Hi,
I am starting this thread and poll to see in what year our forum traders started to venture into the forex world. I am not sure on this, but was forex opened to the public for trading only around 1997?(if not, exactly when)? I think this is why even many of the major pure forex brokers out there (FXCM, Oanda, etc) had only a few years of history.
If so, who are the main traders pre-1997? Mostly banks? I have seen crazy data pre-1999, like in some weeks for some pairs it can gap up or down 300+ pips (no kidding) between Friday and Monday. How do traders (even the big banks) traded and adapted to this kind of trading enviroment? Any experienced traders having to deal with and trade in this kind of enviroment? What was your strategy like in those days and can you consistently make money? Volatility was huge at that time too. In 1998, USD/JPY lost more than 2400 pips in 1 week only. If you short USD/JPY, what was profit like at that time (what kind of contract size we have at that time?)
I think most of us traders in this forum have less than 4 years of experience. If you have 5+ experience in the forex world please share your experience with our forum traders about your trading during those early time, like which broker did you use, whether it was fun or stressful to trade during those high volatility periods, and most importantly, could you make money?
Any forum users with any years of forex experience feel free to join in the discussion.
I am starting this thread and poll to see in what year our forum traders started to venture into the forex world. I am not sure on this, but was forex opened to the public for trading only around 1997?(if not, exactly when)? I think this is why even many of the major pure forex brokers out there (FXCM, Oanda, etc) had only a few years of history.
If so, who are the main traders pre-1997? Mostly banks? I have seen crazy data pre-1999, like in some weeks for some pairs it can gap up or down 300+ pips (no kidding) between Friday and Monday. How do traders (even the big banks) traded and adapted to this kind of trading enviroment? Any experienced traders having to deal with and trade in this kind of enviroment? What was your strategy like in those days and can you consistently make money? Volatility was huge at that time too. In 1998, USD/JPY lost more than 2400 pips in 1 week only. If you short USD/JPY, what was profit like at that time (what kind of contract size we have at that time?)
I think most of us traders in this forum have less than 4 years of experience. If you have 5+ experience in the forex world please share your experience with our forum traders about your trading during those early time, like which broker did you use, whether it was fun or stressful to trade during those high volatility periods, and most importantly, could you make money?
Any forum users with any years of forex experience feel free to join in the discussion.