stevehopwoodforex.com • Old and defunct Holy Graily Bob

Author:

ecodesign [ Fri Jan 16, 2015 2:30 pm ]

Post subject:

Holy Graily Bob

fchaman » Fri Jan 16, 2015 9:00 am wrote:
fchaman » Fri Jan 16, 2015 8:38 am wrote:
feucht » Fri Jan 16, 2015 6:42 am wrote:The real consequences of yesterday might be at the broker end. Alpari has gone bust (boohoo), and FXCM is in some serious trouble. Would be nice to hear from Jem how GP weathered the storm...
Thanks feucht for the update....regarding FXCM, where did you hear that FXCM is in trouble?

Seems you are right feucht: http://www.forexfactory.com/news.php?do=news&id=521891

*********************************
FYI re yesterday's irresponsibilty of SNB amateurs.....

Really Bad News for West Ham Jazz Fans Trading FX
from Adrian Ash
Head of Research, BullionVault - London

PEOPLE sometimes ask why BullionVault doesn't let its users post 'stop-loss' orders.

Today's bloodbath in FX bookmakers shows one good reason why not.

We don't want to go bust.

You see, football fans, music lovers, and especially currency speculators will all suffer from this morning's news that Alpari UK...a major currency spread betting 'broker'...is now insolvent.

That firm, according to its press releases, was doing $200 billion per month in currency bets with 'retail' punters at the end of 2014.

Flush with cash, and sponsors of West Ham United, it extended its sponsorship of Jazz FM Radio only yesterday...news which broke Friday morning.

Right at the same time, however, Thursday's huge swing in the Swiss Franc saw "the majority of clients sustaining losses exceed[ing] their account equity," Alpari said today.

And "Where a client cannot cover this loss," the currency betting shop explains, "it is passed on to us."

What are the odds on the UK's Treasury Select Committee holding a hearing within the next month? Spread-betting firms' capital cushions are certain to become much bigger after the inevitable new regulations than they were when it mattered...ie, before yesterday.

Thursday blew out not only Swiss Franc trades, but lots of other markets too. Hence this morning's insolvency...plus pain, losses and perhaps more failures across the leveraged betting markets.

Such companies...like all good brokers...tend to offer "guaranteed stop-losses" to clients. For an extra fee, this means the broker will close your bet at a pre-determined price. So if the asset you're betting on sinks in price, your losses will be limited.

Thing is...and ignoring the 'leveraged' size of whatever hit you suffer anyway...those losses must be worn by someone. In action as violent as Thursday, that someone will in the end be your broker.

At a guess, lots of spreadbetting bookies automatically closed out their clients' stop-loss orders in the Euro/Swiss Franc currency trade on Thursday. It sank 40% in 30 minutes according to 'spot market' data feeds.

Because the actual currency market did zero business at those lows, however, the bookmakers couldn't trade out of their own positions...needed to 'hedge' (ie, protect themselves) against the cost of meeting those client stop-loss orders.

Put aside the fact that 'stop-loss' orders all too often invite brokers to "fill, drill and kill" retail punters...letting them get into a trade, only to take them straight out because their stop-loss limit is touched.

Price risk cannot be abolished. Someone must be on the hook. And if you think that someone isn't you, then the credit-default risk to your money is probably very much greater.

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Author:	traderduke [ Fri Jan 16, 2015 1:43 pm ]
Post subject:	Holy Graily Bob
Leslie » Fri Jan 16, 2015 8:17 am wrote: Anyone with suggestions for a US broker that fits with HGB (or non-US broker that accepts US clients), I'll certainly investigate making a change. Thanks. Leslie The recommendation I kindly received here limits minimum trade size to 10K- beyond my risk appetite. Any other recommendations would be gladly received. Thanks. Leslie Leslie Check with FinFX. They have $1000/0.01 accounts. Just got one two weeks ago, hope they are still in business! regards Ray

Author:	cozybooks [ Fri Jan 16, 2015 1:48 pm ]
Post subject:	Holy Graily Bob
Leslie » Fri Jan 16, 2015 8:17 am wrote: Anyone with suggestions for a US broker that fits with HGB (or non-US broker that accepts US clients), I'll certainly investigate making a change. Thanks. Leslie The recommendation I kindly received here limits minimum trade size to 10K- beyond my risk appetite. Any other recommendations would be gladly received. Thanks. Leslie Hi Leslie, U.S. Broker: MBTrading - nice low spreads. They changed a stoploss internally on one of my EA's about a year ago, but I've had good luck with them otherwise in two years. No hedging, but they let your Empty4 platform work as though FIFO doesn't exist and handle it in the backoffice. .10 mini lot minimum ($1,000) If you're willing to gamble offshore: Forex Broker, Inc. accepts US clients and will let you set up a micro account, which allows you to buy and sell $100 lots (.10 micro lot). I've only got a small amount there and haven't tried to withdraw anything, but I've been very happy with the service and trade execution. They also have regular accounts with .10 mini lots as the minimum. Another option: I have live US accounts with Oanda and have been happy with them - they enforce all hedging and FIFO, but I'm playing around with the Holy Grail Bob demo by setting no stop loss or take profit on any of the trades. I'm allowing only a couple orders each for Trend, Rad and wavy trades, but having them all close on a reverse wave or trend signal. All open orders for a pair close at the same time, which usually causes a whole bunch of FIFO violation messages when the trades begin to close, but within a few seconds as the earliest trades close, it closes the other trades just fine as well. It will be interesting to see if using the EA this way works out to be profitable. They have a $1,000 min. per trade on their Empty4 platform for using an EA, although you can trade as little as $1 using their own Web platform - Nice for putting a small amount into a high interest high risk pair. Hope that helps. Good luck!! It's enough to make you want to move to another country!!

Author:	fchaman [ Fri Jan 16, 2015 2:00 pm ]
Post subject:	Holy Graily Bob
fchaman » Fri Jan 16, 2015 8:38 am wrote: feucht » Fri Jan 16, 2015 6:42 am wrote:The real consequences of yesterday might be at the broker end. Alpari has gone bust (boohoo), and FXCM is in some serious trouble. Would be nice to hear from Jem how GP weathered the storm... Thanks feucht for the update....regarding FXCM, where did you hear that FXCM is in trouble? Seems you are right feucht: http://www.forexfactory.com/news.php?do=news&id=521891 I never had any issue with this broker, and they handled my live account very well during the SNB tsunami yesterday! Hopefully they don't go broke!

Author:	feucht [ Fri Jan 16, 2015 3:19 pm ]
Post subject:	Holy Graily Bob
fchaman » Fri Jan 16, 2015 1:38 pm wrote: feucht » Fri Jan 16, 2015 6:42 am wrote:The real consequences of yesterday might be at the broker end. Alpari has gone bust (boohoo), and FXCM is in some serious trouble. Would be nice to hear from Jem how GP weathered the storm... Thanks feucht for the update....regarding FXCM, where did you hear that FXCM is in trouble? Here on Marketwatch... http://www.marketwatch.com/story/swiss- ... 2015-01-15

Author:	ecodesign [ Fri Jan 16, 2015 4:10 pm ]
Post subject:	Holy Graily Bob
SteveHopwood » Fri Jan 16, 2015 4:06 am wrote: Nice spot Wayne. Thanks. This must be something I balsed up when making the most recent changes. Fix in post 1 (2n) but you do not need it if your rad multi-trades are going out with the correct take profit. ********* Update: Now using v2n ootb. There are no SL or TP's being entered on Wave trades or Wave Multi Trades as per the settings. So there is a problem somewhere else in the coding. I'll check it out further, but can we get this fixed... especially after yesterday? For now I have to enter the SL & TP manually. Oivay.

Author:	dudest [ Fri Jan 16, 2015 5:11 pm ]
Post subject:	Holy Graily Bob
fchaman » Fri Jan 16, 2015 3:20 am wrote:Still a bit confuse about WTF just happened today! SNB removed the peg their currency CHF had to Euro at 1.20....so EURCHF dropped like a rock! But other currencies like USD/JPY had no peg to swissy, so why they got exploded like eurchf????? Hi fchaman, Which broker are you with dude!? USDJPY had no such explosion Those with the clout to manipulate/move price will use any excuse (e.g, NEWS ) to take price quickly to where they want it, for whatever currency they are interested in. NFP is a USD news event, but almost every currency shows increased volatility during/after the event... why? News does not move price; people do [whatever their cover(e.g Central Bank) or medium(e.g algorithms) ] PS: check out this post by CJ, will blow your mind... http://www.stevehopwoodforex.com/phpBB3 ... 59#p111259 .

Author:	SteveHopwood [ Fri Jan 16, 2015 5:51 pm ]
Post subject:	Holy Graily Bob
ecodesign » Fri Jan 16, 2015 4:10 pm wrote: ********* Update: Now using v2n ootb. There are no SL or TP's being entered on Wave trades or Wave Multi Trades as per the settings. So there is a problem somewhere else in the coding. I'll check it out further, but can we get this fixed... especially after yesterday? For now I have to enter the SL & TP manually. Oivay. Yes they are. Guess how I know? void CheckTpSlAreCorrect(int type) is not up to the job of correcting mistaken sl/tp's so I shall look at this tomorrow, but that is a different story.

Author:	wolfeman [ Fri Jan 16, 2015 7:16 pm ]
Post subject:	Holy Graily Bob
FinnFX sent out notices to account holders that they are fine. I guess the crims that keep trades in house are the ones that went bust. That'll teach 'em! traderduke » Fri Jan 16, 2015 5:43 am wrote: Leslie » Fri Jan 16, 2015 8:17 am wrote: Anyone with suggestions for a US broker that fits with HGB (or non-US broker that accepts US clients), I'll certainly investigate making a change. Thanks. Leslie The recommendation I kindly received here limits minimum trade size to 10K- beyond my risk appetite. Any other recommendations would be gladly received. Thanks. Leslie Leslie Check with FinFX. They have $1000/0.01 accounts. Just got one two weeks ago, hope they are still in business! regards Ray

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