Forex Scalping Trading Strategy Guide How to Scalp Forex

Forex Trading in Kenya.

Someone posted on here a few days ago asking about forex and forex trading in Kenya, I have gone through the responses and clearly, most people don’t have an idea. It is 3am in the morning and am in a good mood so let me make this post. This will be a comprehensive and lengthy post so grab a pen and paper and sit down. We’ll be here a while.
FIRST OF ALL, who am I..?
I am a forex trader, in Nairobi, Kenya..i have been actively involved in forex since I found out about it in Feb 2016 when I somehow ended up in a wealth creation seminar (lol) in pride inn Westlands, the one close to Mpaka Rd. Luckily for me, it was not one of those AIM global meetings or I’d be on Facebook selling God knows what those guys sell. I did not take it seriously till August of the same year and I have been active ever since.
I don’t teach, mentor or sell a course or signals, I trade my own money. I am also posting from a throwaway account because I don’t want KRA on my ass.
What the fuck is forex and forex trading.
In simple plain English, forex is like the stock market but for currencies. Stock Market = Shares, forex = currencies. If you want more in-depth explanation, google is your friend.
These currencies are pegged on specific countries, united states- dollar, UK- pound, euro zone- euro, Switzerland- Swiss franc, Kenya- Kenya shilling.. you get the point. Now, there are specific events and happenings between these economies that affect the movement and values of the currencies, driving their value (purchasing power up and down). Forex trading exploits these movements to make money. When the value is going up, we buy and vice versa (down –sell)
Is forex trading illegal in Kenya? Is it a scam?
Illegal, no. scam, no. All the banks in the world do it (KCB made about 4 billion from trading forex in 2019)
Have there been scams involving forex in Kenya?
Yes. Here is one that happened recently. This one is the most infamous one yet. Best believe that this is not the end of these type of scams because the stupidity, greed and gullibility of human beings is unfathomable.
However, by the end of this post, I hope you won’t fall for such silliness.
What next how do I make it work..?
Am glad you asked. Generally, there are two ways to go about it. One, you teach yourself. This is the equivalent of stealing our dad’s car and hoping that the pedal you hit is the brake and not the accelerator. It is the route I took, it is the most rewarding and a huge ego boost when you finally make it on your own. Typically, this involves scouring the internet for hours upon hours going down rabbit holes, thinking you have made it telling all your friends how you will be a millionaire then losing all your money. Some people do not have the stomach for that.
The second route is more practical, structured and smarter.
First Learn the basics. There is a free online forex course at www.babypips.com/learn/forex this is merely an introductory course. Basically it is learning the parts of a car before they let you inside the car.
Second, start building your strategy. By the time you are done with the babypips, you will have a feel of what the forex market is, what interests you, etc. Tip..Babypips has a lot of garbage. It is good for introductory purposes but not good for much else, pick whatever stick to you or jumps at you the first time. Nonsense like indicators should be ignored.
The next step is now the most important. Developing the skill and building your strategy. As a beginner, you want to exhaust your naivety before jumping into the more advanced stuff. Eg can you identify a trend, what is a pair, what is position sizing, what is metatrader 4 and how to operate it, what news is good for a currency, when can I trade, what are the different trading sessions, what is technical analysis, what is market sentiment, what are bullish conditions what is emotion management, how does my psychology affect my trading (more on this later) an I a swing, scalper or day trader etc
Mentors and forex courses.. you have probably seen people advertising how they can teach and mentor you on how to trade forex and charging so much money for it. Somehow it seems that these people are focused on the teaching than the trading. Weird, right..? Truth is trading is hard, teaching not quite. A common saying in the industry is “Those who can’t trade, teach” you want to avoid all these gurus on Facebook and Instagram, some are legit but most are not. Sifting the wheat from the chaff is hard but I did that for you. The info is available online on YouTube, telegram channels etc. am not saying not to spend money on a course, if you find a mentor whose style resonates with you and the course is reasonably priced, please, go ahead and buy..it will cut your learning curve in half. People are different. What worked for me might not work for you.
Here are some nice YouTube channels to watch. These guys are legit..
  1. Sam sieden
  2. Cuebanks
  3. TheCoinFx
  4. The trading channel
  5. Astro
  6. Forex family
  7. Wicksdontlie
Advanced stuff
  1. ICT
After a short period of time, you will be able to sniff out bs teachers with relative ease. You will also discover some of your own and expand the list. Two tips, start with the oldest videos first and whichever of these resonates with you, stick with till the wheels fall off.
How long will it take until things start making sense
Give yourself time to grow and learn. This is all new to you and you are allowed to make mistakes, to fail and discover yourself. Realistically, depending on the effort you put in, you will not start seeing results until after 6 months. Could take longeshorter so there is no guarantee.
Social media, Mentality, Psychology and Books
Online, forex trading might not have the best reputation online because it takes hard work and scammers and gurus give it a bad name. However, try to not get sucked into the Instagram trader lifestyle as it is nowhere close to what the reality is. You will not make millions tomorrow or the day after, you might never even make it in this market. But that is the reality of life. Nothing is promised, nothing is guaranteed.
Your mentality, beliefs and ego will be challenged in this market. You will learn things that will make you blood boil, you will ask yourself daily, how is this possible, why don’t they teach this in school..bla bla bla..it will be hard but growth is painful, if it wasn’t we’d all be billionaires. Take a break, take a walk, drink a glass of whatever you like or roll one..detox. Chill with your girl (or man) Gradually you will develop mental toughness that will set you up for life. Personally, I sorta ditched religion and picked up stoicism. Whatever works for you.
Psychology, this is unfortunately one of the most neglected aspects of your personal development in this journey. Do you believe in yourself? Can you stand by your convictions when everyone is against you? Can you get up every day uncertain of the future? There will be moments where you will question yourself, am I even doing the right thing? the right way? It is normal and essential for your growth. People who played competitive sports have a natural advantage here. Remember the game is first won in your head then on the pitch.
Books: ironically, books that helped me the most were the mindset books, Think and grow rich, trading for a living, 4 hour work week, the monk who sold his Ferrari..just google mindset and psychology books, most trading books are garbage. Watch and listen to people who have made it in the investing business. Ray Dalio, warren, Bill Ackman and Carl Icahn.
This is turning out to be lengthier than I anticipated so I’ll try to be brief for the remaining parts.
Brokers
You will need to open up an account with a broker. Get a broker who is regulated. Australian ones (IC Market and Pepperstone) are both legit, reliable and regulated. Do your research. I’d avoid local ones because I’ve heard stories of wide spreads and liquidity problems. International brokers have never failed me. There are plenty brokers, there is no one size fits all recommendation. If it ain’t broke..don’t fix it.
Money transfer.
All brokers accept wire transfers, you might need to call your bank to authorize that, avoid Equity bank. Stanchart and Stanbic are alright. Large withdrawals $10k+ you will have to call them prior. Get Skrill and Neteller if you don’t like banks like me, set up a Bitcoin wallet for faster withdrawals, (Payoneer and Paypal are accepted by some brokers, just check with them.)
How much money can I make..?
I hate this question because people have perceived ceilings of income in their minds, eg 1 million ksh is too much to make per month or 10,000ksh is too little. Instead, work backwards. What % return did I make this month/ on this trade. Safaricom made 19.5% last year, if you make 20% you have outperformed them. If you reach of consistency where you can make x% per month on whatever money you have, then there are no limits to how much you can make.
How much money do I need to start with..?
Zero. You have all the resources above, go forth. There are brokers who provide free bonuses and withdraw-able profits. However, to make a fulltime income you will need some serious cash. Generally, 50,000 kes. You can start lower or higher but if you need say 20k to live comfortably and that is a 10% return per month, then you can do the math on how big your account should be. Of course things like compound interest come into play but that is dependent on your skill level. I have seen people do spectacular things with very little funds.
Taxes..?
Talk to a lawyer or an accountant. I am neither.
Family? Friends?
Unfortunately, people will not understand why you spend hundreds of hours watching strangers on the internet so it is best to keep it from them. Eventually you will make it work and they will come to your corner talking about how they always knew you’d make it.
The journey will be lonely, make some trading buddies along the way. You’d be surprised at how easy it is when people are united by their circumstances (and stupidity) I have guys who are my bros from South Africa and Lebanon who I have never met but we came up together and are now homies. Join forums, ask questions and grow. That is the only way to learn. Ideally, a group of 5-10 friends committed to learning and growth is the best model. Pushing each other to grow and discovering together.
Forex is real and you can do amazing things with it. It is not a get rich quick scheme. If you want a quick guaranteed income, get a job.
And now it is 5am, fuck.
This is oversimplified and leaves out many many aspects.
Happy to answer any questions.
submitted by ChaliFlaniwaNairobi to Kenya [link] [comments]

H1 Backtest of ParallaxFX's BBStoch system

Disclaimer: None of this is financial advice. I have no idea what I'm doing. Please do your own research or you will certainly lose money. I'm not a statistician, data scientist, well-seasoned trader, or anything else that would qualify me to make statements such as the below with any weight behind them. Take them for the incoherent ramblings that they are.
TL;DR at the bottom for those not interested in the details.
This is a bit of a novel, sorry about that. It was mostly for getting my own thoughts organized, but if even one person reads the whole thing I will feel incredibly accomplished.

Background

For those of you not familiar, please see the various threads on this trading system here. I can't take credit for this system, all glory goes to ParallaxFX!
I wanted to see how effective this system was at H1 for a couple of reasons: 1) My current broker is TD Ameritrade - their Forex minimum is a mini lot, and I don't feel comfortable enough yet with the risk to trade mini lots on the higher timeframes(i.e. wider pip swings) that ParallaxFX's system uses, so I wanted to see if I could scale it down. 2) I'm fairly impatient, so I don't like to wait days and days with my capital tied up just to see if a trade is going to win or lose.
This does mean it requires more active attention since you are checking for setups once an hour instead of once a day or every 4-6 hours, but the upside is that you trade more often this way so you end up winning or losing faster and moving onto the next trade. Spread does eat more of the trade this way, but I'll cover this in my data below - it ends up not being a problem.
I looked at data from 6/11 to 7/3 on all pairs with a reasonable spread(pairs listed at bottom above the TL;DR). So this represents about 3-4 weeks' worth of trading. I used mark(mid) price charts. Spreadsheet link is below for anyone that's interested.

System Details

I'm pretty much using ParallaxFX's system textbook, but since there are a few options in his writeups, I'll include all the discretionary points here:

And now for the fun. Results!

As you can see, a higher target ended up with higher profit despite a much lower winrate. This is partially just how things work out with profit targets in general, but there's an additional point to consider in our case: the spread. Since we are trading on a lower timeframe, there is less overall price movement and thus the spread takes up a much larger percentage of the trade than it would if you were trading H4, Daily or Weekly charts. You can see exactly how much it accounts for each trade in my spreadsheet if you're interested. TDA does not have the best spreads, so you could probably improve these results with another broker.
EDIT: I grabbed typical spreads from other brokers, and turns out while TDA is pretty competitive on majors, their minors/crosses are awful! IG beats them by 20-40% and Oanda beats them 30-60%! Using IG spreads for calculations increased profits considerably (another 5% on top) and Oanda spreads increased profits massively (another 15%!). Definitely going to be considering another broker than TDA for this strategy. Plus that'll allow me to trade micro-lots, so I can be more granular(and thus accurate) with my position sizing and compounding.

A Note on Spread

As you can see in the data, there were scenarios where the spread was 80% of the overall size of the trade(the size of the confirmation candle that you draw your fibonacci retracements over), which would obviously cut heavily into your profits.
Removing any trades where the spread is more than 50% of the trade width improved profits slightly without removing many trades, but this is almost certainly just coincidence on a small sample size. Going below 40% and even down to 30% starts to cut out a lot of trades for the less-common pairs, but doesn't actually change overall profits at all(~1% either way).
However, digging all the way down to 25% starts to really make some movement. Profit at the -161.8% TP level jumps up to 37.94% if you filter out anything with a spread that is more than 25% of the trade width! And this even keeps the sample size fairly large at 187 total trades.
You can get your profits all the way up to 48.43% at the -161.8% TP level if you filter all the way down to only trades where spread is less than 15% of the trade width, however your sample size gets much smaller at that point(108 trades) so I'm not sure I would trust that as being accurate in the long term.
Overall based on this data, I'm going to only take trades where the spread is less than 25% of the trade width. This may bias my trades more towards the majors, which would mean a lot more correlated trades as well(more on correlation below), but I think it is a reasonable precaution regardless.

Time of Day

Time of day had an interesting effect on trades. In a totally predictable fashion, a vast majority of setups occurred during the London and New York sessions: 5am-12pm Eastern. However, there was one outlier where there were many setups on the 11PM bar - and the winrate was about the same as the big hours in the London session. No idea why this hour in particular - anyone have any insight? That's smack in the middle of the Tokyo/Sydney overlap, not at the open or close of either.
On many of the hour slices I have a feeling I'm just dealing with small number statistics here since I didn't have a lot of data when breaking it down by individual hours. But here it is anyway - for all TP levels, these three things showed up(all in Eastern time):
I don't have any reason to think these timeframes would maintain this behavior over the long term. They're almost certainly meaningless. EDIT: When you de-dup highly correlated trades, the number of trades in these timeframes really drops, so from this data there is no reason to think these timeframes would be any different than any others in terms of winrate.
That being said, these time frames work out for me pretty well because I typically sleep 12am-7am Eastern time. So I automatically avoid the 5am-6am timeframe, and I'm awake for the majority of this system's setups.

Moving stops up to breakeven

This section goes against everything I know and have ever heard about trade management. Please someone find something wrong with my data. I'd love for someone to check my formulas, but I realize that's a pretty insane time commitment to ask of a bunch of strangers.
Anyways. What I found was that for these trades moving stops up...basically at all...actually reduced the overall profitability.
One of the data points I collected while charting was where the price retraced back to after hitting a certain milestone. i.e. once the price hit the -61.8% profit level, how far back did it retrace before hitting the -100% profit level(if at all)? And same goes for the -100% profit level - how far back did it retrace before hitting the -161.8% profit level(if at all)?
Well, some complex excel formulas later and here's what the results appear to be. Emphasis on appears because I honestly don't believe it. I must have done something wrong here, but I've gone over it a hundred times and I can't find anything out of place.
Now, you might think exactly what I did when looking at these numbers: oof, the spread killed us there right? Because even when you move your SL to 0%, you still end up paying the spread, so it's not truly "breakeven". And because we are trading on a lower timeframe, the spread can be pretty hefty right?
Well even when I manually modified the data so that the spread wasn't subtracted(i.e. "Breakeven" was truly +/- 0), things don't look a whole lot better, and still way worse than the passive trade management method of leaving your stops in place and letting it run. And that isn't even a realistic scenario because to adjust out the spread you'd have to move your stoploss inside the candle edge by at least the spread amount, meaning it would almost certainly be triggered more often than in the data I collected(which was purely based on the fib levels and mark price). Regardless, here are the numbers for that scenario:
From a literal standpoint, what I see behind this behavior is that 44 of the 69 breakeven trades(65%!) ended up being profitable to -100% after retracing deeply(but not to the original SL level), which greatly helped offset the purely losing trades better than the partial profit taken at -61.8%. And 36 went all the way back to -161.8% after a deep retracement without hitting the original SL. Anyone have any insight into this? Is this a problem with just not enough data? It seems like enough trades that a pattern should emerge, but again I'm no expert.
I also briefly looked at moving stops to other lower levels (78.6%, 61.8%, 50%, 38.2%, 23.6%), but that didn't improve things any. No hard data to share as I only took a quick look - and I still might have done something wrong overall.
The data is there to infer other strategies if anyone would like to dig in deep(more explanation on the spreadsheet below). I didn't do other combinations because the formulas got pretty complicated and I had already answered all the questions I was looking to answer.

2-Candle vs Confirmation Candle Stops

Another interesting point is that the original system has the SL level(for stop entries) just at the outer edge of the 2-candle pattern that makes up the system. Out of pure laziness, I set up my stops just based on the confirmation candle. And as it turns out, that is much a much better way to go about it.
Of the 60 purely losing trades, only 9 of them(15%) would go on to be winners with stops on the 2-candle formation. Certainly not enough to justify the extra loss and/or reduced profits you are exposing yourself to in every single other trade by setting a wider SL.
Oddly, in every single scenario where the wider stop did save the trade, it ended up going all the way to the -161.8% profit level. Still, not nearly worth it.

Correlated Trades

As I've said many times now, I'm really not qualified to be doing an analysis like this. This section in particular.
Looking at shared currency among the pairs traded, 74 of the trades are correlated. Quite a large group, but it makes sense considering the sort of moves we're looking for with this system.
This means you are opening yourself up to more risk if you were to trade on every signal since you are technically trading with the same underlying sentiment on each different pair. For example, GBP/USD and AUD/USD moving together almost certainly means it's due to USD moving both pairs, rather than GBP and AUD both moving the same size and direction coincidentally at the same time. So if you were to trade both signals, you would very likely win or lose both trades - meaning you are actually risking double what you'd normally risk(unless you halve both positions which can be a good option, and is discussed in ParallaxFX's posts and in various other places that go over pair correlation. I won't go into detail about those strategies here).
Interestingly though, 17 of those apparently correlated trades ended up with different wins/losses.
Also, looking only at trades that were correlated, winrate is 83%/70%/55% (for the three TP levels).
Does this give some indication that the same signal on multiple pairs means the signal is stronger? That there's some strong underlying sentiment driving it? Or is it just a matter of too small a sample size? The winrate isn't really much higher than the overall winrates, so that makes me doubt it is statistically significant.
One more funny tidbit: EUCAD netted the lowest overall winrate: 30% to even the -61.8% TP level on 10 trades. Seems like that is just a coincidence and not enough data, but dang that's a sucky losing streak.
EDIT: WOW I spent some time removing correlated trades manually and it changed the results quite a bit. Some thoughts on this below the results. These numbers also include the other "What I will trade" filters. I added a new worksheet to my data to show what I ended up picking.
To do this, I removed correlated trades - typically by choosing those whose spread had a lower % of the trade width since that's objective and something I can see ahead of time. Obviously I'd like to only keep the winning trades, but I won't know that during the trade. This did reduce the overall sample size down to a level that I wouldn't otherwise consider to be big enough, but since the results are generally consistent with the overall dataset, I'm not going to worry about it too much.
I may also use more discretionary methods(support/resistance, quality of indecision/confirmation candles, news/sentiment for the pairs involved, etc) to filter out correlated trades in the future. But as I've said before I'm going for a pretty mechanical system.
This brought the 3 TP levels and even the breakeven strategies much closer together in overall profit. It muted the profit from the high R:R strategies and boosted the profit from the low R:R strategies. This tells me pair correlation was skewing my data quite a bit, so I'm glad I dug in a little deeper. Fortunately my original conclusion to use the -161.8 TP level with static stops is still the winner by a good bit, so it doesn't end up changing my actions.
There were a few times where MANY (6-8) correlated pairs all came up at the same time, so it'd be a crapshoot to an extent. And the data showed this - often then won/lost together, but sometimes they did not. As an arbitrary rule, the more correlations, the more trades I did end up taking(and thus risking). For example if there were 3-5 correlations, I might take the 2 "best" trades given my criteria above. 5+ setups and I might take the best 3 trades, even if the pairs are somewhat correlated.
I have no true data to back this up, but to illustrate using one example: if AUD/JPY, AUD/USD, CAD/JPY, USD/CAD all set up at the same time (as they did, along with a few other pairs on 6/19/20 9:00 AM), can you really say that those are all the same underlying movement? There are correlations between the different correlations, and trying to filter for that seems rough. Although maybe this is a known thing, I'm still pretty green to Forex - someone please enlighten me if so! I might have to look into this more statistically, but it would be pretty complex to analyze quantitatively, so for now I'm going with my gut and just taking a few of the "best" trades out of the handful.
Overall, I'm really glad I went further on this. The boosting of the B/E strategies makes me trust my calculations on those more since they aren't so far from the passive management like they were with the raw data, and that really had me wondering what I did wrong.

What I will trade

Putting all this together, I am going to attempt to trade the following(demo for a bit to make sure I have the hang of it, then for keeps):
Looking at the data for these rules, test results are:
I'll be sure to let everyone know how it goes!

Other Technical Details

Raw Data

Here's the spreadsheet for anyone that'd like it. (EDIT: Updated some of the setups from the last few days that have fully played out now. I also noticed a few typos, but nothing major that would change the overall outcomes. Regardless, I am currently reviewing every trade to ensure they are accurate.UPDATE: Finally all done. Very few corrections, no change to results.)
I have some explanatory notes below to help everyone else understand the spiraled labyrinth of a mind that put the spreadsheet together.

Insanely detailed spreadsheet notes

For you real nerds out there. Here's an explanation of what each column means:

Pairs

  1. AUD/CAD
  2. AUD/CHF
  3. AUD/JPY
  4. AUD/NZD
  5. AUD/USD
  6. CAD/CHF
  7. CAD/JPY
  8. CHF/JPY
  9. EUAUD
  10. EUCAD
  11. EUCHF
  12. EUGBP
  13. EUJPY
  14. EUNZD
  15. EUUSD
  16. GBP/AUD
  17. GBP/CAD
  18. GBP/CHF
  19. GBP/JPY
  20. GBP/NZD
  21. GBP/USD
  22. NZD/CAD
  23. NZD/CHF
  24. NZD/JPY
  25. NZD/USD
  26. USD/CAD
  27. USD/CHF
  28. USD/JPY

TL;DR

Based on the reasonable rules I discovered in this backtest:

Demo Trading Results

Since this post, I started demo trading this system assuming a 5k capital base and risking ~1% per trade. I've added the details to my spreadsheet for anyone interested. The results are pretty similar to the backtest when you consider real-life conditions/timing are a bit different. I missed some trades due to life(work, out of the house, etc), so that brought my total # of trades and thus overall profit down, but the winrate is nearly identical. I also closed a few trades early due to various reasons(not liking the price action, seeing support/resistance emerge, etc).
A quick note is that TD's paper trade system fills at the mid price for both stop and limit orders, so I had to subtract the spread from the raw trade values to get the true profit/loss amount for each trade.
I'm heading out of town next week, then after that it'll be time to take this sucker live!

Live Trading Results

I started live-trading this system on 8/10, and almost immediately had a string of losses much longer than either my backtest or demo period. Murphy's law huh? Anyways, that has me spooked so I'm doing a longer backtest before I start risking more real money. It's going to take me a little while due to the volume of trades, but I'll likely make a new post once I feel comfortable with that and start live trading again.
submitted by ForexBorex to Forex [link] [comments]

Leaving this thread

I joined this thread a few weeks ago. I thought it was a place where real traders hangout and actually learn from each other. Learning forex is not just strategy and psychology. I've learnt people here got a fixed state of mind about risk management and money management. Whereas I have been consistent with 10%, I have friends who trade 20%, 30% and as little as 5%.
Some who take the whole move and others who take whatever ago.
I would ask why, and they all reply,"My risk management."
What could be a learning moment always turns into an exchange of nasty conversation. My very memorable "nemesis" who told me I need to be saved, I'm too far gone, etc, also bragged he has been trading profitably for 2 years. He recently posted how he is depressed about trading and is actually afraid of the markets. hasn't trade for months now and when he did, it was only for 5 months.
Most of them are computer science and Finance students. They are quick to tell every newbie how they need such background to be succesful taders. Here's the kicker. Only one trader in my circle has a C.S background. All the others have A Bachelors of Obsession and Perseverance. Of course there are very few cool finance and CS students here. No beef.
At the end of the day, I'm only human. And these conversation, at the very least trigger a conversation. At the most annoys me. I know scalpers and swingers and I treat them equally. at the end of the day they are all securing the bag. I'm nice to them, so at the end of the day they drop me a nugget.
  1. The dude who turns 200 to 250k in under a month. "Dude, Icmarkets is great. but after opening with 200$, split that into ten accounts. and if you go bust then you have only lost 20."
  2. A 100 lots guy,"if you loose 3 trades in a row, go back to demo."
  3. my homeboy rockstar trader, I would call him up like yo I just had the biggest week ever, I.m 50% up. and he's like, withdraw and go treat yourself. It took me 2 years before my first withdrawal. you've made it in a year. And, I'm like," but I'm trynna compound.."
  4. And he's like,"At the very least open an extra account."
These look like simple remarks but mix em with your strategy and they take you a step further, control greed, give you a chance to stop and refine your strategy, Give you a chance to come back after a blown account, I could go on and on. there is so much I've learnt even from mediocre traders with flashy lifestyle on IG.
Now I just mentioned a guy who trades the 1 min and make 80-100+% per trade. instead of someone asking me how's that possible? Have you seen his Myfxbook? No He went on about how that's pure bullshit. Now my personality trait, I would wanna answer him that I have actually seen his myfxbook and that is how i actually keep track of each %age.
So basically this thread has consumed my time online and offline and in some way affected my trading. I remember closing a trade at 10 pips profit just so my account would be a solid 30 something %, when I was positive that the trade had higher chances of reaching 45 pips, I just didnt wanna risk the propbable chance of it reversing to my SL. so that i could sshot and post it to the few haters and non believers that I had earned in this thread. Now look at this, With the cute sshot I was 30%+ up, but without it and the haters, I would've been about 70% up that.
Whereas I had myself and my few trading friends who I actually reach out to ask questions. now I had a bunch of people to convince that there actually is money in forex. Even when I'm not online I find myself thinking about this thread. Wanting to come online to answer a few question or just read some posts.
I have caught myself checking this page first before starting my backtesting. we all know how a quick check can turn into minutes on the internet. I'd come online and see a "pro trader" telling a newbie how he needs a Finance or C.S background to succeed in this field, if not just foget about it. And these replies are always delivered with a touch of arrogance that makes me go like wtf?! and i would jump in and reply.
More power to those who can manage being apart of a toxic group. I have managed to help a few who reached out to me from this group but that's that. As for me I can manage the negative energy and trade and run a super productive life.
Anyways, I'm one strike away from a perma ban for posting profits. So...yeah
submitted by Gottagethard to Forex [link] [comments]

An Honest Review of T3 Newsbeat Live

T3 Newsbeat Live is run by Mark Melnick, a 20-year veteran trader from New York. According to him, he made his first million at the age of 19 during the dot-com boom back in the late 90s.
He claims that his trading room is the fastest growing trading room at T3 and also the Wall Street’s #1 trading room. You can see this in the description of his videos on Youtube.
He is a big proponent of reaching the highest win rate possible in trading. He openly shares some of his trading strategies in free videos and claims that some of his strategies are batting over 70% or even 80 %.
He also often says that some of the members enjoy a win rate over 90% using his strategies.
I will let you be the judge of this.
Self-Promotion
He makes a lot of videos to attract new people into his trading room. His daily videos are uploaded on Facebook and Youtube almost daily even on Weekends (mostly excluding Friday evening & Saturdays).
In so many videos you’d hear him talking about how his trading room has an edge over other trading rooms while bashing other trading rooms as a whole.
He often talks about how his trading room bought stocks/options at the near bottom or shorted at the near top using his “algorithmic analysis” which can be applied to all markets (stocks, future, forex, crypto).
Piques your curiosity, right?
In fact, that’s how I got to give his trading room a try.
“Who in the hell wouldn’t want to catch the top & bottom in the markets, right?”
So, you would think people in his room and himself are making a killing using his algorithmic analysis?
Not so fast… (in fact, his algorithmic analysis is just drawing trendlines and identifying the most probable support and resistance)
When it works (of course, nothing works 100% of the time), you are able to catch just few cents off the top and bottom when it works if you follow his trade.
However, you have no idea how long you’d have to hold your position. Mark doesn’t know either.
So, he usually goes for nickels and dimes and rarely holds a position longer than 5 minutes.
Even if he’s good at picking bottoms and tops, you’d often risk more than nickels and dimes just to make nickels and dimes. Make sense, right?
…….
…….
…….
Also, because he gets out of his positions fast, he misses out on riding some potentially big trades.
Oh, how I wish stay in that position a bit longer. He doesn’t say but one can surmise that he often leave too much on the table.
Of course, it’s important to take your profit fast when you scalp but you consistently leave too much on the table like he does, one has to wonder if he has any system for taking profits (otherwise, it’s all discretionary guessing).
This type of bottom/top picking is not his main strategy, though.
The strategy that makes him the most amount of money might surprise you. I will get to this later.
How Mark Trades (Mark’s Trading Setups and Strategies)
Mainly, he scans the market in the morning for earnings reports, analysts’ upgrades/downgrades and other catalysts that have potential to make moves in the market.
He openly shares his mockery or insult of analysts, calling certain analysts “idiots” or “imbeciles”.
He puts on his first trade(s) early in the morning (from 9:30AM to 10:00AM Eastern Standard Time) when the market move is the most volatile.
Some of his strategies use market order during this period of volatile time using options. You can see why this can be very risky and especially on thinly traded options with side spread.
He does point out this but sometimes you hear people in the room stuck in an options position that they can’t get out.
Just like his trades from calling the top/bottom of a stock, he gets in and gets out of a position within minutes if not seconds while going for nickels and dimes while staring at 1minute and 5-minutes charts.
That applies to most, if not all of his strategies. (Yes, sometimes he does catch bigger moves than nickels and dimes.)
When you trade during the most volatile time in the morning, you’re subjected to wild moves in both directions. If you’re overly prudent or inexperienced in trading, your stop (unless very wide), has a very high chance of hitting. A lot of times it might stop you out and go in the direction that you predicted.
So, when you’ve been trading during this time, you’d probably don’t set a stoploss order or a hard stop to avoid getting fleeced.
You do have to be proactive at cutting your loss as quickly as possible. Otherwise you’d find yourself scrambling to get out your position while the bid keeps dropping.
I have to say that Mark is very cautious and he does get out of trades very fast if he has doubt.
A lot of times he lets out exhausting, heavy sighs and even murmurs some swear words when things don’t seem to go the way he wants in a trade. Besides calling certain analysts, “imbeciles” and “idiots”, this is quite unprofessional but no one in the room has the gut to point things out like this.
The irony is that he is the “head of trading psychology” at T3 and it doesn’t seem like that he doesn’t have much control over his trading psychology and let alone his emotion.
People in trading chatrooms, like a herd of sheep, as a whole exhibit herd mentality. Even in an online chatroom, you don’t often see someone ruffling feathers and say what they really want to say.
This is probably because of the certain amount of people believing whatever he says without questioning the validity and quality of his comments.
He has several strategies and according to him all of them have win rate over %70.
However, he also comes up with new strategies as often as every month. He either comes up with new strategy or tweaks his existing strategies.
According to him, the reason is that the market is always evolving and you need to constantly adapt yourself to the ever-changing market environment.
What do you think? Does this sound like someone with an edge?
And for someone who scalps for nickels and dimes, he claims to have the highest Sharpe Ratio that he has ever seen in the industry. I’m NOT making this up. He often utters remarks like “My Sharpe Ratio is one of the highest I’ve seen in my twenty-year trading career.”, “I want to create a of traders with a very high Sharpe Ratio.
How can you achieve a high Sharpe Ratio when you scalp all the time?
And let’s not even talk about commissions generated from frequent scalping.
Who cares about commissions when you can be a scalper with high Sharpe Ratio?
Now, I want to talk about something controversial about his most profitable strategy.
Chatters
According to him, he makes the most amount of money using what he calls “Chatters”. He admits he bets on this kind of trades heavily.
His chatter trades are based on the “newsflow” of big funds making a move in certain stocks and piggybacking on the same trade before others catch on.
No one knows how he exactly gets his “newsflow” and he doesn’t give a straight answer when asked.
Maybe he pays a lot for this kind of information or maybe it’s given to him for free. Who knows?
But it makes sense. The name of the room is Newsbeat Live. Without this the name wouldn’t be the same.
This is probably the only real edge that he has and it’s understandable that he doesn’t want to reveal how he get this kind of newsflow and from where.
By joining his trading room he’ll make a callout on these trades for you to take advantage of.
In order to do this kind of trade, you have to be very quick on your trigger finger.
Almost always the initial move is done within a couple of minutes, if not seconds. If you get in late, you find yourself a sucker buying at or near the top.
Also, because you want to get in as soon as you hear his “chatter” announcements, he advised people to get in within 5 seconds of each chatter announcement and use market order to get in. He said that if he had a small account, he’d bet 100% on this kind of “high-octane” chatter trades and get in and get out fast for “easy” money.
This was how chatter trades were done
…Until one they when many people got burned badly.
Back in September or October of 2019, a lot of people in the room lost a lot money because they market ordered call options contracts on a chatter trade.
The spread on that trade was something like BID: 0.5 ASK: 5.00 few seconds after he announced it.
I didn’t take that trade. No way, I’m going to buy something that has a spread like that.
If you’ve been trading options you know that this kind of spread can happen. Many people that day in the room marketed-in on the trade, taking the offer at ASK.
They found themselves buying at $5.0 per contract when someone probably bought the same contract at $0.40 or $0.50 just few seconds ago.
Someone walked away with decent profits on that trade.
This was the biggest trading chatroom fiasco I’ve ever seen.
People in the room grieving and throwing numbers of how much they had just lost. 10K, 20K, 30K and even $60K.
Could it be also that someone who lost more and didn’t want to talk about it because it’d hurt too much? And how embarrassing to talk about such a loss. I give credit to people who spoke up about it.
People were obviously distressed and what did Mr. Mark Melnick do at this moment?
Initially, he didn’t say much. But what he said he was going to walk away from the trading desk to clear his mind.
It took a while for him to come back and he mentioned that it hurt him a lot that people lost a lot of money and encouraged people not to hesitate to contact him.
I don’t think he ever said anything about that he made a mistake insinuating to load up on chatter trades. No apology since everyone who took the trade did it at their own risk. He advised people to reach out to their broker and do whatever it takes to get their trades annulled because the market makers in that trades were despicable crooks and evil.
But let’s get one thing clear. Perhaps the cold hard truth.
Since Mark is the one who announces chatter trades. he basically frontruns everyone who gets in on these trades after him. There were times when he doesn’t take his own chatter trades and lets the room have it.
But when he does, it’s a guarantee win for him.
He has some sycophantic followers in his trading room and these people are always hungry for chatter plays. I can imagine drooling over the idea of next chatter trades.
It’s human to naturally seek the least path of resistance and this type of trade requires no skill but having fast trigger finger and a platform that allows fast execution.
By taking his chatter trades, you are most likely to make money as long as you act fast to get in and get out.
The thing is, you don’t know when it’s exactly the next chatter trade is going to happen.
If you take a bathroom break, you just miss it. If you take a phone call or answer a door bell, you just missed it.
So, it requires you to be glued to your monitor(s) if you want to make the most of your subscription.
So, we went over Mark’s most profitable strategy. But wait we haven’t yet to talk about his overnight swing trades.
Mark’s Swing Trades
His overnight swing trades jokes. Yes, jokes.
A lot of his overnight trades are done just before earnings announcements when implied volatility is at the highest.
You’ve ever bought a call option just before earnings, predicted the right direction but only to find out that you still lost money next morning? This is because of the implied volatility crush post earnings. A lot of people new to options don’t know this and get taken advantage by veterans this way.
I don’t know if Mark knows or not but I witnessed him buying options this way. I think he understand the concept of implied volatility but why he gets on such trades is a mystery.
I haven’t exactly checked the result of all of his swing trades but I wouldn’t be surprised if people lost more money following his swing trades than anything in the room.
Final Word
Mark offers “free-consultation” on the phone for people who struggle in their trading.
He said that he takes a lot of phone calls but often you’d get the feeling that he is distracted, unable to give an undivided attention for his consultation.
“How would you like to get on a free consultation with a millionaire scalper who can take your trading to the next level?” Appealing isn’t it?
But would you want to get on the phone with someone who is going to give a consultation, even if he or she is distracted?
Oh, it’s a free consultation. Ok, why not? What do I got to lose?
In his videos, you’d hear him saying that he cares for everyone in his trading room and considers them as part of his family. And he runs the trading room out of his good heart and intention more than making money.
Besides he says that he makes more money from his trading than running the room.
My suggestion is that you have a look and you’d be the judge.
He does hold “open house” for his trading room from time to time.
Also, I believe that if you try his trading room for the first time, you try it for a month for about $50. As for me, he’s just another front runner using his trading room to profit with a bad sense of humor and exaggeration that make you cringe.
submitted by appplejack007 to Daytrading [link] [comments]

Shorting Noobs - Style Adaptions and the Search for Sustainability

Shorting Noobs - Style Adaptions and the Search for Sustainability
Part [1] [2] [3] [4]

So in the first week of this an account initially funded with $10,000 got to around $40,000 / $45,000, but it was wild. The drawdown swings were large. Equity swings were what I would describe as problematic. My broker agreed. I got a call from them and it went a bit like this;

"Hi, Whatthefx (yes, me and the broker are on first name terms). One of your new accounts has done a lot volume this week. I was wondering if you're going to continue to trade so aggressively? Can we expect the same volume this week?"

I replied; "Of course not. I started last week with $10,000 and now there is $40,000. It would be fair to assume I will trade four times as much volume this week".

They advised me if I did this, in the near future we'd be having a discussion about re-evaluating how much leverage the broker would offer me. I told them I could not believe they'd speak to me like this after all we'd been through. "You've changed, man" I ruefully muttered into the phone. He told me risk compliance was getting edgy, and they felt the best solution would be to reduce my leverage. I told them to a hammer everything looks like a nail. They told me this hammer was about to come down.

Long story short, compromises has to be made.

I decided to split accounts and reduce risk acceptance on both of them (dramatically on the larger of the two accounts). I started an account with $25,000 running a very similar but slightly watered down version of the initial strategy. I then started another account with $50,000 and used this to trade against people who consistently bet against trending moves.

Vrs scalpers results:


https://preview.redd.it/f2ixgaz8lsh31.png?width=923&format=png&auto=webp&s=2aa495b2df70e32cd49d7ce6786a8dac652c928c

As a recovered "Trend doubter", I understand the mindset of people who fade the trend too aggressively. There is a fine line between being an effective contrarian and just being dumb enough to think you're smarter than the entire market. When you're the latter, you come to learn the infallible truth in the saying "A fool and his money are soon separated".

I take a bit of time to snoop on those I am reverse copying from. Through some statistical analysis and good old fashioned reading through their feeds on platforms they promote themselves I seek out the ones who have die hard doubt on the existence of strong trends and also with some ingrained belief that the fib levels are irrelevant.

I find the ones most die hard against these things. It's easier to find committed doubters of fibs than it is of trends. I find those who are the most extreme on this bell curve. Some of them are practically evangelical about how sceptical they are of fibs. I take these people and pay particular attention to their trades. Most specifically I run analysis to see how the trades they make at important fib levels perform. I have a few I look at but the most important one for basic trend following is the 61.8% fib (explained in previous post).

I find an extremely high correlation between the people who know so much better than us who like to use fibs and them consistently making losing trades at important fib levels.

https://preview.redd.it/vxu0ehnrlsh31.png?width=266&format=png&auto=webp&s=cc5692b1677ae4a4af1c5ac7c177c4f3cc6680b3

This is all I need to feel confident sticking some money on this. I make some filters to allow me to copy their mistakes and dodge the times they are more likely to be correct. I add some other ways to identify strong trends. I include some aspects of ATR, ADX and MAs. I also do some lot sizes rules to prevent them from martingaling against me. I do not want to let them accumulate larger and larger positions against me on the slight breakouts of the 61.8% level, because there is a high chance of there being a retest of that level. If they close all their positions there, this will give me a net loss.


Vrs trend faders results:

https://preview.redd.it/bz7mp4xelsh31.png?width=913&format=png&auto=webp&s=91f17d291a135a772bbf5048a72b038fcba0c5a4
submitted by whatthefx to Forex [link] [comments]

How to get started in Forex - A comprehensive guide for newbies

Almost every day people come to this subreddit asking the same basic questions over and over again. I've put this guide together to point you in the right direction and help you get started on your forex journey.

A quick background on me before you ask: My name is Bob, I'm based out of western Canada. I started my forex journey back in January 2018 and am still learning. However I am trading live, not on demo accounts. I also code my own EA's. I not certified, licensed, insured, or even remotely qualified as a professional in the finance industry. Nothing I say constitutes financial advice. Take what I'm saying with a grain of salt, but everything I've outlined below is a synopsis of some tough lessons I've learned over the last year of being in this business.

LET'S GET SOME UNPLEASANTNESS OUT OF THE WAY

I'm going to call you stupid. I'm also going to call you dumb. I'm going to call you many other things. I do this because odds are, you are stupid, foolish,and just asking to have your money taken away. Welcome to the 95% of retail traders. Perhaps uneducated or uninformed are better phrases, but I've never been a big proponent of being politically correct.

Want to get out of the 95% and join the 5% of us who actually make money doing this? Put your grown up pants on, buck up, and don't give me any of this pc "This is hurting my feelings so I'm not going to listen to you" bullshit that the world has been moving towards.

Let's rip the bandage off quickly on this point - the world does not give a fuck about you. At one point maybe it did, it was this amazing vision nicknamed the American Dream. It died an agonizing, horrible death at the hand of capitalists and entrepreneurs. The world today revolves around money. Your money, my money, everybody's money. People want to take your money to add it to theirs. They don't give a fuck if it forces you out on the street and your family has to live in cardboard box. The world just stopped caring in general. It sucks, but it's the way the world works now. Welcome to the new world order. It's called Capitalism.

And here comes the next hard truth that you will need to accept - Forex is a cruel bitch of a mistress. She will hurt you. She will torment you. She will give you nightmares. She will keep you awake at night. And then she will tease you with a glimmer of hope to lure you into a false sense of security before she then guts you like a fish and shows you what your insides look like. This statement applies to all trading markets - they are cruel, ruthless, and not for the weak minded.

The sooner you accept these truths, the sooner you will become profitable. Don't accept it? That's fine. Don't bother reading any further. If I've offended you I don't give a fuck. You can run back home and hide under your bed. The world doesn't care and neither do I.

For what it's worth - I am not normally an major condescending asshole like the above paragraphs would suggest. In fact, if you look through my posts on this subreddit you will see I am actually quite helpful most of the time to many people who come here. But I need you to really understand that Forex is not for most people. It will make you cry. And if the markets themselves don't do it, the people in the markets will.

LESSON 1 - LEARN THE BASICS

Save yourself and everybody here a bunch of time - learn the basics of forex. You can learn the basics for free - BabyPips has one of the best free courses online which explains what exactly forex is, how it works, different strategies and methods of how to approach trading, and many other amazing topics.

You can access the BabyPips course by clicking this link: https://www.babypips.com/learn/forex

Do EVERY course in the School of Pipsology. It's free, it's comprehensive, and it will save you from a lot of trouble. It also has the added benefit of preventing you from looking foolish and uneducated when you come here asking for help if you already know this stuff.

If you still have questions about how forex works, please see the FREE RESOURCES links on the /Forex FAQ which can be found here: https://www.reddit.com/Forex/wiki/index

Quiz Time
Answer these questions truthfully to yourself:

-What is the difference between a market order, a stop order, and a limit order?
-How do you draw a support/resistance line? (Demonstrate it to yourself)
-What is the difference between MACD, RSI, and Stochastic indicators?
-What is fundamental analysis and how does it differ from technical analysis and price action trading?
-True or False: It's better to have a broker who gives you 500:1 margin instead of 50:1 margin. Be able to justify your reasoning.

If you don't know to answer to any of these questions, then you aren't ready to move on. Go back to the School of Pipsology linked above and do it all again.

If you can answer these questions without having to refer to any kind of reference then congratulations, you are ready to move past being a forex newbie and are ready to dive into the wonderful world of currency trading! Move onto Lesson 2 below.

LESSON 2 - RANDOM STRANGERS ARE NOT GOING TO HELP YOU GET RICH IN FOREX

This may come as a bit of a shock to you, but that random stranger on instagram who is posting about how he is killing it on forex is not trying to insprire you to greatness. He's also not trying to help you. He's also not trying to teach you how to attain financial freedom.

99.99999% of people posting about wanting to help you become rich in forex are LYING TO YOU.

Why would such nice, polite people do such a thing? Because THEY ARE TRYING TO PROFIT FROM YOUR STUPIDITY.

Plain and simple. Here's just a few ways these "experts" and "gurus" profit from you:


These are just a few examples. The reality is that very few people make it big in forex or any kind of trading. If somebody is trying to sell you the dream, they are essentially a magician - making you look the other way while they snatch your wallet and clean you out.

Additionally, on the topic of fund managers - legitimate fund managers will be certified, licensed, and insured. Ask them for proof of those 3 things. What they typically look like are:

If you are talking to a fund manager and they are insisting they have all of these, get a copy of their verification documents and lookup their licenses on the directories of the issuers to verify they are valid. If they are, then at least you are talking to somebody who seems to have their shit together and is doing investment management and trading as a professional and you are at least partially protected when the shit hits the fan.


LESSON 3 - UNDERSTAND YOUR RISK

Many people jump into Forex, drop $2000 into a broker account and start trading 1 lot orders because they signed up with a broker thinking they will get rich because they were given 500:1 margin and can risk it all on each trade. Worst-case scenario you lose your account, best case scenario you become a millionaire very quickly. Seems like a pretty good gamble right? You are dead wrong.

As a new trader, you should never risk more than 1% of your account balance on a trade. If you have some experience and are confident and doing well, then it's perfectly natural to risk 2-3% of your account per trade. Anybody who risks more than 4-5% of their account on a single trade deserves to blow their account. At that point you aren't trading, you are gambling. Don't pretend you are a trader when really you are just putting everything on red and hoping the roulette ball lands in the right spot. It's stupid and reckless and going to screw you very quickly.

Let's do some math here:

You put $2,000 into your trading account.
Risking 1% means you are willing to lose $20 per trade. That means you are going to be trading micro lots, or 0.01 lots most likely ($0.10/pip). At that level you can have a trade stop loss at -200 pips and only lose $20. It's the best starting point for anybody. Additionally, if you SL 20 trades in a row you are only down $200 (or 10% of your account) which isn't that difficult to recover from.
Risking 3% means you are willing to lose $60 per trade. You could do mini lots at this point, which is 0.1 lots (or $1/pip). Let's say you SL on 20 trades in a row. You've just lost $1,200 or 60% of your account. Even veteran traders will go through periods of repeat SL'ing, you are not a special snowflake and are not immune to periods of major drawdown.
Risking 5% means you are willing to lose $100 per trade. SL 20 trades in a row, your account is blown. As Red Foreman would call it - Good job dumbass.

Never risk more than 1% of your account on any trade until you can show that you are either consistently breaking even or making a profit. By consistently, I mean 200 trades minimum. You do 200 trades over a period of time and either break-even or make a profit, then you should be alright to increase your risk.

Unfortunately, this is where many retail traders get greedy and blow it. They will do 10 trades and hit their profit target on 9 of them. They will start seeing huge piles of money in their future and get greedy. They will start taking more risk on their trades than their account can handle.

200 trades of break-even or profitable performance risking 1% per trade. Don't even think about increasing your risk tolerance until you do it. When you get to this point, increase you risk to 2%. Do 1,000 trades at this level and show break-even or profit. If you blow your account, go back down to 1% until you can figure out what the hell you did differently or wrong, fix your strategy, and try again.

Once you clear 1,000 trades at 2%, it's really up to you if you want to increase your risk. I don't recommend it. Even 2% is bordering on gambling to be honest.


LESSON 4 - THE 500 PIP DRAWDOWN RULE

This is a rule I created for myself and it's a great way to help protect your account from blowing.

Sometimes the market goes insane. Like really insane. Insane to the point that your broker can't keep up and they can't hold your orders to the SL and TP levels you specified. They will try, but during a flash crash like we had at the start of January 2019 the rules can sometimes go flying out the window on account of the trading servers being unable to keep up with all the shit that's hitting the fan.

Because of this I live by a rule I call the 500 Pip Drawdown Rule and it's really quite simple - Have enough funds in your account to cover a 500 pip drawdown on your largest open trade. I don't care if you set a SL of -50 pips. During a flash crash that shit sometimes just breaks.

So let's use an example - you open a 0.1 lot short order on USDCAD and set the SL to 50 pips (so you'd only lose $50 if you hit stoploss). An hour later Trump makes some absurd announcement which causes a massive fundamental event on the market. A flash crash happens and over the course of the next few minutes USDCAD spikes up 500 pips, your broker is struggling to keep shit under control and your order slips through the cracks. By the time your broker is able to clear the backlog of orders and activity, your order closes out at 500 pips in the red. You just lost $500 when you intended initially to only risk $50.

It gets kinda scary if you are dealing with whole lot orders. A single order with a 500 pip drawdown is $5,000 gone in an instant. That will decimate many trader accounts.

Remember my statements above about Forex being a cruel bitch of a mistress? I wasn't kidding.

Granted - the above scenario is very rare to actually happen. But glitches to happen from time to time. Broker servers go offline. Weird shit happens which sets off a fundamental shift. Lots of stuff can break your account very quickly if you aren't using proper risk management.


LESSON 5 - UNDERSTAND DIFFERENT TRADING METHODOLOGIES

Generally speaking, there are 3 trading methodologies that traders employ. It's important to figure out what method you intend to use before asking for help. Each has their pros and cons, and you can combine them in a somewhat hybrid methodology but that introduces challenges as well.

In a nutshell:

Now you may be thinking that you want to be a a price action trader - you should still learn the principles and concepts behind TA and FA. Same if you are planning to be a technical trader - you should learn about price action and fundamental analysis. More knowledge is better, always.

With regards to technical analysis, you need to really understand what the different indicators are tell you. It's very easy to misinterpret what an indicator is telling you, which causes you to make a bad trade and lose money. It's also important to understand that every indicator can be tuned to your personal preferences.

You might find, for example, that using Bollinger Bands with the normal 20 period SMA close, 2 standard deviation is not effective for how you look at the chart, but changing that to say a 20 period EMA average price, 1 standard deviation bollinger band indicator could give you significantly more insight.


LESSON 6 - TIMEFRAMES MATTER

Understanding the differences in which timeframes you trade on will make or break your chosen strategy. Some strategies work really well on Daily timeframes (i.e. Ichimoku) but they fall flat on their face if you use them on 1H timeframes, for example.

There is no right or wrong answer on what timeframe is best to trade on. Generally speaking however, there are 2 things to consider:


If you are a total newbie to forex, I suggest you don't trade on anything shorter than the 1H timeframe when you are first learning. Trading on higher timeframes tends to be much more forgiving and profitable per trade. Scalping is a delicate art and requires finesse and can be very challenging when you are first starting out.


LESSON 7 - AUTOBOTS...ROLL OUT!

Yeah...I'm a geek and grew up with the Transformers franchise decades before Michael Bay came along. Deal with it.

Forex bots are called EA's (Expert Advisors). They can be wonderous and devastating at the same time. /Forex is not really the best place to get help with them. That is what /algotrading is useful for. However some of us that lurk on /Forex code EA's and will try to assist when we can.

Anybody can learn to code an EA. But just like how 95% of retail traders fail, I would estimate the same is true for forex bots. Either the strategy doesn't work, the code is buggy, or many other reasons can cause EA's to fail. Because EA's can often times run up hundreds of orders in a very quick period of time, it's critical that you test them repeatedly before letting them lose on a live trading account so they don't blow your account to pieces. You have been warned.

If you want to learn how to code an EA, I suggest you start with MQL. It's a programming language which can be directly interpretted by Meta Trader. The Meta Trader terminal client even gives you a built in IDE for coding EA's in MQL. The downside is it can be buggy and glitchy and caused many frustrating hours of work to figure out what is wrong.

If you don't want to learn MQL, you can code an EA up in just about any programming language. Python is really popular for forex bots for some reason. But that doesn't mean you couldn't do it in something like C++ or Java or hell even something more unusual like JQuery if you really wanted.

I'm not going to get into the finer details of how to code EA's, there are some amazing guides out there. Just be careful with them. They can be your best friend and at the same time also your worst enemy when it comes to forex.

One final note on EA's - don't buy them. Ever. Let me put this into perspective - I create an EA which is literally producing money for me automatically 24/5. If it really is a good EA which is profitable, there is no way in hell I'm selling it. I'm keeping it to myself to make a fortune off of. EA's that are for sale will not work, will blow your account, and the developer who coded it will tell you that's too darn bad but no refunds. Don't ever buy an EA from anybody.

LESSON 8 - BRING ON THE HATERS

You are going to find that this subreddit is frequented by trolls. Some of them will get really nasty. Some of them will threaten you. Some of them will just make you miserable. It's the price you pay for admission to the /Forex club.

If you can't handle it, then I suggest you don't post here. Find a more newbie-friendly site. It sucks, but it's reality.

We often refer to trolls on this subreddit as shitcunts. That's your word of the day. Learn it, love it. Shitcunts.


YOU MADE IT, WELCOME TO FOREX!

If you've made it through all of the above and aren't cringing or getting scared, then welcome aboard the forex train! You will fit in nicely here. Ask your questions and the non-shitcunts of our little corner of reddit will try to help you.

Assuming this post doesn't get nuked and I don't get banned for it, I'll add more lessons to this post over time. Lessons I intend to add in the future:
If there is something else you feel should be included please drop a comment and I'll add it to the above list of pending topics.

Cheers,

Bob



submitted by wafflestation to Forex [link] [comments]

[WallText] For those who really want to be forex traders.

Im sry if u find some grammatical errors, english is not my mother language. Let me know and i will fix it.
First of all, look for at least half an hour without interruptions to read this manual.
This is the system that has created trading professionals. He has done it and today he continues doing it, as it happened with me.
It is not a system written in any forum, in fact I believe that it has been the first to collect all the ideas and create a structure to follow to carry them out, but these same ideas and procedures have been the ones that the winning traders have used during decades and will continue to use, since they are based on completely objective and real foundations.
Let's go to it:
Hi all.
It is known that the observation time makes the patterns elucidate, and after some time in the forum and throughout this trading world I have found many patterns in the responses of the people, I have reasoned about them, and I have realized their failures, why they fail to be profitable.
There are people who have put effort into this. Not all, but there are people who have really read a lot, studied a lot, learned a lot and tried a lot, and even then they are not able to achieve stable profitability.
The question is: Is there enough in that effort? Is there a specific moment in the line of learning where you start to be profitable? The question is, logically.
There are traders that generate constant profitability. Hedge funds, investment firms ... and the difference is in areas where people for some reason do not want to invest time.
Why are there more messages in the strategy forums than in the psychology, journals and fundamental analysis together?
As human beings, our brain is programmed to look for quick positive responses. In nature, the brain does not understand the concept of long-term investment. There is only a short-term investment made from the difference between what we think will cost us something and what we think it will contribute. If we think that it will cost us more than it can give us, we simply do not feel motivated. It is a simple mechanism.
The market plays with these mechanisms. There are more scalpers created from the search for that positive emotion than from the search for a scalping system.
In short, we are not programmed to operate, and there lies the fact that only a huge minority of operators are profitable.
Among others, I have observed several patterns of behavior that make a trader fail, and they are:
- Search for immediate pleasure: The trader wants to feel that he has won on the one hand, and on the other he wants to avoid the feeling of loss. Following this there are many traders who place a very low take profit and a very high stop loss. This is not bad if the probabilities have been reviewed before, the mathematical factor of hope, the relation with the drawdown .. but in the majority of the cases absolutely nothing of statistics is known. There is only that need to win. They win, they win, they win, until one day the odds do their job and the stop loss is touched, returning the account to its origins or leaving it with less money than it started. This does not work.
- Search for immediate wealth: Again it is something immediate. People want good emotions, and we want them already. The vast majority of traders approach this world with fantasies of wealth, women and expensive cars, but do not visualize hard work, the sickly hard work behind all this.
From there underlie behaviors like eternally looking for new robots or expert advisors that promise a lot of money, or new systems. The type of trader that has this integrated pattern is characterized by doing nothing more than that. Spend the day looking for new strategies Of course he never manages to earn constant money.
- Think that trading is easy: Trading is not easy, it is simple. Why? Because when you get the wisdom and experience necessary to find yourself in a state of superior knowledge about the market and effectively make money, it is very simple; you just have to apply the same equation again and again. However, it is not easy to reach this equation. This equation includes variables such as risk understanding, mathematics, certain characteristics in the personality that must be assimilated little by little, intelligence, a lot of experience ..
This is not easy. This is a business, and in fact it is one of the most difficult businesses in the world. It may seem simple to see a series of candles on a screen or perhaps a line, or any type of graphic, but it is not. Behind the screen there are hundreds of thousands of very intelligent professionals, very disciplined, very educated, very ...
This business is the most profitable in the world if you know how to carry, since it is based on the concept of compound interest, but it is also one of the most difficult. And I repeat. It's a business, not a game. I think you'll never hear a lawyer say to his boss: "We're going to focus all our time on finding a strategy that ALWAYS makes us win a trial, ALWAYS." What does it sound ridiculous? It sounds to me just as ridiculous for trading.
But you are not to blame, you have been subconsciously deceived through the advertising brokers and your own internal desires, to think that this is something easy.
- Lack of discipline: Trading is not something you can do 10 minutes on Monday and 6 on Thursday. This is not a game, and until you get a regular schedule you can not start earning money. There are people who open a graph one day for 5 minutes, then return to their normal life and then one week returns to look at it for other minutes.
Trading should not be treated as a hobby. If you want to win "some money" I advise you not even to get in, because you will end up losing something or a lot of money. You have to think if you really want trading to be part of your life. It's like when you meet a girl and you want to get married. Do you really want to get into this with all the consequences? Because otherwise it will not work.
Visualize the hard work behind this. Candle nights, frustrations, several hundred dollars lost (at the beginning) .. enter the world of trading with a really deep reason, if you lose a time and money that no one will return, and both things are finite!
- Know something and pretend to know everything: Making money in the markets is not based on painting the graph as a child a paper with crayon wax and pretend to make money.
It is not based on drawing lines or circles, or squares. It is based on understanding the operation of all these tools, the background of the why of the tools of trading.
A trend line only marks the cycle of a wave within a longer time frame, within a longer time frame, and so on indefinitely. In turn, this wave is divided into waves with a specific behavior, divided into smaller waves and Etcetera, and understanding that dynamic is fundamental to winning.
It is not the fact of drawing a line. That can be done by an 8 year old boy. It is the fact of UNDERSTANDING why.
There are traders who read two technical analysis books and a delta analysis book and believe that they are professionals, but do they really understand the behavior of the market? The answer is in their portfolios.
After this explanation that only 10% will have read, I will try to detail step by step something that is 90% yearning, and that will have quickly turned the scroll of your mouse to find the solution to all your problems while supporting the beer in a book of " become rich ", rotten by lack of use.
These steps must be carried out one by one, starting with the first, fulfilling it, moving on to the second, successively and growing. If steps are taken for granted, or not fully met, it simply will not work.
I know this will happen and the person who did it will think "Bah, this does not work." and you will return to your top strategy search routine.
That said, let start:
1º Create a REAL account with 50 dollars approximately:
_ Forget the demo accounts. They are a utopia, they do not work. There is infinite liquidity, without emotions and without slipagge.
These things will change when we enter the real market, and the most experienced person in the world will notice a sharp drop in their profitability when it happens to real accounts.
And not only using a demo account has disadvantages, but using a real one has advantages.
We will have a real slipagge with real liquidity. Real requotes and more. The most important: We will work our emotions at the same time. Because yes, we will lose or win a couple of cents, but that has a subconscious impact of loss.
This means that we will begin to expand our comfort zone from the start.
Using a demo account is simply a disadvantage.
2º Buy a newspaper in the stationery or in Chinese (optional), or write one online or in Word:
A newspaper will be of GREAT help. You can not imagine, for those of you who do not have one, how a newspaper can exponentiate our learning curve. It is simply absurd not to have a diary. It's like taking a ticket of 5 instead of one of 100.
In this diary we will write down observations that we make about the operations that we will carry out in points that I will explain later of this same manual.
We will divide the newspaper into 2 parts:
  • 1 part: The operation itself. We will write the reasons for each operation. The why we have done it.
  • 2 part: How we feel. We will unburden ourselves without explaining how we feel, what our intuition tells us about that particular operation and so on.
How to use:
We will read the newspaper once a week, thinking about the emotions we felt each day and in what situations, and the reasons.
Soon, we will begin to realize that we have certain patterns in the way we feel and operate, and we will have the ability to change them.
We can also learn from mistakes that we make, and keep them always in a diary.
3º Look for a strategy that has the following characteristics:
  • Make it SIMPLE. Nothing of 4 or more indicators or the colors of the gay flag drawn on the graph based on 1000 lines. Why? Because there is always an initial enthusiasm and maybe we can follow a complex strategy for a week, but burned that motivation, saturates us and we will leave it aside.
Therefore, the strategy must be simple. If we use metatrader, the default indicators work. No macd's no-lag and similar tools. That does not lead anywhere. And if you do not believe it, I'll tell you that in all areas of life comes marketing. In addition to trading towards MMA and now I do powerlifts, and there are 1000 exercises to do. However, the classics are still working and work very well. It seems that sellers of strange sports equipment do not share the same opinion, that the only thing they want is to sell!
4º Understand the strategy:
  • We must gut each process of the strategy and reason about it. What does this indicator do? What does this process? Why this and not another? Why this exit ?. Some strategies will be based on unspecified outputs. This does not suppose any problem because as we get experience in that specific strategy, we will remember situations that have occurred, we will see situations that are repeated (patterns) and we will be able to find better starts and entrances. Everything is in our hands.
5° Collect essential statistical information:
  • This part is FUNDAMENTAL, and no operator can have as much security in itself when operating as if it uses a strategy that has at least positive mathematical hope and an acceptable drawdown.
  • Step 1: To carry out this collection of information you need to test the strategy for at least 100 signals. Yes, 100 signals.
Assuming it is an intraday strategy and we do an operation per day, it will take us 100 days (3 months and 10 days approx) to carry out the study. Logically these figures can change depending on the number of operations that we make up to date with the strategy.
I have no doubt that after reading this manual we will go for a quick strategy of scalpers, with 100 signals every 10 minutes where the seller comes out with a big smile in his promotional video.
I personally recommend a system of maximum 2 daily operations to start, but this point is personal.
Is it a long time? Go! It turns out that a college student of average intelligence takes 6 years to finish a career. It takes 6 years just to train, and there are even more races. This does not guarantee any profitability, and in any case most of Sometimes it will get a static return and not based on compound interest. I can never aspire to more.
The market offers compound profitability, there will be no bosses, nor schedules that we do not impose. We will always have work, and we can earn a lot more money than most people with careers or masters. Is it a long time? I do not think so.
As I was saying, we will test the strategy 100 times with our REAL account that we created in step 1. Did you decide to use a demo account? Better look for another manual; This has to be something serious. They are 100 dollars and will be the best investment of all in your career as a trader.
  • Step 2: Once with the report of the 100 strategies in hand, we will collect the following information:
  • How many times have we won and how many lost. Afterwards, we will find the percentage of correct answers.
  • How much have we won and how much have we lost? Afterwards, we will find the average profit and the average loss.
  • Step 3: With this information we will complete the mathematical hope formula:
(1 + average profit / average loss) * (percentage of correct answers / 100) -1
Example:
  • Of the 100 operations there are 50 winners and 50 losers, then the success rate is 50%.
  • Our average profit is 20 dollars and our average loss is 10 dollars.
Filling the formula:
(1 + 20/10) * (50/100) -1
(1 + 2) * (0,5) -1
3 * 0.5 - 1
1,5 - 1 = 0,5
In this example the mathematical expectation is 0.5. It is POSITIVE, because it is greater than 0. From 0, we will know that this strategy will make us earn money over time ALWAYS we respect the strategy.
If after a few days we modify it, then we will have to find this equation again with another 100 different operations. Easy? A result of "0" would mean that this strategy does not win or lose, but in the long run we would LOSE due to the spread and other random factors.
You have to try to find a strategy that, once this study is done, the result of your mathematical hope is greater than 0.2 as MINIMUM.
Finding this formula will also give a curious fact. The greater the take profit in relation to the stop loss, as a general rule more positive will be our mathematical hope. This has given many pages of discursiones about whether to place take profit> stop loss or vice versa.
If our stop was larger than the take profit, then the other ratio (% earned /% lost) should be yes or yes positive.
But this is just curiosities.
let's keep going:
  • 6° Expand our comfort zone:
We will not be able to work with operations of 10 million dollars overnight, but we can progressively condition ourselves to that path.
Assuming all of the above, and with a real account, some experience in the 3 months of information gathering and a positive mathematical hope, we are ready to operate in real with some consistency. But how to carry it out?
The comfort zone is the psychological limits we have before feeling fear or emotional tension. When we get into a fight, we have left our comfort zone and we feel tension, unless we have a psychopathic disorder.
Every time we lean out onto a 300-meter balcony from a skyscraper, we move away from the comfort zone. Every time we speak to a depampanante woman, we move away from our comfort zone.
Our brain creates a comfort zone to differentiate what we usually do and is not substantially dangerous, from the unknown and potentially dangerous to our survival or reproduction. And whenever the brain interprets that these two aspects are in danger, we will feel negative emotions like fear, disgust, loneliness, fury, etcetera.
This topic is much more profound and you would have to read several volumes of evolutionism to understand the why of each thing. The only thing that interests us here is the "what", and the one, that is, that there is a certain comfort zone that must be expanded without any problems.
With trading, exactly the same thing happens. The forex market is a virtual environment in which we lose or gain things, but our brain does not differentiate between reality and what is not, it only attends to stimuli of a certain type.
We can lose food in the middle of the forest or also a crude oil operation.
Our goal is to condition our subconscious so that it is progressively accepting lost and small benefits, and as time goes by, bigger.
The exercise to achieve this is the following:
  • We will operate on that account of 100 dollars with our mathematically positive strategy for 3 more months.
  • After these three months, our account should have benefits, because of the mathematically positive strategy.
  • We will enter 200 dollars more and we will operate a month more raising the lots according to our risk management (I do not advise that the risk is greater than 2%)
At this point, I know how hard it is to resign myself to impatience, but follow those times and do not skip it even if you feel safe, but you will fail, it's simple.
Let's keep going:
  • After that month, we will raise our capital again with a new income. This time we will enter 1000 dollars (save if you do not have 1000 dollars loose, you will recover later on, do you want to make money, enter 1000 dollars.
We will test the operation one month with this new injection. We probably notice difficulties. More blockages, more euphoria when winning ... how will we know when to move on to the next entry? When we do not feel ANYTHING or at most something very shallow, when win or lose If observing the wall and operating is for you the same from an emotional point of view, it is time to enter more money.
  • We will follow this procedure until we have a basic account of 21000 dollars. The amounts to be paid will depend on our ability to not feel emotions, a capacity that will be taking over time.
We will raise capital until we feel that we block too much. In that case we will drawdown to a more acceptable amount, and we will continue at that level until get discipline and lack of reactivity at that level. Later, we will go up.
  • If we want to earn more money, we will continue entering and entering. Always following the conditioning scheme of 1 month.
Why a month?
A study conducted in the United States revealed that the subconscious needs an average of 28 days to create new habits or eliminate old habits. Emotional reactions are part of the habits. If we maintain some pressure of any emotion during the opportune time, in this case 28 days, will create tolerance and the subconscious will need a more intense version of the stimulus to activate.
AND THAT'S ALL!
Follow these steps and you will triumph. Here is the golden chalice, the tomb of Jesus or whatever you want to call it. There is no more mystery in the world of trading. This system will accompany you during the next year, year and a half. It's the one I used and it WORKS. Once done, you will have a very profitable system integrated into your being, since not only will it be mathematically viable, but you will also have the necessary experience to make it infinitely more profitable yet.
In addition, you will have psychology fully worked on a professional level to have conditioned your subconscious gradually.
Happy trading to all of u guys.-
submitted by Harry-Postre to Forex [link] [comments]

First month in the forex market novice trader

First month in the forex market novice trader

https://preview.redd.it/fj33lyjgepc41.png?width=600&format=png&auto=webp&s=64c8907f65653e408b6f41bd377e9f4c566e17d8
Every newcomer who comes to the Forex currency market already knows that the main rule of trade is to buy cheaper and sell more expensive. But it’s difficult to immediately determine how high the sale price should be and what the purchase price is low enough. A trading strategy must be checked on history. This can be done manually, but the use of a trading robot or another adviser will be much faster and better. The editor of the MetaTrader trading platform allows you to assemble a robot from almost any strategy. But for this you will have to learn the MQL language or order an adviser to the programmer. For example, here https://nordman-algorithms.com/metatrader-programming/
The novice trader basically does not ask this question and having sorted out the charts a bit, having studied several simple strategies, he goes into the trade with his head. In pursuit of a fabulous amount, randomly opening and closing deals, loses the first deposit in a couple of weeks.
After a while, another month, he returns to recoup. Now his first goal is to recapture faster the loss. Opening a new deposit, he tries himself as a scalper, opens transactions on intuition and again merges the deposit. And again comes back - but already with the money borrowed.
This vicious circle can be avoided, you just need to follow simple rules and devote more time to your level of knowledge. A novice trader should first of all be concerned about how to survive in the first month in the market, and not fabulous wealth. When getting acquainted with the Forex market, you need to pay attention to maintaining your deposit, and not to increasing it.
And so, what rules do novice traders need to follow? First, you must have a strategy. This means you should have clear rules for entering and exiting the market and, ideally, rules for maintaining positions. Where to get the strategy? You will have to develop a strategy yourself, it is unlikely that any successful trader will share his best practices with you. You can take a strategy from any Forex-related website as the basis. In its original form, it is unlikely to be profitable, since no adequate trader will lay out a working strategy. But often the ideas inherent in free strategies can be used and by adding a few additional rules or filters the strategy becomes working.
In most cases, beginners trade manually, and this is correct, trading manually means you understand all the nuances of the market and trading faster. When trading manually, the work of the strategy is visible since it actually works. All its strengths and weaknesses are visible, this allows you to quickly adjust the rules and bring the strategy to perfection.
When trading manually, and in auto trading too, a psychological factor acts on the trader, which is very difficult to control. Two big problems:
  • This is the adoption of unprofitable transactions without the desire to repel them;
  • and accepting a series of profitable transactions without the desire to increase the frequency and volume of transactions.
Strict discipline and strict adherence to strategy and money management will allow us to avoid these problems. Before bidding, you must definitely assess the situation. A conservative attitude regarding the size of the trading lot should be established. This will help not only to avoid many traps, but also to stay in the market, increasing your deposit. Beginners are advised to conduct a trading session no more than 4 hours a day. It is this period of time that will help them how to enter the market, make transactions on it and exit without monetary losses.
The Forex currency market is not for everyone. Only those who really want to make money and strive for this, overcoming barriers, analyzing mistakes, improving, can achieve unprecedented heights and make a profit.
submitted by alex_fortran to u/alex_fortran [link] [comments]

10 Benefits of Online Forex Trading


I have tested and trialled many robots and software trading Fibo Quantum Scalper Review packages throughout my career in Forex and having lost money along the way, I have learnt how to spot a good trading tool. Forex Invincible is one such tool and I can honestly say I see it making the lives of traders, no matter your level of experience, a whole lot more efficient and not to mention profitable.

Forex Robot is a software to make online trading with one or more foreign currency. The brain behind this software has targeted both the novice and giants of trading population. Industrialist who are busy, find it very helpful to expand their financial growth.

The Forex Robot is mainly based on numerals. It is programmed to perceive the upheavals in market trend and make an effective judgment. The special "Stop-loss "features minimizes loss of the trader. It does imitate human being to a great extent. Yet it has proved to be more efficient because it does not succumb to any emotional stress when faced with volatile situations in the stock market.

It scrutinizes the previous market trends and makes it relevant to the present market conditions. Some of them have program signals to monitor the profit and loss percentage. Even small time traders with a minimum investment can enter the trading fraternity. Multiple currencies can also be used in trading. It is programed to update the information on the internet, perceive the future market trends and educate the clients by any media of communication.
https://optimusforexreview.com/fibo-quantum-scalper-review/
submitted by daisypricilla27 to u/daisypricilla27 [link] [comments]

Beginner's Guide to Trading Crypto. Part 5

Beginner's Guide to Trading Crypto. Part 5

Talk The Trader Talk: A Journey Into The Realm Of Trader Slang

Slang is a natural evolution of a language under working conditions. Every industry has its own slang vocabulary, which may or may not be composed of morphologies of words directly related to the job. Sometimes situations related to the job may evolve or devolve into adjectives, verbs, nouns of even completely new words that reflect the object in question. To the uninitiated, such terms may sound like gibberish and could well resemble the talk of thugs that has been so vividly presented many times over in television series and movies.
Whether it is pidgin, slang, argot, or a dialect, industries have their own ways of expressing their ins and outs. For instance, the exhaust system of automobiles is often called the "puffer" among mechanics, a "fat finger" is a larger than intended trade among bankers, a "gat" is a weapon among street gangs, and "all day" is a life sentence among prisoners. The lists of slang terms are endless and are an extremely interesting read.
https://preview.redd.it/704sgly6nfz31.png?width=820&format=png&auto=webp&s=9d7fe3b1ef36869834dbf284ea0fcb4a7caee720

The Trader Lingo

To make sure that MoonTrader users get into the feel of what it is like to be part of the crypto market, we have compiled a comprehensive summary of some of the most widespread slang terms used by traders. Knowing these terms is an important part of working on an exchange, as understanding what traders are talking about is half the job of becoming one of them and being able to delve into the processes taking place. To talk the talk and walk the walk, traders must understand each other and, most importantly, shorten their speech into a mixture of phrases comprehensible only for the initiated and mystical to outsiders.
Babysitting: A slang term used by traders all over the world from Wall Street to the most obscure exchanges in Africa. The term means holding a trade that has been losing out for a while in hopes that it will gain in price, usually in vain. For example: “You’ve been babysitting that option for way too long, it’s a hopeless cause.”
Crunching: A situation in which a stock’s or asset’s price starts falling rapidly and has no support levels. For example: “The XXX stock is going down the drain. It’s crunching, leave it!”
Jig Out: This is a situation when the market makes a sudden turn for the worse and an investor or trader loses out as a result. For example: “The YYY stock jigged out on me today. Lost half a mil.”
Learning Curve: A fairy common expression meaning the amount of time and effort someone, such as a budding new trader, has to put into something to master the art and “learn the ropes”. For example: “The learning curve for Forex is pretty steep.”
Melt: Another fairly common expression that can be encountered in the world of finance, which signifies that a lot of money has been lost and an account has been depleted. For example: “My account melted through today after the market jigged me out on that nut.”
Nut: While nuts may be tasty as a snack or very useful for keeping things bound together with bolts, in trading a nut is the total amount of commissions that have to be paid for a certain trade. For example: “The nut on ZZZ is crazy these days.”
Permabull / Permabear: Since bullish markets are positive and bearish markets are sleepy, the traders working on such a market are called bulls or bears. There are some optimists who believe that such markets are always there. These traders are called permabulls. The opposite are permabears. For example: “Even if the market is dead and floating, he will still act like a permabull”.
https://preview.redd.it/rj90k43enfz31.jpg?width=680&format=pjpg&auto=webp&s=86c9c63f1484cc49f683ae12159d03429f465341
Printing on the “O”: If we consider that O is an extreme abbreviation of the term “Override”, then the phrase means that the price of an asset is below the bid price and there is an urgent need to sell it. “XYZ is printing on the Os all day!”
ScalpeScalping: The idea of scalping is opening hundreds and thousands of small trades in a short amount of time in hopes of generating a large amount of small profits. Scalpers are traders who engage in scalping. For example: “He’s a heck of a scalper.”
Slippage: A common situation for inexperienced traders who lose on assets that are insoluble and cause losses due to higher or lower prices. For example: “He’s been slipping on ZZZ for three weeks in a row.”
Squiggly Lines: Technical analysis consists of graphs and indicators that traders use to make sense of market dynamics. The lines on graphs are never straight, which would mean that the market is comatose, thus they are called squiggly, or uneven lines. For example: “I’ve been staring at the squiggly lines all day and my eyes are popping out.”
Tank: A tank is not only a military machine or a container, but also a verb, which could either mean to fill something up, like a container or a stomach, and also a drop. In this case, tanking means a market collapse. For example: “The market’s tanking! All is lost! All is lost!”
Unicorn, Vulture, Whale: The trading terminology bestiary is full of terms that have gained animalistic form. A unicorn is a situation reminiscent of the mythical beast, when a startup has reached a $1 billion valuation. A vulture is a trader who preys on falling assets and buys them up in hopes that they will rise in the future. A whale is a holder of a large amount of capital or an asset.
https://preview.redd.it/gj479zvhnfz31.png?width=700&format=png&auto=webp&s=e89c8bc881323f531661b2f7f355a470607765f1
Stick: The US dollar has a lot of synonyms from bucks and dough to aces and greenbacks. The stick is another synonym for the US currency used in trading. For example: “Made a K load of sticks today trading XYZ.”
Whack: A fairy straightforward term meaning that a trader has lost a fair amount of money. For example: “I got whacked trading ZZZ the other day.”
Bottom Fishing: There are traders and there are speculators. When a market has “tanked”, assets usually cost much lower and a certain breed of traders emerges who start buying up assets that have lost in value in hopes of selling them off at higher prices later. Such actions are called bottom fishing, or scooping up assets that have floated to the surface of a market like dead fish after a bomb goes off underwater. For example: “The market has sunk today and the sharks are bottom fishing.”
Choppiness: The market is never a calm place and its trials and tribulations are often compared to storms and waves. Since waves can be choppy, or rough in terms of the height of their crests, it is fair to compare market volatility to wavy seas. For example: “The choppiness of the market is not allowing institutional investors to enter with their capital.”
Dark Pools: There is always liquidity on the market that is hid away from average traders. Such liquidity is called a dark pool, which is usually in the hands of special groups. In essence, these are trading volumes created by orders placed by institutional investors. For example: “The dark pools are buying up Bitcoins real quick.”
Dead Cat Bounce or Rubber Band Effect: Since markets are unpredictable, it is often possible for markets to suddenly rebound after seeming dead for a long time. Such a situation is called a dead cat bounce, or a rubber band effect, which is quite figurative in itself. For example: “The market is preparing for a possible dead cat bounce after the recent wave of news.”
Hodl: A bastardization of the term Hold, misspelled by a drunk BitcoinTalk user, which simply means holding an asset in hopes that it will rise in price. For example: “Hodl Bitcoin! Hodl it!”
Short squeeze: There are situations when an asset suddenly rises in price and forces traders to close their positions. For example: “The holders were forced to short squeeze after the price of ZZZ suddenly spiked”.
Resistance Zone: In technical analysis, this is the area between the current support and resistance areas. Prices usually start resisting other prices in such areas and may start falling. For example: “The resistance area of $120 has been reached for ZZZ and we can expect a decline to areas of $100.”

Fallen Angel: Assets that may have reached price heaven are not guaranteed to stay there and it often happens that a highly valued asset has suddenly lost in price. Usually, this biblical analogy refers to high yielding bonds that once had investment grades. For example: “ZZZ has turned into a fallen angel after the US introduced sanctions against country YYY.”
Fat Tail: In statistics, such cases are called outliers and signify that a value has moved away from the mean and has gained a high degree of riskiness. For example: “ZZZ is showing fat tails and will soon reach non-investment levels.”
Flavor: Given the abundance of types of orders and assets on the market, traders often do not distinguish between them and simply call them different flavors. For example: “How about some ZZZ flavor?”
Hit The Bid: A rather straightforward expression meaning that someone has decided to sell an asset. For example: “The price just hit the low, so go and hit the bid”.
Odd Lot: A lot is usually considered to be a million dollars. An odd lot is anything under a million dollars. For example: “I sold that odd lot of ZZZ yesterday.”
Smoke And Mirrors: The poetic expression has made its way onto the market and means that a corporate entity is distorting the market image in hopes of attaining its own goals, usually to make an asset seem more attractive. For example: “The market is all smoke and mirrors after ZZZ flushed its stocks on.”
The list of trading slang terms is endless in its variety and the only way to fully immerse one’s self into it is trading actively and gaining experience. Years of work on any market in any industry will eventually saturate a participant’s mind with the necessary skills and terminology turn any greenhorn into a pro.
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Originally posted on our blog.
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Forex Scalping Trading Stategy

Forex Scalping Trading Stategy
Dear Traders,
My name is Ludovico and I am an associate of Horizon Trading team. Today, I would like to share with you a scalping technique that will give you an advantage in following price action fluctuations. Most importantly, this article will focus on fast timeframes trading tactics, how to spot important key levels and trigger your positions.
So, do scalping and price action go well together?
Considering that price action aims to predict what price is doing right now and where is heading, fast mindset and quick analysis become crucial; scalp trading is about the same thing. A scalp trade will take approximately 1 to 30 minutes, so to be effective and consistent in this discipline one must be reacting rapidly to price movements. Therefore, scalp requires quick analysis, quick responses and quick decisions, and at its core there is price action, which as well is all about speed and efficiency.
Now let s move on today’s topic on how to steadily understand fast trading potential earning set ups and to become a killer scalper.

What is scalping trading?

Scalping is a trading style that specialize in profiting off small price changes. It requires high level of concentration, because, due to its speed, a trader must have a strict entry exit strategy, otherwise one large loss could cancel all the many small gains in a blink of an eye.
The main features of scalping are:
Less exposure, lesser risk: A smaller exposure to price fluctuation will reduce the odds to run into adverse events.
Smaller moves are easier to forecast: Because like every market forex works on principles of supply and demands, a higher imbalance is needed to generate bigger price changes.
Smaller fluctuations are more regular than wider ones: Even in days when markets tend to less volatile, working with smaller timeframes such as (M1, M5, M15 & M30) will still grant chance of earning more frequently.
While swing trading relies on big price moves, therefore aiming for long trend following a scalper will trade that fluctuation continuously. Price action comes into play here, a solid scalp trader must be very aware of level of support and resistance and when the price could bounce off.
See image Below:

Figure 1: Support & Resistance, XAUUSD, M1, (23rd July 2019
In order to better find these areas a comparison between timeframes is necessary considering that is always advantageous to highlights the most recent zones of support & resistance (2 to 5 previous days)
Once understanding levels strategy become easier to follow, let’s find out.

Simple scalping and Horizon X scalping pattern

When trading trends continuously, important is to gauge market signals which indicate the trend is strong, opening to new potential earning scenarios for investors. When noticing price is coming back to retest important key levels forming pullbacks, a trader should always look out for entry-points.

Scalping pullbacks

Scalp traders must focus on key resistance and support level to find entry point while trading pullbacks. Here at Trading Academy we developed a system, based on fast moving price action that will enable traders to have successful daily session.
We based our method on understanding where big money players come into action and by following their liquidity volume open winning positions. Horizon X is based on several scalping price patterns which find their fundamentals in risk and money management, key levels and entry points.
See image below:

Figure 2:Scalp trading pullbacks, XAUUSD, M1, (23rd July 2019)
In the picture above I highlight the principle of trading pullbacks in M1 timeframe, this method relies on entering the market in specific hot spot key levels. Even though many traders globally do not take into consideration risk management, our vision is that while scalp trade, investors should follow clear objective rules to be effective, here is one of our coral patterns and its trade management rules.

Horizon X Pattern #3

This pattern aims to gauge momentums, big money players moves, consisting in fast formation of large body candle sticks (black bearish/white bullish)

Figure3: Pattern #3 configuration
To be formed Pattern #3 require several steps to be accomplished by the market before we can enter our position with confidence:
  • First Momentum
When price level is broken out at consolidation level big buyers make the move dragging price level on a rally, usually between 10-15 PIPS (as the image above suggests).
  1. Large candles (bodies)
  2. Mostly of one colour (back/bearish, white/bullish)
  3. Candles close its high/lows of the move
  • Consolidation Period
Within this first part price level is conditioned by the presence of many buyers on one side and sellers on the other stabilizing the price in a narrow range while building up important structure.
  1. Small candles, at least 3
  2. Greater mix between white/black or bullish/bearish candles
  • Second Momentum (breaking the price level at consolidation) – can be bearish or bullish depending on scenario)
When price level is broken out at consolidation level big buyers make the move dragging price level on a rally, usually between 10-15 PIPS (as the image above suggests).
  1. Large candles (bodies)
  2. Mostly of one colour (back/bearish, white/bullish)
  3. Candles close its high/lows of the move
  • Pullback
Price is coming back to retest level at the previous consolidation level and when fractal is formed market is giving investors hints that a good spot to open a position is coming up.
  1. Small candles, at least 3
  2. Greater mix between white/black or bullish/bearish candles

Entering the market

Pattern #3 can be traded by entering the market within the retesting price area at consolidation level, however the tactics would be based more on aggressivity of trader personality and behaviour. In this booklet we will describe the most commonly used one.
Entering in consolidation structure
Market needs more liquidity for further movement and is going deeper toward the structure taking stop losses of weak traders. Smarter investors, however, use these stop losses for their position gaining, entering the market when a fractal is formed.
See image below:

Figure 4: Pattern #3, entering market at consolidation structure, USDCHF H1 (22nd July 2019)
Entering at consolidation boarder
Price touches edges of consolidation and starts to reverse. We would like to open position when fractal is formed.
See image below:

Figure 5: Pattern #3, market entry at consolidation border, GBPUSD M1 (14th Mar 2019)
  • Entering after false break out
Severe stop-loss testing. Big players move price aggressively till the point that it breaks consolidation structure. This is a perfect situation for major traders to enter the market, pushing the price towards its original direction. We will conservatively open trade when the price level reaches back consolidation, forming a fractal.
See image below:

Figure 6: Pattern #3, market entry after false break out, GBPUSD M1 (6th June 2019)

Trade Management

Similarly, we can use 4 elementary exit strategies of our Horizon X Pattern #3.
  1. We will aim for a high structure level from higher timeframes (very good as a second take profit).
  2. For 1-minute timeframe we will take half of our position with 10 points profit as a target and put our stop-loss on break-even for the rest of the position.
  3. Our take profit is based on having ATR 80 %.
  4. Rule of safety. Our first take profit is set to risk-reward ratio 1:1 with a half of position. When the take profit is hit, we are in a risk-free position for the second target.
On the other hand, stop losses will be always places on top of the entry structure to avoid important losses which will likely vanish all the trader day effort.
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Forex Market - Emotional Aspects of Trading

Always concoct an idea for trading on the foreign Fibo Quantum Scalper Review exchange market. Do not expect to make a quick profit by using short cuts. Success in the market comes from taking time to develop a reasonable strategy not from having no plan at all.Avoid the urge to gamble with the Forex market. Know everything about your decision before finalizing a not trade over five percent of the money in your account. This gives you some breathing room. Even if you buy into a poor trade you will be able to stay in the market. Take some time away from watching the market because the longer your eyes are on it the more you are going to want to trade and impulse trading is never good. Stay conservative it is the best way to go about things.

The more you know about the Forex market the easier it will be for you to make money. Keep in mind that youll need to keep learning to always be on top as things change. Keep up with your favourite foreign exchange sites and blogs to find out about new strategies tips and cuttingedge developments in the Forex world.The foreign exchange market for currency which is also known as Foreign Exchange is a money making opportunity that anyone can take advantage of. This article will give you a basic understanding of the foreign exchange market and how you earn income trading on Forex.

Do not play follow the leader with your Foreign Exchange trading account. Your trading style may be far different than other traders so be careful to use their analysis as a guideline for trading. Cultivate your own analysis rather than simple echoing what other people do.Your foreign exchange investments should not exceed five percent of your portfolio. This makes it easier to deal with it if a trade goes bad. If you screw up a trade you can still recover. When you have been watching the Forex market for awhile you may want to trade big. However you should avoid temptation and stick to conservative trades.

You can practice Foreign Exchange on a demo account without needing any automated software. You can just go to the Foreign Exchange website and look for an account.must cultivate a good attitude in order to trade successfully. Once you make the effort to learn the basics and methods of the market then you will be able to create a successful plan and will be better able to analyze the market as well.Hone your techniques by trading on mock accounts before engaging in real trading. Trading on a demo platform is the best form of preparation to get oneself ready to begin real serious trading.Get comfortable using stop loss orders in your trading strategy. Stop losses are like an insurance for your Forex trading account. You can lose a chunk of money if you dont have stop loss order so any unexpected moves in foreign exchange could hurt you. Using stop loss orders protects your investments.


https://shockingtruereviews.com/fibo-quantum-scalper-review/
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90 Day Update / Beginner's Post

Hey all, First time poster, long time lurker. Just learning until I think of useful/interesting post. I just finished Babypips school. No this isn’t another, “What do I do next?!” eager to consume posts. More just introducing myself and share methods as I progress and chat more in this sub. It’s been a super helpful research tool with just the sidebar alone, but the interactions are also generally positive and research engaged. Forex was on my list of active/sidehobby/internet ideas to try. (Along with selling on Ebay and learning/teaching languages) I’ve always been into stocks/finance and I’m open still open to continuing learning past forex into futures and/or cryptocurrency. Forex to me is kind of an intro to price action and charts for me. Also the physics of it all that I’m hoping to apply more as time goes on. Anyways , started forex 2 years ago. Saw I needed disposable income you could lose (which I didnt have at the time) and put it off. Now I’m about 3 months in with my rediscovery of it with a lot more financial cushion/discipline.I finished the babypips school and try to practice 25-45 mins a day of something forex related the last 90 days or so. Here is my routine and some things I”ve learned since starting.
Demo Trading is overrated. And then it becomes the best thing ever. I’m gunna just go out and say it. IF you’re trading for 9 months on demo you should’ve stopped 8 months ago. I mean don’t get me wrong 9 months, that shows alot of persistence in your habits, but you’re spending time on a variable that doesn’t exchange certainty in the real system. I only even say this because you could be like me. Trade demo all this time then find out the leverage you wanted isn’t even available in your country. (U.S here) So I felt like a dummy from the jump, but that’s part of the learning curve you should be doing sooner rather than later. This does not mean fund your account fully. No, put just $200. I trade with my initial capitol @ $200 and I won’t add a penny more until I’ve developed a profitable system with what’s already in there. A good investment is a good investment and throwing more money doesn’t actually add value to the growth return on your investment.(In most cases) So what’s the big deal with Demo? Well for one you want to work with a system that’s tangible in your country. U.S is capped at 1:50 leverage. I don’t know other countries regulations but it’s something I wish someone told me to look out for before I started testing financial strategies. Another thing is the spreads are often very different from what you find in demo (attention scalpers out there) sometimes dramatically. (After NY close of the day /Weekends ) You have to implement all of these factors to your strategy. Now what is demo good for? Starting out! Learning how to set indicators, trades, stop losses and so on. I’d say 60 days max if you can’t donate much time. Even less than 60 days if you have more free time but then after that it’s time to get your feet wet. One other good thing about demo accounts is that it allows you to practice fundamentally different trading ideas out before trying them out on your actual account. An example would be a scalper trying a new position strategy he learned in demo to set some long term positions next year. I enjoy trading because it’s a discipline on your anxiety. When you deposit your first amount, any amount that's more than a new video game or dvd collection, your brain is going to fire off “Hey you bought something new that can make money let’s test it out! It could be making you money” You have to calm this voice first. IF you even can. This voice makes you check the charts 3x more than you did in demo and caused at least me to trade just so the money’s not going to waste. I lost 40% of my account the first week. I would’ve called myself mentally stable before this too. But that voice broke me and you have to confront it because it’s the impatience in all of us and causes you to force your view of the markets to fit your system. Demo is a great tool but shouldnt be held on longer than it’s purpose.
Immersion This is going to be a little shorter than my last topic because this is more something everyone has to find and listen to. Don’t just study the same website or forum for forex everyday. Try to get a wide view of the financial markets as a whole and various media input. Subscribe to a couple good youtube channels maybe a visual representation of what you’ve been learning could help solidify it. Maybe a podcasts personality makes your brain react differently to topics where a bland textbook reading didnt excite you the same. Watch a documentary on trading one week and hell maybe even Wolf of Wall Street another week, whatever it is that gets your whole body involved in the feeling of trading so 1) you don’t get burned out on the topic and 2) you find more ways to connect with the information you find. Whether emotional or visually. Here are two recommendations of channels that help me break the norm of my study routine:
“Two Blokes Trading” Podcast I discovered these guys a while back in a comment thread. I would recommend this podcast to beginners because you can start from the very beginning of their series and learn with them. They’re young, enthusiastic and open to exploring alot of areas to trading and different philosophies. So sometimes you can find gems in subjects you didn’t expect to encounter. They also bring in advisors and brokerage managers to feature on their subjects. And it’s not all forex focused. Check them out: http://twoblokestrading.com/podcast-episodes/
Barry Burns “Top Dog Trading” Barry Burns I like because you have him walking you through the charts on youtube. One of the few videos I watched on Price action were by him where the lightbulb went off. He offers a great free resource and sometimes I even feel guilty getting it on youtube for free before sharing it because it feels like the things he touches on and how he explains them, even paid classes probably couldn’t get right. He has so many videos on different markets and how to read them just apply them to the type of trader you are. https://www.youtube.com/channel/UCcjyImdSWDTCGCa7G24faIQ
Routine ( final topic on this post) So every week I try to keep a basic routine of forex and ways to practice. I try to wake up early as I’m on the Pacific Coast so I get up 2 hours early before I have to head to work. 20-30 mins of this time I do something related to forex education. The rest of the time I gather my foundation for the week and arrange goals / meditate/ journal. I’ll look at the charts, when I still had Babypips to finish I’d set a time and study through what I could of the course through that time. Now that I’m finished I’ll either check this sub, watch a video/podcast or try to read something related fundamentally to trading or finance. (I’d like to get some more book ideas about trading and it’s psychology) So that’s one habit. You’ve got to be able to at least schedule 20-45 minutes a day to consistent study + practice time to acquire new skills. 20 minutes uninterrupted is enough. Wake up early if you have to. Then throughout the day you’ll find time to reflect or research more and soon the time will start to add up. This also works on the other extreme too. If you have alot of free time I’d say starting out 1 hour to 2 hours max is what you should dedicate to studying. Forex is a very mentally fatiguing process skill. You’ve got to let your brain recharge (need those MP potions it seems) the whole currency system is heavy and complex enough that starting from scratch you couldn’t learn everything in 24 hours straight. I’d say even a week straight wouldn’t work. It takes time and a habitual familiarity. It’s not dissimilar to learning a language. Where concepts become stacked on a foundation of understanding to be acted upon through your day to day. Even if you can name all the working parts, experience build with how much time you think in that language per day. There’s a reason I chose the word “Immersion” for my second topic. Moving along. Another part of my routine is backtesting 40-50 trades a week of my strongest system. This equates to a little under 10 trades a day. I completely journal and track profits like they were live. Some suggest using a simulator, while that is a great practice for timing entries, I’ve found just using the Metatrader 4 Desktop and using the F12 key to progress forward one tick at a time has been sufficient for my backtesting needs. Backtesting gives you an opportunity to practice way more trades in a week than live session will be able to provide. I’m using M15 - H1 intraday strategies and maybe pull off 5-6 trades a week. BUT I practice 10x that amount per week. Soon you’ll find your live performance is really only a display of how your last week backtesting went. It’s like football practice for the gameday. Now which system I test varies, like I said I’ll try my strongest, but that changes. Just grab any system you think you can pull off and backtest it. Babypips gave me my first few, then I created some ridiculous ones, but over time your experience of a system and how to get them to work for you grows by running test trades. Systems I’ve found and backtested that are online are: the “So Easy It’s Ridiculous” system and the Cowabunga System, both found on babypips and a simple google search. Easy. I know, and really a system is just supposed to make having trading decisions easier for you. But your participation and exit are equally important. Can you follow easy rules you or others make? No questions asked?
So that concludes my post. I hope in the future when I’ve backtested 1,000 trades I can post some of my personal systems I’ve followed, right now they feel to amateur to even share. I am the humble fool, so any ideas on my style or feedback on where I should head are greatly appreciated. I’m open to questions and dialogue so feel free to send a PM or comment. Hearing from other traders is the reason I even started this account to post and interact. This post and future ones I have planned are kind of a new element I wanted to try of journaling that allows me some social accountability and feedback from a community rather than all my entries being hoarded in my notebooks, so my apologies if it’s more wordy than usual on here. Thanks everyone and have fun!
-AP
TL:DR Just browse over the bold sections
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An Incredibly Easy 1-Minute Forex Scalping Strategy (The 3 ... 10 PIPs a Day Forex Scalping Strategy 🔨 - YouTube Aggressive 1 minute FOREX Scalping Strategy ⛏️ - YouTube What is Scalping ? How scalpers make profit in Forex & Stock Market ?  Hindi Most Profitable & Simple FOREX SCALPING Strategy (5min ... Super Profit Scalper Review Make Money Forex Now HOW TO TRADE FOREX 2020  MAKE MONEY ONLINE $230 A DAY ... How to make money with Forex trading  Infinity Scalper indicator review

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