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Forex Trading: A Beginner's Guide
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/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.
I have a full time job. Looking to make some side money that could take me to the moon someday (no, I'm not doing AMD). I am an amateur. Not a complete idiot as I know some of the basic (of the lowest level) and lingos you guys speak. Because I can't do actual daytrading (lack the 25k) I was thinking about doing swing/option trading. As such I was thinking about saving up around 3k (preferably 5k hopefully 10k) of risk capital and be armed with some technical analysis. However I am just learning about Forex and a bit confused as to why people seem to recommend Forex to new traders. My argument and understanding is that you are a player in the WHOLE World market ie more variables thus crazy volatility vs stocks (just the US essentially ie not as crazy volatility due to less variables). Seems like stocks is easier to track. Am I not understanding right? So my question (TLDR): Should a 'new trader' go into forex? Stocks? Pros vs cons? new trader -> someone who has done some paper trading beforehand bonus questions:is my adventure to swing trading with TA an idiotic thing? Good TA resources to learn? Learning about support/resistance right now.
I've seen mentions of Nick Shawn & Momo Forex here; Here's why i don't like them...
I want everyone who searches these people to see this on forex cuz this is the truth they need to see! Hopefully it will save alot of traders throwing money at these fools! Look listen i got both of their courses for free from a website i found a download. Nick & Momo charge 1k per course for terrible content & i lost a little respect for nick & momo as momo convinced nick to make a signals group which nick pledged never to do! That Group makes 70k a month from it; it's called LevelsFX also these guys both have full courses 1 each that sell for over 1k and nick and momo's excuse for doing LevelsFX was ppl were re-selling their courses and they had to get a legal team and pay 4-5 figures a month to take down few small time course re-sellers on Instagram Look listen i got both of their courses for free from a website i found a download they charge 1k per course for terrible content & i lost a little respect for nick & momo as momo convinced nick to make a signals group which nick pledged never to do! That Group makes 70k a month from it; it's called LevelsFX also these guys both have full courses 1 each that sell for over 1k and nick and momo's excuse for doing LevelsFX was ppl were re-selling their courses and they had to get a legal team and pay 4-5 figures a month to take down few small time course re-sellers on Instagram which is obvious BS + Nick would keep on changing the number he said he needed to pay every month etc obvious liar and taking. Advantage of his audience like any Guru. The real reason they started this service is because the courses weren't paying and that's how they make their money and live trading profits etc. Can easily be faked look here:which is obvious BS + Nick would keep on changing the number he said he needed to pay every month etc obvious liar and taking. Advantage of his audience like any Guru. Search: Gurus MT4 Exposed on Google or Youtube for more info Don't buy a Guru's course if you can download it for free not seen one yet that's worth it! ~ Never have bought a course! Site i used was Coursed co and searched LucidFX (Still available for download) & MissionFX I don't like Gurus i hate them & I have to say Nickshawnfx has let me down in the past and I'm seeing many mentions of them on forex . As you know no-one without a third party verified track record (real server data from a well regulated broker) can be trusted. So pretty much no-one in the FX industry can be trusted. Edit: Mistakes fixed etc
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I used to trade only FOREX. I have since diversified into cryptocurrency for a less stressful approach. Anyone here interested in learning how to trade cryptocurrency and what steps you need to take?
As the title says, I used to only trade on FOREX. I have since diversified into cryptocurrency because FOREX was so stressful for me and I needed to have something that was a bit less news-job-report intensive to level it all out. You can't get away from charts and candles in crypto, but I feel like there are more long-term hold opportunities in the crypto space and I feel like longer-term investments are less stressful for me. I know this isn't 100% FOREX related, but since I do trade on FOREX, I feel like it has relevance in terms of the ways the spaces are similar. First, the reasons I diversified. The main one that frustrates me is I feel like the cards are stacked against me in ways I have no control over. Exchanges can sell information about customer buy and sell points to bigger fish than me. The whales have way more information about what the public is doing than I do. Next, trading firms have access to news much faster than me. They can process announcements in microseconds. And lastly, countries do crazy things with their currencies and I just wasn't great at interpreting all the signs. I don't like my fortunes being tied to job reports and the decisions of a treasury secretary that doesn't take any input from me. The above reasons pushed me to start trading longer term in FOREX. That's fine, there are plenty of long-term strategies that work. Most people will tell you that longer-term is safer, and so the shift didn't bug me that much. But over time, I felt like there were more currencies I was missing out on, so I started adding cryptocurrency into my portfolio. For those of you that don't know much about cryptocurrency, it's basically a currency that is not controlled by any one person or government (or shouldn't be). It's money free from political corruption, free from bailouts, and free from big banks. It is also highly more volatile than FOREX. Gains and losses are measured in the 10% or 20% range per day. There's actually lots of money to be made day trading it, just like FOREX. But I chose to take a longer term approach for my peace of mind. One of the things that I looked for when trading FOREX was to trade pairs where I could earn interest while holding it. Then when the pair appreciated, I could sell it for a gain plus the interest. Win win. Right now, I feel like I found that in ADA (Cardano) crypto. ADA just opened staking (mining) capability last week, meaning that just by holding it you can earn 4.5%-5.5% on your coins (paid in coins, not in dollars). It's the most undervalued crypto in the market (in my opinion), and the fundamentals on it look really strong. It is doing everything I was hoping a FOREX pair would do and I think it's the best crypto investment right now, so I'm just filing it away as a 5-year investment. It's now 50% of my "overall" currency investments, including FOREX. Anyway, that's my story. I wanted to share it in case anyone here was curious about Cardano in particular, and how it related to fiat currencies. I was super intimidated about crypto at first, but I am also a software developer with a lot of experience, and so I was able to make the transition quite well. I even started my own mining pool to earn more.
Forex is a portmanteau of foreign currency and exchange. Foreign exchange is the process of changing one currency into another currency for a variety of reasons, usually for commerce, trading, or ... FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Forex Factory is where professional traders connect to the forex markets, and to each other. FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Forex, or the foreign exchange market where investors and institutions trade currencies, is the biggest financial market in the world. Around $6.5 trillion trades each day on the forex markets ...
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