Wednesday, Sep 30, 2009

BoE pulls back from deposit rate decision

The Times: Pound up as fears of Bank rate change ease

Sterling rallied sharply on foreign exchange markets yesterday as the Bank of England emphasised that it had no immediate plans to change the rate that it pays to commercial banks on sums deposited with it overnight. Economists attending a “teach-in” at the Bank yesterday were said to have received indications that no such move was imminent, with officials suggesting the Bank was “some way” from deciding on any change. The economists are also understood to have been told at the meeting that the Bank was unhappy about the way in which the market had reacted to comments made by Mr King to The Journal, the Newcastle title, last week, which were interpreted by some as an attempt to talk down the pound.

Posted by wanderinman @ 12:27 AM (1990 views)
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1. hpwatcher said...

the Bank was unhappy about the way in which the market had reacted to comments made by Mr King to The Journal, the Newcastle title, last week, which were interpreted by some as an attempt to talk down the pound.



What did the idiot expect?

Wednesday, September 30, 2009 02:34AM Report Comment
 

2. paul said...

King has been talking down the pound to try to get foreign cash buyers to jump into the UK property market.

Predictably, it hasn't and won't work though.

Wednesday, September 30, 2009 07:01AM Report Comment
 

3. techieman said...

OK lets deal with some facts here, with a TA slant. A bit of TA 101 if you like. A while back i highlighted a level on the cable as being 1.65-1.66. That was on the basis of a top @ 1.7050 ish [id said that i was looking for 1.70 but then changed that to 1.73 - only as a level to short not to look for as a long target], a fall to 1.6150 "confirmed" the 1.70 as a high, and then we got a pull back to a Fib % resistance of 62% to 1.67 ish. At that time (to my mind) a lowish risk short position was set up IF there was some kind of technical indicator to short the pound.

I said that there was a Doji on the charts which indicated a potential downside reversal on (of all days) the 11th September. The high of that day was 1.6742. We fell for a few days in a straight line down to 1.6120 - where there was good support, and a lowish level on the RSI. No surprise then that we had a bear squeeze for a couple of days, to a high of 1.6470 on Sept 23rd.

Now if you join a trendline from the top at 1.6742 to the high at 1.6470 [which looks like a Gann line btw - but thats real mumbo jumbo time] and then draw a parallel line to that line but from the top, you then have (one possible) target for a short sale. Now the market falls from 1.6470 to 1.5915 more or less in a straight line for 2 days on the 25th.

on here on thurs 24th i said. "If cable breaks the 1.60 tomorrow and closes below the next stop is 1.58, and after that 1.50". Therefore i got out of some on 25th @ 1.5970 [in case i didnt close below 1.60], and then some more on monday @ 1.58.

The trendline cross i was going on about - i.e. when the bar of the OHLC chart crossed the trendline on the monday was 1.5750 approx., and there was more support at around 1.58- which was why i was looking for that level. Did i re-verse NO because im not an in and out trader.

Why didnt i stay in to look for 1.50? Well 2 reasons. one the RSI was very low and its typical to bounce off some support, and also some basic money management. Although my analysis says one thing there is NEVER a sure thing.

What happened then? Well from a 1.5770 low on monday we have had another counter-trend move to 1.6050 [so far this morning (0730hrs)]. Now IF we are due some more downside - and i would say thats a 60-70% chance, then we have to look for somewhere to re-short (aggressive) or to see what reaction we have and then re-short (less aggressive). Of course we could just hold on to the remaining position. IF you re-enter then would you treat the position as short @ 1.65ish, liquidate at 1.5970, liquidate at 1.58, then re-short @ say 1.61 - so your average is now 1.63, and you have made 13 cents or would you say that you are still short @ 1.65ish but have made a jobbing profit by buying the 1.58 and 1.5970 and selling them at say 1.61??[assuming it gets there]. In other words you have made 5.3 cents but are still short @ 1.65?

So now some technical levels. There are 2 - a "rule" is that what was once support now becomes resistance - so resistance at 1.6115 looks like a good level. Aside from that 1.6230ish looks ok.

1.6115 also looks good because of 2 further reasons - one is a bit of a trade secret ?(now there is an invitation for that level to be blown out of the water) and the second one is that if this is a H&S then its typical for a break of the neckline and then to come back toward it.

So if it goes through 1.6230 to the upside then i would be a little more nervous on this dark-side trade.

In summary then aside from what Merv said, did or didn't do, the technicals look pretty normal. Now i'm not saying there aren't times when the technicals wont be blown out of the water by a fundamental event but, so far, this doesn't look like one of 'em. Of course i could end the day / week with a very red face and nursing some losses... but that's the risk isn't it.

Update: We are now @ approx 1.6070 [07:50].

Wednesday, September 30, 2009 07:52AM Report Comment
 

4. britishblue said...

Paul, I think you'll find that Mervyn King has a wider remit than the housing market.

I think I must be the only one on this board who thinks that it was highly unnatural for all those years for us Brits to go anywhere on the continent and rent a hotel room, buy a meal out, buy clothes, etc far cheaper than the UK. Nobobdy seems to accept that the pound at 1.60 to the Euro was a bubble that needed to be pierced.

People wax on about the fact we should export more, but one of the reasons that our manufacturing died was because sterling has been too strong now for far to long a time against our main European neighbours. If we compare like with like on a cost basis (hotels, food, clothing, etc) then a much more natural level for Sterling would be a around 1.15 to the pound. In a severere recession it is alway better to have a slightly weaker currency than a stronger one because it favours exports rather than imports. So a 1.10 to the Euro and a 1.6 to the US dollar (long term average 1.65) don't seem out of place at this current time.

I fully believe that the government and Mervyn King are supporting a low sterling policy and it has nothing to do with house prices and much more to do with the wider economy and getting our balance of trade in surplus. However, they are treading a carefull line of keeping it low, but not wanting the markets to lose confidence in it. Apart from selected areas in London, why would foreign buyers want to buy into property at still highly inflated house prices anyway?

People that attack the current level of sterling and look for a recovery in its value are know different to people that attack those that see cheaper house prices as a good think. The UK has had more than one bubble. Get used to it, sterling will never be back to the levels it was againts the Euro. It was a bubble with an artificailly high Pound and an artificially low Euro.

Wednesday, September 30, 2009 07:58AM Report Comment
 

5. hpwatcher said...

I think you'll find that Mervyn King has a wider remit than the housing market.

Balls.
King has shown many times, than in the main, he remit is to do what Gordon Brown wants. The only key measure for new Labour is house prices.

What happened this week, is that King has climbed down - or back tracked - on sterling after talking to the economics experts. His arguments have been exposed as ill concieved and short term........And we all know why they are so short term.

Wednesday, September 30, 2009 08:28AM Report Comment
 

6. flashman said...

hp watcher is right. It is common knowledge in currency circles that our trading partners jumped up and down, so he backtracked. In the current climate, a deliberate devaluation is seen as back door protectionism. As I have said before, devaluation is a well known British party piece in times of economic difficulty. The problem this time, is that several governments would like to carry out the same trick and we are being watched closely by the bond market. It was worth a try though.

There is no consensus that Sterling is doomed.

Wednesday, September 30, 2009 09:05AM Report Comment
 

7. jack c said...

@techieman - thanks for your input on this one - interesting that the Gov (Mervyn King) has been talking to the Newcastle Journal recently, perhaps he can persuade the Government to bail out Newcastle Utd who owe Chairman Mike Ashley (who wants out) approx £100m - sounds like a fine plan to me. Banks, Car Mfrs, mortgage holders - so why not football clubs.

Slightly off topic - FTSE 100 creeping towards 5200 - your thoughts on continued upward trend?

Wednesday, September 30, 2009 09:09AM Report Comment
 

8. stillthinking said...

The uk export industry has suffered from the dutch disease, except sellling debt instead of oil. But below ppp is a step too far.

good to read your thoughts techieman.

Wednesday, September 30, 2009 09:40AM Report Comment
 

9. uncle tom said...

You can talk all day and all night about the 'correct' exchange rate for the £ vs the euro, and never reach a conclusion.

The creation of the eurozone locked in some serious imbalances within the participating nations, so while in some parts, goods and services can appear cheap, in others they can be painfully expensive.

With Mervyn King, I think it is unkind to go shooting the messenger. He is just a public servant, with very few airs and graces, doing the best he can against a backdrop of incompetant government.

He has no secret agenda to prop up the housing market, or indeed a secret agenda to do anything - if you look at his track record it is clear that he believes firmly in the principle of transparency, in stark contrast to his opposite numbers across the pond.

Posting cheap shots against him without reasoned argument is very low.

Wednesday, September 30, 2009 09:42AM Report Comment
 

10. flashman said...

uncle tom: Of course he has no secret or specific agenda to prop up the housing market.


However, in the currency markets we look for coded or overt messages from central bankers and treasury officials. It has been this way for decades and the existence of this ‘nudge and a wink’ system is unarguable.

King gave out several overt messages last week. He knew what he was doing and it was quite deliberate. Currency manipulation is not part of his remit but he does it anyway. Common sense tells us that he would not risk his job by straying so spectacularly from his remit. He must therefore be doing so, on the instructions and/or with the blessing of the government. Ergo, his supposed independence from the government is a sham

Whilst he does not have a specific agenda to prop up the housing market, he is demonstratively not independent so it must be on his radar

As for him being “just a public servant, with very few airs and graces”….in financial circles he is widely considered to be uber arrogant chap with very little time for people with contrary opinions.

Wednesday, September 30, 2009 10:08AM Report Comment
 

11. matt_the_hat said...

3. techieman - I hope you cut and pasted that from some website that can predict currency fluctuations in the past but does a pretty pi55 poor job for future predications - do you guys in the city really believe this mumbo jumbo!

Wednesday, September 30, 2009 10:08AM Report Comment
 

12. str 2007 said...

Thanks for all that techieman, I'm even starting to understand some of it.

Although my fledgling efforts to date are concentrated on the FTSE350 I understand the Forex market can offer better opportunities due to volume and no gapping.

I was wondering what software package you were using and indeed if you'd seen any worthwile websites covering the basics.

Wednesday, September 30, 2009 10:08AM Report Comment
 

13. kruador said...

Matt: the way I see it, currency traders are all simply trying to guess what each other are going to do. The actual flows of people needing to change currencies, to buy goods from overseas or take a profit booked in another currency home, are miniscule in comparison to the gambling going on.

They may come up with rationales for why they do what they do, but in the end they're all trying to guess whether the current price will go up or go down, and they act like a herd, so generally their prophecies come true. There's a reason they're called bulls. They stampede in one direction or another until they run out of funds or get nervous. It's a massive game of chicken - no-one wants to jump at the wrong time, but no-one wants to be left holding the parcel when the music stops.

Wednesday, September 30, 2009 10:26AM Report Comment
 

14. flashman said...

matt the hat: As a rule we don't believe

str: the Forex market suffers from terrible 'slippage' and poor data. Large volumes do usually equate to small spreads but with forex there will be times when the spread makes you scream. There is nothing you can do about it because Forex is largely unregulated because there is no central market. Your orders will often go no further than your brokers dealing desk. If you must trade Forex then go with an ECN broker. Non-ECN's and spread betting outfits are a quick way to ruin.

Wednesday, September 30, 2009 10:34AM Report Comment
 

15. Agentimmo said...

Britishblue - as someone who transfers / exchanges pounds and euros every other month, I can tell you that 1.15 is too low for the exchange rate. 1.25 to 1.30 gets you about the same in terms of goods, services, hotels.
As for UK tourists "renting hotel rooms" - I thought the big deal with UK tourists was that they preferred to buy a place in the sun rather than rent a room :)))))))))

Wednesday, September 30, 2009 10:35AM Report Comment
 

16. matt_the_hat said...

13. kruador - that's the way I see it too - in 'normal' market conditions short term speculators are just trying to guess the direction of a random walk or 'stampede' as you put it when fear kicks in. I have a prophecy of my own for fiat currencies, they will devalue by >60% against gold over the next 50 years ;-) I'm getting quite good at this guessing I mean currency speculation.

Wednesday, September 30, 2009 10:37AM Report Comment
 

17. shining wit said...

UT @ 6....

"With Mervyn King, I think it is unkind to go shooting the messenger. He is just a public servant, with very few airs and graces, doing the best he can against a backdrop of incompetant government."

Is this the same spiv who, year after year, has taken a salary and substantial pension renumeration, that allowed the housing market to overheat at an even larger scale then the US property bubble? Or the same Merv who allowed the ridiculous reduction in interest rates in August 2005, fuelling another boost to the preposturous property bubble for 2 more painful years allowing the banks to rack up even more debt with their clever (and unregulated) mathematical conundrums? Or perhaps the same Merv who had to explain to the government that 3 of our major banks would collapse in days (hours?) if they didn't open the vaults and allow the big piggies to grab as much collaterral as they could to shore up their disintergrating ponzi empires?

Politicians, bankers, FSA, BOE executives, the whole bleedin' lot should be lined up in front of a judge and jury and see what 12 good men (or women) think of them.

Everyone knows that the whole recession has simply been put on hold until after the next general election (wow democracy, perhaps mandelson and brown can explain to the chinese or Gaddafi what democracy means!!!).

The fat lady has been bundled into a car late at night, and is tied and gagged in a basement near Threadneedle Street, awaiting release on a cold Friday morning in about 7 months time!

Wednesday, September 30, 2009 10:40AM Report Comment
 

18. flashman said...

kruador: Most currency traders do not operate like that. A great deal of currency trading is done on behalf of clients who want to hedge against the potentially harmful effects of currency fluctuation. Another huge chunk of volume is also accounted for by industrial entities hedging against commodity price movements. I work in the currency arena and I wouldn’t touch it with a bargepole for pure profit trading purposes

Wednesday, September 30, 2009 10:42AM Report Comment
 

19. str 2007 said...

Warnings headed Flashman, will tread with great caution if atall.

With your mention of using an ECN broker above, you reminded me of a conversation a while ago, I think you were having with Bellwether, about the importance of tight spreads.

Are most spreadbetting firms the same, ie can see your stops & account size and could stop you out on purpose ie trade against you ?

And is there a more 'honest' one amongst them ?

Wednesday, September 30, 2009 11:07AM Report Comment
 

20. icarus said...

kruador @13 said "The actual flows of people needing to change currencies, to buy goods from overseas or to take profit booked in another currency home, are miniscule in comparison to the gambling going on".

Ditto for other electronic trades, most lasting a few seconds, in interest rates, stock, bond and packaged mortgage prices as well as currencies. Profits depend on the price fibrillation caused by the gambling media themselves.

Wednesday, September 30, 2009 11:14AM Report Comment
 

21. icarus said...

flashman @18 - it would be interesting to get your take on how to square this circle. In addition to kruador's comment we have this from John Kay - "Foreign exchange dealing is necessary to enable businesses to export and import and to handle the trade flows that are the converse of trade surpluses and deficits. Some speculative trading in these markets does indeed improve information, smooth prices and aid liquidity. But the volume of dealing that is needed to serve these purposes does not need to be several hundred times the underlying volume of merchandise trade. That level of activity creates instability, not stability, in foreign exchange markets."

Wednesday, September 30, 2009 11:30AM Report Comment
 

22. flashman said...

str: Yes, all spread betting firms can see your account and stops. There is no central forex market for them to send your trade to so your spread-betting broker is in effect your opponent (I think they sometimes lay bets off like a bookie). They also have detailed information on your past trading style and performance which they use to their advantage. The only way around this is to have wide stops and hold your trades long-term. Obviously this can also have adverse profit and risk implications.

An ECN broker does not have a trading desk and tends to have lower costs so most of these problems go away. The only disadvantage to using a 'real' broker is that you need to deposit a larger amount and you will not be able to use that account to trade equities and futures etc (you generally need separate accounts). People often cite the no tax advantage of spread betting but without wanting to sound glib, there are no taxes on a loss. With 'real' brokers you can offset your loses against your gains. I'm not sure you can do that with the gambling legislation used by spread betting firms???

Incidentally when trading futures in the GLOBEX system (and many like it), the central computer holds your stops and the computer also does you all the trade matching. This is a much more transparent and fair system.

Wednesday, September 30, 2009 11:48AM Report Comment
 

23. flashman said...

Icarus:

"Foreign exchange dealing is necessary to enable businesses to export and import and to handle the trade flows that are the converse of trade surpluses and deficits. Some speculative trading in these markets does indeed improve information, smooth prices and aid liquidity".

Obviously I agree with the above

"But the volume of dealing that is needed to serve these purposes does not need to be several hundred times the underlying volume of merchandise trade. That level of activity creates instability, not stability, in foreign exchange markets."

I am always suspicious of comments like these. He should back it up by putting a number on the total value of merchandise trade. Putting that aside I would argue that it is not the level of activity that causes instability in foreign exchanges. Excessive currency trading for profit causes short-term noise but it is government policy, debt and future economic prospects that ultimately move the market. The tail cannot wag the dog for long

Wednesday, September 30, 2009 12:03PM Report Comment
 

24. str 2007 said...

Flashman

I can't deny the tax free trading element made it an attractive proposition for me.

Keeping paperwork to a minimum was equally part of that same attraction.

But as you quite rightly say, thre's no tax to pay on a loss, still paperwork though to the taxman, which would be even more frustrating.

Wednesday, September 30, 2009 12:20PM Report Comment
 

25. techieman said...

str - flash is right the spreads are bigger but they (spread betting firms) couldnt deviate around a price too much because their spreads arent huge and if they did there would be an arb. So the touch (going back to equity trading days on the floor) cant be way out of kilter unless of course you were the only person trading!!! Thats not gonna happen in forex. Also remember the spread firms compete with each other so if they had the wrong mid price you could arb. You will find that the spread firms mid price are quite close to the "real" market mid price, but it really depends on if you are a scalper or more of a position trader. So If a scalper then really i would agree with flash the spread will kill you. But if you are looking to just hedge or for a position play then the difference between a 10 pip spread and a .0005 pip spread is not that great. If you are only looking for 10 pips of course you are never gonna win. For the ftse cash i think the spread is only 1 or 2 ftse points.

if you think you are going to have a net loss then why trade in the first place? In terms of my stops - i think i said i had a 2 cent (200 pip) stop on the cable trade. Which of course means that you have to very carefully select trades, have a decent size target and/or highish confidence (whatever that means) and trade your size accordingly.

IG for example has a 50p min per pip - but as i understand it -you can then get out of some of that - say get out of 30p and just lose the spread. in other words you are running a 20p per pip position. That - if you get it right - might make a few hundered quid or lose say £40 for a 2 cent stop. Im not sure if anyone else does that i think tradefair have a minimum level that you cant go under - but im not 100% sure. Of course i have no idea what size you would want to trade but i would certainly recommend trading as small as you can possibly get away with. Of course you would find that very difficult with a real broker. Again i would have to defer to flash on the details because i have been out of that game for a long time. For me the tax issue is real - although you can make - what is it £15k in capital gains before paying any, so you dont need to be concerned about tax if thats what you are looking at. It all boils down to how serious you want to be.


Jack - Re FTSE -i have said earlier that support was at 5050 on one of these threads - to either b/weter or bystander. Then we go up from there and probably just eclipse the prior high since March, and that end the bear squeeze. As i said personally i will be looking to short once i see some confirmations of a downmove. If i dont see it i wont get in. In any case i see a reasonable size downmove after that high.

Wednesday, September 30, 2009 12:51PM Report Comment
 

26. flashman said...

techie and str: With regards to: "Of course I have no idea what size you would want to trade but I would certainly recommend trading as small as you can possibly get away with. Of course you would find that very difficult with a real broker. Again I would have to defer to flash on the details because I have been out of that game for a long time"

These days 'real brokers' let you trade mini currency lots, which are a tenth of the size of a full size lot (10,000 units instead of 100,000 units). So a pip is only worth about $1 on average.

I really can't see any reason not to trade with an ECN broker. Even the no tax thing is not relevant IF you can't deduct your losses with a spread betting firm??? In any business you minimise your costs and maximise your profits. Trading is no different

I suppose a downside is that it takes a minimum of about £10K to open an account with an ECN but quite frankly you can only make pin money with any less.

Wednesday, September 30, 2009 01:19PM Report Comment
 

27. techieman said...

Flash - fair point re the brokers. However there are not whiter than white are they? For example re slip i can get a guaranteed stop on my trades.
Re your point "Even the no tax thing is not relevant IF you can't deduct your losses with a spread betting firm??? ".

As a bet whenever you win there is no tax to pay. So the losses being offset is irrelevant. For a broker CGT allows you to offset losses against gains -so you pay tax on the net - but only when you exceed the CGT.

As for "pin money" my reason to say to go as low as possible is because - as you have said many times - its a very risky and dangerous game. Putting money on the table allows you to know that going long or short @ x made you money whereas if you just paper trade that dont work. Now going bigger size admittedly becomes an issue again,.

Wednesday, September 30, 2009 01:42PM Report Comment
 

28. techieman said...

Hey Matt @11 - i think you are absolutely right. The only trouble is my account seems to think you are absolutely wrong. If you try to build a house you might use brick you might use beeze blocks or wood. Whatever you chosse you choose. I suppose have just made a few lucky guesses. I'm not really asking anyone to believe in anything.

The issue i was trying to illustrate was that its not neccesarily what merv said thats moves the market. I havent got a phone line to merv so i didnt say to him to open his gob when the cable was down at 1.58 because that looked like PROBABLY a temporary bottom. What is my PROBABLE might be someone else's POSSIBLE or someone else's not on your life! Also i didnt call him and tell him i was short when he - arguably - tried to engineer a fall in the £.

My point is that yes there are many ways to skin a cat - if "mumbo jumbo" - (which actually was all my own work and not cut and pasted from some website. If you want to check you can look at the postings - the Doji post is on here as is the if it closes below 1.60 then it goes to 1.58.) works for you then use it, Do i come over to your place and tell you how to do your job?

At the end of the day - and more often than not - the mumbo jumbo works for me. Will there be times when it doesnt work? Yes but wilol there be more times when something else works better - well thats really up to the individual to find out. For me the answer is no - sorry of i sound a bit defensive :-). I cant really be ar5ed to prove to you they were posted.

Wednesday, September 30, 2009 01:45PM Report Comment
 

29. techieman said...

Also re the brokers dont you need to send some copies of documents to prove your identity? something to do with Anti-money laundering? I just needed a debit card - although maybe thats been tightened up too?!?!

Wednesday, September 30, 2009 02:03PM Report Comment
 

30. flashman said...

techie: yes, you need to fax or email a scanned copy of a driving licence or some other form of photo ID. The bank account you send the money from, must also have the same title as your brokerage account. It's only onerous if you are a money launderer!

Wednesday, September 30, 2009 02:09PM Report Comment
 

31. str 2007 said...

Thanks for the help & advise flash & techie, a bit more research required at my end.

Wednesday, September 30, 2009 02:10PM Report Comment
 

32. techieman said...

"It's only onerous if you are a money launderer!" ..... Whoops! :-)- have a good one flash / str2007

Wednesday, September 30, 2009 02:20PM Report Comment
 

33. techieman said...

"Are most spreadbetting firms the same, ie can see your stops & account size and could stop you out on purpose ie trade against you ?

And is there a more 'honest' one amongst them ?"

str 2007 - Ig for example is regulated by the FSA. The FSA have a "treat customers fairly" regulation. I would have thought that if they are FSA regulated there wouldnt be too much of a problem. As for what software - i usually just use the IG software. They have an advanced version that has most of the TA tools - it even has pivot points built in. The issue with TA is that - as matt says - alot of the time most of it is mumbo jumbo. And its your responsibility to find out what works for you. Believe me i have gone up alot of blind allies, in the past and even now know i am no closer a mythical holy grail.

You need to find something that suits you - try to test it if you can - you can do some backtesting on some of the brokers / spread firms. Personally i dont have a real system per se - (i just base it on experience, although i do have areas to take losses / profits on entry so a loose money management system is in place). take a look at Candlesticks and RSI or other overbought / oversold indicators. Williams % R for example. And try to keep it simple and only use a few indicators. If you are going to use MACD - look at Jurix. Good luck!

Wednesday, September 30, 2009 02:28PM Report Comment
 

34. flashman said...

str: there is an interesting website (http://nondealingdesk.blogspot.com) that discusses the frequent issues with Forex brokers. It names and shames the worst operators. There is a good description of why you should stay away from brokers who can see your stops and operate a dealing desk against you. There are ways off limiting the damage they can do to you but why trade with someone who makes you watch your back?

I would also stay away from web based trading platforms. They are notoriously slow and prone to glitches. Application based platforms are widely acknowledged to be superior, so why use anything else?

Wednesday, September 30, 2009 03:20PM Report Comment
 

35. str 2007 said...

Techieman

Thanks, that IG platform looks quite good.

Flashman

When you say application based platforms I assume you mean all the info is held on your pc, whch I assume means you can never turn your pc off while the markets open or you have open trades ie if your pc is off a stop instruction would be missed until it's turned on.

If that's the case it would be quite inconvenient for me. If I've got that all wrong then have you got any examples of application based platforms ?

Wednesday, September 30, 2009 09:23PM Report Comment
 

36. flashman said...

str: No, that is definitely not the case. Your orders and stops remain when your computer is off. A good application based platform is always superior because they are more robust and they tend to have more sophisticated order possibilities. Good ones also have sophisticated automated trading possibilities. An example is Tradestation but there are quite a few. Barons and Forbes publish 'best of' lists every year. TradeStation seem to win an award every year but there are several equally good brokers to chose from. The Tradestation charting package is acknowledged to be the best but E Signal are up there. There has never been a spread betting firm on these lists because their platforms are agricultural by comparison and their costs are not competitive. The dealing desk concept should clearly be made illegal

http://www.tradestation.com/brokerage/overview.shtm

Thursday, October 1, 2009 06:24AM Report Comment
 

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