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|02-13-2012, 07:10 AM||#11 (permalink)|
I knew you weren't such a bad guy, you're just a DICK.
My mentality believes in limitless abilities (from what I can tell we're opposite thinking.)
I do hope my math is up to speed however. I really would hate to think that what I think is worth 1k is really worth like 100 or 10 dollars of return, but if it is, it is what it is.
If I do end up receiving what I think I may receive. I will put it toward my credit card debt (still looming around 13-15k?)
And if I am able to do what I think I am possible, once I pay down the credit card debt from the kickbacks, say hello 5k a month or more!!!
Then once I have made 1 million dollars from trading in the kickbacks I may just consider quitting my job after investing a good portion of that in secure bonds (you know that .0001 compounded value interest) and consider teaching my crazy methods to others in europe who have openly and acceptingly signed up underneath me and get a small return on their kickbacks compounded interests...
Then after I have enough financial security 6-10 years down the road consider retiring at a ripe age of around 32-36.
But granted, all this is tentative upon not getting tied up on stupid things while trading and learning when to accept a small profit or a small loss for the bigger picture.
If anything I still think this kickback helps traders to have a more accepting attitude when trading because they receive funds back from volume in two months so it teaches patience and endurance as well...
Or so that's my opinion.
*here I am posting my dreams again... however usually, I get kickbacks when I mess up on a trade from not wanting to accept a loss or a smaller profit thinking that there's bigger fish out there in my favor. Right now I'm -600 from where I want to be. and the bigger I trade the smaller profit per pip i try to trade so I don't get *cocky* *
|02-13-2012, 10:45 AM||#12 (permalink)|
Listed below is the question we've been dicking around forever on, and here's the answer from the live customer support via chat:
Your Question: Clarification:Forex.com .70 round lot completed... if I do 330,000.00 lot size trading how much does that equate to a kickback?
Staff: Matt C
21:36 Your Question: Clarification:Forex.com .70 round lot completed... if I do 330,000.00 lot size trading how much does that equate to a kickback?
21:36 Please wait, an operator will be with you shortly.
21:37 You are now chatting with Matt C - CB USA Live Chat
21:37 Matt C: Thank you for contacting us how may I assist you?
21:37 DAVID CLEMONS: for clarification
21:37 DAVID CLEMONS: if I trade 330,000.00 lot size how much does that equate to me getting for a kick back from forex.com?
21:39 Matt C: to calculate the exact figure it would depend on the pair traded.. I will post some calculation explinations below..
21:40 DAVID CLEMONS: let's just say its eur/usd
21:40 DAVID CLEMONS: to keep it simple
21:40 Matt C: Now, regarding the calculation of your cashback, if the cashback rate for your broker is, for example, 0.7 pips / rtl, the actual cashback amount will not always be $7.00 / rtl. The amount in USD will depend on the USD exchange rate of the Counter Currency of the pair you trade.If the pair traded is an xxx/USD pair (ex EURUSD, GBPUSD, NZDUSD, etc), your cashback amount will always be $7.00 / rtl. It is calculated this way: (10) x (the cashback rate, in pips/rtl) x (# of standard lots closed). Example: For FxOpen, the cashback rate is 0.7 pips/rtl If you open & close an xxx/USD pair trade for 1 standard lot: USD cashback = (10) x (0.7) x (1 lot) = $7.00There is no conversion to USD, because the trade was credited in USD (USD being the Counter Currency of the pair)HOWEVER, if a pair’s Counter Currency is NOT USD (ex, EURGBP, USDJPY, etc, not ending in USD), your cashback for the trade will not be credited in USD, but rather in pips of the Counter Currency, which is then converted to USD at the current exchange rate (ex, if the cashback rate for your broker is 0.7 pips / rtl, cashback for a 1 lot EURGBP trade is credited as 0.7 pips GBP, which is then converted to USD). If you want to accurately calculate cashback for yourself, you must: 1) make note of the exchange rate of the Counter Currency of the pair to USD at the time you close the trade 2) then, use this formula: (10) x (cashback rate pips/rtl) x (# of standard lots closed) x (exchange rate of the Counter Currency to USD). Example: assuming your broker’s cashback rate is 0.7 pips / rtl and you open & close an EURGBP pair trade for 1 standard lot and the exchange rate for the GBP to USD is 1.6052: USD cashback amount = (10) x (0.7) x (1) x (1.6052) = $11.24This will give you the cashback for that one trade only. The calculation can be further complicated by the fact that some brokers do not always convert to USD at the close of the trade.Assume your cashback rate is 0.7 pips/rtl If you trade 1 lot of xxxGBP, your current cashback would be approx $11.24 (using the exchange rate from GBP to USD of 1.6052, current as of this writing), which is higher than $7.00 per rtl; however, if you trade 1 lot of xxxNZD, it would be only $5.50 (using the exchange rate from NZD to USD of 0.7857, current as of this writing), which is lower than $7.00 per rtl. Simply put, if your cashback rate is in pips/rtl, there is no way to accurately calculate your cashback using only the # of lots you trade each month. Since exchange rates between currencies are always changing, so there is no fixed USD cashback amount for each trade (except xxxUSD trades). This is why you may not be able to calculate your cashback the way you thought you could.
21:41 Matt C: It should be roughly $23.10
21:42 DAVID CLEMONS: mind if I copy and paste this information into a forum I have communication on?
21:42 Matt C: sure no problem
21:42 DAVID CLEMONS: me and someone were arguing over how much you should expect to receive.
21:43 DAVID CLEMONS: can you or I e-mail this conversation to myself and I will copy it to the forum.
21:43 DAVID CLEMONS: that's what I will do thanks for the clarification.
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