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The Active Forex Traders Discussion

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fhs8

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The same could be said about futures and commodities.

Commodities are futures so I'm not sure why you said futures and commodities. There are stock futures and commodity futures. Commodity futures do go up very slowly over a long period of time due to inflation while stock futures go up based on inflation, growth, and dividends. Also traders typically go much more highly leveraged on Forex than futures and commodity trading. It's not uncommon for Forex traders with $5,000 for example to have a lot position which is 20x leverage. It's not possible to go so highly leveraged on futures trading. Spreads are also smaller on Forex.

So not exactly the same but in short time periods they are pretty much the same as Forex trading due to how random it is. So yes I agree you should also avoid short term futures trading and especially leveraged trading.

https://www.cmegroup.com/company/files/CME_Fee_Schedule.pdf

Market makers aka HFT get fees waived/rebates by the way.
 
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Marquin Brewer

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Forex trading is complete waste of time and money. Before even thinking about dipping your foot in Forex I would gain an understanding in standard deviation/volatility and theoretical ROI. Forex is a zero sum game which means the theoretical ROI is zero plus trading costs and spread. The higher volatility is the faster you'll lose money on Forex. Leverage is a multiplier for volatility.

Money management or any strategy is completely hopeless. All systems will fail. If someone made money it means that they got lucky.

Stops reduce volatility but also reduce the chance of getting lucky and making money. It's actually much more likely for someone to win a million dollars by betting $1 on slot machines instead of $10 on blackjack games. If you know math and standard deviation then you'll know that I'm right.
What your saying is your biased opinion of what you think. Are you a trader? Have you ever traded and if so you must have failed. If that's the case just say you failed and didn't succeed but don't try to cash the hopes of others because of your failure.
Secondly, trading is not difficult once you learn the fundementals if trading. I am a new trader I have been trading for about 4-5 months now you just have to find good training. If anyone is interested message me and I'll direct you to some good training.
 

fhs8

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What your saying is your biased opinion of what you think.

Of course it is. Opinions tend to be biased. However there's many studies that show that 95%+ of traders lose money. The rest can be attributed to luck.

Are you a trader? Have you ever traded and if so you must have failed. If that's the case just say you failed and didn't succeed but don't try to cash the hopes of others because of your failure.

I could apply the same exact logic to gambling. Am I a gambler? No. Does that mean that I can't say that you'll likely lose money by gambling? Of course not. If a gambler failed to make money does it make their opinion wrong that gambling is a bad idea? Nope.

Secondly, trading is not difficult once you learn the fundementals if trading. I am a new trader I have been trading for about 4-5 months now you just have to find good training. If anyone is interested message me and I'll direct you to some good training.

There are no fundamentals of trading. I can generate charts with completely random numbers and they'll look exactly like charts in Forex and stocks. HFT process numbers through algorithms to find ways to make money based on EVERYTHING in nanoseconds. They have computers hooked up directly to exchanges by fiber optic cable no more than 100 feet away. They take advantage of rebates by the exchanges basically for adding liquidity. Even with all of that HFT typically make on average fractions of a cent on each trade. Without the rebates they wouldn't even be making money. Here you are not taking advantage of the rebates and think you're better. Even though the math, statistics, and everything else says otherwise. Based on randomness it's not that unlikely to be profitable after 100 trades.

Since futures are a zero sum game the risk of ruin is the biggest problem for those who use leverage.

I have a quick example that shows my point:
When you buy and hold a futures position the probability of your account going up and down 50% is the same. If your account goes down 50% it requires a 100% gain to break even. If your account goes up 50% it only takes a 33% loss to get back to break even. That alone tells you that you're at an enormous disadvantage. You have to go higher leverage in order to even it out but that greatly increases the risk of ruin. Someone who doesn't use leverage and has a huge bankroll doesn't have this problem.
 
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king156

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A found a trader on instagram called "dedicationforex" he seems to know what he's doing and doesn't want much for teaching, he said pay what you can afford and then I would be happy doing a profit share each month...Can someone give me a second opinion and tell me if he looks legit ?
 
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thecreator01

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i was just wondering if there are any here. i didnt see any obvious threads on forex when i skimmed here.

i am studying (still) the currency market and would love to have someone to bounce ideas off.
So how you've been going after 9 years? Making any money?

I'm thinking of starting to trade forex, but I have my doubts..
 

bringitnow28329

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You make money in the market by taking advantage of somebody else that is less informed and more under capitalized than you. That is really the only way. None of these forex robots work. None of these seminars are gonna teach you how to actually trade profitably. It take's time and an understanding of risk management. The fastest way to lose is to try trade on leverage which is exactly what the forex market wants you to do as they give you access to 1000:1 leverage and advertise you can start with $20.00. You will FAIL if you do this again and again. Forex brokers are nothing more than bucket shops trading against their unsophisticated customers.

Learn the ins and outs of a trading system with some sort of edge. Either go through the process of learning to code and finding a system or try to find one that has an edge. 99.9% of the stuff forsale is pure crap. People don't sell systems that actually work in general unless theyre is some sort of constraint like a lack of liquidity (which is rare in forex since it's the most liquid market on earth) which means they can make more moeny selling the system than they can actually trading it.

Once you have something that works take $50k and trade with little to no leverage and let the probabilities play out. Don't expect to earn 300% per year but instead be realistic and shoot for something more achievable like 20-40%. That's how you make money in the forex market or any financial markets for that matter. Don't have $50k? Stay away from Forex or trading in general until you do.

I've traded for a living since 2002. It took me 2 years of consistent losses to start making money. Trading isn't what most people think it is. It's actually boring to trade profitably. I literally do the same thing every single day. Trading is very difficult to learn. It's one of the only things you could do for your whole life and still be unsuccessful if you don't learn from your mistakes and realize how traders operate. It's not about how much can you make... It's all about how much can you afford to risk in order to not go broke before the probabilities work in your favor. As a discretionary trade it's about learning how to control yourself from making poor emotion driven decisions. Even armed with this info you will still make these bad decisions until you get kick in the balls enough and it hurts so bad that you finally give in and start learning to control risk and keep losses manageable.
 
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Marquin Brewer

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You make money in the market by taking advantage of somebody else that is less informed and more under capitalized than you. That is really the only way. None of these forex robots work. None of these seminars are gonna teach you how to actually trade profitably. It take's time and an understanding of risk management. The fastest way to lose is to try trade on leverage which is exactly what the forex market wants you to do as they give you access to 1000:1 leverage and advertise you can start with $20.00. You will FAIL if you do this again and again. Forex brokers are nothing more than bucket shops trading against their unsophisticated customers.

Learn the ins and outs of a trading system with some sort of edge. Either go through the process of learning to code and finding a system or try to find one that has an edge. 99.9% of the stuff forsale is pure crap. People don't sell systems that actually work in general unless theyre is some sort of constraint like a lack of liquidity (which is rare in forex since it's the most liquid market on earth) which means they can make more moeny selling the system than they can actually trading it.

Once you have something that works take $50k and trade with little to no leverage and let the probabilities play out. Don't expect to earn 300% per year but instead be realistic and shoot for something more achievable like 20-40%. That's how you make money in the forex market or any financial markets for that matter. Don't have $50k? Stay away from Forex or trading in general until you do.

I've traded for a living since 2002. It took me 2 years of consistent losses to start making money. Trading isn't what most people think it is. It's actually boring to trade profitably. I literally do the same thing every single day. Trading is very difficult to learn. It's one of the only things you could do for your whole life and still be unsuccessful if you don't learn from your mistakes and realize how traders operate. It's not about how much can you make... It's all about how much can you afford to risk in order to not go broke before the probabilities work in your favor. As a discretionary trade it's about learning how to control yourself from making poor emotion driven decisions. Even armed with this info you will still make these bad decisions until you get kick in the balls enough and it hurts so bad that you finally give in and start learning to control risk and keep losses manageable.
I don't know if you guys are aware of this or not but the market doesn't move at random, there are large institutional players, large hedge funds, banks, etc around the world that manipulate price action....Another component is news, the news is all a smoke screen to the uninformed, unsophisticated traders.
So, if the markets are a scam and I understand what he was trying to say, it's a scam to the uneducated, those that don't the rules of the playbook.
 
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grindmode

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You make money in the market by taking advantage of somebody else that is less informed and more under capitalized than you. That is really the only way. None of these forex robots work. None of these seminars are gonna teach you how to actually trade profitably. It take's time and an understanding of risk management. The fastest way to lose is to try trade on leverage which is exactly what the forex market wants you to do as they give you access to 1000:1 leverage and advertise you can start with $20.00. You will FAIL if you do this again and again. Forex brokers are nothing more than bucket shops trading against their unsophisticated customers.

Learn the ins and outs of a trading system with some sort of edge. Either go through the process of learning to code and finding a system or try to find one that has an edge. 99.9% of the stuff forsale is pure crap. People don't sell systems that actually work in general unless theyre is some sort of constraint like a lack of liquidity (which is rare in forex since it's the most liquid market on earth) which means they can make more moeny selling the system than they can actually trading it.

Once you have something that works take $50k and trade with little to no leverage and let the probabilities play out. Don't expect to earn 300% per year but instead be realistic and shoot for something more achievable like 20-40%. That's how you make money in the forex market or any financial markets for that matter. Don't have $50k? Stay away from Forex or trading in general until you do.

I've traded for a living since 2002. It took me 2 years of consistent losses to start making money. Trading isn't what most people think it is. It's actually boring to trade profitably. I literally do the same thing every single day. Trading is very difficult to learn. It's one of the only things you could do for your whole life and still be unsuccessful if you don't learn from your mistakes and realize how traders operate. It's not about how much can you make... It's all about how much can you afford to risk in order to not go broke before the probabilities work in your favor. As a discretionary trade it's about learning how to control yourself from making poor emotion driven decisions. Even armed with this info you will still make these bad decisions until you get kick in the balls enough and it hurts so bad that you finally give in and start learning to control risk and keep losses manageable.
I agree with majority of this... TRADING IS EXTREMELY LUCRATIVE... It literally is "gambling" unless you put in a few years of soaking up everything you can... Forgot listening or following someone else's advice on trading because let's face it, NOBODY CAN PREDICT THE FUTURE, period. You can't just throw darts at the board it takes tons of boring pre planning and learning how/where as a solo trader you can profit... Majority of people get slaughtered because they want to make money fast typically investing in lucrative markets or instruments that are very violate or following advice on how to trade... By the time something is broadcasted or published its too late even then don't listen or trade based on what others PREDICT.

Btw, Forex markets are unregulated... Its a low entry trading game for those hoping to make big money fast and its completely opposite. Trading commodities can be similar due to such low margin required by most brokerages but again it's easy to get slaughtered in trading futures... Seasoned traders prey on others to make their money... Guilty of this but it's part of the game...

Day trading stocks for small moves consistently on big boring stocks with high volume is where is at... However, you need min $25,000 account to complete more than 3 intra-day trades a week per SEC regulations... It sucks but learn the ropes and paper trade while you build up an account.... Then you'll start to realize how sexy "boring" quick flip on even a blue chip say at 1-3% change on $25,000 becomes... You'll realize the first 15 minutes upon the bell ringing is the most optimal time to make a trade or few of these quick small swings...

Your mouth will water when you think about having say $100,000 bankroll in the future, simply follow 3-5 high volume over $5 per share stocks... When the stars align make a quick trade on something like GPRO, S, AMD, etc. Pre tax one trade with minimal risk pricing $1,000-3,000 and maybe do another quick 1-3... Shutdown by 8:45 am when the market is just choppy and sideways being traded by bots...

Might not be the fast lane since it involves time it's not fully automated but 15 minutes of "work" for a few grand profit daily granted conditions are worthy of entering a trade if not its never a bad day to sit on the sidelines rather than try to make profits in choppy waters...

As above poster said also... A solid 5-10 years of actively paper trading along with live teading is a must... I figured rather than spend money on a degree I would be willing to lose the equivalent amount learning to trade... Losing say $2,000 as a rookie trader due to a simple error or any reason will be a lesson burned in your mind you'll never let happen again. No book or guru can teach or compare to real life experience...

Sorry to be a dream killer but F/X is a joke...
 

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ljean

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I was a registered CTA for a time and spent years developing trading systems for stocks, futures, and forex. To be successful in the financial markets you must have a quantifiable "edge". Sure traders may make a few bucks in the short term due to randomness (and give credit to their superior intellect/strategy/etc) but the vast majority will lose over the long run. Just because you have taken some course or read books or hired a mentor or paper traded for years, etc does not give you an edge. You are competing against the brightest minds on the globe who are extremely well-capitalized and can spend millions annually for cutting edge research & technology.

I got out of the business because the return to volatility ratio is so low. Realistic returns over the long haul are maybe 15% to 25% per year but you need to endure 2-3x drawdowns in your capital to realize them. Years can pass with no forward progress. It just plain sucks to go that long without making any money.

Selling options is the other side of the coin. You make money almost every day for 10 years until volatility explodes and then you are bankrupt.
 
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grindmode

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My message was intended to advise the original poster to stay for away from Forex...

The rest of my post was just tid bits of info on OVERALL IDEAS TO THINK ABOUT FOR THE FUTURE, if he/she were to really decide that was something they wished to be successful...

Personally, I have never taken a "trading course", I did start reading " the intelligent investor" in my early teen years followed by every book/information I could obtain, and I have paper traded for years along with trading live using my own money along with others.... I have no degree, the last math class I passed was 7th grade Algebra, I know the almost guaranteed failure rate for "retail" traders, and I'm not trading live currently/won't be for dome time....

HOWEVER, it's my passion! I know the difference's between "investing" compared to "trading", I know that it sounds like a dream to others such as " I'm going to be an Astronaut!!!", I know big banks/firms spend BILLIONS on computer that trade on each tick of the minute while front running retail traders, I know my brokerage/equipment is no where close to receiving data/filling my orders, I know I don't have a fancy degree from a top 10 school in investment banking/finance, I don't live in NY or Chicago, and I should fail in theory...

The one thing I know, is that I'd rather die knowing even if I never succeeded I tried my whole life rather than talk about trading OR instantly talk negative about it because I was to busy looking at the negstives. Again, I have lost roughly what a 4 year degree would cost of my own money over the years not by trading on "hope" or following anyone's advice, which sucks to lose that much money but I knew/accepted that before I ever started.

I think of it this way... To simply things, the markets are always moving aka financial instruments increase or decrease in value and no one can predict the future.... He/she said to me is nothing more than the local news "weatherman" trying to predict the futures weather, which he may have the most advanced technology/resources to help him BUT I'VE EXPERIENCED PERSONALLY a sunny day when it was "supposed" to be raining... "Investing" for the long term in say Vanguard 500 or hiring someone to manage your money is a joke IMO. Investing or trading "penny stocks" or trying to quit your job to sit at home listening to Cramer yell about what to do WITH YOUR MONEY while chit chatting on live feeds like yahoo finance with other "trader's" sitting on your couch using E-trade in the hopes of becoming a trader is a joke.

Dedication and a passion for not just "making large amounts of money" but rather realizing I am completely the underdog, I should fail according to most people's "beliefs", and I can't brag/provide any factual evidence that I can/will trade consistently profiting (while makes loses of course) period. I have/will constantly spend hours a day observing/trading paper or live) knowing where as a small guy I have an the best edge with a pre determined risk:reward ratio calculated, knowing exactly the rest times to be ready to enter a trade, knowing many days may be unfavorable conditions for my strategy so I won't trade that day, and lastly I will make large amounts of money trading or while spending 30/minutes tops daily in the future because of the decades of time I spent learning/experiencing how to do just that...

Is it fast lane? Probably not. Are there other ways of spending my time to make money equivalent or exponentially more with less risk while spending less/if any time at all on the income source? Absolutely!!! Again, I am passionate or you could call it my " hobby/addiction " to ultimately prove that all the odds/statistics/opinions I proved wrong while figuring out how to win in the most advanced/rigged "game" in the world. I spend time and will continue to spend for example my Saturday night replaying previously recorded market data "trading with fake money" while taking notes, redwinding to observe cause/effect, etc. RATHER than play a video game like call of duty OR go to a bar to drink. It's something I enjoy.

The real challenge is balancing my time to get in the FAST LANE and continually take action to stay in the FAST lane so eventually I can be chilling on a yacht while smoking a Cuban and having a large bankroll to trade as I desire while my FAST LANE actions are running businesses automated/managed by my staff...

It's a dream that again sounds to others like a kid saying "I want to be an astronaut or NFL player"... I will die trying because I long ago burned by boats I'm not even swimming right now more of something like doing " the doggy paddle" to stay above water... That all changed 2 days ago. Doubt me as I doubted myself for almost 30 years. I have got to the point where I mentally have 2 options which are do take massive action while changing my life OR I will stop "doggy pattling" to sink rather than continue living life as a spectator.

Much love and no hard feelings meant by this post. I just wanted to emphasize that becoming a consistently profitable day trader IS POSSIBLE... It may take a pyscho with a wild imagination, taboo outlook overall on life, and not just years but decades... But IT'S POSSIBLE if.
 

ljean

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People will succeed day trading just like there are a few who will succeed at beating the casino - strictly due to luck. Everybody thinks they are special and has a reason the rules don't apply to them. The longer you spend in the markets day trading the higher the likelyhood of eventually blowing up.
 

grindmode

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People will succeed day trading just like there are a few who will succeed at beating the casino - strictly due to luck. Everybody thinks they are special and has a reason the rules don't apply to them. The longer you spend in the markets day trading the higher the likelyhood of eventually blowing up.
False... Again, its all in your strategy/methods/systematic process you created and follow through with honestly/consistently with yourself.

If you try to trade EVERY DAY in whatever market with a "I'll just wing it" approach then yes you will lose and if your crazy enough to keep doing such without taking the time to realize cause/effect while you keep funding an account your losing money in... Then you probably will literally blow your brains out. Many people have taken their lives because they lost everything trading. They are not trading but "gambling" with hopes of profiting just like a gambling addict they can't walk away.

If you know what your calculate what your willing to risk for a reward, watch the market(s) like a surfer who doesn't try to ride every wave that break and even knows when the water is to choppy to even enter he takes the day. Trading is no different. There are profits to be made as I stated before easily by focusing/trading where the masses are doing the opposite. Your BANKROLL is a huge factor along with lack of self discipline. As I said before, certain markets ESPECIALLY Forex are worse than gambling... You have no chance but eager beavers want to trade "live" soooooo bad yet they lack the bankroll to trade Futures (which is risky). You can open a Forex account with under $500 then trade on margin which NOW YOUR TRADING LIVE but within 1 week if not day or two, your getting a margin call while your account is frozen and your in the hole negative $1,000.

Having a plan, setting up orders with moving limits along with buy/stop limits pre determined for a ratio know the numbers, and executing that order to be triggered only if you see a "wave worth riding" while not being over realistic... It's simple. I could go on or I would love to some doubter's live via team viewer an example. I admit I ask paper trading now due to building up my bankroll but I'm not using a simulator with delayed data or trading any other way than I would if it was my live account. I never said you won't have losing trades but that's why you have your own risk:reward ratio suited to your plan.

Tell me on a $50,000 account let's say... Where everyone is looking for huge profits I'll more than happily take a "measley" 1% profit... $500 (1%) - $150(30% tax) = $350 granted your trading HUGE VOLUME STOCKS where you can dump a large amount of shares to be filled in 1 order easily then -$10(commission) = $340 GROSS PROFIT. Follow 3-5 stocks each day calculate their ATR, high/low day before, trade only during the first 15 minutes of upon opening if at all when things are most active, trade on 3 minute candles to avoid fake outs, and aim for 1-3% profits if possible on 2-3 separate trades... That's an really generic brief example but imagine a bankroll of $100,000 or more... EVEN 1/2% profit which is so "non sexy" to the masses at during those 15 minutes your trading with not just bots... Maybe it's "too much work for the reward" in your opinion which no harm no foul... As I said before, I enjoy the concept/challenge if trading while the money to be made with a large bankroll trading my boring style is a goal/hobby that is satisfying plus the money is icing on the cake...

I'm not going to post anymore or they to "prove the truth"... It's a big boys game (I am still a boy), it's extremely lucrative, it's taboo, it's failure rate is extremely high even for guys with Ivy league degrees (which has no value to Mr. Market), and I won't stop because again is a passion. To each his own. I most likely would disagree or not see opportunity in some things which you do... Partly because I have no interest in your " hustle/hobby" and partly because all I've ever heard/experienced is failure so automatically it becomes "impossible"... Collecting a $1.5 million bounty for breaching the current iOS for iphones seems impossible and like too much work considering the odds of finding a vulnerability... However, I know some guys who truly enjoy hacking/own testing for a hobby who are just trying to collect that bounty from Apple (that would be similar to expecting to day trade 15-30% gains on a blue chip...) but they consistently collect bounties for breaching/finding vulnerabilities in oferrs from many other company that's cake for them resulting in small but frequent $500-5000 payouts while fulfilling their " hobby" not as their main source of income...
 
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P3HSB

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Breaking: CFTC Levies $7m Fine on FXCM, Forced to Quit US Market | Finance Magnates

Bad news for U.S FXCM Clients. I am very sad that I am forced to leave this broker after using them for 3 years now. I really love their Trading Station platform, nothing compares. I closed all of my open positions (at a huge loss) & withdraw my entire account balance.

Right now I am testing Gains Capital (Forex.com) & Oanda. So far the Oanda FxTrade platform is alright, but there is no pivot indicators nor does it show your positive/negative roll interest rates list like FXCM does. This is a total bumper for me.

Gains Capital (Forex.com) Forextraderpro platform seems slow as I am getting lag in my execution. Also I am getting a lot of chart lag. The platform itself looks very ugly imo. Just not feeling it.
 

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Hi guys,

Just wanted to ask if anyone has heard about Order Flow Trading yet or tried it, I'm looking around and researching how it is different from the technical and fundamental trading and might give it a shot and then provide some feedback. :D
 

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i was just wondering if there are any here. i didnt see any obvious threads on forex when i skimmed here.

i am studying (still) the currency market and would love to have someone to bounce ideas off.
what do you mean cryptic method??

what I think you mean is that you want me to give you a quick answer to a question that its impossible to answer in simplistic terms.

my only quick answer is to read read and read some more.

There are very many aspects to understand or else your just playing roulette.

hi i have been trading forex for about 2 years now, ask me anything, i will answer what i know
 
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BlokeInProgress

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hi i have been trading forex for about 2 years now, ask me anything, i will answer what i know
How has it been so far? Are you doing this full time or part time? Long or short? Is there a specific strategy you are using?
 

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How has it been so far? Are you doing this full time or part time? Long or short? Is there a specific strategy you are using?
honestly it has been the hardest thing i have ever experienced in my life,i trade once a month sometimes twice,as a starter , i would recommend you read the book NAKED FOREX by Walter Peters.i don't have a specific strategy, i would teach you 1 thing that will completely change the way you look at Forex , i don't know if i'm allowed to share such in this forum
 

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i would teach you 1 thing that will completely change the way you look at Forex , i don't know if i'm allowed to share such in this forum

I don't think it will be an issue if you provide some tips and techniques.
 
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Rabelo

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I don't think it will be an issue if you provide some tips and techniques.
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ohk cool. EXCUSE THE LANGUAGE IN THAT PDF FILE. JUST GRAB THE INFO AND GOOD LUCK. PDF PASSWORD 7547453Diwe
 

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CarrieW

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Hey everyone! I still have not been been getting notifications on this thread! I just unwatched and rewatched it so hopefully I get them from now on.

Still in trades although I haven't been trading actively. I have had a lot of severe health issues as of late that have prevented me from doing much of anything.

That said I am getting back into the habit of checking the markets daily and have had my hubs pull out my study materials.

Look forward to getting back into the discussion here!
 

CarrieW

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I am starting to work on memorizing candle formations and rereading my strategy I've been using to brush up a bit. Also started watching a channel of a friend on YouTube to get into the swing of things. I started from the beginning of the channel so I don't have much of an opinion yet. If I feel it's worth sharing here I will!

What has everyone been up to?

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Rabelo

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Well On My side , I pulled out from Trading Live Accounts after Blowing Every Account I Managed to fund and this Affected my Psychological functioning on every Trade hence I stopped and started to focus more on the psychological part of me.now I'm back . There's money but Started a demo last week to Build the Track Record and Document my Failures and adjust from there Before Going live and repeat the process again. I'm Currently using pure price action..haven't changed and no indicators. I'm looking forward to sharing the information
 

Silver Silk

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Hey guys, any pointers on where to start out if completely new to forex which i am. Looks like a long challenging road but ive decided to take the challenge head on!

I going to do day trading, i met a really successful guy, he recommended i didnt do trading because it takes so many hours to grasp like thousands he said... but i dont have a passion for much else so this seems like a good match for me. Its just about wins and losses and if youre no good then numbers dont lie (and youll lose a lot of money i guess lol)
 
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Rabelo

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but i dont have a passion for much else so this seems like a good match for me
Hi buddy. I suggest you check out babypips.com as a starter and get your self familiar with the industry. Oh and maybe the guy was Right.i always talk about the risks before I even talk about money. Most people say they're passionate too until they blow an account. Your reasons shouldn't just be passion because you gonna have a very hard time. You must have a will to learn.and develop your own trading style and a set of thinking pattern. I wouldn't recommend day trading because it means you supposed to be on your computer screen every day..and that's sucks Psychologically . Learn more about Swing Trading. This will benefit your psychological state. DAY trading needs strong emotional people (cocaine lol) kidding but you get the point right?.
Good luck
 

Silver Silk

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I would also suggest when you start to trade start with one currency pair, your best bet would be the EUR/US cross and get to know that pairs trends, patterns etc. before you try other pairs.
Is this still relevant today, ive started my trading learning, just going through a course at the moment. Would anybody second that its a good idea to start with the EUR/US cross and familiarise myself with that?
 

CarrieW

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I think it's important to concentrate on one or two pairs. I don't think it matters which ones as long as you aren't all over the board. Each pair has its own unique movement patterns that you will get to know if you pay attention enough.

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Silver Silk

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I think it's important to concentrate on one or two pairs. I don't think it matters which ones as long as you aren't all over the board. Each pair has its own unique movement patterns that you will get to know if you pay attention enough.

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Great stuff, im literally reading all your posts from 10 years ago on this thread! Im gonna read every page over the days and weeks, just daily study & grind! Whats the journey been like for you?
 

CarrieW

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I still love forex ;) the journey has been life. Messy challenging hard.

I took a big step back a few years ago to concentrate on homeschooling my kids. My daughter just graduated and my son has about 2.5more years to go.

While my son is finishing his schooling I am restarting on mine(forex school lol) I'm very hopeful that I can jump back into trading like I was before and pick up where I left off.




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