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I’m a Forex Beginner and am currently in the School or Pipsology. I like to visualize while I learn so I would like to download a trading platform and open a Demo Account while learning. For beginners, is it better to use MT4 or MT5?
The importance of backtesting and sticking to a strategy
Hi all, I just wanted to share my trading experience with you so far, and maybe help some people who may be in the situation as I am. I started trading about 2-3 months ago. I started with baby pips, opened a demo account, and got cocky a couple weeks into it and made a live account with $100, and every other week or so put $20 extra in. (thank God I didn’t put it more than that). Today, my account stands at around $68, with a total P/L of -$131.76. I have been really uncomfortable losing money, even if it’s not a lot, and that uncomfortableness forced me to realize my mistake. I thought I could half ass a strategy and be a winner in forex, and the market humbled me extremely quickly. I actually didn’t have a strategy at all. It was a lazy mix of a bunch of different typical strategies I saw on YouTube. I also let my emotions get into trades, after a losing trade I would get back in the market in the opposite direction to try and make up for my loss. All bad, I know. I was too cocky. Just like anything difficult in life, you cannot half ass forex. I spent all of Friday testing an EXTREMELY simple strategy on 4 major pairs, and out of 93 total trades over the last 6 months, the win rate of my strategy is 73%. From now on, I vow to ONLY make a trade when my strategy presents itself. Moral of the story is, if you think you can half ass forex, you better wake up right now. Find a strategy, backtest it, and only trade said strategy. Have some discipline. Here is my extremely simple, backtested strategy with a 73% win rate that I got from The Trading Channel on YouTube: Indicators: 200 EMA Requirements: 2 wicks IN A ROW that TOUCH the 200 EMA, that have candle bodies that both close above or below the 200 EMA. If both candles close above the 200 EMA, go long. If both candles close below the 200 EMA go short. Stay extremely strict with the rules of the strategy. Here are the pairs that I have tested this strategy on over the past 6 months, that total a 73% win rate: -GBP/USD: 18/27 winning trades (67%) -NZD/USD: 15/27 winning trades (71%) -EUUSD: 15/20 winning trades (75%) -EUGBP: 20/25 winning trades (80%) All backtesting was done on the H1 chart. I tried on the daily and H4 charts but the frequency just wasn’t enough. In the video that I got this strategy from he was trying to highlight the importance of the frequency of your strategy. Even if it may have a really high winning percentage, if it only happens once a year it’s not a good strategy. Also on a side note, I’ve seen a lot of conflicting opinions on whether or not the US election will effect USD pairs, do you guys think the election will mess with my strategy this upcoming week, or should I just trade my strategy and pay not attention to the results of the election? Thanks for reading, and happy trading Sincerely, u/emopatriot
TL;DR The why as to why you trade is as important as the strategy you use to trade. I am new to Forex. However prior to COVID I was a professional card player but when the casinos closed shop I needed to find another source of income. Over the past few months I have been doing a lot of research into different strategies to use however, the one area of information that is rarely ever discussed is the why of why you are doing this. In any setting risk management is a major component to determine success but, what determines your level of risk tolerance is independent of each person's goals. Before I ever sent a dime to a brokerage or opened a demo account I asked myself these questions. 1.) What is my reason to do this? Determining whether this was something I wanted to do full time, part time, as passive income or as a challenge to beat. 2.) What is my short term and long term goal with this? Was I looking to make money right away? Was I looking to reinvest? Have a plan as to what you are going to do with your money beforehand and stick to it. 3.) How much time am I willing to invest into this? Practice makes perfect in any endeavor and to become good at something requires time. 4.) How much am I willing to lose before I call it quits? Just because you have 20k doesn't mean you have 20k to lose. Knowing when to walk away from a losing session is even more important than basic strategy as it will allow you to come back to the table to try again so to speak. Each of these questions lead to more questions until I had a defined plan of action as to how I wanted to move forward. These questions also gave insight as to the style and type of trading strategies I would be looking for as they fit my goals. The strategy I have been using is successful for me because of my style of risk tolerance and risk management but may not work for others. Ken Jennings and James Holzhauer are two of the most successful competitors on Jeopardy. However the strategy each used were different but worked for them. Same applies to professional poker players, athletes and almost any task imaginable. So I see many people asking for strategy advice. The advice I would give is for them to ask themselves not "How should I be trading?" but "Why am I trading?". This is just my two cents. Good luck to you all.
I was practicing trading forex on a demo account, testing out this MA crossover strategy. I used a 10 SMA and 20 SMA on a 15 minute chart. The rule of thumb is if the 10 SMA crosses above the 20 SMA, buy. If the 10 SMA crosses below the 20 SMA, sell. At first, it worked for a buy trade. The 10 SMA crossed above the 20 SMA. But then it began to reverse, the 10 SMA crossed below the 20 SMA. I sold my previous order and opened a new sell order. Suddenly, instead of going down, the price starts going up and up with long green candles. Yet, the 10 SMA is STILL falling below the 20 SMA while the 20 SMA is going up. What does it mean when this happens? Am I overlooking something? Should I just give it more time to play out?
So I'm 19 y/o and have been trading forex for 7 months, still grinding away ,nowhere near being a full time trader yet. I looked into long term investing stocks and recently bought 11.365 shares in Tesla @ 410, 58 shares of Palantir @ 9.99 and 28 shares of NIO @ 27.42. I've been watching my account grow, and seeing how my money is working for me is becoming very addictive. I'm obsessed actually. I was wondering as to how I can make a living off of this. Yes I will most certainly do much research on this topic but was wondering if anyone in here could help me or guide me in the right direction. My plan is to have a 5000$ account , study stocks on the weekend, any stocks that have recently had good news or if I see them sitting at a known area of resistance/support I will buy/sell the stock and hold it for the week. Then close whatever profit I make on the Friday and withdraw it, leaving the 5000$ in the account of course. I practiced this on a demo account last week with 3 stocks I researched and liked the look of . NIO, PLTR and LMND. I pretended to buy 2361$ (2000€) worth of NIO and Palantir and 1,179$ worth of LMND since that was the one i was less confident with. 5900$ dollars invested and if I had've closed today I would've made upwards of 1700$ this week. Was this just a lucky week? Or is this something that I can actually do. Any advice/guidance would be hugely appreciated. Thanks
Im looking for guidance for a trader with experience. (Read Please)
I'm looking for guidance from* a trader with experience. I'm 17 years old. I've been learning the markets for about 6 months now and when I turn 18 in 4 months, Ill be going hard on trading. People will think I'm young and naïve about my trading. I admit there's a lot I don't know. In my opinion, the stuff I don't know. Are things you must learn through experience. - What I am truly asking is if someone with trading experience would be able to maybe setup a meet with me so we can have a conversation and talk. If anybody was willing to be my mentor id literally be up 24/7 to learn from you. I would like to discuss a few things about my strategy and what my next steps should be from this point on. Honestly all advice helps See i know my strategy works through backtesting and demos and I'm still refining my trading strategy but even then nothing is set in stone because I'm in my first 6 months. If i told this community i think i could hop in the markets and make profit with my strategy by making 1-3 trades a week. Id be laughed, memed and destroyed but i truly do believe that. Since I've started this journey I haven't been able to talk to anyone about cause nobody fuckin understands - FOR THAT REASON, is why i need to talk to someone with experience. I will tell you my strategy and how i learned it and my whole plan. We can talk about anything forex related but if someone could sit down wit me for like a couple hours... that'd honestly be goated. DISCLAIMER - Save your ''you wont be making profits, you'll blow your account, your to confident" comments for someone else. Trust me i know yo, the way i think i can trade is literally the most cockiest thing ever. That's why I'm scared. I don't know where I'm going to mess up. I feel like i got the byakugan of forex and some kunai boutta hit my blind spot. (if u get that reference your already successful in my eyes) I also know that im going to lose trades. Obviously but I'm not concerned with my risk management style.
Stop getting scammed by "traders" *influencers* who have never made a withdrawal
Most of your favorite forex youtubers making videos with crazy un realistic scalping gains with huge lots and only showing winners and not losses are just banking in on courses..😂 Most of these people are pricing their courses at $600-$2000 And with many having thousands of subscribers it is extremely profitable Youtuber A : has 80,000 subscribers and is selling a course for $1299. 1% of them decide to buy the course because he/she is a trading god who takes no losses and makes $300,000 a week 1% of 80,000 is 800 800x$1299 is $1,039,200 Or even imagine a small youtuber selling a course Youtuber B: 10,000 subsribers Course at $400 1% of subscribers buy 100x$400= $40,000!! - and that is me thinking that ONLY 1% of subsribers will buy in. Take this from someone who has bought multiple courses trying to make fast money. 1. It is rare to make fast money in any kind trading. 2. 90% of these courses are all recycled material 3. Most of these guys post demo account gains with crazy lot sizes. I admit there is some good guys out there but a bunch are just out to sell you dreams. I hope this isn't taken down, just trying to save people money that could easily go into a live trading account.
I'll leave these as they are for a little while (About 12 hours from now). If you check the trade history of these accounts vrs my posting history you'll see none of the losses made were from trades I posted. Actually sometimes I inverted the trades I posted to generate losses. You can see this in the "History" tab and of course you know how to see my Reddit posts. Heading into Monday I will attach new accounts to this and we can then run phase two of the test. I could just upload accounts already running and proftable to this, but I think it's best to do everything in real time and in the open. From now on I will be trading the same positions as I post and tracking the results of these. You can find these results at the links above as of Monday.
Now I'll trade and track results properly and we get to do a proper experiement into the real motives and nature of everyone involved. I've said it for months, the truth of people will be revealed by their own actions. Just a case of waiting untl the time is right. From now on I'll only trade the things I post in my subs/forum. No messing about. If they bomb this time, I suck. If not, let's see what happens :)
Hello, I am entirely new to Forex trading and up to this very moment I have not made a single Forex trade. However, it has piqued my interest lately and I decided to spend some spare time writing some high frequency FIX over SSL code. I was hoping you guys could help me with a couple of questions I have. Forgive me if these questions sound entirely dumb. If they are more suitable on a different subreddit please let me know. 1) Can I get a couple of resources (web-links/URLs) for historical currency pair data? What is the the best temporal granularity I can find in historical data? Seconds/milliseconds/nanoseconds? 2) Can I get recommendations for brokers that offer FIX trading? I found a somewhat popular platform with a $5000 minimum deposit but they do not permit registrations for US residents. Is this common? Any idea why? In addition, I came across a couple of VPS providers offering low latency connections to brokers often in the single digit milliseconds latency range. Are these guys legit? Anyone have any experience here? 3) In a low latency trading scenario, what is the typical duration for order execution? By this I mean the time period between placing a market order (FIX Tag 35=D) and getting a successful execution report(FIX Tag 35=8)? If this is a variable time period can you list the contributing factors? I have encountered some verbiage on broker sites warning that their demo accounts could offer more expedited order execution than real market accounts which might also have slippage(what is this?). I was hoping I could get actual numbers of typical expectations in a real market scenario under a variety of dependent conditions. Any answers I get would be every helpful and highly appreciated. Thanks!
Hi guys, I have started studying forex trading for a week now spending 4+ hours a day to consume as much knowledge as possible and I already started with a demo account and have 4:2 win loss ratio. I came really fast to the conclusion that portfolio size is the key to create an actual living out of forex and I see many youtube vids where traders claim that they double their portfolio every week and sell a course on that which seems to me logic wise close to impossible. ( I might be wrong) My question is, what is reallisticly possible to achieve with a portfolio size of 5k to begin with? After many threads and forums I realized that gaing 10% on a trade is high. It feels for me very unclear what genuinely is achievable on the long run (6 months +) with a 5k portfolio assuming that I have 60-70% success rate of making profitable trades. Thank you.
I have been trading for 3 months (6 months demo before that). Up until 3 days ago I have always traded with discipline, set SL, understood risk management and make reports out of downloadable CSV data from the broker. I even journal each trade at the end of the day. Each trade I make risks from 0.5% - 2% depending on how confident I am on the particular trade. The first 2 months of grind made 5% and 7% respectively. Several days ago, I lost 3 trades in a row and felt like George Costanza. It was especially demoralizing because I followed the technical, fundamental, trend, and confirmed with indicator, etc... yet, each went straight for my SL. I took the day off and reflected on what I did wrong. I lost 6% of my capital that day, a whole month's work. The very next day, during the Fed chair Powell speech, I focused on EUUSD, and as the chart started to run higher and higher, I am not sure what came over me, I entered long at 1.18401 and risked 20% of my capital. I was going to enter my usual 2% risk, but the greed (subconsciously?) in me added an extra 0. The very second the trade was entered, I felt a hot flash and my heart started pumping, I entered into loss territory, my heart sunk as I watch it go down 10 pips, 15 pips, if only for 15 seconds. Then it started going up, and it was exhilarating watching the profits. I had the good sense to enter TP at 1.189, and it got there 15 minutes later. I had just made a little over 10% of my capital in 15 minutes. Recovered yesterday's 6% loss and then some. I told my self that this was a one time thing, stupid and impulsive thing to do... until the next day... I saw a good opportunity with USD/JPY. I didn't even bother to check anything, technical, fundamental, indicators, NOTHING! Just that vertical cliff short candle... , my god, that full short candle, and the speed! This time, very much a conscious decision, I entered short with 30% of my capital at 106.5. 4 hours later, I hit my TP at 105.5. I had made 30% of my capital in 4 hours. In the last 2 trading days, up 40% of my capital, including my previous 2 months of measly 12% in comparison, I am roughly up 50% of my original capital in 3 months. This has been a good week to say the least. But I am afraid I have created an insatiable monster. The greed has overtaken good sense, and this is quite possibly the origin story of a blown account.
Looking for a good broker for options (for US based stocks) and forex trading. French tax resident
Hi guys, would be grateful for any insight about options and forex trading brokers present for French tax residents as such. Plan to start with an outlay of about 10k EUR and want to invest in US based stocks primarily. Would also be grateful if you might know of any platforms that provide demo accounts for options trading here as well.
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