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Forex

Discussion in 'Off-topic Discussion' started by Purple_Star, Sep 5, 2018.

  1. Purple_Star

    Purple_Star Fapstronaut

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    Anyone earned money with it? What are the best strategies for this? Share with your experience please.
     
    Ra's Al Ghul likes this.
  2. Contentful T

    Contentful T Fapstronaut

    No. I used to be signed up on Baby Pips as my friend was getting interested in Forex. I decided it isn't something that's for me.

    Not that type of person. I mean it is complicated in a way I just have no interest in grasping.
     
  3. Flar

    Flar Fapstronaut

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    I tried this market a year ago, I traded for a rather long time, however later I stopped because understood that it wasn't the best choice for me. It's truth that you can earn money with Forex but for the most amount of users general profit isn't so high as it's wanted and it's not such an often thing when people become rich because of this market. Besides this market is based only on prices changes for foreign currencies and they change unpredictably and fast so your profit can vary greatly during different months, sometimes you can earn nothing and lose all your capital. Also finding a reliable and professional broker is an important thing too because all your financial operations will be connected with it and scam is a widespread thing among them. Because of that experienced traders recommend to work only with those brokers who belong to regulatory agencies and other special reliable lists https://fx-list.com/cfd-forex-brokers . Also from my own experience I can recommend you to start from investing small amount of money and demo account in order to get knowlegde and practice with Forex operations/tools firstly. This will be very helpful for you for preventing possible big money losses in the beginning https://www.forexfraud.com/news/forex-trading-tips-20-things-need-know-successful-trader
     
    Ra's Al Ghul likes this.
  4. Mattew

    Mattew Fapstronaut

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    Yes i did.

    But believe me, do not start trading any market with the idea of making money, or making money fast.

    Trading can only be a profession, not something you do in your spare time, do no believe the bullshit the trading industry tells.
    You need money to learn how to trade, and you need money to trade, you don't make money with a 2000 or 5000 usd account, obviously it's ok to learn with that money
     
    Ra's Al Ghul likes this.
  5. overclocked

    overclocked Fapstronaut

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    Oh yes, I did. And hopefully keep making sweet trading money.

    I agree with @Mattew. Trading is not a hobby, you need to treat it as a job. I quit my job to start trading full time.

    My strat is really basic. Nothing special and I don't care which strat is the best. Mine suits my personality and the way I interpret the market.

    If you don't mind potentially losing a couple grand and one or two years in which you could have made money from a "normal" job, try it out.

    I have no special experiences to share. My life became a bit disorganized when I started out because I was a bit cocky and too inexperienced but it's going up hill again.
     
    Ra's Al Ghul likes this.
  6. Mattew

    Mattew Fapstronaut

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    Can i ask you what kind of strategy you use?
    I use only systems, i don't believe in discretionary trading anymore.
     
  7. Ra's Al Ghul

    Ra's Al Ghul Fapstronaut

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    A couple months back I got a chance to go to Online Trading Academy's free half day class. I did not follow through and sign up for the program because I didnt have enough faith in OTA to trust that I would be making money before I was heavily invested in them financially.

    I will be taking baby steps to learn trading as this is something I always wanted to do.
     
  8. overclocked

    overclocked Fapstronaut

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    Rectangles. It's really basic, you can find it in any trading book or course. I modified this strategy only slightly.

    It's price action for me. It's very subjective (you can view anything as a rectangle) and requires a lot more effort and tolerance for frustration to learn than fundamental/ indicator based methodolgies.

    I guess my strategy could be modified to be used as a system but I pay attention to market conditions and a few indicators.
     
    EXPONENTIALLY and Ra's Al Ghul like this.
  9. Mattew

    Mattew Fapstronaut

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    So you see the market inside a rectangle and you go long or short if the rectangle is broken up or down?
    What timeframe?

    Honestly i don't believe in technical graphical analysis.
     
  10. overclocked

    overclocked Fapstronaut

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    Kind of. Multiple intraday time frames (nothing above 1hr or below 1min, though)
    Why are you asking if you don't intend on using technical anylisis?

    You can be yourself when you trade. When I read about fundamentals I felt like dying. But when I saw rectangles for the first time I was in love. Maybe my mother put me in a box or something when I was a baby and now I love rectangle shapes, idk. But this style speaks to me. I find candlestick charts beautiful. I feel like living some cyber punk adventure when I trade. This is what really keeps me going.
     
  11. Mattew

    Mattew Fapstronaut

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    I ask because i'm always open to change my idea and learn new things.

    Is there any book about rectangle strategy? Or any book about that you think is good?
    I've never heard about rectangles, only about static support\resistance, or support\resistance area.
     
  12. overclocked

    overclocked Fapstronaut

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    You don't need to know everything about all setups and signals but you should have seen the most popular ones at least once.

    As I said, rectangles are very popular so you will find information on them in any book about technical analysis.

    I learned about them in videos, then moved to websites and message boards and looked for people who traded them. Eventually I went to libraries (public and university) and read the chapters about rectangles in technical analysis books, I also read scientific papers and articles in magazines with actual backtesting results done by pros and modification ideas. I don't have them anymore.
     
    EXPONENTIALLY likes this.
  13. Mattew

    Mattew Fapstronaut

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    I'm glad you make money out of it, i think technical graphical analysis is not my thing :D
     
  14. EXPONENTIALLY

    EXPONENTIALLY Fapstronaut

    stop orders are a must, I think it's reffered to as an 'exit strategy'
    short-selling also, Idk, long time I didn't study trading with FX
     
    overclocked likes this.
  15. overclocked

    overclocked Fapstronaut

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    Agreed, no need to cling on to losing positions. Worse than the money you can lose is the emotional exhaustion that can come from holding losers too long. That can kill the rest of your session.
    Going short is not that unheard of in fx. In the end it is one currency against another. So if you sell EUR/USD it's as if you buy USD/EUR ;)

    Stocks and indexes are a different story since the economy and all companies are supposed to grow and increase in value (which can happen explosively). So you need a very good reason to short stocks and many pros aren't allowed to do so.
     
    Ra's Al Ghul likes this.
  16. Mattew

    Mattew Fapstronaut

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    What's you % gain for this year in forex?
     
  17. overclocked

    overclocked Fapstronaut

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    I started responsibly trading bitcoin around April 2018 but I turn to forex more and more because bitcoin was a poor choice imo. + ~40 times my risk (haven't increased risk since I started) including commissions.

    Before that I multiplied my account and then spent it on crap/ blew it all again. Typical noob story but I was extremely lucky that I didn't ruin myself with the coins.
     
  18. Mattew

    Mattew Fapstronaut

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    That is not a new story.

    Let me tell you, you're not trading, not one bit, you're betting risky, you're playing at the casino.

    That's the story of a lot of beginners, starting with super high risks they can't even understand, getting lucky, thinking they're good, loosing great amount of money, stop trading with an empty wallet or debts.

    Don't do that.

    A trader, to call himself so, must have some years of positive returns, and still can't say for how long he will be positive.

    If you like trading continue to study it, but listen to me, i think it's early for you to trade real money.
    Trade with a demo account or with a really small amount of money, that's the way to learn something.

    Remember it's about managing the risk, not about becoming rich.
     
  19. overclocked

    overclocked Fapstronaut

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    Right on. My biggest weakness atm is that I am bad at frugal living. When I made gambling money I acquired some status symbols and expensive habits. Now I feel the pain of being limited to cheap activities again. Not that they aren't fun but I am a type of person who gets a rush from buying nice stuff, eating at restaurants etc.

    Also I became trapped. I need to make trading money. I need to pay rent and stuff, I have hardly any money saved somewhere else, it's all in my trading account.
    The moment I go broke I will have to work again and that would be the end of my day trading career, at least for a couple of years.

    So yeah, next noob mistake, relying on trading too early, but it happened and now there is no turning back for me.
     
    Ra's Al Ghul likes this.
  20. Ra's Al Ghul

    Ra's Al Ghul Fapstronaut

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    Teach me the right ways Obiwan.
     

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