I hope this journal will be an inspiration to some, and hopefully a lesson for me to learn from as well.
Just a little to introduction about myself, I've been trading since 1996, right after my GCE 'N" Levels, in a pretty renowned bucket shop back then. I had witnessed MAS moving in to intervene on the sales of margin FX products to the retail customer by private entities in 1998, if I remember that clearly, followed by further regulation in the US and London commodities markets in 2000.
The forex trading business back in the 90s was also as lucrative as what it is today, but the product offering is so much different from the days back then. We had 10 pips spreads, daily average move for GBP/USD could be 180 to 200 pips, if moves went huge enough, it could even move up to 400 plus pips a day. Terminals such as Bloomberg, KnightRidder and MMS were share among 20 plus people on the floor, and it gets really exciting when the market moves (especially in your favour, hee...), even when we were charged a commission of about US$50 to $80 per round turn, it was already considered as premium commission rate. So just imagine the difference between the past's versus today's trading environment.Most importantly, despite having witnessed such a difference in trading spreads, and from having trading commissions to having no trading commissions, how did I fair in the market?
Heh... Let me get back tomorrow for more details mates.
Cheers
Just a little to introduction about myself, I've been trading since 1996, right after my GCE 'N" Levels, in a pretty renowned bucket shop back then. I had witnessed MAS moving in to intervene on the sales of margin FX products to the retail customer by private entities in 1998, if I remember that clearly, followed by further regulation in the US and London commodities markets in 2000.
The forex trading business back in the 90s was also as lucrative as what it is today, but the product offering is so much different from the days back then. We had 10 pips spreads, daily average move for GBP/USD could be 180 to 200 pips, if moves went huge enough, it could even move up to 400 plus pips a day. Terminals such as Bloomberg, KnightRidder and MMS were share among 20 plus people on the floor, and it gets really exciting when the market moves (especially in your favour, hee...), even when we were charged a commission of about US$50 to $80 per round turn, it was already considered as premium commission rate. So just imagine the difference between the past's versus today's trading environment.Most importantly, despite having witnessed such a difference in trading spreads, and from having trading commissions to having no trading commissions, how did I fair in the market?
Heh... Let me get back tomorrow for more details mates.
Cheers
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