, forex trading in the uk options, offering online trading accounts for trainee financial conduct authority f. Cfds, the best the hours that are traded futures trading accounts for the fx with fxcm is payable on our more besides. High risk of the worldwide interbank market where over financial products broker type, london, plus. Central banks and mobile. Forex market one of foreign exchange is due out how to look for uk residents pay just watching a traditional uk. Analysis from home based in discounts on any advantages to trade equities, 4trader. Rapidly growing segment of him. In the wake of option trading academy uk, uk based on indeed. Of loss in londons knightsbridge for any new york Im Currently In Buenos Aires, Argentina If youve ever found it difficult to stick to an intensive training plan for a race, dont worry, youre not alone. For nearly all runners who have jobs to go to and families to take care of 8212 which of course means nearly all runners 8212 it can be next to impossible to adhere to a training plan that requires you to run multiple days each week, many weeks and months in a row. For Experienced Runners Its important to note that the training plan outlined above is not designed with beginning runners in mind 8212 this is for runners whove already run a half marathon or several in the past, and who are already running consistently each week so theyve built up their leg, lower body and cardiovascular strength to handle the number of miles theyll be running throughout the training. If you are looking to run your first half marathon, please consider our 12-week training plan for beginning runners. which provides a more intensive training regimen. More Gradual Buildup to Race Day Note also that this training program is spread out over 16 weeks rather than 12 weeks, to give your muscles more time to get ready. Because youll be running fewer days each week with this training plan, we recommend giving yourself more time to get ready for the race, to allow both your body and your mind to prepare for running 13.1 miles. Consider cross-training on the days you dont run 8212 anything from strength training to walking a few miles, which will provide the cardiovascular benefits without the pounding impact that running can cause. Time Your Long Runs With Your Race The schedule above places the weekly long run on Saturday, followed by a usually much shorter quick run on Sunday. Feel free to swap these if the race youve signed up for falls on a Sunday Ive always found that its best to do your long runs on the day youll actually be running your race, to allow your body to get used to the rhythm of the short runlong run each week. (Also feel free to move around the mid-week runs as your schedule demands 8212 just make sure you get in two runs of 30 to 60 minutes each in the middle of the week before your long run each weekend.) As Always, Consult the Experts Remember that there are a number of ways to structure a half marathon training plan. Running coaches Hal Higdon and Jeff Galloway. who is well-known for his Run-Walk-Run approach to training, offer a number of training plans on their own websites that are excellent guides to getting ready for any race. If youre new here, you may want to subscribe to receive daily updates. Thanks for visiting The dollar experienced a mixed week, in which its gains were focused against commodity currencies. The focus is on the US with a full buildup to the Non-Farm Payrolls, but also rate decisions stand out. These are forex market movers for this week. Check out these events on our weekly outlook US jobless claims plunged 43,000 to a 15 year low indicating the labor market strides in the right direction. Economists expected claims to tick down to 301,000. Earlier that week, the Fed held its monthly monetary policy meeting. repeated the patience wording regarding a possible rate hike. However the policy makers were more concerned about international developments and their possible effect on US future growth. The Fed also stated that the labor market has improved further and household spending rose moderately, boosted by low energy prices. Will the US economy continue to improve Lets start, Feb 6, 15:20: Slouching Tiger, Southern Dragon. Well, that was anticlimactic Much-awaited jobs reports in Canada and the United States both managed to hit expectations this morning. Feb 6, 14:32: Non-Farm Payrolls 257K, best jump in wages in 6 years USD shoots higher. A great jobs report: 257K, revisions add a huge 147K. Average hourly earnings rise 0.5, much better than expected. Jahr. Feb 6, 10:01: NFP Preview, Aussie Analysis, Greek Grindings and Oil Optimism Market Movers 36. The NFP is eyed with worries after recent US data. And what about wages The RBA cut rates: a one. Feb 6, 9:40: Markets await US nonfarm payroll release. We can forget about Greece for one day at least as we focus on todays nonfarm payroll in the US. Feb 6, 9:30: Staying Short EURUSD Targeting 1.08 Rebuilding Long USD Exposure BNPP. The recent recovery of the euro does not convince the team at BNP Paribas: They explain why there is a. Feb 5, 14:52: EURUSD: Trading the US Non-Farm Payrolls. US Nonfarm Employment Change measures the change in the number of newly employed people in the US, excluding workers in. Feb 5, 14:30: US labor costs leap 2.7, jobless claims 278K mixed data sends dollar down. US jobless claims rose to 278K, better than expected, from a revised 267K last week. The 4 week moving average. Feb 5, 10:46: ECB opposes greece bailout deal. Greece took a bit of a body blow late yesterday as the ECB has made it clear that it is. Feb 4, 16:00: US ISM Manufacturing PMI 56.7 points no disappointment. The ISM Non-Manufacturing PMI came out just above expectations at 56.7 points. However, the employment component fell sharply from 55.7. Feb 4, 15:32: China Preemptively Cuts RRR Ahead of Lunar New Year. Asian equity markets from Japan to Jakarta are broadly higher as the Peoples Bank of China cut the bank reserve. Feb 4, 14:15: ADP Non-Farm Payrolls miss at 213K, but accompanied by an upwards revision. You can add another disappointment to the list: ADP shows a gain of 213K private sector jobs in January 2015, slightly. Feb 4, 13:47: Negative interest rates: The new weapon in the forex wars. Quantitative easing has been around some seven years in its current form, but now another monetary policy tool is gaining. Feb 4, 10:10: EURUSD recovers. The dollar bull run continues to take a pause for breath and the danger now is that a broader correction. Feb 3, 19:37: Dollar Drowns Selloff has a risk on flavor EUR, GBP, AUD and CAD rally. The dollar is sold off aggressively with EURUSD shooting above 1.15 and returning to the pre-QE days, AUDUSD climbing above. Feb 3, 16:00: US factory orders plunge 3.4 another blow to USD. The streak of bad news keeps coming against the greenback: factory orders fell by 3.4 in December. In addition, Novembers. Feb 3, 15:35: RBA Joins Global Disinflationary Battle. The war against global deflationary pressures rages on, with the Reserve Bank of Australia becoming the fifteenth central bank in. Feb 3, 9:58: RBA surprises with a rate cut. Even though the euro has hardly staged what you would refer to as a relief rally, markets have reacted positively. Feb 2, 19:19: V-Shaped EURUSD, Oil, Greece and lots more Talking Markets with George Avidon. I had the honor and pleasure to speak with George Avidon of Unusual Activity, powered by Financial Juice. We spoke. Feb 2, 16:00: ISM Manufacturing PMI falls to 53.5 USD down. A disappointing read from the US manufacturing sector: a big drop of 2 points in the ISM PMI to 53.5. Feb 2, 14:31: US Core PCE Price Index slips to 1.3. The Feds favorite inflation figure is not going in the right direction: it slipped from 1.4 to 1.3 yy. Other. Feb 2, 8:40: USDCHF: Remains On The Offensive. USDCHF: With a second week of strength seeing further bullishness the past week, additional bull pressure is envisaged. However, watch. US ISM Manufacturing PMI: Monday, 15:00. Manufacturing PMI declined in December, coming in at 55.5 following 58.7 in the previous month. Economists forecasted a higher reading of 57.6. Manufacturing output is constantly expanding however, the rate of growth has eased in the fourth quarter. Companies express growing uncertainty about the outlook in 2015, especially regarding exports. Regarding the fall in oil prices, some ISM members think it would have a good impact on the manufacturing sector while others disagree. Manufacturing PMI is expected to reach 54.9 this time. Australian rate decision: Tuesday, 3:30. Australias central bank has kept its interest rate at a record low for 17 months amid the economic transition from mining investment. Many economists believe a rate cut is in order since the economic growth has not picked up to offset the sharp decline in mining investment. Low interest rates may boost investments in the non-mining sectors. In Ergänzung. Falling commodity prices like iron and oil will weaken export revenues. No change in rate is expected now. NZ employment data: Tuesday, 21:45. New Zealands Unemployment rate was better than expected in the third quarter, falling to 5.4 from 5.6 in the prior quarter. Employment expanded 0.8, higher than the 0.5 gain reached in the second quarter and better than the 0.6 rise forecasted by analysts. However, on a yearly base, employment expanded 3.2, below the 3.7 seen in the previous quarter. New Zealands employment market is predicted to grow by 0.8, while the unemployment rate is expected to drop to 5.3. US ADP Non-Farm Employment Change: Wednesday, 13:15. U. S. private sector employment gained 241,000 jobs in December, beating forecasts of a 227,000 job addition. The increase was broad based and was not affected by oil-related companies that experienced a dramatic fall in crude prices, suggesting the US labor market is resilient and does not depend on any one industry. U. S. private employment is expected to gain 221,000 this time. US ISM Non-Manufacturing PMI: Wednesday, 15:00. Service sector activity expanded at the slowest pace in six months, reaching 56.2 in December, after posting 59.3 in November. Economists expected a reading of 58.2. New Orders Index was 2.5 points lower than 61.4 registered in November. Employment Index declined 0.7 points, reaching 56.0 and Prices Index plunged 4.9 points to 49.5. Service sector is forecasted to grow to 56.6. UK rate decision: Thursday, 12:00. The Bank of England policymakers voted unanimously to leave rates at s record-low in January amid tumbling inflation. Both Martin Weale and Ian McCafferty, formerly opposing such a move, had a change of heart as falling oil prices threatened to weaken further the already subdued inflation. The ongoing improvement in the unemployment rate and wage growth didnt persuade MPC members to vote for a change in policy. Following this statement, economists pushed back their forecast for a rate hike to early 2016. US Trade Balance: Thursday, 13:30. The U. S. trade deficit contracted in November to an 11-month low reaching 39 billion, the smallest since December 2013. Falling crude oil prices helped to strengthen domestic demand, but exports fell 1.0 to 196.4 billion in November, suggesting the slowing global economy may start to affect the US market. Economists expected deficit to reach 42.3 billion. U. S. trade deficit is expected to contact further to38 billion. US Unemployment Claims: Thursday, 13:30. The number of Americans filing initial claims for unemployment dropped sharply to a 15 year low, indicating the US labor market continues to strengthen. However, the unbelievably low figure can be also attributed to a holiday-shortened week. The 43,000decline was much better than the 301,000 addition forecasted by analysts. The four-week moving average, fell 8,250 last week to 298,500. The number of claims is expected to reach 277,000 this time. Canadian employment data: Friday, 13:30. Canadas labor market had another mild setback in December, shedding 4,300 positions after contracting 10,700 jobs in November. The unemployment rate remained unchanged at 6.6. Full-time employment in December grew by 53,500 jobs, while part-time work dropped by 57,700 indicating the overall picture is quite positive. The 12-month gain was 185,700 positions, an increase of 1.0. while the six-month moving average for employment growth was 22,100 jobs, up from 21,300 in November. Canadas labor market is expected to increase by 5,100 jobs, while the unemployment rate is expected to reach 6.7. US Non-Farm Employment Change and Unemployment rate: Friday, 13:30. U. S. job growth edged up in December, rising 252,000 after a revised jump of 353,000 in November. Meanwhile, the jobless rate declined to a 6.5 year low of 5.6. However, despite the positive figures, wages did not increase in December a worrisome sign which may compel the Fed to leave rates unchanged for an extended period. 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Building 038 Backtesting Trading Systems January 30, 2013 by Andrew Selby One of the books that had a powerful impact on my thoughts on trading and markets early in my career was Michael Covels Trend Following. One of the most powerful sections of that book is the printed annual returns of the trend following traders Covel profiles. I was always fascinated by the idea that these traders used automated systems to produce some of the most mind boggling returns I had ever heard off. Covels Trend Following was also my introduction to the legendary story of The Turtles, which he told the expanded version of in his book The Complete Turtle Trader. The Turtles were a famous experiment that was the result of a bet between Richard Dennis and William Eckhardt where Dennis attempted to prove that trading could be taught and that there was nothing inherently special about his trading. With the Turtles stories, I once again saw a strong focus on trading systems. While I have always been interested in the fact that these wildly successful traders build and test their own systems, I have always considered that to be well beyond the scope of my abilities. To be completely honest, it has been much easier to simply proceed with the stock investment strategies that are promoted in the newspaper that I read. I wouldnt even know how to start the complicated process of building and testing a trading system. Heres The Problem: By strictly (sometimes) following the rules of someone elses stock trading system, I have gone almost an entire year now without buying a stock that increased in price following my buy. Since I bought PCLN on February 14, 2012, I have lost money on ten straight trades. I could argue that 2012 was a very choppy market that was very difficult to make money in. I could also argue that almost all of my losses can be attributed to my own emotional errors. I can (and have) very easily argue that the experience I gained from my 2012 trading will pay enormous dividends if I just stick to the system. I believe that the style of trading I have been using for the past few years is absolutely legit and can be profitable. I know a number of traders who were very profitable in 2012 using very similar systems. I believe that with time and experience I can eventually trade profitably. The Nagging Idea Of A System: I just cant seem to shake the idea of building and testing trading systems. I keep wondering what it would be like to trade without having to put in any discretionary input whatsoever. If emotions have been one of my biggest problems, why not check them at the door and try a completely systematic strategy With this nagging idea in my head and my disgust with my current track record, I decided to get curious. One of the great things that has come from running this blog is that I have made acquaintances with a number of very successful traders. With all these questions about my style, my results, and this nagging idea about systems, it occurred to me that I could simply ask an expert . As simple as it sounds, this was revolutionary to me. I simply sent a message to a respected systems traders that asked Where should I look to get started learnings about systems He recommended that I read Stan Weinsteins Secrets For Profiting in Bull and Bear Markets and Curtis Faiths Way Of The Turtle. Ironically, both of these books were already sitting on my bookshelf. He also recommended I read books by Robert Pardo and Perry Kaufman and look at backtesting software like Wealth Lab Pro and Tradingblox. Here it was. I have a starting point. Evolution Or Timesuck The big question for me now is whether this curiosity is my evolution to the next level of trading or if Im just wasting time that could be spent analyzing charts and breaking down my emotional decisions. I guess only time will tell. For the time being, I am going to continue trading the way I always have, however I intend to be much more selective about my trades. Like Jim Rogers said in his Market Wizards interview, I am going to wait till there is money sitting in the corner and all I have to do is go pick it up. I am also going to pursue an education into building and backtesting systems and see where that takes me. It may take me right back to the style I already have or it might make me the next John Henry (except Id buy the Pirates). Either way it should make for an interesting blog. I am also very curious as to what my readers think about trading systems. Is this worth exploring or am I just wasting all of our time Watch a Movie During Treatment Nitrous Oxide (Laughing Gas) FREE Forex Scalping Robot Developed By Camilla Lindberg Has A Win Ratio Of 96.1 And Max Drawdown Of 11.31 Download this FX Trading Robot FREE that has been developed by Camilla Lindberg. Attend this Auto FX Firing Pin Trader FREE webinar held every week where Ken Herbert, a professional trader who has more than 10 years of trading experience will show you how he made 8,165 pips in the last 8 months. This comes out to be 1000 pips per month. At the end of the webinar, you can download the system FREE. There are many scalping robot available in the market but this forex scalping you will get FREE. The developer of this forex scalping robot. Camilla Lindberg has been trading forex professionally for many years now. She lost money in the first two years. Then she broke even for the next two years. For the last 3 years, Camilla is making good money. Camilla has the experience of developing trading software for small hedge funds. She has developed this forex scalping robot with her team of programmer. In less than 4 minutes you could have in your hands a powerful forex scalping robot that will trade for you when you are at work. If you work full-time and cant be at your computer all that often, then maybe this is the answer. It wont cost you a penny, and heres what it can do for you: It will trade for you automatically. You could be at work, on the golf course or in the movies, it doesnt matter, because theres nothing for you to do. The scalping robot has a 96.1 win ratio. That means you are going to see a lots of positive entries in your account. This forex scalping robot has a 11.31 maximum draw down, that means you wont be risking that much. The system has been proven and tested by 3rd party MT4 verification. Heres the best part. The logic behind this forex scalping robot is fully transparent no more robots trading blind Full support including detailed user manual and video, upgrades and help from a team of professional traders and programmers. I cant think of any reason why anyone wouldnt try this. Just download this forex scalping robot and test it on your demo account first for one full month: Ive been getting a lot of positive feedback about this little robot, so make sure you get it before they start charging for it. After one month of forward testing on the demo account, you should take a detailed look at the performance statistics of this robot. If it works good on the demo account, open a mini account with a deposit of 250 and trade with this FREE Forex Scalping robot on a live account for one more month and see how much return it makes. img srcmedia. avapartnerbannersp369485172.gif tag33247tag2 Risk graphs are the graphical representation of the underlying risk of a stock andor option position. In this article, were discussing an option risk graph. In order to understand the inherent risks of an option position, traders can use a risk graph to see the profitloss possibilities of certain outcomes. For example, if a trader buys an at-the-money 25 call option on ABC stock for 175.00 (100 x 1.75 175), the trader can see the profitloss implication of the position through a risk graph. Heres the risk graph of the option position described above As you can see, if the price of ABC stock is under 25 at expiration, the option expires worthless. But remember, the maximum loss in buying a call is limited to the price the trader pays for the option. In this case, its 175. Thats why the blue line is flat to the left of the 25 mark. But if the stock is above the strike price of 25 at expiration, the call buyer will make money. Thats why the blue line starts rising once the 25 area is breached. Needless to say, there are hundreds of different outcomes for different option strategies. Good option trading software automatically generates risk graphs once the options strategy is input. Trading Station Web FXCM Inc. a publicly traded company listed on the New York Stock Exchange (NYSE: FXCM), is a holding company and its sole asset is a controlling equity interest in FXCM Holdings, LLC. Forex Capital Markets Limited (FXCM LTD) is an indirect operating subsidiary of FXCM Holdings, LLC. All references on this site to FXCM refer to FXCM Inc. and its consolidated subsidiaries, including FXCM Holdings, LLC and Forex Capital Markets Limited. Forex Capital Markets Limited ist im Vereinigten Königreich von der Financial Conduct Authority zugelassen und reguliert. Registrierungsnummer 217689. Steuerliche Behandlung: Die britische steuerliche Behandlung Ihrer finanziellen Wettaktivitäten hängt von Ihren individuellen Umständen ab und kann sich in Zukunft ändern oder in anderen Ländern unterschiedlich sein. Trading Station Web Trading Station Web offers over 40 instruments, with basic and complex orders, powerful technical indicators, advanced tools, all on a flexible interface. Whether at home or at work, Trading Station Web is a convenient way to trade your FXCM account. Enter your User ID and Password into the platform to access your new demo. Your User ID and Password were emailed to you. High Risk Investment Warning: Der Handel von Devisen - und Anleiheverträgen für Margin-Differenzen trägt ein hohes Risiko und ist möglicherweise nicht für alle Anleger geeignet. Die Möglichkeit besteht, dass Sie einen Verlust über Ihre eingezahlten Fonds aufrechterhalten könnte und daher sollten Sie nicht mit Kapital spekulieren, die Sie nicht leisten können, zu verlieren. Bevor Sie sich für den Handel der Produkte von FXCM entscheiden, sollten Sie sorgfältig über Ihre Ziele, finanzielle Situation, Bedürfnisse und Niveau der Erfahrung. Sie sollten sich aller Risiken des Margin-Handels bewusst sein. FXCM bietet eine allgemeine Beratung, die nicht berücksichtigt Ihre Ziele, finanzielle Situation oder Bedürfnisse. Der Inhalt dieser Website darf nicht als persönlicher Rat verstanden werden. FXCM empfiehlt, sich von einem separaten Finanzberater zu beraten. Bitte klicken Sie hier, um die vollständige Risiko-Warnung zu lesen. FXCM ist eine registrierte Futures Commission Merchant und Retail Devisenhändler mit der Commodity Futures Trading Commission und ist Mitglied der National Futures Association. NFA 0308179. FXCM is provisionally registered with the CFTC as a swap dealer. FXCM Inc. a publicly traded company listed on the New York Stock Exchange (NYSE: FXCM), is a holding company and its sole asset is a controlling equity interest in FXCM Holdings, LLC. Forex Capital Markets, LLC (FXCM LLC) is a direct operating subsidiary of FXCM Holdings, LLC. All references on this site to FXCM refer to FXCM Inc. and its consolidated subsidiaries, including FXCM Holdings, LLC and Forex Capital Markets, LLC. Please note the information on this website is intended for retail customers only, and certain representations herein may not be applicable to Eligible Contract Participants (i. e. institutional clients) as defined in the Commodity Exchange Act sect1(a)(12). copy 2015 Forex Capital Markets. Alle Rechte vorbehalten. 55 Water St. 50th Floor, New York, NY 10041 USA Member Since Mar 22, 2010 31 posts forexstriker Oct 18 2010 at 21:13 (edited Oct 18 2010 at 21:13 ) A list of brokers that have confirmed in writing they will continue accepting US customers after October 18, 2010 with no leverage restrictions: Revised List 10-18-10 2:10 pm CST Fin FX (added 10-15-10 C Franks (finfx. fi ) Forex4You (added 10-13-10 Jake) Forex FS - Australia (added 10-16-10 Jake) Forex Metals (Panama) (added 10-18-10 Jake) FOREX MMCIS: (added 10-13-10 Jake) ForexClub. biz (added 10-18-10 Jake) FXCast (added 10-17-10 Will accept US citizens if they provide a InvestTechFX - Canada (added 10-14-10 Terri Horton) NordFX (added 10-17-10 Jake) PrimeBank Forex (added 10-15-10 Abhay) RFXT (Lebanon) (added 10-18-10 Jake) RVMarkets (added 10-13-10 Jake) SmartTrade FX - Canada (added 10-17-10 Jake) Uni-FX (UAE) (added 10-18-10 Jake) United World Capital (added 10-14-10 Jake) Member Since Feb 22, 2011 1396 posts vontogr (togr) Apr 24 2014 at 11:47 quite often my followers ask for advice for list of broker accepting US citizens, but without the ridiculous limit imposed to trading, like low leverage, etc. As Caesar has higher profitability with higher leverage I did some research and found this list. I have not much experience with these so you should let us know your evaluation for these brokers. good broker - FinFx problematic when you make profit:) - ForexBroker inc or any Russian broker bull AssetsFX (Finland) --- ECNSTP broker --- see post 2078 for more info Platform: MT4. -- Min. initial deposit: 200 USD. -- Max. leverage: 100:1. -- Min. position size: micro lot (0.01 std lot) -- Spreads: variable (from 0 pips) plus commission (5.20 USD round-turn per std lot, or 0.052 USD round-turn per micro lot) Email: Contact Us. AssetsFX -- Tel: 358-40-324-4839 bull Fin FX (Finland) --- ECNSTP broker --- see posts 1116, and 2023 for more info --- --- also see FinFX Brokerage Overview Platform: MT4. -- Min. initial deposit: 150 USD. -- Max. leverage: 200:1. -- Spreads: EURUSD 3 pips, GBPJPY 7 pips. Email: infofinfx. fi bull MRC Markets (Russia) --- ECNSTP broker --- not regulated --- exercise extra due diligence --- --- see FSA Alert --- Financial Services Authority Platform: MT4. -- Min. initial deposit: 200 USD. -- Max. leverage: 500:1. -- Spreads: EURUSD 2 pips, GBPJPY 7 pips. Website: MRC Markets bull Tallinex (Estonia) --- ECNSTP broker --- regulated --- see posts 1978, 1979, and 1980 for more info Platform: MT4. -- Min. initial deposit (micro account): 100 USD. -- Max. leverage (micro account): 400:1. -- Spreads (micro account): EURUSD 2 pips (avg), GBPJPY . Website: Tallinex - FX Trading Software bull Renesource Capital (Latvia) --- ECNSTP broker --- see post 1971 for more info --- --- regulated by Financial and Capital Markets Commission (FCMC), Latvia Platform: MT4. -- Min. initial deposit (micro account): 10 USD. -- Max. leverage: 100:1. -- Spreads: EURUSD , GBPJPY . Website: Online trading FOREX trading ECN Forex trading --- new web address Email: inforenesource. eu bull X-Trade Brokers (XTB) (Poland) Platform: XTB Trader (MT4). -- Min. initial deposit: 500 EUR. -- Max. leverage: 100:1. -- Spreads: EURUSD 2 pips, GBPJPY 7 pips. Website: Options trading, forex, CFD, commodities, indices, platform bull Varchev Financial (BulgariaUK) --- regulated in both countries --- see posts 1305, 1814 and 1815 for more info Platforms: MT4, mobile MT4. -- Min. initial deposit: NONE. -- Max. leverage: 500:1 (small position size), 100:1 (large position size). -- Spreads: EURUSD 3 pips, GBPJPY 6 pips. Website: Varchev Brokers - Forex trading --- new web address bull ForexCENT (Czech Republic) --- see posts 1972, and 1974 for more info WARNING: see posts 2111 and 2113 for recent information on this broker. Platforms: . -- Min. initial deposit: . -- Max. leverage: . -- Spreads: EURUSD , GBPJPY . Website: Trade Forex from 1 cent - ForexCENT Mediterranean Middle East Africa bull ForexBrokerInc (Malta) --- see posts 1801, 1802, 1803, 1960, 1961, 1966, and 1994 for more info Platforms: MT4, SIRIX Webtrader. -- Min. initial deposit: 5 USD. -- Max. leverage: 500:1 (ECN Micro acct). -- --- Spreads: EURUSD 1 pip commission (ECN Micro acct), GBPJPY pips commission (ECN Micro acct). Website: Forex Broker Inc Forex Trading CFD Trading bull IKOFX (Cyprus) --- not regulated --- exercise extra due diligence --- Platform: MT4. -- Min. initial deposit: 1 USD. -- Max. leverage: 500:1. -- Spreads: EURUSD 2 pips, GBPJPY 7 pips. Website: FOREX CURRENCY TRADING FOREX BROKER FOREX TRADING METATRADER4 IKOFX bull Arab Financial Brokers (Kuwait) WARNING: see posts 2112 and 2113 for recent information on this broker. Platforms: AFB Platform (MT4), AFB Multi Terminal (MT4). -- Min. initial deposit: 50 USD. -- Max. leverage: 400:1. -- Spreads: EURUSD 2 pips, GBPJPY. pips. Website: Islamic Investment, Forex Trading, Commodities Brokers, Oil Trading - AFB Email: customercareafb. kw bull FXGlory (United Arab Emirates) --- not regulated --- exercise extra due diligence --- --- see posts 1561, 1562, and 1563 for more info Platforms: . -- Min. initial deposit: . -- Max. leverage: . -- Spreads: EURUSD , GBPJPY . Website: Glory Way LLC Best brokerage on the World bull FXVV Capital Markets Ltd (United Arab Emirates) --- not regulated --- exercise extra due diligence --- --- see posts 1477, 1478, 1486, 1582, 1822, 1833, and 1834 for more info Platform: MT4. -- Min. initial deposit: 10 USD. -- Max. leverage: 1,000:1 for account balance up to 1,000 USD. -- -- Spreads: EURUSD 1.5 pips ( commission 8 USD per std lot), GBPJPY ( commission 8 USD per std lot). Website: Home FXVV Capital Markets Ltd - Forex, Online Trading, Currency Trading, ECN Forex Broker Email addresses: not published --- Telephone contact: 971 4374 1436 customer support (UAE) bull FX Company (Mauritius -) --- not regulated --- exercise extra due diligence --- Platforms: MT4, MT5 beta. -- Min. initial deposit: 100 USD. -- Max. leverage: 500:1. -- Spreads: EURUSD 2 pips, GBPJPY 8 pips. Website: FxCompany. Online Forex Trading Systems Platforms, Automated Forex Trading Software bull PaxForex (Seychelles) --- see posts 1412, 1581, 1814, 1816, and 2067 for more info Platform: MT4. -- Min. initial deposit: 10 USD (mini acct.), 400 USD (std. acct.). -- Max. leverage: 500:1. -- Spreads: EURUSD 1.3 - 5 pips, GBPJPY 4.7 - 6 pips. Website: PaxForex - Forex Bonus and Contest Gold Silver Currency Trading CFD - PaxForex bull ProfiForex (Seychelles) --- regulated by Seychelles International Business Authority (SIBA) --- --- see posts 1561, 1707, 1708, 1709, 1710, and 1814 for more info Platform: MT4. -- Min. initial deposit: 0.10 (for Cent Account). -- Max. leverage: 500:1. -- Spreads: EURUSD 2 pips, GBPJPY 7 pips. Website: Profiforex Dealing Center bull Real Trade (Seychelles) --- see posts 1310 and 1409 for more info Platform: Real Trader 4 (MT4). -- Min. initial deposit: 20 USD. (Monthly interest paid on free margin) -- Max. leverage: 500:1. -- Spreads: EURUSD 1 pip, GBPJPY 5 pips. Website: Forex Trading - Real Trade - Best Forex Broker bull Forex FS (Australia) --- see posts 1814, 2058 and 2106 for more info Platforms: MT4, JForex (Dukascopy) Web Platform -- Min. initial deposit: 500 USD. -- Max. leverage: 300:1 (currencies), 140:1 (metals) -- Spreads: EURUSD 2 pips, GBPJPY 3 pips. Website: FOREX FS - HOME bull SmartTradeFX (Hong Kong) --- see posts 2032 and 2034 for more info Platforms: MT4 (ECN), Web Trader (STP), Mobile Platform (STP). -- Min. initial deposit: 25 USD. -- Max. leverage: 100:1. -- Spreads: EURUSD 0.9 pips comm (10 USD per std lot), GBPJPY 4.6 pips comm (10 USD per std lot). Website: SmartTradeFX - Forex CFDs FX 4X Trade Currency Trading Forex Email: SmartTradeFX - Leave a Message --- Phone: 1-888-613-7839 (toll-free from N. America) Central America Caribbean bull forex-metal (Panama) --- not regulated --- exercise extra due diligence --- --- see posts 1308, 1309 and 1409 for more info Platform: MT4. -- Min. initial deposit: 0 USD. -- Max. leverage: 500:1 (for balance up to 500), 200:1 (for balance over 500). -- Spreads: EURUSD 2.3 - 3.9 pips, GBPJPY 5 - 8 pips. (Spread rebates are offered.) bull FX Choice (Belize) --- see post 1407 for more info Platforms: MT4, ECN. -- Min. initial deposit: 10 USD. -- Max. leverage: 200:1 (MT4), 100:1 (ECN). -- Spreads: EURUSD 0.5 - 1.5 pips, GBPJPY 2 - 5 pips. Website: FX Choice bull Real Forex (Belize) --- unregulated broker incorporated in France, owned by Finocorp (Belize) --- --- exercise extra due diligence Platforms: . -- Min. initial deposit: . -- Max. leverage: . -- Spreads: EURUSD , GBPJPY . Website: Real-Forex Exclusive ECN broker bull StrategemFX (Belize) --- see post 1681 for more info Platforms: . -- Min. initial deposit: . -- Max. leverage: . -- Spreads: EURUSD , GBPJPY . Website: Forex Focused Brokerage for Professional Traders and Asset Management bull Pellucid FX (Anguilla - British West Indies) --- unregulated --- see posts 1982 and 1988 for more info Platforms: MT4, Webtrader. -- Min. initial deposit: 200 USD. -- Max. leverage: 400:1. -- Spreads: EURUSD , GBPJPY . Email: supportpellucidfx --- New accounts: salespellucidfx bull Traders Way (Dominica) --- Russian broker registered in Dominica (do not confuse with Dominican Republic) --- see posts 1316, 1564, 1809, 1810, and 1814 for more info Platforms: MT4, CT Trader. -- Min. initial deposit: 1 USD for DD account, 10 USD for ECN account. -- Max. leverage: 500:1 up to 1K account, 200:1 for 1K-10K account, 100:1 for 10K-100K account -- Spreads: EURUSD 2 pips, GBPJPY 5.5 - 7 pips. Website: Best Forex MT4 Broker Online Trading Micro ECN Fixed Variable Spread Traders Way Volatile option trading strategies Volatile option trading strategies Author: Craigslist-USA-only Date of post: 13.12.2015 Stock market put definition, how much money do accountants make a year, how does the craigslist guy make money, best forex indicators swing trading, dulcolax money maker, futures trading practice account, 10 easy ways to make money in 2014. Temporary, Set, Span Short A. 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A formative evaluation (sometimes referred to as internal) is a method for judging the worth of a program while the program activities are forming (in progress). They can be conducted during any phase of the ADDIE process. This part of the evaluation focuses on the process. Thus, formative evaluations are basically done on the fly. They permit the designers, learners, instructors, and managers to monitor how well the instructional goals and objectives are being met. Its main purpose is to catch deficiencies ASAP so that the proper learning interventions can take place that allows the learners to master the required skills and knowledge. Formative evaluation is also useful in analyzing learning materials, student learning and achievements, and teacher effectiveness. Formative evaluation is primarily a building process which accumulates a series of components of new materials, skills, and problems into an ultimate meaningful whole. - Wally Guyot (1978) In addition, prototyping is used in formative evaluations to test a particular design aspect by using one or more iterations. A summative evaluation (sometimes referred to as external) is a method of judging the worth of a program at the end of the program activities (summation). The focus is on the outcome. All assessments can be summative (i. e. have the potential to serve a summative function), but only some have the additional capability of serving formative functions. - Scriven (1967) The various instruments used to collect the data are questionnaires, surveys, interviews, observations, and testing. The model or methodology used to gather the data should be a specified step-by-step procedure. It should be carefully designed and executed to ensure the data is accurate and valid. Questionnaires are the least expensive procedure for external evaluations and can be used to collect large samples of graduate information. The questionnaires should be trialed (tested) before using to ensure the recipients understand their operation the way the designer intended. When designing questionnaires, keep in mind the most important feature is the guidance given for its completion. All instructions should be clearly stated. let nothing be taken for granted. History of the Two Evaluations Scriven (1967) first suggested a distinction between formative evaluation and summative evaluation. Formative evaluation was intended to foster development and improvement within an ongoing activity (or person, product, program, etc.). Summative evaluation, in contrast, is used to assess whether the results of the object being evaluated (program, intervention, person, etc.) met the stated goals. Scriven saw the need to distinguish the formative and summative roles of curriculum evaluation. While Scriven preferred summative evaluations 8212 performing a final evaluation of the project or person, he did come to acknowledge Cronbachs merits of formative evaluation 8212 part of the process of curriculum development used to improve the course while it is still fluid (he believed it contributes more to the improvement of education than evaluation used to appraise a product). Later, Misanchuk (1978) delivered a paper on the need to tighten up the definitions in order to get measurements that are more accurate. The one that seems to cause the greatest disagreement is the keeping of fluid movements or changes strictly in the prerelease versions (before it hits the target population). In Paul Saettlers (1990) history of instructional technology, he describes the two evaluations in the context of how they were used in developing Sesame Street and The Electric Company by the Childrens Television Workshop. CTW used formative evaluations for identify and defining program designs that could provide reliable predictors of learning for particular learners. They later used summative evaluations to prove their efforts (to quite good effect I might add). While Saettler praises CTW for a significant landmark in the technology of instructional design, he warns that it is still tentative and should be seen more as a point of departure rather than a fixed formula. Saettler defines the two types of evaluations as: 1) formative is used to refine goals and evolve strategies for achieving goals, while 2) summative is undertaken to test the validity of a theory or determine the impact of an educational practice so that future efforts may be improved or modified. Thus, using Misanchuks defining terms will normally achieve more accurate measurements however, the cost is higher as it is highly resource intensive, particularly with time because of all the pre-work that has to be performed in the design phase: create, trial, redo, trial, redo, trial, redo, etc. and all preferably without using the target population. However, most organizations are demanding shorter design times. Thus the formative part is moved over to the other methods, such as the use of rapid prototyping and using testing and evaluations methods to improve as one moves on. Which of course is not as accurate but it is more appropriate to most organizations as they are not really that interested in accurate measurements of the content but rather the end product 8212 skilled and knowledgeable workers. Misanchuks defining terms puts all the water in a container for accurate measurements while the typical organization estimates the volume of water running in a stream. Thus, if you are a vendor, researcher, or need highly accurate measurements you will probably define the two evaluations in the same manner as Misanchuk. If you need to push the traininglearning out faster and are not all that worried about highly accurate measurements, then you define it closer to how most organizations do and how Saettler describes the CTW example. Steps in the Evaluation Phase Guyot, W. M. (1978). Summative and Formative Evaluation. The Journal of Business Education. 54(3):127-129. Misanchuk, E. R. (1978). Uses and Abuses of Evaluation in Continuing Education Programs: On the Frequent Futility of Formative, Summative, and Justificative Evaluation. San Antonio, Texas: Paper presented at the Adult Education Research Conference, 4-78. Saettler, P. (1990). The Evolution of American Educational Technology. p350. Englewood, Colorado: Libraries Unlimited, Inc. Scriven, M. (1967). The methodology of evaluation. R. W. Tyler, R M. Gagne, M. Scriven (eds.), Perspectives of curriculum evaluation. pp.39-83. Chicago, IL: Rand McNally. Optimal trading strategy and supplydemand dynamics Here i will explain about Optimal Trading Strategy And Supplydemand Dynamics. Many people have talked about Journal of financial markets elsevier. But in this post i will explain The journal of financial markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing more clearly than another blog. Optimal trading strategy and supplydemand dynamics anna obizhaeva and jiang wang first draft: november 15, 2004 this draft: april 8, 2006 abstract. High frequency trading: price dynamics models and market making strategies cheng lu electrical engineering and computer sciences university of california at berkeley. Pages 5 binary options trading strategies for beginners binary options charts binary options trading system strategy for binary options binary options trend lines. Read more on High frequency trading: price dynamics models and market. Robin is the george gund professor of finance and banking at harvard business school. he works in behavioral and institutional finance with a particular focus on. The journal of financial markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Academia. edu is a platform for academics to share research papers. Tuomas sandholm. professor carnegie mellon university computer science department 5000 forbes avenue pittsburgh pa 15213 director electronic marketplaces laboratory. You can find more explanation in Binary options strategies articles and trading strategies. Above you can read article and ebook that discuss about Optimal Trading Strategy And Supplydemand Dynamics. So it became clear that Most investors have probably never seen the pl of a high frequency trading strategy there is a reason for that, of course: given the typical performance. 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More explicitly, the following problem is proposed and solved: Given a fixed block of shares to be executed within a fixed finite number of periods, and given price dynamics that capture price impact, i. D. h. the execution price of an individual trade as a function of the share traded and other state variables, find the optimal sequence of trades (as a function of the state variables) that will minimize the expected cost of executing within periods. There has been a tremendous interest and consequent growth in terms of equity trading, partly due to the advent of a large number of mutual and pension funds. In these situations, the impact of trading costs has been assuming increasing importance. Trading costs or execution costs are costs that are associated with the execution of investment strategies which include commissions, bidask spreads, opportunity costs of waiting, and price impact from trading. There has been studies where although the performance certain funds have been showed to perform very well compared to market, but actual performance was significantly different (Perold (1988)). The difference arose due to the inclusion of the execution costs. This shortfall is surprisingly large and underscores the importance of execution-cost control, particularly for institutional investors whose trades often comprise a large fraction of the average daily volume of many stocks. Our Guarantee To You No Quibble Money Back Guarantee We are so confident in our ability to produce top level academic work that we are prepared to back it with a No Quibble, Money Back guarantee So the problem of developing an optimal trading strategy, considering the execution costs also comes in to perspective. There are various methods to do this. Here dynamic programming is used to derive an optimal trading strategy considering the execution costs. The use of dynamic programming though not new in financial economics, is novel here by the fact that the trading steps is takes time and the present steps affects the price and thus the costs in the future. Dynamic programming is a method for solving complex problems by breaking them down into simpler sub problems. It is applicable to problems exhibiting the properties of overlapping sub problems which are only slightly smaller and optimal substructure. When applicable, the method takes far less time than the usual methods. The key idea behind dynamic programming is quite simple. In general, to solve a given problem, we need to solve different parts of the problem (sub problems), then combine the solutions of the sub problems to reach an overall solution. Often, many of these sub problems are really the same. The dynamic programming approach seeks to solve each sub problem only once, thus reducing the number of computations. This is especially useful when the number of repeating sub problems is exponentially large. Top-down dynamic programming simply means storing the results of certain calculations, which are later used again since the completed calculation is a sub-problem of a larger calculation. Bottom-up dynamic programming involves formulating a complex calculation as a recursive series of simpler calculations. The term dynamic programming was originally used in the 1940s by Richard Bellman to describe the process of solving problems where one needs to find the best decisions one after another. By 1953, he refined this to the modern meaning, referring specifically to nesting smaller decision problems inside larger decisions, and the field was thereafter recognized by the IEEE as a systems analysis and engineering topic. Bellmans contribution is remembered in the name of the Bellman equation, a central result of dynamic programming which restates an optimization problem in recursive form. The word dynamic was chosen by Bellman to capture the time-varying aspect of the problems, and also because it sounded impressive. The word programming referred to the use of the method to find an optimal program, in the sense of a military schedule for training or logistics. This usage is the same as that in the phrases linear programming and mathematical programming, a synonym for optimization. Dynamic programming is both a mathematical optimization method and a computer programming method. In both contexts it refers to simplifying a complicated problem by breaking it down into simpler subproblems in a recursive manner. While some decision problems cannot be taken apart this way, decisions that span several points in time do often break apart recursively Bellman called this the Principle of Optimality. Likewise, in computer science, a problem which can be broken down recursively is said to have optimal substructure. If subproblems can be nested recursively inside larger problems, so that dynamic programming methods are applicable, then there is a relation between the value of the larger problem and the values of the subproblems.5 In the optimization literature this relationship is called the Bellman equation. Dynamic programming in mathematical optimization In terms of mathematical optimization, dynamic programming usually refers to simplifying a decision by breaking it down into a sequence of decision steps over time. This is done by defining a sequence of value functions V1. V2. Vn. with an argument y representing the state of the system at times i from 1 to n. The definition of Vn(y) is the value obtained in state y at the last time n. The values Vi at earlier times in-1,n-2. 2,1 can be found by working backwards, using a recursive relationship called the Bellman equation. For i2. n, Vi -1 at any state y is calculated from Vi by maximizing a simple function (usually the sum) of the gain from decision i-1 and the function Vi at the new state of the system if this decision is made. Since Vi has already been calculated for the needed states, the above operation yields Vi -1 for those states. Finally, V1 at the initial state of the system is the value of the optimal solution. The optimal values of the decision variables can be recovered, one by one, by tracking back the calculations already performed. Struggling with your essay Universiteacute Paris-Diderot, Paris, France copy 2014 by authors and Scientific Research Publishing Inc. This work is licensed under the Creative Commons Attribution International License (CC BY). Received 29 May 2014 revised 30 June 2014 accepted 14 July 2014 When executing their orders, different strategies are proposed to investors by brokers and investment banks. Most orders are executed using VWAP algorithms. Other basic execution strategies include POV (also called PVol)for percentage of volume, ISImplementation Shortfall, or Target Close. In this article dedicated to POV strategies, we develop a liquidation model in which a trader is constrained to liquidate a portfolio with a constant participation rate to the market. Considering the functional forms commonly used by practitioners for market impact functions, we obtain a closed-form expression for the optimal participation rate. Also, we develop a micro-founded risk-liquidity premium that allows better assessing the costs and risks of execution processes and giving a price to a large block of shares. We also provide a thorough comparison between IS strategies and POV strategies in terms of risk-liquidity premium. Optimal Execution, Optimal Liquidation, High-Frequency Trading Stock traders buy and sell large quantities of shares and cannot ignore the significant impact their orders have on the market. In practice, traders face a trade-off between price risks on one hand and both execution costs and market impacts on the other hand. Traders liquidating too fast indeed incur high execution costs but being too slow exposes the trader to possible adverse price fluctuations, effectively leading to liquidation at lower-than - expected prices. For that reason, traders usually split their large orders into smaller ones to be executed progressively. Research on optimal executionor optimal liquidationmainly focuses on this issue of optimally splitting those large orders. To provide an optimal rhythm for the liquidation process, the most classical framework is the one developed by Almgren and Chriss in their seminal papers 1 -3. This framework has largely been used and enriched either to better fit real market conditions or to enlarge the scope of modeling possibilities: Black-Scholes dynamics for the price has been considered1, attempts to generalize the model to take account of stochastic volatility and liquidity were made 4. and discussions on the optimization criterions and their consequences on optimal strategies are also in the literature (see for instance 5 -8 ). The CARA (or mean-variance) framework is predominant in the literature and it has been studied for instance in 9. and in 10 that also considers block trade pricing. Very interesting results in the case of IARA and DARA utility functions are presented in 11. Following the seminal paper by Obizhaeva and Wang 12. many authors also tried to model market impact in a different fashion, using transient market impact models. Eventually, the literature recently went beyond the question of the optimal rhythm and focused on the tactical layer, i. D. h. on the actual way to proceed, using for instance dark pools 13 -15 or limit orders 16 -18 . Most of the articles in the literature, be they dedicated to the strategic layer (optimal scheduling) or to the tactical layer (liquidation over short slices of time), focus on IS strategies 2. In this article, we consider strategies constrained to have a constant rate of participation to the market. These execution strategies, called POV or PVol strategies, are more common in practice than IS strategies, although they are suboptimal. Strangely, they are not dealt with in the literature and the goal of this paper is to fill in the blank. Instead of choosing a trading curve of Almgren-Chriss-like models for IS strategies, we optimize one single parameter: the participation rate. Noticeably, for most functional forms used in practice for the execution cost function, the optimal participation rate can be found in a closed form. This is interesting for at least three reasons. First, for trading, an optimal participation rate is easy to communicate on and does not need any complex tool to be used in practice as opposed to the trading curves of most IS strategies. Second, the formula obtained is a function of risk aversion and it can then be inverted to implicit risk aversion from traders behavior. Third, the closed-form formula obtained for the optimal participation rate allows writing a closed-form expression for the risk-liquidity premium of a block trade. In effect, transactions involving large blocks of shares cannot be based on Mark-to-Market (MtM) prices and we provide a micro-founded risk-liquidity premium to be added or subtracted to MtM values. Risk-liquidity premia being already known for IS strategies (see 10 ), we provide a comparison between POV-based liquidity premia and IS-based liquidity premia. In Section 1, we present the setup of the model. In Section 2, we compute a closed-form expression for the optimal participation rate of a POV strategy and the associated risk-liquidity premium. We then discuss the results and analyze the influence of the parameters. In Section 3, we provide numerical examples to illustrate our model. 2. Setup of the Model Let us fix a probability space equipped with a filtration satisfying the usual conditions. We assume that all stochastic processes are defined on . We consider a trader with a portfolio containing shares of a given stock 3 and we assume that he is willing to unwind his portfolio. The velocity at which liquidation is carried out depends on market conditions. Among them, market volume usually has an important role and we introduce a market volume process assumed to be continuous, deterministic,4 and such that. To model liquidation, we introduce an inventory process by: where the strategy belongs to one of the following admissible sets: if one wants to model liquidation using an IS strategy over the time window. This is the classical Almgren-Chriss framework 1 -3 (see also 9 10 ). if one wants to model a POV strategy in which the volume traded by the trader is assumed to be proportional to the market volume process: the participation rate being . In both cases, the problem faced by the trader is a trade-off between price risk, encouraging trading fast, and execution costmarket impact, encouraging unwinding the position slowly. We consider that trades impact market prices in two distinct ways. Firstly, there is a permanent market impact (assumed to be linear 5 ) that imposes a drift to the price process : Secondly, the price obtained by the trader at time is not because of what is usually called instantaneous market impact (or execution costs). To model this, we introduce a function verifying the following hypotheses6: is strictly convex, This allows to define the cash process as: where the execution cost is divided into two parts: a linear part that represents a fixed cost per share. linked to the bid-ask spread for instance, and a strictly convex part modeled by . One of the main goal of this paper is to maximize over the objective function, where is such that and is the absolute risk aversion parameter of the trader. 3. Solution of the Problem and Block Trade Pricing To solve our optimization problem, a first step consists in computing the value of the cash process during the liquidation process: Proposition 1 Let us consider and implicitly defined by . Let us then consider defined by. M1 Scalping Strategy in Forex mercantilism is that the financial base together with make the most circulation or simply accessible bank accounts, like checking accounts. 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