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Mark Meadows, TopstepFX

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Could a 'Hawkish Cut' Lead to the Next Major $USD Rally?

Posted by Mark Meadows, TopstepFX on July 29, 2019

In November 2017, the Bank of England hiked interest rates for the first time in 10 years. The market dubbed that a “dovish hike,” encapsulating the idea that though the BoE hiked interest rates, it provided forward guidance that made it very clear it would not be hiking in the near-term future. Then, Brexit uncertainties grew and the BoE has not hiked interest rates since.

Right now, the market is high on euphoria around the Federal Reserve lowering interest rates. But what happens when it’s a hawkish cut? The Dollar gets sent on its next leg higher, that’s what.

Our base case: the Fed rate cut will be the impetus for the Dollar to strengthen—maybe not immediately, but in the days and weeks after.

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Topics: US Dollar, EUR/USD, Currency Pages, trading strategy, TopstepFX

What It's Like to Lose $16K in 2 Minutes Trading Forex

Posted by Mark Meadows, TopstepFX on April 17, 2018

At 7:05 PM ET on October 6, 2016, I had $6,350 in my retail forex trading account. I was long 210,000 of GBP/USD — max leverage  anticipating that the Pound was nearing a post-Brexit recovery four months after the initial event shook the system.

Two minutes later, I lost $16,000 — the $6,350 PLUS an extra $9,579.91 before my broker was able to liquidate the position. All of this was because of the British Pound Flash Crash caused by (what I would later learn) one fat finger trade and algorithms halfway across the world.

Here's what I learned about what it's like to get caught in a flash crash.

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Topics: Trading Lessons, Forex

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