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Forex Trading: A Beginner's Guide
/r/Forex Trading Community
Welcome FXGears' 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.
A place for redditors to discuss quantitative trading, statistical methods, econometrics, programming, implementation, automated strategies, and bounce ideas off each other for constructive criticism. Feel free to submit papers/links of things you find interesting.
New to Forex, how do I know I’m not getting scammed?
So I’m new to forex and haven’t done must research but a guy reached out to me and said he would mentor me, and even do the trades for me, in return for 15%, however the site he wants me to use I have never heard over and seems kind of sketchy. It’s fxtradebuz, that’s the name of the site, not much comes up if you google about it. I apologize in advance mods if this post isn’t allowed, new here
(New to Forex) How does anyone make money from only profiting by about a 3rd of a cent?
For my entire trading career I've used crypto currency and never really looked into Forex. I only very recently looked into it and saw a video that went through one trade and in summary, it was like this: "I have a $100 account trading XAU/USD" "I just made around a 50 pip profit. Now my account is ~$650" I'm aware that this is gold but it is still very similar to Forex (I think, at least). By what I saw, the person trading only made about $1. So how did their account go up by $550?
Cryptocurrency Trading With Forex. How does It work?
The demand of cryptocurrency is growing every day. New technologies demonstrate potential power, demonstrating that a currency that is not controlled by the state can really exist. Rather than just Bitcoin today a large number of alternative forks have been created in the blockchain. In this article, we will examine what is a cryptocurrency, features of its reputation, as well as methods of working in the Forex market.
What Are Cryptocurrencies?
So, first, let's find out what is cryptocurrency. In essence, it is a decentralized digital network that is based on mathematical principles and is protected by cryptographic methods. This Digital currency is anonymous, genuine, and in fact open, so shifts between wallet owners are done in minutes, depending on the type of currency. Digital money is not attached to fiat currency, and its product is originally restricted by the algorithm. First in cryptocurrency is Bitcoin, which appeared in 2009. After Bitcoin demonstrated its promise, which happened relatively quickly, other digital currencies called altcoins began to appear at an active rate. Today, there are alternative "crypts" with more than 950 items. Nevertheless, not all of them are traded on exchanges and are engaging to investors, miners and traders. The cryptocurrency market operates 7 days a week and 24 hours a day, allowing exchange participants to buy, sell, and exchange currencies at any convenient time. This type of working also dismisses the concept of a trading session, which indicates that price variations can be hard at any time of the day. Furthermore, the market is very volatile, increasing its speculative appeal, and a large number of altcoins opens up more opportunities for exchange participants in terms of trade and investment. First of all, popularity is, of course, Bitcoin, and the percentage of its dominance over other currencies is 42.2%. The most famous coins today involve Bitcoin, Ethereum, Ripple, Litecoin, Dash, Cardano and Zcash. Overall, in today's crypto market, there is active growth of many currencies. In this connection, investments in altcoins raised, which in a particular way, affected their development and rose theirs in value. Without a doubt, in the market for every cryptocurrency today, one can observe deep bribes or negligible price corrections. However, the general growth trend is unequivocally present. Therefore, many have already taken their savings out from under the mattresses and rushed to buy dynamic developing alternative currencies.
Crypto Trading with Forex Brokers
Today, digital money is available on brokerage firms' platforms as an alternative trading tool, which is implemented not only in direct trading of crypto assets but also in indifferent value contracts. Many Forex brokers provide you to start crypto accounts and trade Bitcoin, Ethereum, Litecoin, etc in pairs with EUR, JPY USD, RUR, and CNH The replenishment of the account and the withdrawal of funds are carried out through specialized payment systems. Therefore, after the withdrawal of profits, the trader will only have to exchange the coins earned for real money on online exchanges. Also, some brokers allow direct trading of Bitcoin and Ethereum alongside the dollar. Cryptocurrency is a promising investment and trading tool where everyone can find their own profit. In fact, it is easier to exchange it in Forex, since you can win with the same success both in the increases in the course and in your falls. The most reliable Forex brokers to gamble on cryptocurrencies foretell a continuation of the growth trend in the estimation of all currencies, so the one who worries that the bubble will collapse still has an opportunity to obtain their share of the desired profit. Those who do not have digital currency can use CFD contracts for difference in normal types of trading accounts with related efficiency This service is obtainable in the Alpari, InstaForex and Forex Club brokers.
My dad is addicted to Forex. How do I make him stop?
My dad started trading big with just a few months of expirience, he have lost a considerate amount, but keeps on going. He said that demo account isn't good because it doesn't give a real perspective so it isn't good to test strategies, contrary to either I and his tutor have said. His tutor is a experienced trader of 15 years of experience and I've met him, he isn't any kind of charlatan in my opinion, he have some solid teachings and gains. I've already told he should reduce his volumes dozens and dozens of times but he is convinced that one lot is already too low. His strategy is one of those that make little consistent climbs and then out of knowhere a huge drop. I've questioned about it and aparently he doesn't like to use stop loss. His drawdown is in 60% atm. I have a feeling he's in it just for the thrill, what's the best way to aproach this?
Night owls of r/Forex how do you deal with getting up early in the morning to trade?
I am a typical night owl who struggle with getting up in the morning to be productive. Recently I have changed my strategy to trade in the morning as it is more profitable but I am having a hard time to adapt. No matter what I do to change my sleeping habit it gets disrupted for whatever reason. Is there anyone who is a night owl like me who have found a good way to get up early repeatedly? Do you spike your morning coffee with whiskey or something?/s I wanna know your secret.
Ask Forex: how much did you lose before you started trading successfully?
Hi, newbie trader here and so far, im down £270 and still dont consider myself profitable. Though i can tell I'm heading in the right direction :) Follow up questions; Did you ever consider quitting? How long after did you break even? Thanks
New to Forex, how did you all decide which pairs to focus on or do you monitor a few and wait for the appropriate signals?
Hi all, New to both trading and Forex. I'm curious how many of you trade a single pair? If you do, how did you decide upon it? Demo trading with your strategy on multiple pairs for a given time and choose the best one? If you trade multiple, is it just monitoring a few and waiting for the correct signal from one to enter? I've just created a demo account on Oanda and am building my strategy on MT4. From very preliminary work, I think the best pair for my strategy would be the most volatile. What are some good resources on current volatility? Does anyone use this Oanda one? As a rough estimate, if my strategy is most successful with more volatility, should I use the most volatile pair from the previous day and trade with that for the current day?
News traders of /r/forex, how do you prepare for high importance days?
ECB day is just around the corner, and the December ECB day saw some extremely powerful action as a result of market disappointment with the measures delivered. If you're going to trade the interest rate/Governor speech double header, what's your plan of attack? How do you prepare?
Noob here, how long can you hold a trade in forex? Ive always wondered this. Does it automatically cash it out at a certain amount of time or can you just leave it there forever and either constantly gain money or lose it
Question /r/FOREX, how do you view your profits/losses?
Full disclosure, I'm working on a trading tool that offers a "dashboard" view of forex accounts, and I have a daily P/L graph. What I'd like to know is how other forex traders view their profit/loss rates for their trades? I.e. is it daily, weekly, monthly, quarterly, annually or something completely different?
Kishore M ( Forex ) is a member of singapore fintech association and a successive entrepreneur, who is really focused on connecting people with in blockchain and fintech startup community with leading stakeholders, namely regulators, enterprise, forex traders, legal experts, investors, VC, PE , FO , academia and developers.
ILPT request : How would you launder money that you already have in an E-wallet?
This is a hypothetical scenario. Imagine you had a lot of money in an E-wallet, say $500,000 which has been illegally earned online through trading operations (forex). How would you turn that into clean money? Edit :- Anyone has serious suggestion? Edit (1) :- It is not illegal to trade forex because where this hypothetical person lives, it's illegal to trade with an overseas broker and in his country, there are big restrictions on forex trading so it's much harder to make money in his own country for him as compared to the overseas broker.
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