My original post was in reguard to something that should have been posted on the G& O board...You can check my post history as see it the post...
http://www.getbig.com/boards/index.php?topic=314546.0None the less guys...I almost lost a fortune last night...
I have a few Forex accounts around the world. However, on my main forex account, I was at one point leveraged about 300 to 1 on my main Forex account that is held at a large broker dealer in Australia. My equity percent fell to about .28 cents per 1000 dollars borrows on margin, at one point. triggering two successive margin calls. I don't trade Forex here in the states, as the (NFA is a pure joke). ...Stayed up till 4 AM, until i calapsed..However, i had to liquid some stuff just to meet those margin calls...i liquidated a couple positions at a loss. then i mustered up the courage to hold the positions overnight prying for a miracle.
However, when i woke up this morning...I was in the black, and made about 17% return in a few hours, that was on top of a 36% loss at one point...All my trades hit my target limit orders right before i woke up.
the thing was i could have been up so much more if i didn't have to liquidate the positions to meet the margin calls.
Moral of the story never use 300 to one leverage, no matter how confidant you are...I got lucky and learned my lesson...
I was shorting the the EUR/Jpy pair. there's a negative swap on this pair, if your short.
None the less, what has America come to...I have to trade Forex in jurisdictions outside the US to just have access to free markets..
The NFA doesn't let you hedge you positions..what a damn good American piece of shit organization.
However, if this new tax on traders passes i may have move all my money overseas, where free-markets still exist..
