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EURUSD 1.2300 strike expiry today rumored for good size ........says the news headline, but how do you interpret this ? To
understand fx options it is best to explain some of the conventions that all
professional option traders know but is not necessarily, written down anywhere. The aim of this article is to level the playing field somewhat for the retail trader by discussing common procedures in the interbank fx options market.
Cut-off times
Majority of the fx option flow is OTC (Over-the-counter),
which basically means that it is independent of any exchanges. While terms can
be individual, in order to maintain liquidity there are a number of
standardized conventions. Still, these conventions vary from currency pair to
currency pair.
If you know a little about fx options, you have probably
heard about NY cut-off which is 10AM New-York time. This is when almost all fx options are expired, especially for
majors, but there are a few exceptions.
If you trade emerging market currencies you should know that
for TRY, the cut-off is 12:00 London time, while for PLN it is 11:00 Warsaw
time (normally 10 LDN), while for HUF it is 12:00 Budapest time (normally 11
LDN). If you trade asian emer…
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orto leave comments
I love to compete. I am an only child so the first person I
wanted to beat when I was young was my father. I challenged him to chess all
the time. I only wanted to win just once. I went to the library and found
chess books, read up on opening moves, modern strategies. I never won. One time I went to
a coffee shop and got introduced to Go. I got half-a-dozen games under my belt
before buying a set and challenged my father again. I won easily. The tables
have turned, but I have never really learned how to properly play chess,
because I got satisfied with my Go victory. I never got any good at Go either.
What does this have to do with forex competitions? Well it
is just a completely different game.
Forex competitions teaches you bad
trading habits. The only way you can win a monthly trading contest is
by having unsustainable returns. Its like a poker game where you have to
go all-in all the time. You pick up bad habits that will impact your
sustainable and consistent trading skills.It builds false hopes.  You look at previous months winner
getting 400%+ on their money and think maybe this is the way to recover
the half-a-dozen wiped out accounts. However …
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scramble avatar
scramble 1 Aug.

i agree that the dukascopy is the best competition.

pichou avatar
pichou 1 Aug.

this is well thought out. it

pichou avatar
pichou 1 Aug.

shows that you have been there. especially reason 7

DaddyPapi avatar

if yu already have a good strategy & habits on your live account and competition compromises it, then I agree, stay away. But if you want to test different strategies etc before risking real money or you dont have real money to use/risk, then you should use the competition.

orto leave comments