Daily Trading Ideas Page 3563 Forex Factory

[Not my post] The Structure of Forex Brokers

Originally posted by Darkstar at Forex Factory.
Disclaimer: I did not write this. I found this post on ForexFactory written by a user called DarkStar, which I believe a lot of redditors will benefit from reading.
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There has been much discussion of late regarding borker spreads and liquidity. Many assumptions are being made about why spreads are widened during news time that are built on an incomplete knowledge of the architecture of the forex market in general. The purpose of this article is to dissect the market and hopefully shed some light on the situation so that a more rational and productive discussion can be undertaken by the Forex Factory members.
We will begin with an explanation of the purpose of the Forex market and how it is utilized by its primary participants, expand into the structure and operation of the market, and conclude with the implications of this information for speculators. With that having been said, let us begin.
Unlike the various bond and equity markets, the Forex market is not generally utilized as an investment medium. While speculation has a critical role in its proper function, the lion’s share of Forex transactions are done as a function of international business.
The guy who buys a shiny new Eclipse more then likely will pay for it with US Dollars. Unfortunately Mitsubishi’s factory workers in Japan need to get their paychecks denominated in Yen, so at some point a conversion needs to be made. When one considers that companies like Exxon, Boeing, Sony, Dell, Honda, and thousands of other international businesses move nearly every dollar, real, yen, rubble, pound, and euro they make in a foreign country through the Forex market, it isn’t hard to understand how insignificant the speculative presence is; even in a $2tril per day market.
By and large, businesses don’t much care about the intricacies of exchange rates, they just want to make and sell their products. As a central repository of a company’s money, it was only natural that the banks would be the facilitators of these transactions. In the old days it was easy enough for a bank to call a foreign bank (or a foreign branch of ones own bank) and swap the stockpiles of currency each had accumulated from their many customers.
Just as any business would, the banks bought the foreign currency at one rate and marked it up before selling it to the customer. With that the foreign exchange spread was born. This was (and still is) a reasonable cost of doing business. Mitsubishi can pay its customers and the banks make a nice little profit for the hassle and risks associated with moving around the currency.
As a byproduct of transacting all this business, bank traders developed the ability to speculate on the future of currency rates. Utilizing a better understanding of the market, a bank could quote a business a spread on the current rate but hold off hedging until a better one came along. This process allowed the banks to expand their net income dramatically. The unfortunate consequence was that liquidity was redistributed in a way that made certain transactions impossible to complete.
It was for this reason and this reason alone that the market was eventually opened up to non-bank participants. The banks wanted more orders in the market so that a) they could profit from the less experienced participants, and b) the less experienced participants could provide a better liquidity distribution for execution of international business hedge orders. Initially only megacap hedge funds (such as Soros’s and others) were permitted, but it has since grown to include the retail brokerages and ECNs.

Market Structure:
Now that we have established why the market exists, let’s take a look at how the transactions are facilitated:
The top tier of the Forex market is transacted on what is collectively known as the Interbank. Contrary to popular belief the Interbank is not an exchange; it is a collection of communication agreements between the world’s largest money center banks.
To understand the structure of the Interbank market, it may be easier to grasp by way of analogy. Consider that in an office (or maybe even someone’s home) there are multiple computers connected via a network cable. Each computer operates independently of the others until it needs a resource that another computer possesses. At that point it will contact the other computer and request access to the necessary resource. If the computer is working properly and its owner has given the requestor authorization to do so, the resource can be accessed and the initiating computers request can be fulfilled. By substituting computers for banks and resources for currency, you can easily grasp the relationships that exist on the Interbank.
Anyone who has ever tried to find resources on a computer network without a server can appreciate how difficult it can be to keep track of who has what resources. The same issue exists on the Interbank market with regard to prices and currency inventory. A bank in Singapore may only rarely transact business with a company that needs to exchange some Brazilian Real and it can be very difficult to establish what a proper exchange rate should be. It is for this purpose that EBS and Reuters (hereafter EBS) established their services.
Layered on top (in a manner of speaking) of the Interbank communication links, the EBS service enables banks to see how much and at what prices all the Interbank members are willing to transact. Pains should be taken to express that EBS is not a market or a market maker; it is an application used to see bids and offers from the various banks.
The second tier of the market exists essential within each bank. By calling your local Bank of America branch you can exchange any foreign currency you would like. More then likely they will just move some excess currency from one branch to another. Since this is a micro-exchange with a single counterparty, you are basically at their mercy as to what exchange rate they will quote you. Your choice is to accept their offer or shop a different bank. Everyone who trades the forex market should visit their bank at least once to get a few quotes. It would be very enlightening to see how lucrative these transactions really are.
Branching off of this second tier is the third tier retail market. When brokers like Oanda, Forex.com, FXCM, etc. desire to establish a retail operation the first thing they need is a liquidity provider. Nine in ten of these brokers will sign an agreement with just one bank. This bank will agree to provide liquidity if and only if they can hedge it on EBS inclusive of their desired spread. Because the volume will be significantly higher a single bank patron will transact, the spreads will be much more competitive. By no means should it be expected these tier 3 providers will be quoted precisely what exists on the Interbank. Remember the bank is in the business of collecting spreads and no agreement is going to suspend that priority.
Retail forex is almost akin to running a casino. The majority of its participants have zero understanding how to trade effectively and as a result are consistent losers. The spread system combined with a standard probability distribution of returns gives the broker a built in house advantage of a few percentage points. As a result, they have all built internal order matching systems that play one loser off against a winner and collect the spread. On the occasions when disequilibrium exists within the internal order book, the broker hedges any exposure with their tier 2 liquidity provider.
As bad as this may sound, there are some significant advantages for speculators that deal with them. Because it is an internal order book, many features can be provided which are otherwise unavailable through other means. Non-standard contract sizes, high leverage on tiny account balances, and the ability to transact in a commission free environment are just a few of them…
An ECN operates similar to a Tier 2 bank, but still exists on the third tier. An ECN will generally establish agreements with several tier 2 banks for liquidity. However instead of matching orders internally, it will just pass through the quotes from the banks, as is, to be traded on. It’s sort of an EBS for little guys. There are many advantages to the model, but it is still not the Interbank. The banks are going to make their spread or their not go to waste their time. Depending on the bank this will take the form of price shading or widened spreads depending on market conditions. The ECN, for its trouble, collects a commission on each transaction.
Aside from the commission factor, there are some other disadvantages a speculator should consider before making the leap to an ECN. Most offer much lower leverage and only allow full lot transactions. During certain market conditions, the banks may also pull their liquidity leaving traders without an opportunity to enter or exit positions at their desired price.

Trade Mechanics:
It is convenient to believe that in a $2tril per day market there is always enough liquidity to do what needs to be done. Unfortunately belief does not negate the reality that for every buyer there MUST be a seller or no transaction can occur. When an order is too large to transact at the current price, the price moves to the point where open interest is abundant enough to cover it. Every time you see price move a single pip, it means that an order was executed that consumed (or otherwise removed) the open interest at the current price. There is no other way that prices can move.
As we covered earlier, each bank lists on EBS how much and at what price they are willing to transact a currency. It is important to note that no Interbank participant is under any obligation to make a transaction if they do not feel it is in their best interest. There are no “market makers” on the Interbank; only speculators and hedgers.
Looking at an ECN platform or Level II data on the stock market, one can get a feel for what the orders on EBS look like. The following is a sample representation:
You’ll notice that there is open interest (Level II Vol figures) of various sizes at different price points. Each one of those units represents existing limit orders and in this example, each unit is $1mil in currency.
Using this information, if a market sell order was placed for 38.4mil, the spread would instantly widen from 2.5 pips to 4.5 pips because there would no longer be any orders between 1.56300 and 1.56345. No broker, market maker, bank, or thief in the night widened the spread; it was the natural byproduct of the order that was placed. If no additional orders entered the market, the spread would remain this large forever. Fortunately, someone somewhere will deem a price point between those 2 figures an appropriate opportunity to do something and place an order. That order will either consume more interest or add to it, depending whether it is a market or limit order respectively.
What would have happened if someone placed a market sell order for 2mil just 1 millisecond after that 38.4 mil order hit? They would have been filled at 1.5630 Why were they “slipped”? Because there was no one to take the other side of the transaction at 1.56320 any longer. Again, nobody was out screwing the trader; it was the natural byproduct of the order flow.
A more interesting question is, what would happen if all the listed orders where suddenly canceled? The spread would widen to a point at which there were existing bids and offers. That may be 5,7,9, or even 100 pips; it is going to widen to whatever the difference between a bid and an offer are. Notice that nobody came in and “set” the spread, they just refused to transact at anything between it.
Nothing can be done to force orders into existence that don’t exist. Regardless what market is being examined or what broker is facilitating transactions, it is impossible to avoid spreads and slippage. They are a fact of life in the realm of trading.

Implications for speculators:
Trading has been characterized as a zero sum game, and rightly so. If trader A sells a security to trader B and the price goes up, trader A lost money that they otherwise could have made. If it goes down, Trader A made money from trader B’s mistake. Even in a huge market like the Forex, each transaction must have a buyer and a seller to make a trade and one of them is going to lose. In the general realm of trading, this is materially irrelevant to each participant. But there are certain situations where it becomes of significant importance. One of those situations is a news event.
Much has been made of late about how it is immoral, illegal, or downright evil for a broker, bank, or other liquidity provider to withdraw their order (increasing the spread) and slip orders (as though it was a conscious decision on their part to do so) more then normal during these events. These things occur for very specific reasons which have nothing to do with screwing anyone. Let us examine why:
Leading up to an economic report for example, certain traders will enter into positions expecting the news to go a certain way. As the event becomes immanent, the banks on the Interbank will remove their speculative orders for fear of taking unnecessary losses. Technical traders will pull their orders as well since it is common practice for them to avoid the news. Hedge funds and other macro traders are either already positioned or waiting until after the news hits to make decisions dependent on the result.
Knowing what we now know, where is the liquidity necessary to maintain a tight spread coming from?
Moving down the food chain to Tier 2; a bank will only provide liquidity to an ECN or retail broker if they can instantly hedge (plus their requisite spread) the positions on Interbank. If the Interbank spreads are widening due to lower liquidity, the bank is going to have to widen the spreads on the downstream players as well.
At tier 3 the ECN’s are simply passing the banks offers on, so spreads widen up to their customers. The retailers that guarantee spreads of 2 to 5 pips have just opened a gaping hole in their risk profile since they can no longer hedge their net exposure (ever wonder why they always seem to shut down or requote until its over?). The variable spread retailers in turn open up their spreads to match what is happening at the bank or they run into the same problems fixed spreads broker are dealing with.
Now think about this situation for a second. What is going to happen when a number misses expectations? How many traders going into the event with positions chose wrong and need to get out ASAP? How many hedge funds are going to instantly drop their macro orders? How many retail traders’ straddle orders just executed? How many of them were waiting to hear a miss and executed market orders?
With the technical traders on the sidelines, who is going to be stupid enough to take the other side of all these orders?
The answer is no one. Between 1 and 5 seconds after the news hits it is a purely a 1 way market. That big long pin bar that occurs is a grand total of 2 prices; the one before the news hit and the one after. The 10, 20, or 30 pips between them is called a gap.
Is it any wonder that slippage is in evidence at this time?

Conclusions:
Each tier of the Forex market has its own inherent advantages and disadvantages. Depending on your priorities you have to make a choice between what restrictions you can live with and those you cant. Unfortunately, you can’t always get what you want.
By focusing on slippage and spreads, which are the natural byproduct of order flow, one is not only pursuing a futile ideal, they are passing up an enormous opportunity to capitalize on true inefficiencies. News events are one of the few times where a large number of players are positioned inappropriately and it is fairly easy to profit from their foolishness. If a trader truly wants to make the leap to the next level of profitability they should be spending their time figuring out how identify these positions and trading with the goal of capturing the price movement they inevitably will cause.
Nobody is going to make the argument that a broker is a trader’s best friend, but they still provide a valuable service and should be compensated for their efforts. By accepting a broker for what it is and learning how to work within the limitations of the relationship, traders have access to a world of opportunity that they otherwise could never dream of capturing. Let us all remember that simple truth.
submitted by Cross_Game to Forex [link] [comments]

(Translation) ELI5 on how China fucked their own economy, chapter 1

Original post harmonized, here's link to the text: http://blog.boxun.com/hero/201510/dwdl/6_1.shtml
Chapter 1: How did China's economic miracle happen
Seriously, China's economic "miracle" is the most miraculous from when they lifted people out of poverty, but this ain't no miracle because if Mao didn't do communal farming and shit there wouldn't have been a poverty in the first place. This is common knowledge.
OK moving on, next, economic figures. Very good, but this is just like a kid who used to suck at class started to work hard and get to the top. Not uncommon. Just ask any nong on the streets, the majority of them have this kind of experience in primary school.
The true miracle starts in 2001!
2001, China joined the World Trade Union. The entire world opened to market all of a sudden. China facing a market so massive found it's own position and target: machining!
China has got a unique advantage in machining. First they have the numbers. Second they have the poors. Third they have nice guys(people easily bullied), last they have path leaders. What do I mean "path leaders"? Let's look at Asia's "4 dragons" of 2001, 2 out of 4 of the dragons are of Chinese heritage who are transitioning out of their machining trade phase, which leads to a lot of Hong Kong and Taiwan factory owners moving to China to continue their business, bringing in their entire operations to China, and thus, China takes off! In 10 years China has made it to be the "world's factory", where no other market can match China when it comes to machining! CCTV once made a program called "Made in Dongguan", in the program the reported pointed at a highway in Dongguan and said "If this road is jammed for 30 minutes, the entire world's computer price will inflate!" So proud, so arrogant, like they already control the fate of the entire world's economy! Citizens just need to grind hard, and they win! Simple? Yeah, it's that simple. This is called "won trick pony". The question is, why don't the others copy us?
They can't! Back in the days, our workers work continuous overtime, no social safety net, young work old fuck off. Our lands can simply be confiscated, our pollution can go unchecked, we can even use taxpayer's money to help business owners to export through forex manipulation and government subsidy. This is the advantage China has and only China has, you can't do that! This is the advantage professor Qinhui call "low human rights advantage"
That's the miracle. Other countries are also massive, are also poor(India), but they can't do what China can do, they can't find their position in their market, they can't grow their market! With this "won trick pony", China has made itself into the world's second largest economic region!
Of course, you can also argue that our class of 200 against your class of 20, of course we win everytime in terms of total school. But does that mean we have good score per capita?
But look at it this way. 66 years ago, this is a class who spend all day sleeping and now it is a class who are actually putting effort in learning, so you can't deny us of our effort, kay?
This is the miracle. At least compared with those Indian pigs, China has contributed far more than India to the world economy!
(to be continued tomorrow, or immediately if upvotes goes above 50)
submitted by upads to China [link] [comments]

Roughly 2 years after creating a company in China at my kitchen table, we’ve pivoted, tripled our staff and opened new offices. We’re changing the way e-commerce manufacturers import from China. Here’s how I did it.

I started a sourcing company that focuses on helping e-commerce sellers get products manufactured. Selling on Amazon is a popular topic these days, but I want to focus on the growth of my business and how we got where we are today.
I love reading about the growth of companies, both small and large. So here is me giving back.
Ask whatever questions you want, I’ll try to be as open as possible.
TL;DR My progress in building a company where I can act as an operator and not a micromanager
The Beginning
22 months ago I updated /entrepreneur of my minor progress in quitting my job at a product development company where I set out to help businesses get products manufactured from China.
You can read about it here: 14 Days in, and what started as an idea, is becoming a global business.
After starting the company and hiring a small Chinese staff working out of my apartment, in Shenzhen, China, we began getting a lot of clients by word of mouth and basic networking. The business model was simple, we act as the eyes, ears and boots on the ground in China for our customers. Our customers ranged from medium and large scale Amazon/eBay sellers, to brands that you can find in Wal Mart, Bed Bath & Beyond, Tesco and Target.
Our profit margins were pretty good, because we were acting as the middle man and paying factories with our clients money, our revenue was much higher than our profit. But our risk was minimal as we were never holding inventory. It wasn’t before long before where we had multiple millions of dollars in sales, which looked nice, but our profit margins only ranged from about 1% - 10% per order.
I realized we needed to scale, as my goal was to create a company, bring in talented operators and oversee operations without having to micromanage.
Trying to Scale Attempt 1:
Traditionally, Chinese companies scale via internal growth. The more employees you have, the bigger and more profitable you are. Our competitors have teams of 100+ people working in single offices. I don’t like this idea. Too much management, too messy and the overhead is too high. I tried to switch my clients over to a recurring revenue model. Nobody was biting. We tried to increase our profit, but the market was too competitive. The only possible option I saw to grow was to add a sales team and add more sourcing agents. - Again, an idea I did not love.
Trying to Scale Attempt 2:
China works based on scale. The higher the order quantity, the better it is for everyone. Because of this, we would often get weekly requests from small quantity e-commerce sellers who we’d constantly turn away because their order sizes were too small, and the work wasn’t worth the reward. I never liked turning people away. I had a client come back to me and tell me that there are no services out there who understand the business model of an e-commerce seller.
I decided I was going to find a way to help these types of e-commerce sellers.
A serious gap in this industry was identified. The only services out there for e-commerce sellers were training courses teaching new sellers how to make millions on Amazon. These were just courses, nothing different from the affiliate marketing, forex trading, work from home courses that new age entrepreneurs are seen creating as a way to earn a quick buck. Sure, some of this stuff was helpful, but there are still a ton of people out there who were actively selling online, they’ve surpassed the beginner mark and they are struggling to grow their business and deal with China at the same time. Having identified that group, our target customer was created.
The Problem:
We know that manufacturing works based on scale. So the larger the order, the lower the price, the greater the profit. Accepting to work with small sized importers was too dangerous in the existing model of sourcing suppliers, offering product quotations and hoping the client bites. There is way too much work involved just to offer a quotation, and hope the client was serious enough to place the order.
The Pivot:
We created a new service, outside of our existing website where the goal was to guide importers through the entire process of working with China. We’d act as the project manager, offering our purchasing office and resources in China in an outsourced model where we’d become a part of our clients company. We built an a la carte menu and offered our existing services to anyone who wanted them in a buy it now, productized fashion. They could purchase a sourcing service where we’d provide them with a list of qualified suppliers for a product they wanted to manufacture. They could purchase our negotiation service where we would negotiate for 8 days on their behalf. Clients could even have multiple samples shipped to our office in China, and we document them and ship them all together to them, saving them hundreds of dollars in shipping fees.
This service took off! We got tons of orders as a lot of people began talking about us on various forums and groups. But apparently this was not good enough. Everyone said, can you guys just do everything for us?
At this point, I had hired some marketing consultants and had close friends following what I was doing. Almost everyone was telling me to just create a full package and offer everything. I was reluctant at first, I told them all it would never work, there were too many unknown variables.
Eventually I caved it. I stayed up for 48 straight hours planning the restructuring of the entire business model. Previously, we were using Chinese sourcing agent who we’d train and have them work from home to source suppliers for these e-commerce clients. This process was great, as the overhead was much smaller, but it was not super reliable.
I stuck with the idea and built a service where clients could come to us with their product idea, we’d give them an idea of its feasibility, cost, etc. and then we’d get moving acting as their purchasing office. Total transparency. The client would know who the factory is, something most sourcing companies keep as a close secret. The goal was, for the client would be in the loop with everything, but would rely on a single representative at our company to handle all aspects in China for them.
The Marketing:
We built a list of 300 email subscribers we found via three Facebook groups. These 300 people were going to be our beta testers. We started a drip series email campaign that would educate them about the pitfalls when dealing with China, scare them of the risks, and sell them on our service. The day to launch was near. We were hoping for a 3% conversion rate from this list. That would have been enough for us to validate the new service and let us know whether or not to continue down the road of offering a service to this type of importer.
Five days after the launch our conversion rate from the drip campaign was roughly 30%. We were not equipped to handle that amount of sales. Frantic, I shut down the site, emailed all customers and informed them our site is down so we can focus on their orders.
In the weeks to come, I transitioned from half of our sourcing staff working from home, to a full staff in our office. Then we began interviewing and hiring like crazy. Brought three new sourcing agents on, left our small office and rented a new office which provided us more room to grow.
Rebuilding:
Once the shock wore off, reality began setting in. This idea was not only validated, the problem was not demand, it was supply. The past couple of months we’ve been building training programs, adding a management team and structuring our company to fit the mold of my original goal, operating and not micro managing.
Now, I have two strong managers. One manages the sourcing team and the other manages the account reps. We were able to build team leaders who are responsible for solving day to day problems, leaving me to focus on growth. All work is based on metrics, each employee is graded on their work, and the bonus structure is set up according to the monthly performance metrics.
We have a lot planned in the near future. It is definitely exciting to be paving the way in an age old industry with a modern approach. We are starting to see competition, and as an MVP in an arena of this size, that is to be expected. Our main focus is on continuing to strengthen our core, come out with new services and make sure all of our early clients are heard and their problems get solved. We’ve been approached by some pretty large companies both in our industry and outside interested in investing in us. I am still the sole owner and we’ve yet to take a single investment. That time may come, but I am going to be picky with who we choose.
It is an exciting time for us, we’re not perfect by any means, I 100% work by the philosophy where you need to be ashamed of your initial launches and attempts, anything you’re not ashamed of, you took too long to release.
I purposely left out our company name as I’d love to focus on the business growth, and I’m not interested in plugging anything at this time.
Some things we’re working on now:
submitted by archer48 to Entrepreneur [link] [comments]

My first 19 days of trading!

First, I want to thank all the individuals that help me on this sub-reddit. I've come across many other trading groups but this has been the most memorable. I've been trading for about 2-3 months now but, it was strictly penny-stocks the USA Market. I learned a lot there but I seemed to fail every time. I didn't know anything about Forex until a mechanic introduced me to babypips. From there I began to learn the trade. For about 2-3 weeks straight I studied what the website could give me. But, I knew i couldn't learn everything from there. My father still tells me "Birds of common feather, flock together." so i went out to find a group of forex traders. About half way in I thought to myself, all the forex traders probably live in super foreign countries on high level platforms that i would never gain access to unless I was born in the "Circle". But then one day while i was looking at $SNAP memes and /wallstreetbets I thought to myself, "Why not look in Reddit?". And sure enough I found this group. I read though a bunch of the hot post and knew that this was the place. So I asked questions, learned things and tried to fit in. So in comes the trading. I've been using TD Ameritrade since I started so that's the platform I've been using. Since I graduated high-school last year and only had one job, I knew that I would have to start with the minimum amount. So I opened up a Demo account and put $2,000 in. I have to say the first few days were more of luck than skill. I went in with a penny-stock mind set. My first few trades were max 1,000 units. So when I did good I got pennies but when I did bad vice-versa(Not Vice-Versa but you know what I mean). Then I learned about margins and, ooh boy let me tell you. All my trades increased to standard lots(100,000u). And i was losing left and right. And then one would be super good. The good one was, a little bit of my knowledge and lot of a fundamental event happening and me not knowing about it. So I road it and got to about $200 Dollars of it. I forgot how much I put into it but, I was hooked. I was running around my room wondering why didn't i try this before! Then the next day came and I lost $500 dollars. I was about to call it quits when, I went thought the subreddit again and saw that the real thing that makes a trader the will power and stubbornness not to give up and to recover from failures. So I buckled up and said lets do this. Everyday I drove to work I'd listen to a Forex podcast. When I got home instead of playing World of Warcraft or spending money on steam for games, I'd sit and look at the charts and learn how to use indicators and how they work. Then I jumped back into the market and began trading. I was still using crazy units but every now and then I'd make a breakthrough. One day I'd make $200-$300 dollars and in the same day lose 90-100% of it. It wasn't until SanDiegoMAGApede (Prob tired of me linking them) commented on one of my post that I began to learn risk management. Then the game was on. My trades were becoming more efficient and my days became more green. I was scalping for the majority of it until I started to see trends in the market. It was about two days ago, I was trading for ten hours straight 7-4pm(Currently getting ready for college so the weekdays are all free to me for a little bit) that i made my first real break though. I saw a trend coming and acted on it. And to my surprise it worked! I got a nice 30-40 pips. Then I longed and got a 10-20 pip gain. Then shorted for a another 30-40 pip gain. (USD/CAD). I was shocked! The next day I tried to do it again and... well lets say I wasn't a happy trader.. Then today came. I've asked questions about Fundamentals here because, one time an event caught me off guard and I lost a lot. So today came and I said to myself "lets trade on this news." I jumped on Forex Factory, set about a dollars worth of Yen on notifications to my phone and waited. It was the longest 5 minutes in my life my heart was racing super fast and then it came.. and I was right!. I road the EUUSD train all the way to the top and sold. Then I shorted and rode about half way before I went to work and closed. I was almost at $2,900 in my account I was trading on my phone on the way to work (as a passenger) which wasn't a good idea because I lost about $100+. I'm a server in a sports bar so work looked like a weekend in the markets. I then decided to go into a party room and start to trade again. I was so close to reaching my goal ($3,000 BP). So for a few hours I traded EUUSD and I then a table came and I left for about 4-5 hours. Got my $17 from work bought a salad and jumped on EUUSD. I was at $2,958 I was eyes on the market. I saw a fighting box(IDK what to call it) and started scalping the living hell out of it. Eventually I made it to $3,001.15. I started to run around the restaurant and jump around. My manger was worried and told me I was scaring him so I calmed down, jump on the phone with my father and was we were both stoked. Here's the link to day one to today: http://imgur.com/j06ycgB . But that's all I want to say. Thanks again guys and thanks for reading!
Edit: Added some much needed commas and fixed a few words. I'm still at work.
submitted by KeeperOne to Forex [link] [comments]

(Translation) ELI5 on how China fucked their own economy, chapter 1 of 9

Original post harmonized, here's link to the text in Chniese: http://blog.boxun.com/hero/201510/dwdl/6_1.shtml
Chapter 1: How did China's economic miracle happen
Seriously, China's economic "miracle" is the most miraculous from when they lifted people out of poverty, but this ain't no miracle because if Mao didn't do communal farming and shit there wouldn't have been a poverty in the first place. This is common knowledge.
OK moving on, next, economic figures. Very good, but this is just like a kid who used to suck at class started to work hard and get to the top. Not uncommon. Just ask any nong on the streets, the majority of them have this kind of experience in primary school.
The true miracle starts in 2001!
2001, China joined the World Trade Union. The entire world opened to market all of a sudden. China facing a market so massive found it's own position and target: machining!
China has got a unique advantage in machining. First they have the numbers. Second they have the poors. Third they have nice guys(people easily bullied), last they have path leaders. What do I mean "path leaders"? Let's look at Asia's "4 dragons" of 2001, 2 out of 4 of the dragons are of Chinese heritage who are transitioning out of their machining trade phase, which leads to a lot of Hong Kong and Taiwan factory owners moving to China to continue their business, bringing in their entire operations to China, and thus, China takes off! In 10 years China has made it to be the "world's factory", where no other market can match China when it comes to machining! CCTV once made a program called "Made in Dongguan", in the program the reported pointed at a highway in Dongguan and said "If this road is jammed for 30 minutes, the entire world's computer price will inflate!" So proud, so arrogant, like they already control the fate of the entire world's economy! Citizens just need to grind hard, and they win! Simple? Yeah, it's that simple. This is called "won trick pony". The question is, why don't the others copy us?
They can't! Back in the days, our workers work continuous overtime, no social safety net, young work old fuck off. Our lands can simply be confiscated, our pollution can go unchecked, we can even use taxpayer's money to help business owners to export through forex manipulation and government subsidy. This is the advantage China has and only China has, you can't do that! This is the advantage professor Qinhui call "low human rights advantage"
That's the miracle. Other countries are also massive, are also poor(India), but they can't do what China can do, they can't find their position in their market, they can't grow their market! With this "won trick pony", China has made itself into the world's second largest economic region!
Of course, you can also argue that our class of 200 against your class of 20, of course we win everytime in terms of total school. But does that mean we have good score per capita?
But look at it this way. 66 years ago, this is a class who spend all day sleeping and now it is a class who are actually putting effort in learning, so you can't deny us of our effort, kay?
This is the miracle. At least compared with those Indian pigs, China has contributed far more than India to the world economy!
(to be continued tomorrow, or immediately if upvotes goes above 50)
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