How to Trade Forex: 12 Steps (with Pictures) - wikiHow
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Welcome to FXGears.com's Reddit Forex Trading Community! Here you can converse about trading ideas, strategies, trading psychology, and nearly everything in between! ---- We also have one of the largest forex chatrooms online! ---- /Forex is the official subreddit of FXGears.com, a trading forum run by professional traders. FXGears.com hosts and moderates our chatroom, and has developed such tools as the chart bot you'll find available in chat.
My boyfriend is starting Forex. I think it’s a “get rich quick scheme”. Please teach me about the reality of it.
Hi. So I like to call myself a big skeptic of all things “get rich quick”. I’ve always hated MLM’s and other sorts of marketing businesses. I’ve seen many people and heard many stories of people losing thousands and I’ve always been super skeptical about them. However, my boyfriend, let’s call him Cody, has become interested in Forex. He has been a partner with Primerica for a while now but hasn’t done anything with that. He is a manager at a gym here and makes decent money from that. He was approached by a friend to start working with Forex. When I heard about this, I was shocked, just because I’ve heard horror stories about Forex. When I look up reviews online, all I see is people losing money. When I spoke to his friend to see what this is all about, all I got was attacked and hated on for being a “non-believer”. He essentially just said that people who lose money are lazy and don’t even try. I am genuinely curious in learning more and want to be more educated in this. From what I’ve read, it depends a lot on gambling and knowing a lot about the craft. Cody is convinced he will earn $40,000 (approximately) by February doing 6% everyday excluding weekends (I have no clue what that means but I know that’s what he’s doing). I want to know if and how this is actually a legit endeavor or if he’s just delusional. Please, no attacks, I want serious, informative answers. Thanks so much. TL;DR: my bf is starting Forex and I think it’s a scam, how legit is it? Edit: I told him that if he actually does make that $40,000, I’ll apologize for my skepticism and not question this typa shit anymore. We’ll see 🤷🏼♀️ Edit: He works all day with no break and gets home at 11-12 and gets EXHAUSTED. He goes to sleep at like 1 every night and spends that free time watching tv. Nothing wrong with that I just don’t see how he has time to do this stuff. From what I’ve gathered, this has to be done in the afternoon and takes a while. Update: So I spoke to him and mentioned all the advice y’all have given me here. He said he is already doing research but he’s down to join an MLM. He says “everything is an MLM, college, businesses, everything”, which is ridiculous to me but ok. I’m scared for him but I guess there’s not much I can do. He’s writing all this advice off as idiots that had a bad experience even though most people here have said that they have had ups and downs. He also says I’m being super negative and the least bit supportive. Idk what to do😕
Blowing my account multiple times and and losing thousands of dollars has taught me more than any forex course I’ve taken
Unless you’re the second coming of Warren Buffet you are GOING to lose money(shit he probably even lost a lot of money before being profitable). But when you lose money always remember what you did wrong and never make that mistake again. The more failures you have in this market the more knowledge you will have. Eventually you will lose so much you start being profitable because you learn how to avoid all the mistakes that made you lose money. Don’t be scared man risk what you can and go for it.
prvo, namerno ne kacim na finansije jer mislim da je bitna tema ovako Ovo pisem em kao upozorenje na neki nacin, em za diskusiju. Znaci, svi mi znamo za prevaru sportskih dojava. 'Ee buraz imam dojavu za namestenu utakmicu sveeeeee garant prolazi 100% samo mi daj 5 soma'. Mada to nije tema danas. Danas zelim da pomenem tzv. Forex Grupe, koje prodaju servis za forex trejding, u glavnom 'analitike' ili 'signale'. Sta je forex? Forex, znaci foreign exchange, je trziste valute. Tu mozete da trugjete valutama, kao na primer u menjacnici, ili da se kladite na kurs preko CFD ugovora, kao ovi 'forex experti' sa instagrama. Naravno, teoretski moze da se zaradi dosta, ali vecina spekulatora gubi pare. Ovaj klip objasni forex skroz ok. i dosta je lik spomenuo o ovoj prevari. Jedino sto se ne cuje bas lepo, ali sustinski je sve ok. U cemu je fora? Provajderi za te forex signale, najpopularniji u Srbiji je Lule, Luka Bijelovic, (@lulepljugica) vole da prikazuju sve od skupih auta, do lepih devojaka, puno novcanica i mnogo toga sto prosecan covek zeli. Sada, koliko toga je stvarno istinito prikazano, odluclite sami. Oni guraju ljude, koji su cesto maloletni, a nemaju obrazovanje i znanje za forex spekulaciju, na veoma rizicnu spekulaciju. Pritom nisu prijavljeni, ne placaju poreze, sve je veoma 'fishy'. Sada, zato ti signali nisu u redu? Investopedia ima stranicu o tome. U kratko, statistike kazu da veliki broj ljudi (negde oko 90%) gubi pare na forexu. Znaci niko ne moze reci sta ce da se desi sa kursom. Ni ja, ni ti, ni banke. Ja iskreno mislim da je ovo veoma problematicno, i da drzava mora nesto da uradi. Sta mislite o ovome? Jel znate nekoga sto je pao na ovako nesto? Jel poznajete nekoga iz te price?
I am new here. and also still new in trading.. well to say how far I have gone I have lost USD1200 so far from trading. i'm in my late 20s and getting bothered about having a consistent income/cashflow. My question is whether it is possible to earn a living only from trading ? for a very long time I stopped the regular job. nearly 6 years, been hustling since I was 15+ on monthly wages, been able to save up a decent amount of money with properties here and there. Yup have some money stashed up in the bank, and getting less than 1% yearly while spending more than I'm getting now. I do not' see myself going back to 6-5 jobs ever again. At this point of my life I want a cash flow. There are 131k traders here. I believe there are more than a handful of you who can give me a good answer and a sound advise/ or guidance on how to go about it. thanks
She paid money to learn how to trade forex from a company called Tradehouse investment group. She's trying to recruit me. She doesn't believe it's a scam because she thinks pyramid scams can't last years. She believes it's not a scam because her friend makes "thousands" a week.
Instagram forex traders will not make you successful.
I feel like I need to have a rant. I have been trading for just over a year now and I have just started to become profitable. What made me profitable? Blocking out all of the rubbish that comes from forex Instagram. I didn’t find a fancy new strategy. I’m using the strategy that I formed in the first 3 months of me trading. So why only now am I starting to become profitable when I knew about the strategy almost a year ago? Because i chose to digest information coming from instagram forex traders. I’m not talking about the obvious scammers you see on your Instagram feed such as IML, broker commission marketers, or any of the likes. I’m talking about the select few that portray themselves as trading veterans and are popular in the trading community. They are constantly posting on their stories/profile 24/7. At least once a day they will post something like ‘only 2 slots left In my mentorship’ or ‘come join my free telegram channel’. Warning: if a trader you follow is trying to promote something, even if it’s just for Instagram followers, unfollow them. They will not help you become successful. So I had my strategy by month 3 of trading. I backtested it and it worked. But I started taking advice from these traders, I got my hands on a few of their courses and my trading began to fail. Every single course was pathetic. Never showed any live trading. No proof of anything. Always making excuses of why they can’t tag their MyFxBook. I unfollowed all these ‘traders’ and now I am profitable. Rant over.
For Canadian Clients of VantageFX (or Canadian Forex Traders in General)
As you likely already know, VantageFX will no longer service Canadians residents as of Nov 30th. This is unfortunate, since VantageFX has done an excellent job serving Canadian clients with higher leverage account options from a well regulated and trusted broker. Through contacts in the industry, we've been made aware of a new retail account offering at Pacific Union. Pacific Union has a good history of servicing institutional accounts and has only just started taking on retail clients, but they are positioned to service the Canadian clients in the space that VantageFX has left behind. Further, we were made aware of Pacific Union first by contacts at VantageFX, and then this recommendation was backed up by a trusted source who works closely with both companies. Again, to be very clear, this post isn't to give undue attention to some random broker.. we are providing this info because Pacific Union is a proper alternative for Canadian based traders that will no longer be serviced by VantageFX. On that note, I've updated the wiki to include Pacific Union Prime - https://puprime.com: Subreddit's Canadian Brokers Wiki Page The only major difference I have noticed so far is lacking MT5, but the word is that Pacific Union will be reviewing MT5 and other enhancements to their offing next quarter after they get past the launch of their retail offering. Key highlights from my perspective:
Up to 500:1 leverage available for Canadians, and while that much leverage may not be needed, even just 100:1 is decent compared to ~33:1 leverage set by IIROC with onshore brokers.
Client funds are segregated at an Australian bank, so you're getting some overlap of Aussie banking / regulatory rules and that's a huge plus when it comes to safety of funds and the finance side of things
No fee on credit card deposits / withdrawals, and no fee on Visa Debit and MasterCard Debit deposit / withdrawals. Transactions are completed within 30 minutes.
No fee on Interac e-Transfer deposits.
Remember, going offshore means you lose CIPF protection on funds, so a well vetted and properly regulated broker is a must! UPDATE #1: Oct 6th: Took this post off sticky and redacted some info as the connection between VantageFX and Pacific Union Prime was not "official". Pacific Union is still a great alternative / replacement for Canadian clients seeing higher leverage accounts and who are no longer serviced after VantageFX left Canada. UPDATE #2, Oct 8th: Adjusted this thread again to best reflect where Pacific Union Prime fits with VantageFX and former Canadian VantageFX cleints.
Hi, I'm new into Forex and I have some questions. (sorry for bad grammar but I'm not good in English)
Hi, I live in Portugal where making 800€ its an "decent" amount of money per mouth. I'm not rich, but I'm not poor either but I'm a bit limited about the deposit volume. I can't give 1000€ and to speak frenkly I'm looking for a good broker with a good laverage where I can spend about 10€ - 100€ max. Like a said, I'm new, I'm a student and I hope someday I will make a living with forex. I know it's a lot of work, I don't know what strategies I'm looking for or what indicators are usefull or not, the only strategie I know so far is the how to identify a trend. I'm curious about all the groups on Instagram about courses, but I like to think that I'm not that dumb and I don't want do fall in a scam choosing a wrong "guru". I have some books to read about forex but again, I don't know if they are good or "modern". So, my questions are: . Is there a good broker with a honest laverage for someone who can only spend 100€ max? . What are the main strategies to study first? . What's better, 1min trade? Day trades? Months trade? . Are robot are actually good and if yes, how to install? . Are copy trading actually legit?? Thanks for the time spend reading my problems and sorry again for the bad English.
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.
Boas, Basicamente decidi fazer uma experiência com o forex, perdi a amizade a 1000€ e investi em um robo de forex que basicamente tens um pc ligado 24h, 5 dias por semana e aquilo vai fazendo trades automáticas. No Mês passado também fiz um post onde mostrei os lucros relativamente ao mês de agosto. https://www.reddit.com/financaspessoaispt/comments/ikq7if/passive_income_com_forex/ Este Mês vou mostrar os resultados do mês de setembro. No passado mês de Agosto os resultado tinham sido de +16% ou seja 162.05€ ficando com o saldo de 1162.05€ Este mês de Setembro tive um Lucro de 335.99€ que representa +22% ficando com um saldo de 1498.04€ O robô fez 17 Trades nas quais 5 Trades não deram lucro. Quero dizer mais uma vez que: Estou só expor esta minha experiência, não estou a dizer que o forex é viável. Não vale a pena comentarem a dizer "Mais um enganado com o forex" que eu estou só a fazer uma experiência e se eu tivesse falta dos 1000€ que investi não tinha vindo para o forex. Cumprimentos. https://ibb.co/tPj2KVK
I started the babypips course but maybe forex isn’t for me
I’ve been working with stocks for about two years. I haven’t really been too involved besides small trades here and there, and trying to educate myself in it. I recently found forex and wanted to give it a try. It seems more difficult to me than stocks probaly are? I was mainly interested in leverage, but now I see how risky that can be. At the same time very profitable. Should I just stick to stocks? What I’m mainly looking for is to be able to leave my money without having to look at it, but also be able to make trades that can turn out to be very profitable. That sorta sounds like stock investing and stock options. Anyways. Idk the purpose of this post. I guess I’m sorta looking for a reason to continue with babypips or forex in general. Motivation. Or a purpose. I’ve understood everything thus far but am exhausted just 8 lessons in. I know the main benefits over stocks. More liquidity, 24.5, leverage. For those who did stocks, why did you move to forex?? And is the general consensus that stocks or forex is easier to learn?
Seen a few people I know, sadly, start posting about this and how they’re predicting the marketing and selling/buying at the right time because they are able to see 5 minutes ahead of time, you know predict it. They have now added the classic “retired @ x age” “ entrepreneur” in their bios lmao. Which is a big red flag imo considering some aren’t even pass 25 years old and some are just 17 -_- like dawg what do you mean you’re retired at 17 you f”in clown, go to college. They also started posting videos about their success and sh*t and how they’re making so much money and all. Scam right? The classic fake it til you make it lol. But how does it all work ? I genuinely don’t know. I would assume it’s based on recruiting and depositing x amount to start or whatever. This is because they have messaged me telling me about what they’re doing and wondering if I’m interested in joining. And oh yea they hit me with the other classic message template “checked your page g looking nice” etc, meanwhile I’m over here with my new account with barely 300 followers with no posts yet lolol. What are you guys thoughts and have any of you heard of master I am academy???
Hi everyone, I will tell you what happened this month. I developed a Trading Strategy with six majors pairs. Pure price action. 2% risk on every trade. Minimum RRR of 1:2. I backtested it a lot of times and it started to make me profitable. Despite of this, I've lost more than 60% of my 10k account this month. I know it's because my psychology (probably FOMO). Have you ever experienced something like this?
Never traded before - need help understanding if I’m being propositioned a scam or this is just how Forex works
My mother, being concerned for my future wellbeing, as I’m not a successful person by any means, has introduced me to a friend of hers that apparently is a “currency exchange” trader or something. I’m generally a sceptical person so I put off the idea of having a zoom meeting with this person for a few weeks. But today I met him, he was a pleasant older man, apparently about 70 years old. Essentially, he claims that he spent $40,000 ish about 7-8 years ago to be given a proper education in the whole Forex and analysis thing. Makes a decent living himself but as he’s nearing retirement he wants to offer me free tuition to essentially learn the ropes. I don’t, at least yet, see where I am to lose money, unless it’s a really long game scam. But in essence he wants me to go through the entire pips school thing, and if I manage to without finding it too difficult, understanding the basics, and showing that I’m actually up for putting the effort in, he will essentially teach me everything he knows etc, set up in modules. This won’t cost me anything other than my time. Where I get a little confused and, as I’m completely oblivious to all of this, it may just be how these things work. But he said, he’ll show me how to set up a Demo account and over the months learn how to try to make consistent growth on these demo account (I believe he spoke in the 3%+ per month range) And here’s where I don’t know if it gets shady or if it’s ok. . . Once I’m relatively experienced in this, showing consistency on this etc, he says he can offer me access to a hedge fund or something? Where apparently I trade some other organisations money and not my own? Something like $100,000 per fund and I’d be expected to make profits, but never more than a 5% loss in a month or a 10% loss in any one day. Other than that, I would apparently receive 10% of profits from that. Only thing is something to do with a server fee, something like to have access to those funds it’s something like $750 a month that’s deducted from your profit, so I don’t know if it’s a scam or it’s just how the professional world of this works. Either way I’m keen to learn from the modules he’s sending me and so on, just not sure about any part once actual money, whether that be mine or someone else’s, is involved. Any advice would be well received thanks
Real Supply & Demand in FOREX with Precision Part Two
So yesterday I created the first part to the 'post' Today I'll continue it. All markets, equities, cars, widgets, groceries, bonds and even forex are driven by volume. Without volume there is no movement as it's the market maker to entice the trader to aggressively buy or sell based upon their sentiments of direction. So let's first put into perspective market sentiment and what it is for this posts purpose. Sentiment is the psychological pressure of trader expectations in movement. It's visible through intermarket analysis and even some indexes when the indexes are properly cross referenced. But sentiment is visible even when candles stop their climb or when buying pressure supports the prices on an attempt to move lower. What comes after sentiment builds it's pressure is the path of least resistance and that's really what the markets are doing. Following the path of least resistance with volume as the rivers boundaries. Volume in foreign exchange is real. Retail traders think that because the market is decentralized that volume isn't available. Well, the broker you connect to, and the prime broker or bank that they connect to, they source their pricing with risk management modules by analyzing aggregated volume. Aggregation is a grouping of FX liquidity streams (that all include volume levels) into one hub of liquidity housed inside a limit order book. Volume is not made available to you though. It's the playground of the banks and if you're going to have access to a tool that allows the masses to dilute their returns do you think they would let you have it freely? Nope! They would though lobby for laws (Dodd-Frank, FIFO etc etc come to mind here) they all make it more difficult for you to trade!!!! Opacity!!! But volume is very real, it only needs proper aggregation! So how do we find valuable opportunities when studying the charts? First off, if you study the charts alone you're doing yourself a great disservice! EURUSD in any time frame is just a representation of a relationship between two currencies. You need to study the value of the underlying currencies! What that provides you is precision entries. Let's call the entry on Candle 12 (an arbitrary number). On candle 12 you see USDCHF spike higher, that would indicate that EURUSD is going to drop 96% of the time! Oh a little insight! So you take a position short EURUSD on candle 12 in expectation that the relationship between the two currencies is going to go lower because of the strength in the Dollar. But remember, exchange rate fluctuation is the path of least resistance. So at the point where you have found your entry short in EURUSD, there is the opposite consideration. What if I am wrong? What it if goes the other way? At what price would it show me the opposite direction and how long do I have to wait to confirm a reversal? Candle 12 is magical. It tells you what you need. You see, in ALL instances, extremes high or lows of charts are seen by changes in what's called bid/ask bounce. When bid ask bounce is breached it's giving you sentiment, volume and price all shifting directions. If candle 12 is the candle short, then the high immediately prior to candle 12 is your reversal point! I guarantee you this is the intersection of buyers and sellers, and when one defeats the other the market changes direction. This is true for all of the entries here, if price reversed before it reached a profitable exit then the reverse would in fact be at the opposite extreme prior to the entry candle. So we go back and visit the adage buy low/sell high but what happens in between? Proper analysis is an active participation. And just as your analysis says you should buy or sell, your analysis should also tell you how the market is reacting in the middle. If there's no change or breach in bid/ask bounce the trend is still moving. In the attached chart. When an entry signal is confirmed, the immediate high or low prior to that entry becomes the exact reversal point. (I have circled them in yellow) In most of the opportunities shown that stop loss is a mere 2.2 pips away from the entry price and there are no reversals that were required and all signals were profitably identified. No I did not trade them, this is live analysis that runs continually. Of all the signals there is ONE blue X in the center region of the chart that almost gave a sell signal but price pressures remained in tact and thus bullish. The analysis identifies over 100 pips in movement within a range of 35 pips overall. And none of it with lagging analysis. With proper analysis, you can maximize your returns by comprehensively understanding all market conditions. You'll minimize your losing trades to negligible frequencies, your gains will be maximized and you'll see precisely how the market moves, turns, breathes and follows the path of least resistance. Now my purpose here is to develop market transparency for the little guy. Sure my posts attract trolls because the trolls have been burned by their own trading ignorance. So they attack those that strive for and deliver something better, in fact most of them don't know how to trade to save their life and that's their anger. I could show you a few of them who have had accounts with companies I advise or am principal of - but there are privacy rights to respect. Do I do this free? On here of course. Is it a business? I've spent over a million dollars in just research, but when I experienced how expensive it was to obtain true transparency I knew there were benefits to providing this information to retail traders. https://preview.redd.it/367rn2d6p3s51.jpg?width=1345&format=pjpg&auto=webp&s=e99e1604a078b6aa0916f32be91ce16bc5196320
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