Simon Coulter - Simon's career began at National Bank of NZ (NBNZ) where he started work in FX Institutional sales before moving to a sales/trading role in the latter part of his employment at NBNZ.  During his time there, he also managed their vanilla style options book.

He then moved to Dresdner Kleinwort, where he worked in a market making/trading capacity on the spot desk, before seeing the light and leaving for a break from the markets in 2007.

His FX trading experience has been G10 currencies with a focus on commodity currencies.

Simon heads up Product Development and Testing at MahiFX.
Simon Coulter
Simon's career began at National Bank of NZ (NBNZ) where he started work in FX Institutional sales before moving to a sales/trading role in the latter part of his employment at NBNZ. During his time there, he also managed their vanilla style options book. He then moved to Dresdner Kleinwort, where he worked in a market making/trading capacity on the spot desk, before seeing the light and leaving for a break from the markets in 2007. His FX trading experience has been G10 currencies with a focus on commodity currencies. Simon heads up Product Development and Testing at MahiFX.
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Using MahiFX Books to structure your trade idea

By now you’ve probably already noticed that the Mahi platform has a pretty unique way to record your trading. I worked as a FX trader in an investment bank for many years and know just how time consuming and frustrating it can be to reconcile trades after busy trading periods, especially when the record system is poorly conceived.

At MahiFX we have opted for a simple and transparent book structure, which allows users to access a full record of all their trading within a book since inception, including position rollover extensions.

Users can dedicate any given trade in a currency pair to the book of their choice. Our clients don’t need to co-mingle positions in currency pairs or close out one position first. Users can easily separate long-term proprietary positioning from intra-day trading activities using separate books, a feature I really pushed for in our in-house position tracking system during my time on the trading floor knowing just how difficult it was to separate a long-term position from my intra-day jobbing.

Hypothetical Trade Example

Today I’m going to give users a quick guide on how to use our book structure to execute a hypothetical range trade idea in Eur/usd using three books, as it can be a bit tricky for first time users.

Lets assume that the user is square but bearish Eur/usd with current levels trading around 1.2600 but concedes that is as often the case that overnight trading will likely be range-bound. Strong downtrend resistance is ascertained to come in at 1.2650 with initial minor resistance at 1.2620, support is at 1.2580.

The user wishes to leave 3 orders to sell 100,000 Eur/usd;

*Order 1 at 1.2618, i/d tp 1.2582 (lower limit), s/l 1.2661 (upper limit),

*Order 2 at 1.2643, i/d tp 1.2582 (lower limit), s/l 1.2661 (upper limit) and;

*Order 3 at 1.2648, i/d tp 1.2582 (lower limit), s/l at 1.2661 (upper limit)

Using the MahiFX platform the user should structure the trade with three books putting each in a separate book; this is because on execution of either the Upper Limit s/l or Lower Limit tp (these become live after the triggering of the first order in this example, i.e. the user takes a position) on a book will cause all other orders to be removed in that book.

In the above scenario if all 3 orders were live in one book and the market to trade erratically triggering only the order at 1.2618 initially, falling back to 1.2580 en-route to 1.2650 then the triggering of the Lower Limit tp at 1.2582 linked to the 1.2618 sell order would cancel all live orders in that book and mean the orders at 1.2643 and 1.2648 were not live for the subsequent up-move later in the session.

Having all the orders in one book would have been fine if the market had traded up to 1.2650 first up without retracing, but fails to account for whippy sessions such as that outlined in our example.

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