Forex Trading with CMC Markets

Submitted by Marco on 25 April, 2006 - 15:48

I was bored last night so I traded Forex with CMC markets using their Marketmaker platform

I trade both stocks and forex. I trade forex for profit, more more importantly to execrise my risk management discipline and keep my and technical analysis skills sharp - as the forex markets are mostly traded on a technical (besides the economic fundamentals that do affect these markets). So, when I was bored last night, I went to try out some forex trading using the CMC Marketmaker platform that CMC markets uses.

I put in a call to their service desk at about 11pm last night (Sydney time), just to confirm and ask about how to trade forex using their platform. I've traded forex before with these guys. They've got an office in both Sydney and Melbourne - if you live elsewhere in the world they also have offices in: Cyprus; Zurich, Switzerland; Tel Aviv, Israel; Manila, Philippines; Auckland, New Zealand; Warsaw, Poland; United Arab Emirates. They've got terrific service and great support - they were the broker that introduced me to trading forex. They give a much personalised service compared to CMC markets. Maybe because one, they are much smaller than CMC markets and two, they only focus on forex dealing.

So continuing with the story, I put in a call to CMC markets... Just asked how to place a trade, a long a short on a currency pair as well as how to place a stop (loss) order. Anyway, I found it interesting that in my 10 minute conversation with the guy, the AUD/USD currency pair dramtically fell about 15-20 pips. Then when I finished the call, in five minutes the AUD/USD was back again to its previous support level. Anyway, it looked like a shorting opportunity, and I wanted to try out the CMC markets system for forex, so I put AUD$200 down for the margin and let it go for about half an hour. While I was watching, the dollar fell about 20 pips again. So I called it a day and collected my profit of around USD$56 or about AUD$75. That was an interesting experience given that I was just testing their system. :)