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OFF-TOPIC Forex trading

Discussion in 'Off Topic: Sports, Funnies, Pop-Culture' started by marrio, Feb 10, 2019.

  1. marrio
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    marrio PARKED

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    Hello

    I want to know more about forex trading. Here where I live (South Africa) it is not a big thing so I couldn't find much information about it.

    I would like to take my first steps but still need some basic knowledge about this topic. Can you help me with that?

    Thank you!
     
  2. Leigh Farrell
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    Leigh Farrell New Contributor

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    Go to amazon, search for the top rated books on forex trading, read, take notes, read, take notes, read, take notes.
    Set up a demo account with one of the big firms.
    Trade demo for 6 months until you have proven strategies. If you don't do this, you will lose money.
    Then put in $100 and trade with that. Don't put more than that! This is where you learn that emotions change the way you trade. That's why you're starting small and building up.
    When your account gets to $200, boost it to $500. When your account gets to $1000, you can boost it to $1500. When you get to $3000, you won't need to boost it anymore.
    Just be aware:
    This is not a fastlane business.
    This will require 10,000+ hours to learn to trade.
    This will require your time and attention every single day.
    You can't take a day off to spend time with your girlfriend or kids.
    You can't take the day off of you're sick.
    There are no holidays.
    The recipe for success with forex is bust your a$$ for 10 years, then move money into other assets.
    You have no business to sell at the end.
     
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  3. lejus
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    lejus Contributor Read Millionaire Fastlane

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    This is an excellent post. I couldn't say that better. I would add it is very exciting at first, but as soon as you learn to control your trading and you just execute signals it becomes super boring, and I stopped it because I found myself very hard to sit and look at the screen for hours. I moved what I made into other assets, tried once again but when I was out of touch after the break I noticed I can't execute my system efficiently anymore and I quit for good since I did not wanted to sit and stare for hours on demo account till I get it all together again.
     
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  4. Leigh Farrell
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    Leigh Farrell New Contributor

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    Absolutely!
    If you're excited, you're not in control of yourself and you should still be in demo mode.
    Successful Trading is almost robotic and systematic, like an IF Statement in an excel spreadsheet. If ''this'', then ''this'', otherwise ''this''.
     
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    Babypips.com will be like an encyclopedia of Forex Trading, and it will teach you everything about technical trading based on charts.
    But, beware of so-called "Make you rich" mentors and courses. Demo trading will instill confidence though it is not a guarantee due to emotions while trading with real money initially.
     
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  6. Kevin88660
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    Kevin88660 New Contributor I've Read UNSCRIPTED

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    I have a degree in Economics and I worked more than one year as a full-time proprietary trader in a firm dealing with equity futures and crude oil futures.

    As of now I still trade part-time during peak market hours only.

    I can cut short your learning curve by focusing on what has proven to be working in the current financial climate instead of the a lot BS Teaching materials online.

    Anyone can write a book about trading but you have to read research papers about financial market and research on trading written by professors from universities. There is no short-cut. They do not teach you how to trade but they tell you what strategies are making money now. What are the “speculated methods” made by fund managers who are making money now.

    If you can code or willing to learn coding you can google quantitative trading. There is a community out there very rich in information.

    If you cannot code you still can money. You have less automation power but more discretionary power. The algo cannot interpret news or qualitative events well. You need to focus on one market and know the inside-out.

    You have to develop your own ways to trade short-term mean reversion strategies. Just doing trend following is not going to work well in today’s market.


    ave
     
  7. lejus
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    lejus Contributor Read Millionaire Fastlane

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    I stopped trading years ago since I moved into other things (stock/shares, retail, online business) but I wouldn't mind part-time extra trading in the meantime. Any academic resources that you would recommend to refresh my knowledge that will be suitable for part-time? My techniques were very time consuming and so many years later they might not even be valid at all but I wouldn't mind checking what works for part-time.
     
  8. Kevin88660
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    Kevin88660 New Contributor I've Read UNSCRIPTED

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    https://faculty.haas.berkeley.edu/odean/papers/Day Traders/Day Trade 040330.pdf

    This is a study done on Taiwanese day traders. Its a popular paper.

    The lessons I learnt are as follow.

    1)Most traders lost more money after commission
    2)A small number of traders can win consistently
    3)They do so mainly by using aggressive limite order to predict short-term price directions.

     
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  9. Kevin88660
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    Kevin88660 New Contributor I've Read UNSCRIPTED

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    https://www.cfainstitute.org/-/media/documents/book/rf-lit-review/2016/rflrv11n11.ashx

    A must read article.

    By introducing the concept of the return horizon to their study, Conrad and Kaul’s study recognizes that technical traders are not a homogenous group. This observation has important practical implications for traders. Their findings can be restated as follows: Trend following and momentum strategies are more likely to deliver gains for long-term traders, while short-term traders are more likely to attain success with mean-reversion strategies”
     
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  10. antonn
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    Hello

    Welcome to the wonderful world of forex. It is hard at the beginning but it gets easier when you learn some things. You can find a lot of good information about forex on trading forums, but be careful because not everybody is an expert even though they claim so. Another good resources of information are sites like these one Forex Trading in South Africa here you can find a lot of information for beginners. Hope this will help you a little bit in the beginning.

    One more thing: Get a Demo Account at a good brokerage and start practicing: so you can learn an not lose your money.
     
  11. Kevin88660
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    Kevin88660 New Contributor I've Read UNSCRIPTED

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    Trading is an enjoyable game/hobby that pays, especially to those who like the intellectual challenge.

    It is also an areana full of BS-popular opinions without empirical evidence. That can lead to wealth destruction very quickly.
     
  12. Xvll
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    How do you become a millionaire through forex trading or trading in general?
     
  13. JM35
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    JM35 Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    By winning more often that you lose, over a long period of time.
     
  14. Kevin88660
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    Kevin88660 New Contributor I've Read UNSCRIPTED

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    I view financial market as a wealth preservation and enhancement tool, not a rapid way to build wealth.

    If you are really good and lucky you can double your capital in 2-3 years. But If you starts with a small capital it takes too long to accumulate your first million. There are simply far more better routes.
     

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