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Day Trading 2020 How to Start for Beginners - Tutorials ...
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Another rant about forex expectations and work ethic.
This will be another rant following my previous post about the expectations some people have when going into forex. I started trading just over a year ago. I did not go into forex thinking I was going to get rich quick. I knew it would be a massive learning curve and it may take me upwards of 5 years to make any sort of money. Because I accepted these facts before I started, I did not get frustrated at any point during my learning journey. I did not feel helpless when yet another one of my techniques failed. I didn’t quit. I knew I just had to keep going and eventually, I would see success. I also knew that as long as I remained consistent I would get there NO MATTER WHAT. You also have to want it bad. For the past year, I have woken up at 5am every single day before my rubbish warehouse job, and studied. Same in the evening. Why? Because it gives me more time to learn, and the more time = learn quicker. On my days off I literally sit all day and study/trade. A lot of people come into forex thinking they will be able to quit their job within a few months, but their effort doesn’t reflect that. If your only putting in 2 hours a week to learn it will take a lot longer than someone who puts in 20 hours a week. And enough of the ‘oh but I don’t have time for that!’ - everyone can find time, as I mentioned with myself I work 50 hour weeks but I get up earlier. Simple as that. If you truly want something you will do whatever you can to get it. To all new traders who are just starting out - accept that this may take years. Don’t get upset at other people who are seemingly millionaires after a year. They aren’t. Rant over.
In all industries there are people credited to being the simplest . In design, the late Steve Jobs is credited to being the simplest in his industry. In boxing, Muhammad Ali was credited to being the simplest boxer of all time. In U.S. politics, there's a consensus that Lincoln was the nation’s greatest President by every measure applied. In the trading world, a variety of traders are known worldwide for his or her skills. From Jesse Livermore to George Soros, we are sharing these tales of past and present traders who had to claw their thanks to the highest . Here, we'll check out the five most famous traders of all time and canopy a touch bit about each trader and why they became so famous. Jesse Livermore Jesse Livermore jumped into the stock exchange with incredible calculations at the age of 15, amassed huge profits, then lost all of them , then mastered two massive crises and came out the opposite side while following his own rules, earning him the nickname “The Great Bear of Wall Street.” Livermore was born in 1877 in Shrewsbury, Massachusetts. Visit شركة اكويتي السعودية He is remembered for his incredible risk taking, his gregarious method of reading the potential moves within the stock exchange , derivatives and commodities, and for sustaining vast losses also as rising to fortune. He began his career having run far away from home by carriage to flee a lifetime of farming that his father had planned for him, instead choosing city life and finding work posting stock quotes at Paine Webber, a Boston stockbroker. Livermore bought his first share at 15 and earned a profit of $3.12 from $5 after teaching himself about trends. George Soros George Soros has a fantastic backstory. Born in Hungary in 1930 to Jewish parents, Soros survived the Holocaust and later fled the country when the Communists took power. He went on to become one among the richest men and one among the foremost famous philanthropists within the world. Most day traders know him for his long and prolific career as a trader who famously “broke the Bank of England” in 1992. Soros made an enormous bet against British Pound, which earned him $1 billion in profit in only 24 hours. Along with other currency speculators, he placed a bet against the bank’s ability to carry the road on the pound. He borrowed pounds, then sold them, helping to down the worth of the currency on forex markets and ultimately forcing the united kingdom to crash out of the ecu rate of exchange Mechanism. It was perhaps the quickest billion dollars anyone has ever made and one among the foremost famous trades ever taken, which later became referred to as “breaking the Bank of England”. Soros is believed to have netted a complete of about $44 billion through financial speculation. And he has used his fortune to find thousands of human rights, democracy, health, and education projects. Richard Dennis There are only a couple of traders which will take a little amount of cash and switch it into millions and Richard Dennis was one among them. Known as the “Prince of the Pit”, Dennis is claimed to have borrowed $1,600 when he was around 23 years old and turned it into $200 million in about 10 years trading commodities. Even more interesting to notice , he only traded $400 of the $1,600. Not only did he achieve great success as a commodities trader, he also went on to launch the famous “Turtle Traders Group”. Using mini contracts, Dennis began to trade his own account at the Mid America commodities exchange . He made a profit of $100,000 in 1973. The subsequent year, he capitalized on a runway soybean market to earn $500,000 in profits. He became an impressive millionaire at the top of the year. However, he incurred massive losses within the Black Monday stock exchange crash in 1987 and therefore the dot-com bubble burst in 2000. While he's famous for creating and losing tons of cash , Dennis is additionally famous for something else – an experiment. He and his friend William Eckhardt recruited and trained traders, a couple of men and ladies, the way to trade futures. These so-called Turtle Traders went on to form profits of $175 million in 4 years, consistent with a former student. Paul Tudor Jones Paul Tudor Jones thrust into the limelight within the 80s when he successfully predicted the 1987 stock exchange , as shown within the riveting one hour documentary called “Trader”. The legendary trader was born in Memphis, Tennessee in 1954. His father ran a financial and legal trade newspaper. While he was in college, he want to write articles for the newspaper under the pseudonym, “Eagle Jones”. Jones began his journey within the finance business by trading cotton. He started trading on his own following 4 years of non-trading experience, made profits from his trades but got bored, and later hired people to trade for him so he would not get bored. But the trade that shot him to fame came on Black Monday in 1987, when he made an estimated $100 million whilst the Dow Jones Industrial Average plunged 22%. He became a pioneer within the area of worldwide macro investing and was an enormous player within the meteoric growth of the hedge fund industry. He's also known for depending on currencies and interest rates. He founded his hedge fund, Tudor Investment Corp, in 1980. The fund currently has around $21 billion in assets under management and he himself has an estimated net worth of nearly $5.8 Billion. John Paulson Super-trader John Paulson built a private fortune worth $4.4 billion from managing other people’s money. Born in 1955, Paulson made his name and far of his money betting a huge amount of money against the U.S. housing market during the worldwide financial crisis of 2007–2008. Paulson bought insurance against defaults by subprime mortgages before the market collapse in 2007. He netted an estimated $20 billion on the collapse of the subprime mortgage market, dubbed the best trade ever. However, his diary since that bet has been patchy at the best . Within the years following the financial crisis, Paulson struggled to match this success. Failed bets on gold, healthcare and pharmaceutical stocks caused investors to escape his hedge fund Paulson & Co, cutting its assets under management to $10 billion as of January 2020 from a high of $36 billion in 2011. Earlier this year, Paulson announced the fund would stop managing money for outdoor clients and switch it into a family office. He launched the fund in 1994.
10 Secrets The Trading Industry Doesn’t Want You To Know About
Today’s lesson goes to be somewhat controversial and should ruffle some feathers. I shall blow wide open and debunk tons of the knowledge you've got presumably been exposed to the present far in your trading journey. The average trader is out there walking through a confusing and conflicting maze of data from a spread of sources including; blogs, forums, broker websites, books, e-books, courses and YouTube videos. With of these learning resources available there's naturally getting to be some excellent and a few very bad information, but actually , there just isn’t how for many aspiring traders to understand what to concentrate to, who to concentrate to, or what information is useful and what information is non-beneficial. I’m not getting to pretend that there's how for an aspiring trader to filter this giant sea of data composed by of these resources and mentors out there, because there simply isn’t. knowledgeable trader with 10,000 hours of experience might stand an opportunity of deciding the great from the bad and therefore the valid from the invalid. However, you, the beginner or intermediate trader simply won’t possess that filtering ability yet. Becoming ‘Non-Average’ As traders, we concede to our instinctive feelings of social trustworthiness supported what we see and listen to , often to our extreme detriment. we frequently tend to require a leap of religion with our mentors and have a habit of taking things said to us at face value. we would like to hold close information that resonates with us and is sensible to us, especially if it’s delivered by a well-known source that we've come to understand and trust. The ‘average trader’s brain’ is usually trying to find a shortcut due to the overwhelming desire to form money and be free. The brain wants to urge a winning result immediately with the smallest amount amount of effort possible. If you would like to ever make it as a professional trader or investor, I suggest you are doing everything you'll to avoid thinking with the ‘average trader’s brain‘ and begin being ‘non-average’. meaning becoming far more aware, thinking outside the box more and questioning and filtering the knowledge you read and watch. most significantly , slowing everything all down! This now begs the apparent question…how does one even know what I’m close to write during this lesson is actually valid and factual? How are you able to really be sure? the reality is unless you've got followed me and my posts on this blog for an extended time and know me and know my work, then you can’t really make certain , and that i don’t expect you to easily believe it at face value. If you would like to return back and re-read this lesson during a few weeks, or a couple of months, or a couple of years, after you work out that i'm somebody worth taking note of about trading OR that i'm somebody not worth taking note of about trading, then so be it. So with a degree of healthy skepticism, I ask you to think about the below list of eye-opening secrets that professional traders and therefore the trading industry, don’t want you to understand about or understand. I hope it helps… Visit : توصيات الذهب اليوم FOREX isn’t the sole market the Professionals trade The FX market is large , with billions of dollars per day changing hands. It can cause you to great money if you recognize what you’re doing OR it can send you broke if you don’t. It’s a really popular market to trade globally, BUT it’s not the sole market the professional’s trade and it’s not always the simplest market to trade either. A note on leverage: The brokers and platform providers want you to trade FX on high leverage because the profit margins are very high for them. However, if you trade FX on lower leverage, the profit margins shrink dramatically for them. once you trade FX, start brooding about what can fail rather than just brooding about what can go right. I suggest avoiding stupidly high leverage like 400 to 1, as this will be very dangerous for you if the market moves quickly or experiences a price gap and your stop-loss orders aren’t executed at the worth you set. A more sensible leverage level would be 100 to 1 or 200 to 1, but any higher seems crazy. (Using an excessive amount of leverage is what wiped tons of traders out during Swiss Bank Crisis in 2015, The Brexit choose 2016 and therefore the Currency flash crash in early 2019). Broaden your view: Going forward, it'll serve you well in your trading career to start out watching a spread of worldwide markets including FX, Stock Indicies and Commodities. additionally to FX, I personally trade GOLD (XAUUSD), S&P500 Index USA, the SPI200 Index Australia, and therefore the Hang Seng Index Hong Kong , and sometimes individual stocks on various global exchanges. In short, there's more to the trading world than simply FX. I discuss the foremost popular markets I trade this lesson here. Day trading isn’t what Pro trading really is The internet is crammed with marketing trying to convince folks that the definition of a trader may be a one that spends all day actively trading in and out of the market on a brief term basis, all whilst living the life-style of a Wall St millionaire. there's a significant agenda within the industry to push this story to the masses, it's been relentless for many years . I am yet to satisfy one successful day trader who is consistent over the future and that i have almost 25,000 students and 250,000 readers on this blog. i'm not saying there isn’t a couple of out there, but 99.9% of the people that do this sort of trading or attempt to live up to the standard day trader stereotype are getting to fail and perhaps even harm themselves financially or mentally. Watching a screen all day and searching for trades constantly is that the like a compulsive gambler playing roulette during a casino. The successful traders i do know of (myself included) are watching higher time frames and longer time horizons (minimum 4-hour chart timeframes and predominantly daily chart time frames). they need no restriction on how long they're looking to carry a trade for and that they tend to let the trades find them. The professionals i do know , don't day trade, they are doing not watch screens all day, they are doing not search for trades constantly. they're going to typically fall under the category of a swing trader, trend trader or position trader. The obvious paradox and conflicting reality within the ‘day trader story’ is blatantly obvious. How does a trader who is consistently watching a screen and constantly trading have time to enjoy his life and live the lifestyle? They chose to trade as a profession to possess a life, they didn’t choose it to observe a screen 24/5. Here are some points to think about that employment against the so-called ‘ day trader’: The shorter the time-frame the more noise and random price movement there's , thus increasing your chance of simply being stopped out of the trade. Your ‘trading edge’ features a higher chance of yielding a result for you if you’re not trading within the intraday noise. The same trading edge doesn't work or produce an equivalent results on a 5 min chart compared to a Daily chart. Commissions and spreads churn your account, therefore the more you trade the more you lose in broker platform costs. (I will mention this below) Risk-Reward ratios aren't relative on shorter and longer time frames. Statistical average volatility across different time periods also as natural market dynamics play an enormous role during this . there's much more weight behind higher time frames than lower timeframes. Great trades take time because the market moves slower than most of the people ever anticipate. Trading from the upper timeframes and holding trades for extended time periods will provide you with greater opportunities to ascertain trades mature into big winners. However, shorter timeframes don’t provide you with this same opportunity fairly often .
Someone posted on here a few days ago asking about forex and forex trading in Kenya, I have gone through the responses and clearly, most people don’t have an idea. It is 3am in the morning and am in a good mood so let me make this post. This will be a comprehensive and lengthy post so grab a pen and paper and sit down. We’ll be here a while. FIRST OF ALL, who am I..? I am a forex trader, in Nairobi, Kenya..i have been actively involved in forex since I found out about it in Feb 2016 when I somehow ended up in a wealth creation seminar (lol) in pride inn Westlands, the one close to Mpaka Rd. Luckily for me, it was not one of those AIM global meetings or I’d be on Facebook selling God knows what those guys sell. I did not take it seriously till August of the same year and I have been active ever since. I don’t teach, mentor or sell a course or signals, I trade my own money. I am also posting from a throwaway account because I don’t want KRA on my ass. What the fuck is forex and forex trading. In simple plain English, forex is like the stock market but for currencies. Stock Market = Shares, forex = currencies. If you want more in-depth explanation, google is your friend. These currencies are pegged on specific countries, united states- dollar, UK- pound, euro zone- euro, Switzerland- Swiss franc, Kenya- Kenya shilling.. you get the point. Now, there are specific events and happenings between these economies that affect the movement and values of the currencies, driving their value (purchasing power up and down). Forex trading exploits these movements to make money. When the value is going up, we buy and vice versa (down –sell) Is forex trading illegal in Kenya? Is it a scam? Illegal, no. scam, no. All the banks in the world do it (KCB made about 4 billion from trading forex in 2019) Have there been scams involving forex in Kenya? Yes. Here is one that happened recently. This one is the most infamous one yet. Best believe that this is not the end of these type of scams because the stupidity, greed and gullibility of human beings is unfathomable. However, by the end of this post, I hope you won’t fall for such silliness. What next how do I make it work..? Am glad you asked. Generally, there are two ways to go about it. One, you teach yourself. This is the equivalent of stealing our dad’s car and hoping that the pedal you hit is the brake and not the accelerator. It is the route I took, it is the most rewarding and a huge ego boost when you finally make it on your own. Typically, this involves scouring the internet for hours upon hours going down rabbit holes, thinking you have made it telling all your friends how you will be a millionaire then losing all your money. Some people do not have the stomach for that. The second route is more practical, structured and smarter. First Learn the basics. There is a free online forex course at www.babypips.com/learn/forex this is merely an introductory course. Basically it is learning the parts of a car before they let you inside the car. Second, start building your strategy. By the time you are done with the babypips, you will have a feel of what the forex market is, what interests you, etc. Tip..Babypips has a lot of garbage. It is good for introductory purposes but not good for much else, pick whatever stick to you or jumps at you the first time. Nonsense like indicators should be ignored. The next step is now the most important. Developing the skill and building your strategy. As a beginner, you want to exhaust your naivety before jumping into the more advanced stuff. Eg can you identify a trend, what is a pair, what is position sizing, what is metatrader 4 and how to operate it, what news is good for a currency, when can I trade, what are the different trading sessions, what is technical analysis, what is market sentiment, what are bullish conditions what is emotion management, how does my psychology affect my trading (more on this later) an I a swing, scalper or day trader etc Mentors and forex courses.. you have probably seen people advertising how they can teach and mentor you on how to trade forex and charging so much money for it. Somehow it seems that these people are focused on the teaching than the trading. Weird, right..? Truth is trading is hard, teaching not quite. A common saying in the industry is “Those who can’t trade, teach” you want to avoid all these gurus on Facebook and Instagram, some are legit but most are not. Sifting the wheat from the chaff is hard but I did that for you. The info is available online on YouTube, telegram channels etc. am not saying not to spend money on a course, if you find a mentor whose style resonates with you and the course is reasonably priced, please, go ahead and buy..it will cut your learning curve in half. People are different. What worked for me might not work for you. Here are some nice YouTube channels to watch. These guys are legit..
After a short period of time, you will be able to sniff out bs teachers with relative ease. You will also discover some of your own and expand the list. Two tips, start with the oldest videos first and whichever of these resonates with you, stick with till the wheels fall off. How long will it take until things start making sense Give yourself time to grow and learn. This is all new to you and you are allowed to make mistakes, to fail and discover yourself. Realistically, depending on the effort you put in, you will not start seeing results until after 6 months. Could take longeshorter so there is no guarantee. Social media, Mentality, Psychology and Books Online, forex trading might not have the best reputation online because it takes hard work and scammers and gurus give it a bad name. However, try to not get sucked into the Instagram trader lifestyle as it is nowhere close to what the reality is. You will not make millions tomorrow or the day after, you might never even make it in this market. But that is the reality of life. Nothing is promised, nothing is guaranteed. Your mentality, beliefs and ego will be challenged in this market. You will learn things that will make you blood boil, you will ask yourself daily, how is this possible, why don’t they teach this in school..bla bla bla..it will be hard but growth is painful, if it wasn’t we’d all be billionaires. Take a break, take a walk, drink a glass of whatever you like or roll one..detox. Chill with your girl (or man) Gradually you will develop mental toughness that will set you up for life. Personally, I sorta ditched religion and picked up stoicism. Whatever works for you. Psychology, this is unfortunately one of the most neglected aspects of your personal development in this journey. Do you believe in yourself? Can you stand by your convictions when everyone is against you? Can you get up every day uncertain of the future? There will be moments where you will question yourself, am I even doing the right thing? the right way? It is normal and essential for your growth. People who played competitive sports have a natural advantage here. Remember the game is first won in your head then on the pitch. Books: ironically, books that helped me the most were the mindset books, Think and grow rich, trading for a living, 4 hour work week, the monk who sold his Ferrari..just google mindset and psychology books, most trading books are garbage. Watch and listen to people who have made it in the investing business. Ray Dalio, warren, Bill Ackman and Carl Icahn. This is turning out to be lengthier than I anticipated so I’ll try to be brief for the remaining parts. Brokers You will need to open up an account with a broker. Get a broker who is regulated. Australian ones (IC Market and Pepperstone) are both legit, reliable and regulated. Do your research. I’d avoid local ones because I’ve heard stories of wide spreads and liquidity problems. International brokers have never failed me. There are plenty brokers, there is no one size fits all recommendation. If it ain’t broke..don’t fix it. Money transfer. All brokers accept wire transfers, you might need to call your bank to authorize that, avoid Equity bank. Stanchart and Stanbic are alright. Large withdrawals $10k+ you will have to call them prior. Get Skrill and Neteller if you don’t like banks like me, set up a Bitcoin wallet for faster withdrawals, (Payoneer and Paypal are accepted by some brokers, just check with them.) How much money can I make..? I hate this question because people have perceived ceilings of income in their minds, eg 1 million ksh is too much to make per month or 10,000ksh is too little. Instead, work backwards. What % return did I make this month/ on this trade. Safaricom made 19.5% last year, if you make 20% you have outperformed them. If you reach of consistency where you can make x% per month on whatever money you have, then there are no limits to how much you can make. How much money do I need to start with..? Zero. You have all the resources above, go forth. There are brokers who provide free bonuses and withdraw-able profits. However, to make a fulltime income you will need some serious cash. Generally, 50,000 kes. You can start lower or higher but if you need say 20k to live comfortably and that is a 10% return per month, then you can do the math on how big your account should be. Of course things like compound interest come into play but that is dependent on your skill level. I have seen people do spectacular things with very little funds. Taxes..? Talk to a lawyer or an accountant. I am neither. Family? Friends? Unfortunately, people will not understand why you spend hundreds of hours watching strangers on the internet so it is best to keep it from them. Eventually you will make it work and they will come to your corner talking about how they always knew you’d make it. The journey will be lonely, make some trading buddies along the way. You’d be surprised at how easy it is when people are united by their circumstances (and stupidity) I have guys who are my bros from South Africa and Lebanon who I have never met but we came up together and are now homies. Join forums, ask questions and grow. That is the only way to learn. Ideally, a group of 5-10 friends committed to learning and growth is the best model. Pushing each other to grow and discovering together. Forex is real and you can do amazing things with it. It is not a get rich quick scheme. If you want a quick guaranteed income, get a job. And now it is 5am, fuck. This is oversimplified and leaves out many many aspects. Happy to answer any questions.
https://preview.redd.it/s8df6kzd0tw51.jpg?width=1200&format=pjpg&auto=webp&s=1415af6b476b3ad00d3fcb6a8769de347b2a132d Today, we are going to discuss how the rising of fake gurus from YouTube actually hacking our brain and trapping us to gambling in the stock market by using their attractive thumbnail and live webinar. In the end, we will discuss how to avoid being trapped. Please read this article seriously because we have made it very simple for you to check who is good or bad. We Indians feel good when someone gives us something free of cost whether that content is valid or not, legit or not we hardly verify the facts. We can accept anything & everything IF it is free of cost. Didn’t you experience it? At first, we are going to talk about why 95% of stock market-related content on YouTube is bullshit and fake which will not give you satisfactory results what they are claiming in the thumbnail. It’s so funny that I identified there in one video thumbnail that claimed to quit your job to become a millionaire by following his strategy. Seriously, Guys? There are millions of fancy strategies stated as no loss strategy, guaranteed monthly income strategy, 100% working strategy, intraday tricks which will never give you loss, how to earn 1 Cr in one day, Become warren buffet in 3 simple steps, how to get your money double in options trading, etc, etc You know guys what is the most fun thing? There are millions of views on their videos. It’s clearly indicating that we are the ones viewing all those videos that resulted in getting us trapped. Isn’t it? How is it possible that someone without any experience will come and tell us how to make millions from the stock market? Guys, think logically does that possible? Have you ever verified their article before practically implementing it in the live market by putting your hard-earned money? Why are you using even in the first place? Believe me, no one can make you rich in the stock market. It’s only your right and quality knowledge, dedication, and focus that can change the way you see the stock market. No amount of information will provide you an edge or trading improvement until and unless you experience it by yourself practically by implementing. For egg: whatever we share at AfterVision, we do it with full confidence because we only share a backtested system that we have achieved after 11 years of deep research & experience. Believe in the result, don’t just focus on fake and manipulated promises. Any single mistake in the stock market can make your capital zero. You have to control and focus on your Psychological process and implementation with the combination of Disciplined because these both play an important key role in the stock market then come last our so-called strategy. The strategy has no value if you don’t have an advanced system which can give you a better risk-reward ratio and clear cut entry and exit mechanism. Never join anybody if someone is making fake promises to give you more than a 10% return per month consistently. But, the funny thing is no one will talk about less than 30-50% of the capital return. Amazed? Don’t be the one to get trapped though! Never be dependent on any tip provider, signal or software, etc because trust me it is a bullshit idea of selling tips and indictors which doesn’t work seriously. They don’t trade themselves because it’s easy for YouTubers to create a 5 min video explaining about anything and showing some fake screenshots to trust us easily on them. YouTube is like their Dukan(shop), the business turnover is depending on our views we give to them that why they always come up with some choosy and fake caption and thumbnail such as 100% capital double, no loss strategy, etc so that viewers will click often on their video by getting trapped. Youtuber and live webinar guys will emotionally sell you some sort of snack oil of how you can change your life by joining their superficial level program. I am not telling you that all are bad. But, I can tell you 6 out of 10 are selling craps on the name of courses. I have got to join so many courses in the last 6 months to experience ranges from Indian to Forex guys. They are just bragging about indicator on the name of courses. That’s it. We already know indicators don’t work all the time. It’ll give you 3 times signals within 30 min. You’ll confuse about whether to buy or sell. That’s what the techniques they are claiming to work 100% of the time in any market in any situation. Why we are different at AfterVision? First of all, we don’t ever promise you to give 100% result because there is no perfect system in the world which can give you 100% result. We don’t sit and trade the whole day that’s a fishy system to sit the whole day to make money. At AfterVision, Only 45-60 min is enough to make money if you are a serious trader. We focus on a one-to-one basis live session rather than providing a crowd or batch where no one can ask questions openly. We don’t talk about any kind of indicators because believe me it is just crap, will only confuse you in the end. we believe in logical trading, if you are not getting any logic to take an entry or exit then simply we sleep that day without doing trade. We never focus on more than 5 trades in a month because we believe in quality rather than just focusing on quantity. We provide 24*7 doubt sessions with lifetime support. Yes, anytime you can call at AfterVision to take any support. Click here - http://blog.aftervisioneducation.com/the-rise-of-fake-gurus/
What’s the deal with these fake FX Ponzi schemes where they pose with rental cars and fake watches in order to portray the life of a millionaire ?
Just see so many saps sending this kind of crap across promising they will made x amount over night etc you would have to be a dip shit with two brain cells to fall for this crap seriously seems like every other Instagram account is a forex day trader weekend millionaire.
I always dreamt of becoming a multi millionaire in 5 to 10 years but this guy has brought an interesting point to the table:
Day Trading Market Ceiling There also a Day Trading Market Ceiling. A successful day trader (not an investor, though) will eventually get capped out, as the market simply can’t accommodate an infinitely increasing position size for a particular strategy. To make more the trader either needs to alter the strategy, or also trade something else…and this may or may not work. Change one thing and you can’t assume all else will stay the same. To attain the returns discussed in the “How Much Day Traders Make,” multiple trades are made each day. Trades are likely only lasting a couple minutes. While multiple-millions of dollars worth of stocks, futures or currencies may change hands over the course of couple hours, day traders have precise entry points. Therefore, position size is limited to the amount of liquidity (volume) available at the exact moment a trader needs to get into and out of trades. Investors, hedge funds and mutual funds can accumulate or dispose of positions over weeks, taking advantage of days or even weeks worth liquidity. Day traders don’t have that luxury. It doesn’t matter if a stock trades millions of shares a day; if there is only 100 shares available when they need to take the trade (based on the strategy) that’s all they get. That’s an extreme example, but at any given moment there isn’t infinite liquidity available–there is what there is, and that means there is a limit to how big of a position you can accumulate and dispose of when your strategy calls for it. Based on personal experience, in day trading forex I wouldn’t be comfortable taking more than 5 standard lots on a day trade. Some may take more, most traders would take way less. Taking a larger amount would mean significantly increased risk of slippage or partial fills (you end up with the whole position on losing trades, but only partial positions on some winning trades). Possible gains attained by taking a larger position are offset by these negative factors. At 10:1 or 15:1 leverage a forex day trader–using a day trading forex strategy similar to mine— may cap out at around a $50,000 to $75,000 account (including leverage, that means trading close to $1million). Beyond that, they may find little additional gains, unless they alter their strategy, take longer term trades or stagger their entries and exits at various prices. Changing a strategy to accommodate a larger position isn’t a bad thing, but it takes additional research/practice time…and is it worth it? Only each individual can answer that for them self. In the ES futures market I cap out at about 10 contracts, and that only requires a $40,000 to $75,000 account (maybe even less depending on how much you risk per trade). There is no reason to trade more in my opinion. Could you day trade more contracts? Sure, you could probably get away with 100 contracts some days/some trades…but why? It would take a long time to work up to carrying those sorts of positions, and even trading a few contracts can produce a good living. The same goes for the stock market. Even in a very liquid stock or ETF like the SPDR S&P 500 (SPY) you will hit a limit on how much you can effectively trade on a short time frame. It may be a big limit, but you do hit it. To see the minimum amount of capital you need to day trade, see How Much Do I Need to Become a Day Trader. The bottom line is that you hit a limit on the amount of capital you can utilize effectively, and beyond that your percentage returns will likely decrease. For example, it’s much easier to make 10% a month on a $20,000 account than it is to make 10% a month on $20,000,000. That means day trader tend to withdraw all proceeds over and above their “efficient capital limit.” So a $50,000 day trading forex accounts stays a $50,000 account and monthly profits are withdrawn and spent (like any other job) or allocated to something else. In other words the account doesn’t keep compounding indefinitely, the trader nor the market can withstand doing that…there are ceilings…psychological, natural (life) and structural (market).
What is Day Trading? Foreign Exchange Deals that are generally closed on the same day is called Day Trading. Short Term trading is attractive as it offers higher returns but at the same time is dangerous as well. With the advent of internet technology, day trading has become extremely popular among investors and stock market players. Normally Forex day trading involves buying a currency at the prevailing rate and which you feel will rising up towards the end of the day. As soon as the currency value rises you sell it off making a profit for yourself. What are the mistakes to avoid in Forex? Forex trading, however enticing it may seem is not fool proof. People usually indulge in cross currency trading like USD to EUR or vice versa. The trick here is to choose your risk quotient by following market trends and doing some research on your own. No matter how much perfect you think your strategy is, you are always advised to tread with caution. 1) Forex Day Trading is not your shortcut to wealth No matter what you have read on the internet or what stories your other trader pals have told you, you cannot become a millionaire overnight with Forex Trading. However, we are not completely discouraging you as there are many traders who have made their fortunes and many others who still are dependent on it as a means of livelihood. What you need to develop is trading acumen which will help you gain profits. 2) Do not risk more than 1% of Capital The higher you risk, higher the gains, this strategy is not overtly applicable to day trading Forex. A successful trader will never risk more than 1% of his capital on a single trade. By adopting this method, you ensure that in event of a loss the amount is not too significant. 3) Keeping unrealistic expectations While starting your trading be fully aware of the market conditions and what you are getting into. Do not blindly foray into it just because somebody promised a windfall. Make sure that you have sufficient financial knowledge about day trading, the terms that are used, what to look out for etc. If you think you will have 5000 USD that will yield you 30000 USD then than it not going to happen. Take help from an expert who is dealing into day trade Forex to learn the finer nuances of the game. Conclusion When trading Forex, you should avoid:
Thinking it is a shortcut to wealth overnight, you can be successful in Forex trading if you learn and improve every day.
How much in capital after you hit the "market ceiling" in Forex and Cryptos?
People say that after you have accumulated a certain amount of capital. It's not really possible to make more money beyond a "market ceiling". For example it's easier to make 20 percent returns off of a 20,000 USD account as compared to a 100,000 USD account. All the articles I have looked up give a different picture. Some say that in Forex 50,000 USD is the ceiling, some say 75,000 USD and some say 100,000 USD. How much capital do you have to accumulate before you hit the "ceiling" in Forex for real? Also what about Cryptos? Edit: Guys do check out this blog post: https://vantagepointtrading.com/why-day-traders-can-make-big-returns-but-arent-millionaires/
A person is trying to figure out life, caged in a relentless job with a limited income. Wants to enjoy luxuries. Hears about forex that its short cut. Starts learning Forex through YouTube, Books etc. Creates a demo account. Wohaaa.. its really easy. Starts dreaming a luxurious life. Every dream is coming true in his imagination. Creates a Live account. Beginners Luck and gets few good trades. Has become a millionaire in his dreams now, can see quitting his job in couple of months. From here it all begins. Starts losing trades, in reaction he starts fighting the market and the big boys. In process keeps on losing money. Big Boys always lures him in some trade and then throws him to wolves. He doesnot lose hope and deposits more savings and again fights them and again loses. One day so much loses and has passed through a trauma. Leaves market and starts concentrating on his job. Happens with most of the retail traders.
Hello. There have been both positive and negative comments about IM Academy. Some people believe it's a pyramid scheme while others believe it's the real deal. I'm here to give my thoughts on what I have experienced since joining IM Academy. Since day one, there has been nothing but support and motivation from every individual I have come in contact with. In our group, we have over 2000 members. I am learning A LOT about FOREX, HFX, DCX, how to be an IBO (Independent Business Owner) and more! Do they promote? YES, they do promote the EDUCATION, the SKILL SET, the TRAININGS, the WEBINARS, SUPPORTING not just your team, but others, they promote having a positive MIND SET and reaching out to your MENTORS! They encourage you to inform others of these opportunities in the same way you would inform others of your favorite TV Show, restaurant, sports team, your favorite drink, etc. Do you HAVE to inform others of this life changing skill set that can possibly enhance not only your finances, but your way of life? NO, you do NOT HAVE to say one word about it. The only difference between them encouraging you to tell others about the Academy, the MILLIONAIRE skills you LEARN as you EARN vs. talking about your favorite eatery is that in doing so you have the opportunity to gain residual income. For those who do not know what Residual Income is: simply put, you are able to have an additional stream of income. Who would not want to have an additional stream of income just by simply telling others what you do and they decide to join your team? All you are doing is telling someone about the opportunity to join IM Academy to learn the same skills used by Millionaires! It's up them to decide if they would like to take advantage of the opportunity or not. There are several individuals who are making 6, 7 and even 8 figures by using the skill set and/or telling someone else of this opportunity. Some of these individuals are just like you and me and some are the Educators which we do have over 100 of. They offer LIVE TRAININGS where you can ask them questions right then and there if need be. I have read some comments about how you can find this information on YouTube or other online platforms. Maybe you can, BUT it will NOT be well put together, it may not be as accurate and will you have access to Mentors including Millionaire mentors whenever you need help with something like you do with IM Academy? I've also heard people have said, if you only invest $50 into your account once you get started, it will be gone in no time. More than likely, people who make these comments did NOT attend the trainings and they did NOT use proper risk management. We have SEVERAL trainings through the week and one of the most important training is called the TRADING Plan! This plan teaches you exactly how NOT to over leverage your account. It also teaches you how much to risk for your account size, knowing this will let you know how many trades per a day you can take. If you do exactly what you are taught, your account will not go negative and you would not be posting angry comments about how IM Academy is not what it says it is. Not only do we have trainings by our peers that teach you this, but we also learn this in the Academy Education with the Educators. Simple Run Down: Have you ever opened a Bank Account and they had you filled out all these forms that had a bunch of big fancy terminology on them? Well, that fancy terminology means, you are agreeing to allow the banks to invest YOUR money for you. In turn they give you 1% or LESS within a certain amount of MONTHS or even YEARS! You see, what they are doing is investing YOUR money in the FOREX market. They basically flip YOUR funds into profit within a matter of a few days to a few MINUTES and give you the PENNIES of what they made from YOUR money. Did you know according toglassdoor.com, the national average for a FOREX Trader at a BANK makes around $92,327 a year. To most people that is a LOT of money, but what if I told you they have actually learned a skill that can allow them to make that in a MONTH or LESS? How would YOU like to learn how to do the SAME THING! This is a financially life changing skill that you can learn to possibly have a better life! You Do NOT need to have experience. You DO NOT need to talk to other people to join YOUR team. This is NOT a SCAM, it is not a GET RICH QUICK solution, but you can become wealthy if you learn and put those skills to use. ANYONE can do this! I do NOT care if you did not graduate High School, if you are a Janitorial Custodian, an Exotic Dancer or a Multi-Millionaire who is looking to gain even more income. You are NOT ALONE with IM Academy. WE are in this together! What is FOREX? It is simple the Foreign Exchange Market. It is much bigger than the Stock Market, as FOREX is worldwide and trades over $5 Trillion daily! Yes, you read that right, over $5 TRILLION daily! I think there is enough for you to get a piece of the pie. What is HFX? HFX stands for High Frequency Forex also known as Binary Options. You can buy and sell within a matter of minutes. Which means you can gain profits or lose within 1 to 30 minutes on average. YES, that's right! You do have the possibility of increasing your funds with HFX in as little as 1 minute! BUT, DISCLAIMER: We do NOT recommend you doing this type of trade on your own. With our Academy we have highly skilled Educators who will teach you THEIR technique. Yes, that's right, we have Millionaire Educators who created their own program and will teach you how to use it in order to get significant profits with HFX. What is DCX? DCX is Cryptocurrency, such as your Bitcoin, Litecoin, Ethereum, Ripple and more! Remember, the guy who purchased a home with Bitcoin several years ago? Well, today it's becoming a lot more popular. People are able to purchase several types of assets using Cryptocurrency, especially since over 10,000 retailers are now accepting Cryptocurrency as payment. Oh, did I forget to mention The Federal Reserve Bank of Boston is working with the Massachusetts Institute of Technology (MIT) to develop a "hypothetical" digital currency platform. Now, ask yourself, why would the Federal Reserve Bank "hypothetically" create a digital currency platform? Why would they "hypothetical" spend MILLIONS of dollars in creating a "hypothetical" anything? Bottom line for me is, our world has and is continuing to change. When I was a child, I only saw self driving cars, smart homes, weird types of currencies being used in movies. Look around, what do you see in real life today? I am not trying to convince you to join me and my team so that I can have residual income. I am giving you vital information to possible help secure your future. FOREX is exchanging over $5 Trillion dollars EVERY SINGLE DAY! Me, YOU, YOUR families, YOUR friends have the opportunity to get in NOW on skills that eventually everyone will have to learn at some point in their lives. You might as well do it NOW, go at your own pace, so you do NOT have to rush to figure it out later. I sure hope this answered your questions. If you have more questions or would like to know more information, PLEASE respond to me here or send me an e-mail, [email protected].
I joined IM Academy, realized it was a pyramid scheme, told my “team”, and they kicked me out of the team. Lol
I joined IM Academy after seeing somebody that I follow on both Instagram and Twitter, posting about joining their forex trading group. I was so amped up, after seeing the individual post a screen recorded video of them making $250 in 7 seconds on MetaTrader 4. I couldn’t wait to join! BOOM!. Stimulus checks come in. I vowed to invest my $235 as an investment fee for this group. My bank kept declining the transaction, so I called the head of the security department and aired them out so I could invest my $235 and make money already! Then, I finally had access to this investment group after a long morning of trying to get my transaction to go through. I was thrown into a group chat, then told to download Telegram and Zoom from the AppStore. Pretty much, after that, I felt like I was living the dream. I had my foot in the door in the forex trading market. I’ve been investing for 3-4 years, starting with cryptocurrency, to the stock market, now forex trading with an “investment group”. For the days following, my time was spent being on pointless zoom calls, made up of “millionaires”, and like-minded people just giving motivational speeches all day. None of these calls ever consisted of how to trade, or how to read the graphs/charts, or anything pertaining to actually making money. They were always focused on getting you to recruit people. My team, they were especially hyped on the idea of recruiting people. They would always talk about living the lavish life, once they reach the highest rank in IM Academy, which was a Chairman position. In my eyes, I knew damn well none of us were going to ever make that big of an impact. I started to connect the dots within this organization, then I figured that nothing seemed right. I went on the website, cancelled my subscription and then deactivated my account 2 nights ago, all before the 7 day “free trial” period they supposedly give you. Hopefully I get a refund. But wait, there’s more! So, after contemplating for what seemed like days, I finally hop in my group chat with my “family”, tell them how much I liked them (which I actually did), and told them that I think that IM Academy is a pyramid scheme. I told them valid reasons, as well as pulling up factual information, such as the CFTC court documents against iMarkets Live in 2018. They all put laughing emojis, and told me that I was tripping, and that there’s a huge difference between an MLM and a pyramid scheme. After that, I knew I was working with a bunch of dickheads who were too absorbed into the company to face the reality at hand. I then got aired out by my mentor, got called an embarrassment, and a fraud for bringing “fake energy” into the family. I was appalled, because I couldn’t believe they thought I was trying to bring down “the family”. I was telling them what it was straight up, and their reaction told me that they really believed they’d be making millions of dollars under IM Academy. I’m someone who does research before making investments, and this was the only time in my life that I didn’t. I don’t even think these people looked up the company itself, or received any ratings on it or anything. They got sold the dream of making millions by IM Academy, and now they’re so knee deep into the “dream”, that they couldn’t handle what I told them. I got kicked out the group chat, and ever since then I just wanted to get this off my chest. What a bunch of losers they were, LOL! I hope they have fun getting scammed out of their time and money for as long as that company can stay afloat.
How Much Money Do I need to Trade Forex, Stocks, Indices, or Cryptocurrency for a Living?
How Much Money Do I Needto Trade Forex, Stocks, Indices, or Cryptocurrency for a Living? Most traders start with small accounts of up to $ 5,000 or similar and plan to become millionaires within a year. Experienced traders already realize that this is, of course, wrong. You can only fault yourself because you have ambitious goals that will only frustrate you. Of our Tournament, we need a 10 percent monthly growth and that is called an advantage. The 10 percent benefit has been selected for being inspiring and still achievable. There is practically no day when all of our projects don't meet a Challenge. Many traders are going to make this required benefit too small, but FTMO has a set maximum loss of 10 percent. So we want the trader to earn 10% of the initial capital within 30 days, without losing 10% of the initial capital. So the desired profit, as well as the maximum permissible loss, are in balance. Since we are traders too, we know that there are sometimes months that do not correspond to our plan. If you do not achieve the desired profit, you will receive a new Challenge from us at least zero at the end of the period and you do not violate any other rule. We have an idea, thanks to a relatively large number of traders, of what we should expect from traders who progressed to their live FTMO accounts. More caution is generally exercised on the funded account, and consequently, the average gain is lower than in the Challenge. Only rare exceptions are profiting in tens of percent. We as investors are pleased to see a 4-7 percent long-term appreciation. Money for Trading Let's compare two accounts, a smaller account at around $5,000, and a $100,000 account that we're offering to manage. Let's be optimistic and count on a 7 percent monthly appreciation. The $5,000 account 's final profit would be $350 Our $100,000-funded account would print the $7,000 profit, but in this case, it is necessary to deduct our portion of the profit. You will earn a net profit of $4,900 after taking our 30 percent, which corresponds to the salary of an experienced banking programmer or financial analyst. If this was your first trading month, the fee you originally paid for the Challenge will also be refunded to you. Working with the concept of opportunity cost, too, is important. This term identifies the most profitable alternative activity you might be able to do, rather than trade. Hence we compare the alternative employment income vs. the resulting monthly profit. Let's say you could stay at work for two hours longer instead of evening trading, and take an extra $8/hour. Your trading will cost you $320 a month (20 working days x $16), Only because you're doing it. The resulting monthly trading income is only $30 higher ($350-$320) for your $5,000 account, and you risk your entire deposit! In the case of $100,000 of the FTMO account, the resulting net profit is $4,580, and our company will cover any potential risk of loss. These numbers are a little bit better, don't you think? It should also be remembered that if you ended up at zero for a month on a trading account, you'll earn $320 if you didn't trade. At first glance, it's obvious that living on a long-term basis without risking too much and putting trading on the side of gambling is not very realistic out of a small $5,000 account. So we think our services are of interest to all serious traders. Have you got what it takes? Make sure you pass and become a Funded FTMO Trader by completing the Challenge. If you have any questions please leave a comment below. Cheers and Profitable Trading to All. Eva "Forex" Canares How's Does FTMO Work? Upon successful completion of the trading course, you are guaranteed a placement in the FTMO Proprietary Trading firm where you can remotely manage a funded account of up to 100,000 USD. Your journey to get there might be challenging, but our educational applications, account analysis and performance psychologists are here to guide you on the endeavor to financial independence. JOIN THE TEAM OF SUCCESSFUL TRADERS FROM ALL OVER THE WORLD
If you are ready, accept the FTMO Challenge and become a funded FTMO Trader.
Or You can even try the entire process completely free of charge.
T3 Newsbeat Live is run by Mark Melnick, a 20-year veteran trader from New York. According to him, he made his first million at the age of 19 during the dot-com boom back in the late 90s. He claims that his trading room is the fastest growing trading room at T3 and also the Wall Street’s #1 trading room. You can see this in the description of his videos on Youtube. He is a big proponent of reaching the highest win rate possible in trading. He openly shares some of his trading strategies in free videos and claims that some of his strategies are batting over 70% or even 80 %. He also often says that some of the members enjoy a win rate over 90% using his strategies. I will let you be the judge of this. Self-Promotion He makes a lot of videos to attract new people into his trading room. His daily videos are uploaded on Facebook and Youtube almost daily even on Weekends (mostly excluding Friday evening & Saturdays). In so many videos you’d hear him talking about how his trading room has an edge over other trading rooms while bashing other trading rooms as a whole. He often talks about how his trading room bought stocks/options at the near bottom or shorted at the near top using his “algorithmic analysis” which can be applied to all markets (stocks, future, forex, crypto). Piques your curiosity, right? In fact, that’s how I got to give his trading room a try. “Who in the hell wouldn’t want to catch the top & bottom in the markets, right?” So, you would think people in his room and himself are making a killing using his algorithmic analysis? Not so fast… (in fact, his algorithmic analysis is just drawing trendlines and identifying the most probable support and resistance) When it works (of course, nothing works 100% of the time), you are able to catch just few cents off the top and bottom when it works if you follow his trade. However, you have no idea how long you’d have to hold your position. Mark doesn’t know either. So, he usually goes for nickels and dimes and rarely holds a position longer than 5 minutes. Even if he’s good at picking bottoms and tops, you’d often risk more than nickels and dimes just to make nickels and dimes. Make sense, right? ……. ……. ……. Also, because he gets out of his positions fast, he misses out on riding some potentially big trades. Oh, how I wish stay in that position a bit longer. He doesn’t say but one can surmise that he often leave too much on the table. Of course, it’s important to take your profit fast when you scalp but you consistently leave too much on the table like he does, one has to wonder if he has any system for taking profits (otherwise, it’s all discretionary guessing). This type of bottom/top picking is not his main strategy, though. The strategy that makes him the most amount of money might surprise you. I will get to this later. How Mark Trades (Mark’s Trading Setups and Strategies) Mainly, he scans the market in the morning for earnings reports, analysts’ upgrades/downgrades and other catalysts that have potential to make moves in the market. He openly shares his mockery or insult of analysts, calling certain analysts “idiots” or “imbeciles”. He puts on his first trade(s) early in the morning (from 9:30AM to 10:00AM Eastern Standard Time) when the market move is the most volatile. Some of his strategies use market order during this period of volatile time using options. You can see why this can be very risky and especially on thinly traded options with side spread. He does point out this but sometimes you hear people in the room stuck in an options position that they can’t get out. Just like his trades from calling the top/bottom of a stock, he gets in and gets out of a position within minutes if not seconds while going for nickels and dimes while staring at 1minute and 5-minutes charts. That applies to most, if not all of his strategies. (Yes, sometimes he does catch bigger moves than nickels and dimes.) When you trade during the most volatile time in the morning, you’re subjected to wild moves in both directions. If you’re overly prudent or inexperienced in trading, your stop (unless very wide), has a very high chance of hitting. A lot of times it might stop you out and go in the direction that you predicted. So, when you’ve been trading during this time, you’d probably don’t set a stoploss order or a hard stop to avoid getting fleeced. You do have to be proactive at cutting your loss as quickly as possible. Otherwise you’d find yourself scrambling to get out your position while the bid keeps dropping. I have to say that Mark is very cautious and he does get out of trades very fast if he has doubt. A lot of times he lets out exhausting, heavy sighs and even murmurs some swear words when things don’t seem to go the way he wants in a trade. Besides calling certain analysts, “imbeciles” and “idiots”, this is quite unprofessional but no one in the room has the gut to point things out like this. The irony is that he is the “head of trading psychology” at T3 and it doesn’t seem like that he doesn’t have much control over his trading psychology and let alone his emotion. People in trading chatrooms, like a herd of sheep, as a whole exhibit herd mentality. Even in an online chatroom, you don’t often see someone ruffling feathers and say what they really want to say. This is probably because of the certain amount of people believing whatever he says without questioning the validity and quality of his comments. He has several strategies and according to him all of them have win rate over %70. However, he also comes up with new strategies as often as every month. He either comes up with new strategy or tweaks his existing strategies. According to him, the reason is that the market is always evolving and you need to constantly adapt yourself to the ever-changing market environment. What do you think? Does this sound like someone with an edge? And for someone who scalps for nickels and dimes, he claims to have the highest Sharpe Ratio that he has ever seen in the industry. I’m NOT making this up. He often utters remarks like “My Sharpe Ratio is one of the highest I’ve seen in my twenty-year trading career.”, “I want to create a of traders with a very high Sharpe Ratio. How can you achieve a high Sharpe Ratio when you scalp all the time? And let’s not even talk about commissions generated from frequent scalping. Who cares about commissions when you can be a scalper with high Sharpe Ratio? Now, I want to talk about something controversial about his most profitable strategy. Chatters According to him, he makes the most amount of money using what he calls “Chatters”. He admits he bets on this kind of trades heavily. His chatter trades are based on the “newsflow” of big funds making a move in certain stocks and piggybacking on the same trade before others catch on. No one knows how he exactly gets his “newsflow” and he doesn’t give a straight answer when asked. Maybe he pays a lot for this kind of information or maybe it’s given to him for free. Who knows? But it makes sense. The name of the room is Newsbeat Live. Without this the name wouldn’t be the same. This is probably the only real edge that he has and it’s understandable that he doesn’t want to reveal how he get this kind of newsflow and from where. By joining his trading room he’ll make a callout on these trades for you to take advantage of. In order to do this kind of trade, you have to be very quick on your trigger finger. Almost always the initial move is done within a couple of minutes, if not seconds. If you get in late, you find yourself a sucker buying at or near the top. Also, because you want to get in as soon as you hear his “chatter” announcements, he advised people to get in within 5 seconds of each chatter announcement and use market order to get in. He said that if he had a small account, he’d bet 100% on this kind of “high-octane” chatter trades and get in and get out fast for “easy” money. This was how chatter trades were done …Until one they when many people got burned badly. Back in September or October of 2019, a lot of people in the room lost a lot money because they market ordered call options contracts on a chatter trade. The spread on that trade was something like BID: 0.5 ASK: 5.00 few seconds after he announced it. I didn’t take that trade. No way, I’m going to buy something that has a spread like that. If you’ve been trading options you know that this kind of spread can happen. Many people that day in the room marketed-in on the trade, taking the offer at ASK. They found themselves buying at $5.0 per contract when someone probably bought the same contract at $0.40 or $0.50 just few seconds ago. Someone walked away with decent profits on that trade. This was the biggest trading chatroom fiasco I’ve ever seen. People in the room grieving and throwing numbers of how much they had just lost. 10K, 20K, 30K and even $60K. Could it be also that someone who lost more and didn’t want to talk about it because it’d hurt too much? And how embarrassing to talk about such a loss. I give credit to people who spoke up about it. People were obviously distressed and what did Mr. Mark Melnick do at this moment? Initially, he didn’t say much. But what he said he was going to walk away from the trading desk to clear his mind. It took a while for him to come back and he mentioned that it hurt him a lot that people lost a lot of money and encouraged people not to hesitate to contact him. I don’t think he ever said anything about that he made a mistake insinuating to load up on chatter trades. No apology since everyone who took the trade did it at their own risk. He advised people to reach out to their broker and do whatever it takes to get their trades annulled because the market makers in that trades were despicable crooks and evil. But let’s get one thing clear. Perhaps the cold hard truth. Since Mark is the one who announces chatter trades. he basically frontruns everyone who gets in on these trades after him. There were times when he doesn’t take his own chatter trades and lets the room have it. But when he does, it’s a guarantee win for him. He has some sycophantic followers in his trading room and these people are always hungry for chatter plays. I can imagine drooling over the idea of next chatter trades. It’s human to naturally seek the least path of resistance and this type of trade requires no skill but having fast trigger finger and a platform that allows fast execution. By taking his chatter trades, you are most likely to make money as long as you act fast to get in and get out. The thing is, you don’t know when it’s exactly the next chatter trade is going to happen. If you take a bathroom break, you just miss it. If you take a phone call or answer a door bell, you just missed it. So, it requires you to be glued to your monitor(s) if you want to make the most of your subscription. So, we went over Mark’s most profitable strategy. But wait we haven’t yet to talk about his overnight swing trades. Mark’s Swing Trades His overnight swing trades jokes. Yes, jokes. A lot of his overnight trades are done just before earnings announcements when implied volatility is at the highest. You’ve ever bought a call option just before earnings, predicted the right direction but only to find out that you still lost money next morning? This is because of the implied volatility crush post earnings. A lot of people new to options don’t know this and get taken advantage by veterans this way. I don’t know if Mark knows or not but I witnessed him buying options this way. I think he understand the concept of implied volatility but why he gets on such trades is a mystery. I haven’t exactly checked the result of all of his swing trades but I wouldn’t be surprised if people lost more money following his swing trades than anything in the room. Final Word Mark offers “free-consultation” on the phone for people who struggle in their trading. He said that he takes a lot of phone calls but often you’d get the feeling that he is distracted, unable to give an undivided attention for his consultation. “How would you like to get on a free consultation with a millionaire scalper who can take your trading to the next level?” Appealing isn’t it? But would you want to get on the phone with someone who is going to give a consultation, even if he or she is distracted? Oh, it’s a free consultation. Ok, why not? What do I got to lose? In his videos, you’d hear him saying that he cares for everyone in his trading room and considers them as part of his family. And he runs the trading room out of his good heart and intention more than making money. Besides he says that he makes more money from his trading than running the room. My suggestion is that you have a look and you’d be the judge. He does hold “open house” for his trading room from time to time. Also, I believe that if you try his trading room for the first time, you try it for a month for about $50. As for me, he’s just another front runner using his trading room to profit with a bad sense of humor and exaggeration that make you cringe.
link to og post : https://www.reddit.com/Forex/comments/dlilhq/ive_been_doing_this_for_just_about_half_a_yea Hey guys, so I am not really into reddit that much just been a browser but I decided i finally started doing somewhat okay in Forex so i posted a one day profit/loss and it was titled: "I’ve been doing this for just about half a year and I’m finally seeing consistent results. This is just the beginning" and then i got banned for 3 days and roasted by clearly the top fx traders in the world. Now realizing I shouldve showed everyone here the past 2 months of trading to show how the growth was consistent. Let me get a couple things cleared up real quick. Quick back story I got introduced to forex about 6 months ago and have been studying a couple courses also I have an IRL friend who has excelled in trading and we are working on startin our own service. Then on july 22nd (3 months as of writing this but im banned :P) I decided to open my account with a balance i could easily afford to lose and if its gone my life wouldnt be affected. Im going to give you guys some clarity since most of you guys are all so fucking anal. July 22nd I have deposited 650 USD and I have already seen a consistent growth and sitting today it is just under 1490 USD Now the joke about this sub is that if i stated I made 840 in exactly 3 months, every single person would say just like the previous post "OMG THIS GUY THINKS BECAUSE HE MAKES 50 HE WILL BE A MILLIONAIRE IN A YEAR GOODLUCK LOLOLOLOL" Wow I know you have to be 18 to start trading I didnt think that many people that age in this skillset were that immature. How about you guys understand that i look for percentage of return instead of a dollar amount because honestly in 3 months I have made overt 200% of my inital balance back. I am not saying I am a pro or even good trader yet ive been doing this for 6 fucking months get off my ass LOL im learning and i have goals. If i dont make my 8% thats okay its just a goal and something to look forward to. I have my own way of trading and as do all of you. I stated my goal was to make 8% of my account balance a week. thats less than 2% a day on a 5 day week be realistically here if you use the same R ratios thats not difficult. Its the same fucking moves regardless of lot sizes and im risking the same percentage. Sorry this message is all over the place, I am on vacation but I am leaving with this. I will return mid november to continue to show you consistent growth of my konowledge of forex I know some of you might get mad that my trades are not identical to yours or I might be catching less pips at a higher lot size (im sorry guys you have troubles with scalping I wish you the best) Another point I thought to add to this is that people think I was trying to show off and saying I am some professional let me clarify I had a good 2-3 weeks where i had 26/30 winning trades and the 4 losses each were under 3% of my balance. This pushing me to trade more and I ended up taking a thick loss of I think 9%. I realize my position in this and I have so much more to go but wow this sub is crazy hilarious. One more point I forgot to add, when I have reached full consistently to my like I am planning to add alot more funds to my account but again I do not see that for another 4-8 months. I have worked a lot in real life and have been good with finances and saving and can afford to add more capital I am just waiting for the right time. Thank you to everyone who is laughing and motivating me :)
Personally, i think this is pure genius! I love it, it's an amazing way to brush up on your chart skills and it's actually pretty cool to see how things went. It throws a random chart at you and you have to day trade it, it'll tell you how you did versus a buy & hold strategy and... well it's just really really good!
Technical & fundamental news on currencies.I would advise newer traders not to trade solely on external opinions because that won't cement your own methodology or reasons for trading.Excellent website for if you want an overview of the markets and daily reports. Also includes a trading journal and a lot of media attention.
This is absolutely amazing! I can't put a value on this! It's one of the best gems of the internet. Podcasts interviewing successful traders, some are notable such as 50pips, Walter Peters & Chris Kapre.
One of the best free online schools which tracks your progress and teaches you heaps on information. The forum is the gem, where many people keep trade journals and put up their strategies. Don't copy them but borrowing concepts and ideas is good.
There's a lot of information out there, it's overwhelming. You might think "Where the hell do I start?!" well here's your answer! The books you have to read... and in what order! Super important for beginners.
SUPER IMPORTANT This website is paramount to your success, still in development but will provide users with an easy way to document trades. Success is determined by your willingness to follow through with the boring bits so keep this one in your bookmarks.
Foreign Exchange Trading Course: A Needs To for Foreign Exchange Beginners
Foreign Exchange Trading Course: A Needs To for Foreign Exchange Beginners On the planet's largest monetary market where exchanges rise to trillions of dollars every day, many individuals would truly intend to participate in this market. In addition to being the biggest financial market in the world, Forex blogs is likewise the most liquid market worldwide where professions are done 24 hours a day. A lot of investors have actually become really rich trading in the Forex market. As well as, lots of people who trade in the Foreign exchange market everyday have actually located an excellent means to change their day jobs. Some even came to be millionaires practically overnight by just selling this monetary market. Trading in the Foreign exchange market can be extremely eye-catching. Nevertheless, you must likewise recognize that there have actually been people who endured severe economic losses in the Forex market. It holds true that the Forex market supplies an excellent economic opportunity to a lot of individuals, however it additionally has its dangers. It is a reality that individuals that really did not have the ideal understanding and abilities trading in the Forex market suffered substantial financial losses and also some also went into financial obligation. So, prior to you enter the Foreign exchange market, it is important that you need to have the necessary knowledge as well as abilities as a Foreign exchange trader in order to decrease the danger of losing money and make the most of the capacity of generating income. Many people who were successful in the Foreign exchange market have went through a Foreign exchange trading training course to obtain the expertise and skills required to effectively sell this very fluid and huge monetary market. In a Forex trading course, you will learn about when it is the right time to acquire or sell, chart the movements, place market trends and likewise understand how to utilize the different trading systems readily available in the Foreign exchange market. https://preview.redd.it/vayvygfjrcr41.jpg?width=1920&format=pjpg&auto=webp&s=0ab6e21fa99273f65928b3de5a90228c57ccbbaf You will also be acquainted with the terms utilized in the Foreign exchange market. Even the basic understanding concerning trading in the Forex articles blog can be a terrific help with your lucrative endeavor worldwide's biggest market. There are different Forex trading training courses offered, all you need to do is choose one that suits your requirements as a trader. There are refresher courses where all the basic features of Foreign exchange will be shown to you in a short period of time, full time on the internet programs, where you will discover all about Forex through the web and there are also full time the real world classroom programs where you can discover the ropes regarding Forex in a genuine class with a real-time teacher. You can also become an apprentice. However, in order to find out a great deal about Foreign exchange as an apprentice, you need to ensure that you have an experienced Foreign exchange trader who can share a lot of points to you about the Foreign exchange market. Right here are a few of the basic things you must seek in a Foreign exchange trading course in order for you to get the enough expertise regarding Forex trading: - Margins. - Leveraging. - Kinds of orders. - Major currencies. An excellent Foreign exchange trading program will certainly additionally explain a whole lot about the essential as well as technological analysis of charts. As an investor, knowing exactly how to evaluate a graph is an essential skill that you ought to have. So, when you are seeking a Foreign exchange trading program, you should seek a course that provides essential and technical evaluation instruction. Tension plays an essential part in Forex traders. Understanding exactly how to handle anxiety is also a skill that you need to create. An excellent Forex trading program must instruct you just how to deal with anxiety and trade properly and also successfully. As high as possible, you must search for a Foreign exchange trading training course that use actual trading systems where pupils can trade genuine cash on the Forex market or at least trade on dummy accounts in a substitute Foreign exchange market. This hands-on experience will substantially benefit you. Besides, the best method to learn more about anything is by in fact experiencing it. Live trading and simulations must be supplied in a Forex trading training course. So, if you plan on getting associated with the Foreign exchange market, take into consideration discovering all these things in a Foreign exchange trading course. Creating the best expertise and skills in trading in the world's largest and most liquid market in the world will most definitely help you make it to the leading as well as attain your dreams as a Forex investor.
How to get started in Forex - A comprehensive guide for newbies
Almost every day people come to this subreddit asking the same basic questions over and over again. I've put this guide together to point you in the right direction and help you get started on your forex journey. A quick background on me before you ask: My name is Bob, I'm based out of western Canada. I started my forex journey back in January 2018 and am still learning. However I am trading live, not on demo accounts. I also code my own EA's. I not certified, licensed, insured, or even remotely qualified as a professional in the finance industry. Nothing I say constitutes financial advice. Take what I'm saying with a grain of salt, but everything I've outlined below is a synopsis of some tough lessons I've learned over the last year of being in this business. LET'S GET SOME UNPLEASANTNESS OUT OF THE WAY I'm going to call you stupid. I'm also going to call you dumb. I'm going to call you many other things. I do this because odds are, you are stupid, foolish,and just asking to have your money taken away. Welcome to the 95% of retail traders. Perhaps uneducated or uninformed are better phrases, but I've never been a big proponent of being politically correct. Want to get out of the 95% and join the 5% of us who actually make money doing this? Put your grown up pants on, buck up, and don't give me any of this pc "This is hurting my feelings so I'm not going to listen to you" bullshit that the world has been moving towards. Let's rip the bandage off quickly on this point - the world does not give a fuck about you. At one point maybe it did, it was this amazing vision nicknamed the American Dream. It died an agonizing, horrible death at the hand of capitalists and entrepreneurs. The world today revolves around money. Your money, my money, everybody's money. People want to take your money to add it to theirs. They don't give a fuck if it forces you out on the street and your family has to live in cardboard box. The world just stopped caring in general. It sucks, but it's the way the world works now. Welcome to the new world order. It's called Capitalism. And here comes the next hard truth that you will need to accept - Forex is a cruel bitch of a mistress. She will hurt you. She will torment you. She will give you nightmares. She will keep you awake at night. And then she will tease you with a glimmer of hope to lure you into a false sense of security before she then guts you like a fish and shows you what your insides look like. This statement applies to all trading markets - they are cruel, ruthless, and not for the weak minded. The sooner you accept these truths, the sooner you will become profitable. Don't accept it? That's fine. Don't bother reading any further. If I've offended you I don't give a fuck. You can run back home and hide under your bed. The world doesn't care and neither do I. For what it's worth - I am not normally an major condescending asshole like the above paragraphs would suggest. In fact, if you look through my posts on this subreddit you will see I am actually quite helpful most of the time to many people who come here. But I need you to really understand that Forex is not for most people. It will make you cry. And if the markets themselves don't do it, the people in the markets will. LESSON 1 - LEARN THE BASICS Save yourself and everybody here a bunch of time - learn the basics of forex. You can learn the basics for free - BabyPips has one of the best free courses online which explains what exactly forex is, how it works, different strategies and methods of how to approach trading, and many other amazing topics. You can access the BabyPips course by clicking this link: https://www.babypips.com/learn/forex Do EVERY course in the School of Pipsology. It's free, it's comprehensive, and it will save you from a lot of trouble. It also has the added benefit of preventing you from looking foolish and uneducated when you come here asking for help if you already know this stuff. If you still have questions about how forex works, please see the FREE RESOURCES links on the /Forex FAQ which can be found here: https://www.reddit.com/Forex/wiki/index Quiz Time Answer these questions truthfully to yourself: -What is the difference between a market order, a stop order, and a limit order? -How do you draw a support/resistance line? (Demonstrate it to yourself) -What is the difference between MACD, RSI, and Stochastic indicators? -What is fundamental analysis and how does it differ from technical analysis and price action trading? -True or False: It's better to have a broker who gives you 500:1 margin instead of 50:1 margin. Be able to justify your reasoning. If you don't know to answer to any of these questions, then you aren't ready to move on. Go back to the School of Pipsology linked above and do it all again. If you can answer these questions without having to refer to any kind of reference then congratulations, you are ready to move past being a forex newbie and are ready to dive into the wonderful world of currency trading! Move onto Lesson 2 below. LESSON 2 - RANDOM STRANGERS ARE NOT GOING TO HELP YOU GET RICH IN FOREX This may come as a bit of a shock to you, but that random stranger on instagram who is posting about how he is killing it on forex is not trying to insprire you to greatness. He's also not trying to help you. He's also not trying to teach you how to attain financial freedom. 99.99999% of people posting about wanting to help you become rich in forex are LYING TO YOU. Why would such nice, polite people do such a thing? Because THEY ARE TRYING TO PROFIT FROM YOUR STUPIDITY. Plain and simple. Here's just a few ways these "experts" and "gurus" profit from you:
Referral Links - If they require you to click a specific link to signup for something, it means they are an affiliate. They get a commission from whatever the third party is that they are sending you to. I don't care if it's a brokerage, training program, hell even an Amazon link to a book - if they insist you have to click their super exclusive, can't-get-this-deal-any-other-way-but-clicking-my-link type bullshit, it's an affiliate link. There is nothing inherently wrong with affiliate programs, but you are literally generating money for some stranger because they convinced you to buy something. Some brokers such as ICMarkets have affiliate programs that payout a percentage of the commission you generate - this is a really clever system - whether you profit or blow your entire account, the person who referred you to the broker makes a profit off you. Clever eh?
Signal Services, Education & Training Programs, Courses - If somebody is telling you they are making a killing with a signal service and are trying to convince you to join it, I guarantee they are getting a piece of your monthly fee. And better still, these signal services often work...for about a week. Just long enough to suck a bunch of poor fools into it. You see people making money, you want in so you agree to pay the $200+/month subscription fee. You follow the signals and it looks like it's making money for a few days or weeks. Then it turns sideways, you start losing money hand over fist. Pretty soon you have lost most of your trading account because you blindly followed a signal service. And better still - when you go screaming at the person running the signal service they will be very quick to point you to their No Refunds policy. To add insult to injury, the buttfucker that referred you to the signal service in the past will likely listen to you getting mad, and then come back with something like "Sorry it didn't work out, but I just joined this other amazing service and it's working great, you should come join it to earn your money back. Here's my link..." You get the point here right?
Multi-Level Marketing (MLMs) - These people are scum. They are going to offer you training and education, signals, access to forex experts and gurus, and all kinds of other shit with the promise that you will live the dream and become financially free. They are also loading you into a pyrmaid scheme where you will be hounded to recruit other people and make money off them just like you got roped into it. A really prime example here is iMarkets Live (or IML for short). Don't touch this shit with a 10 foot pole. I don't care what they are claiming, you will lose everything using them.
Fund Managers - These people make my skin crawl. It's a classic scam and it works like this - somebody will post online about how much money they are making trading forex/commodities/stocks/whatever. Most of the time they won't explicitly post they are offering a trading service, rather they just put the message out there and wait for the ignorant masses (that's you) to contact them. They will charm you. They will lie to you. They will promise you the moon if you simply wire them some money or give them API access to your trading account. Care to guess what happens next? If you send a wire transfer (or Western Union...hell any kind of payment to them) they will vanish. Happens usually after they take a bunch of suckers for the ride. You sent them $2,000 and so do 9 other suckers. They just made $20,000 and are gone. With API access to your account, you will find your account gets blown super fast or worse - possibly leaving you open to persecution by the broker you are using.
These are just a few examples. The reality is that very few people make it big in forex or any kind of trading. If somebody is trying to sell you the dream, they are essentially a magician - making you look the other way while they snatch your wallet and clean you out. Additionally, on the topic of fund managers - legitimate fund managers will be certified, licensed, and insured. Ask them for proof of those 3 things. What they typically look like are:
Certified - This varies from country to country, in the US it's FINRA (http://www.finra.org). They need to have their Series 7 certification minimum. You can make the case that other FINRA certifications are acceptable in lieu of Series 7, but the 7 is the gold standard.
Licensed - They need to have a valid business license issued by the government. It must clearly state they are an investment company, preferrably a hedge fund because they have some super strict requirements to operate (and often require $25,000+ in fees just to get their business license, so you know they at least have some skin in the game).
Insured - They need to be backed by an insurance company. I'm not talking general insurance for shit like their office burning down. I'm talking about a government-implemented protection insurance program - in the US I believe that is issued by the Securities Investment Protection Corporation (https://www.sipc.org/).
If you are talking to a fund manager and they are insisting they have all of these, get a copy of their verification documents and lookup their licenses on the directories of the issuers to verify they are valid. If they are, then at least you are talking to somebody who seems to have their shit together and is doing investment management and trading as a professional and you are at least partially protected when the shit hits the fan. LESSON 3 - UNDERSTAND YOUR RISK Many people jump into Forex, drop $2000 into a broker account and start trading 1 lot orders because they signed up with a broker thinking they will get rich because they were given 500:1 margin and can risk it all on each trade. Worst-case scenario you lose your account, best case scenario you become a millionaire very quickly. Seems like a pretty good gamble right? You are dead wrong. As a new trader, you should never risk more than 1% of your account balance on a trade. If you have some experience and are confident and doing well, then it's perfectly natural to risk 2-3% of your account per trade. Anybody who risks more than 4-5% of their account on a single trade deserves to blow their account. At that point you aren't trading, you are gambling. Don't pretend you are a trader when really you are just putting everything on red and hoping the roulette ball lands in the right spot. It's stupid and reckless and going to screw you very quickly. Let's do some math here: You put $2,000 into your trading account. Risking 1% means you are willing to lose $20 per trade. That means you are going to be trading micro lots, or 0.01 lots most likely ($0.10/pip). At that level you can have a trade stop loss at -200 pips and only lose $20. It's the best starting point for anybody. Additionally, if you SL 20 trades in a row you are only down $200 (or 10% of your account) which isn't that difficult to recover from. Risking 3% means you are willing to lose $60 per trade. You could do mini lots at this point, which is 0.1 lots (or $1/pip). Let's say you SL on 20 trades in a row. You've just lost $1,200 or 60% of your account. Even veteran traders will go through periods of repeat SL'ing, you are not a special snowflake and are not immune to periods of major drawdown. Risking 5% means you are willing to lose $100 per trade. SL 20 trades in a row, your account is blown. As Red Foreman would call it - Good job dumbass. Never risk more than 1% of your account on any trade until you can show that you are either consistently breaking even or making a profit. By consistently, I mean 200 trades minimum. You do 200 trades over a period of time and either break-even or make a profit, then you should be alright to increase your risk. Unfortunately, this is where many retail traders get greedy and blow it. They will do 10 trades and hit their profit target on 9 of them. They will start seeing huge piles of money in their future and get greedy. They will start taking more risk on their trades than their account can handle. 200 trades of break-even or profitable performance risking 1% per trade. Don't even think about increasing your risk tolerance until you do it. When you get to this point, increase you risk to 2%. Do 1,000 trades at this level and show break-even or profit. If you blow your account, go back down to 1% until you can figure out what the hell you did differently or wrong, fix your strategy, and try again. Once you clear 1,000 trades at 2%, it's really up to you if you want to increase your risk. I don't recommend it. Even 2% is bordering on gambling to be honest. LESSON 4 - THE 500 PIP DRAWDOWN RULE This is a rule I created for myself and it's a great way to help protect your account from blowing. Sometimes the market goes insane. Like really insane. Insane to the point that your broker can't keep up and they can't hold your orders to the SL and TP levels you specified. They will try, but during a flash crash like we had at the start of January 2019 the rules can sometimes go flying out the window on account of the trading servers being unable to keep up with all the shit that's hitting the fan. Because of this I live by a rule I call the 500 Pip Drawdown Rule and it's really quite simple - Have enough funds in your account to cover a 500 pip drawdown on your largest open trade. I don't care if you set a SL of -50 pips. During a flash crash that shit sometimes just breaks. So let's use an example - you open a 0.1 lot short order on USDCAD and set the SL to 50 pips (so you'd only lose $50 if you hit stoploss). An hour later Trump makes some absurd announcement which causes a massive fundamental event on the market. A flash crash happens and over the course of the next few minutes USDCAD spikes up 500 pips, your broker is struggling to keep shit under control and your order slips through the cracks. By the time your broker is able to clear the backlog of orders and activity, your order closes out at 500 pips in the red. You just lost $500 when you intended initially to only risk $50. It gets kinda scary if you are dealing with whole lot orders. A single order with a 500 pip drawdown is $5,000 gone in an instant. That will decimate many trader accounts. Remember my statements above about Forex being a cruel bitch of a mistress? I wasn't kidding. Granted - the above scenario is very rare to actually happen. But glitches to happen from time to time. Broker servers go offline. Weird shit happens which sets off a fundamental shift. Lots of stuff can break your account very quickly if you aren't using proper risk management. LESSON 5 - UNDERSTAND DIFFERENT TRADING METHODOLOGIES Generally speaking, there are 3 trading methodologies that traders employ. It's important to figure out what method you intend to use before asking for help. Each has their pros and cons, and you can combine them in a somewhat hybrid methodology but that introduces challenges as well. In a nutshell:
Price Action Trading (Sometimes called Naked Trading) is very effective at identifying when trends will start and finish. This gives you the advantage of staying ahead of the market and predicting when a change in trend direction will occur. It has the disadvantage of being really easy to screw it up if you don't plot your support and resistance lines properly and interpret the chart wrong. Because you can identify a change in trend direction, you'll generally make more profit on a new trend than a technical strategy will.
Technical Analytics (or TA) uses math and statistics to try and identify where the market is headed or confirm/reject whether a trend is happening. It has the advantage of being very math and stat driven which is hard to refute the numbers, but it has the disadvantage of being late to the party when it comes to identifying trends (hence why people call TA a lagging strategy). When people fail using TA, it's not because of the math - it's because you misinterpreted what the math is telling you.
Fundamental Analysis (or FA) uses news and macro scale events to predict what is going on. A really good example right now is Brexit, what a clusterfuck that is. Every time some major brexit news breaks it causes all sorts of choas in almost every currency pair. Fundamental trading has the highest potential profitability per trade but it also has the highest potential drawdown per trade.
Now you may be thinking that you want to be a a price action trader - you should still learn the principles and concepts behind TA and FA. Same if you are planning to be a technical trader - you should learn about price action and fundamental analysis. More knowledge is better, always. With regards to technical analysis, you need to really understand what the different indicators are tell you. It's very easy to misinterpret what an indicator is telling you, which causes you to make a bad trade and lose money. It's also important to understand that every indicator can be tuned to your personal preferences. You might find, for example, that using Bollinger Bands with the normal 20 period SMA close, 2 standard deviation is not effective for how you look at the chart, but changing that to say a 20 period EMA average price, 1 standard deviation bollinger band indicator could give you significantly more insight. LESSON 6 - TIMEFRAMES MATTER Understanding the differences in which timeframes you trade on will make or break your chosen strategy. Some strategies work really well on Daily timeframes (i.e. Ichimoku) but they fall flat on their face if you use them on 1H timeframes, for example. There is no right or wrong answer on what timeframe is best to trade on. Generally speaking however, there are 2 things to consider:
Speed - If you are scalping (trading on the really fast candles like 1M, 5M, 15M, etc) odds are your trades are very short lived. Maybe 10 minutes to an hour tops. For the most part, scalping strategies will produce little profit per trade but make up for it in the sheer volume of trades. Whereas swing trading may only make a few trades but each one could be worth a significant amount of money.
Spread (the fee you pay to the broker when you trade) - If you are a scalper, the spread is your worst enemy because you have to overcome it very fast to make a profit on your order. Whereas swing trading the spread hardly impacts you at all.
If you are a total newbie to forex, I suggest you don't trade on anything shorter than the 1H timeframe when you are first learning. Trading on higher timeframes tends to be much more forgiving and profitable per trade. Scalping is a delicate art and requires finesse and can be very challenging when you are first starting out. LESSON 7 - AUTOBOTS...ROLL OUT! Yeah...I'm a geek and grew up with the Transformers franchise decades before Michael Bay came along. Deal with it. Forex bots are called EA's (Expert Advisors). They can be wonderous and devastating at the same time. /Forex is not really the best place to get help with them. That is what /algotrading is useful for. However some of us that lurk on /Forex code EA's and will try to assist when we can. Anybody can learn to code an EA. But just like how 95% of retail traders fail, I would estimate the same is true for forex bots. Either the strategy doesn't work, the code is buggy, or many other reasons can cause EA's to fail. Because EA's can often times run up hundreds of orders in a very quick period of time, it's critical that you test them repeatedly before letting them lose on a live trading account so they don't blow your account to pieces. You have been warned. If you want to learn how to code an EA, I suggest you start with MQL. It's a programming language which can be directly interpretted by Meta Trader. The Meta Trader terminal client even gives you a built in IDE for coding EA's in MQL. The downside is it can be buggy and glitchy and caused many frustrating hours of work to figure out what is wrong. If you don't want to learn MQL, you can code an EA up in just about any programming language. Python is really popular for forex bots for some reason. But that doesn't mean you couldn't do it in something like C++ or Java or hell even something more unusual like JQuery if you really wanted. I'm not going to get into the finer details of how to code EA's, there are some amazing guides out there. Just be careful with them. They can be your best friend and at the same time also your worst enemy when it comes to forex. One final note on EA's - don't buy them. Ever. Let me put this into perspective - I create an EA which is literally producing money for me automatically 24/5. If it really is a good EA which is profitable, there is no way in hell I'm selling it. I'm keeping it to myself to make a fortune off of. EA's that are for sale will not work, will blow your account, and the developer who coded it will tell you that's too darn bad but no refunds. Don't ever buy an EA from anybody. LESSON 8 - BRING ON THE HATERS You are going to find that this subreddit is frequented by trolls. Some of them will get really nasty. Some of them will threaten you. Some of them will just make you miserable. It's the price you pay for admission to the /Forex club. If you can't handle it, then I suggest you don't post here. Find a more newbie-friendly site. It sucks, but it's reality. We often refer to trolls on this subreddit as shitcunts. That's your word of the day. Learn it, love it. Shitcunts. YOU MADE IT, WELCOME TO FOREX! If you've made it through all of the above and aren't cringing or getting scared, then welcome aboard the forex train! You will fit in nicely here. Ask your questions and the non-shitcunts of our little corner of reddit will try to help you. Assuming this post doesn't get nuked and I don't get banned for it, I'll add more lessons to this post over time. Lessons I intend to add in the future:
Why you will blow your first account and what to do when it happens
Trading Psychology (this will be a beefy one and will take a while to put together)
Exotics vs Majors and which you should focus on as a newbie (aka how to blow your account in a single trade with exotics)
I was first introduced to stocks, forex, and options last year. I instantly was starstruck by Ricky Gutierrez and Steven Dux Because their methods seemed so surefire and perfect. In the past month I found people showing Steven Dux as part of the big scheme tied with good ol' Tim Sykes. I also read up on viability of micro stocks via the SEC; they described how since microcaps (penny stocks) are under the requirements to even file with the SEC they could be fraudulent. This also led me into possibly discovering that the growth he witnessed withing his years are nearly impossible—(though I don't fully understand these claims) Then the problem I've read with Ricky is that there are some examples of him just being a bad trader at times making basic mistakes. Then something that just made me throw these guys down the hole is a sentence I read on ( https://vantagepointtrading.com/why-day-traders-can-make-big-returns-but-arent-millionaires/ ) is that if people had an edge in the market and are successful why would they tell other people? The other people could just buy a stock moments before the other person and make profit off of them, whilst messing up the providers strategy. I find there stuff misleading. I'm simply wondering how do I learn as much as I can about these markets like terminology and just information in general. The information around successful stock market strategies just seems misleading. How do I really get to just drown myself in information regarding investing in these areas with technical—day trading and swing trading; while I also learn about fundamental training.
Hey all, I'm 22 and just graduated high school. I've been a self-taught Forex trader since the age of 17 (no, I am not a millionaire like a lot of traders claim to be). I now want to go to university and study anything related to business/economics, but I'm afraid. I hear a lot of companies want at least 2 years of experience related to the job, but how would I get experience without being able to get a job? I feel a lot of pressure at this time in my life. There's so much I now want to do, but I'm afraid of getting out of this bubble I feel like I'm in. I'm at such a big moment in my life and I feel like the walls are closing in. If I get a bachelors now, I'll be almost 27 when I graduate. Is that too late? Should I just give up and try settling for a job that doesn't require a diploma? I don't know, I just feel so far behind in life. I know that sounds pretty stupid, but it's true. All my friends have had full-time jobs/have already graduated university/college and I spent from the age of 18-22 just trying to scrape by. Now I feel overwhelmed with all that I want to do in life, regarding economics, trading, maybe starting my own e-commerce business one day. To sum it up I have two questions: 1. How do I get experience at a job, when all jobs require experience to apply?
Should I just give up and be "realistic" with my life now?
Can the simplest forex indicators make you a millionaire?
This was a question on Quora I have recently answered for and thought some of you here might find it useful. So I insert it here: ##### Do you want to be a millionaire trading Forex with indicators? Well, of course, you do...why would you post this question to Quora otherwise? The REAL question is – how do you do it? There are countless different technical indicators out there, so where do you start? Where do you focus your valuable time and money? Let's understand first what Forex indicators are. In essence, they are tools that turn the already available price data into something else. You've read it right. They don't provide any new information you couldn't get simply by looking at the chart. But there are still people who get amazing results with indicators. Have they invented a secret tool that actually moves the needle? I'm not Tyrion Lannister to tell this to you, but it's probably not the case. As far as I know, there tends to be one reason why somebody is crushing it with technical indicators while others don't. And it has nothing to do with the indicator or indicators being used. So what I am talking about? It's the personality of the trader that matters. Just think about it: Indicator-based trading is more objective than price action trading. You can argue about whether a chart pattern is present, but there's no argument about an indicator's direction. I really don't want to get into the age-old debate of which one is better because the answer varies from person to person. The point is that you have to find out which works for you. It's not a complicated process, although requires a lot of time. Can you guess what it is? I know you can, it's called testing. If I told you to start boxing because it works for Mike Tyson, chances are you would laugh at me. Then, in the same way, don't put money into random indicator just because somebody allegedly makes millions using it. That somebody might has a large trading capital, a perseverant attitude, years of experience and a system you will never able to follow because it goes against everything you are comfortable with. You have to test different indicators as well as price action techniques. By doing so, you will know which approach best suits you. Also, you will naturally figure out which of the specific indicators, chart patterns, candlestick patterns, etc., performed the best. You can use free tools like MetaTrader's strategy tester feature or TradingView's market replay. Also, you can invest in backtesting software such as ForexTester. #### Have a nice day!
11-12 17:14 - 'Happy day to all my clients am so happy for Friday successfull payouts to all my client. so many of them and the new clients the ones who had been scam before they contacted me, now they believe that binary options trad...' by /u/clarke_wilsonfx removed from /r/Bitcoin within 48-58min
''' Happy day to all my clients am so happy for Friday successfull payouts to all my client. so many of them and the new clients the ones who had been scam before they contacted me, now they believe that binary options trade is legit am so happy for them and their trust for a client to loose $5000 and he still trust and invest $1000 and received $8000 on Friday as profits was so happy on Friday also thanks for your trust life is a challenge do not give up in life once again thanks to all my clients mr @clarke_wilsonfx Dm me now this Friday could be your day
Forex trading is a huge market that started in the 1970s. Trillions are traded in foreign exchange on a daily basis. Whether you are an experienced trader or an absolute beginner to online forex trading, finding the best forex broker and a profitable forex day trading strategy or system is complex. So learn the fundamentals before choosing the best path for you. How To Become A Forex Millionaire. If you think that there are no traders out there that make it that's a lie, I know many traders who have went from rags to riches, I also know many who never were able to grasp this difficult career. The bottom line is to be successful at trading or anything takes effort and time, this means that if you want to succeed then you must fight for the ability to ... Do you want to become the next South African forex millionaire ? Read our comparison of the best forex brokers in South Africa and choose the safe & regulated broker that will help you to become a successful daytrader! #2 – Jabulani Ngcobo Image Source: Viralfeed.co.za. Jabulani Ngcobo born in 1985 is one of the richest Forex traders in South Africa. He is a self-made millionaire and also ... Home Forex For Beginners Day In Life Of a Millionaire Forex Day Trader! Day In Life Of a Millionaire Forex Day Trader! February 14, 2020 admin Forex For Beginners 0. Previous. Mexico’s oil regulator fires 18 employees from contract oversight unit By Reuters. Next. USD Trade Setups & Themes for Next Week. Be the first to comment Leave a Reply Cancel reply. Your email address will not be ... But if they make great returns, why don’t you hear of more millionaire or billionaire day traders? Most day traders save up cash to fund their trading and therefore usually start with $30,000 to $40,000+ for day trading stocks, $2000+ for forex day trading and $3500+ for day trading futures. To see the potential for day trading each market, read How Much Money Can I Make As a Day Trader ... Forex is the largest financial market in the world. You would probably know a few things about this fascinating field, where people trade their preferred currencies on an intraday and swing basis. You may be thrilled to know that on forex around 5 trillion dollars worth of transactions takes place on a daily basis. Its dynamic nature and plenty of opportunities attract traders around the world ... If you want to become a millionaire Forex trader, you must have a good income and backup. Turning a small $5000 account into a million dollar account is possible theoretically. You can do it slowly and surely when you become a consistently profitable trader and you have enough patience. However, you have to be a patient and disciplined Forex trader to do it. And, you can’t do it alone. You ... Trade Forex with top rated broker Forex.com, which has been selected based on its high rating and your location. Why Forex? Forex is the biggest trading market in the world and also the most commonly used by new traders. You can trade 24 hours a day, 6 days a week, which makes it ideal for trading from home even if you have a daytime job. Recommended Broker. The High Reward / Risk Alternative ... College drop out, 23, claims he's become a millionaire after learning to trade Forex on YouTube but says he remains 'a pretty down to earth person' despite his fast cars and jet-setting holidays Lessons from a Legendary Millionaire Trader Trading tips that have endured the test of time. Share Pin Email ••• Nikada / Getty Images By. Full Bio. Follow Linkedin. Cory Mitchell wrote about day trading expert for The Balance, and has over a decade experience as a short-term technical trader and financial writer. Read The Balance's editorial policies. Cory Mitchell. Updated June 15 ...
Homeless to Millionaire - Forex Documentary - YouTube
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