Discussion in 'Making Money' started by MossB, Feb 1, 2017.
Just got into Forex Trading. Any suggestions how to succeed with it?
I assume you've had a bad experience with it? lol
No. I am a Forex affiliate. It is obvious by your post that you have no clue about Forex, and are probably under the impression of "make $$$$$ while you sleep".
I admit am new to the whole subject, fill me in a bit
on what you know? Am curious to hear.
I will just fill you in on the basics. It is not a magic money making scheme. The people who are making money are the people who can afford to open a position and not use a leverage.
Care to share some of the strategies with us mortals?
I was trading for like 5 years and i lost a lot of money cause i diden't have big money to trade.. the people who are making big money is the people that trade big money ! so you need a big investment to manage between what u gon lose and what u gon win!
i traded forex some years ago on el toro , but because i had low budget, i lost all my Money lol
still i don't know if they are real or scam
You can make serious bank trading forex. A guy I know just bought a lambo, because he's hard working and he practice proper risk management. He's not the norm. He studied everyday for 3 years before making is first real trade. Trading is not a part time job in forex. You have to work like it's your business. And watch out for all these MLM that offer you to become rich while trading. The guy I know laugh at these people all the time. They don't even know what is a resistance and support level and they pretend to be the shit. This is a dangerous place to put your money if your not fully informed. This is my 2 cent do what you want about it
Forex is a legit way to make some real money in a short period of time. I've had some big 4-figure and 5-figure days, but you can just as easily lose your money if you over leverage. Much like the advise given, it requires being able to master both the technical and economical strategies that relate to the financial markets and most importantly, the mental aspect which is why most people lose their money or give up. Admittedly, this is the case I find myself in. It does help if you have more money to hold positions if you truly believe the move against you is temporary.
If I may suggest a few tips:
1) Don't over leverage.
2) Set defined SL's (stop losses)
3) Always take some profits, and cash them out - don't get greedy!
4)Don't trade Hunches
5) Try and separate your emotions from the work you're doing.
I feel the last part is the most difficult when you're making thousands in minutes, but again you can just as easily lose it. I would suggest that if you do plan to trade, and don't have a large budget to work with, scalping may be the best option for you on shorter time frames 15min-1hrs. Whereas, if you're going to swing trade intraday then 1hr-4hr, and observe large trends on higher intratimes also.
Any way, hope this helps. Best of luck.
OP, a simple strategy that serve me well for day trading. Fact: Market goes up and will come down (vice versa) within the same day. The market does not trend indefinitely within the same day.
Open both long and short position at the same time. Watch the candlestick for sign of reversal to close your winning trade. Usually it is easy to identify through experience.
When a news get release, you have an on rush of buy volume within the 2-5min time frame. (assuming the news is positive, if negative just do a reversal of trade). Do not panic and do anything. Wait for the momentum to exhust its strength. Market usually over react and most important of all, big institution trader need to close off their winning position and take profits for the day ( it is their job to close with profits as they have monthly profit quota to meet else the trader will be fired). Thus you will be able to see that once price reach a certain level, it gets harder to go up more, notice that the gap within the candle is getting smaller. Close off your winning position, when you see this. Now you are left with losing position which you have to cut loss. When the trend is in reversal, watch out for your NET PROFITS. Once you turn positive (depends upon fast the market moves up/ down, the faster it go up/ down, the more the reversal), close your losing position immediately. Do not be greedy and hold.
This strategy works even better when you have trading rebates as you are entitled to commission from both long/short trades.
Note not all brokerage allow you to open both long/short trade so remember to check in WRITING (not phone) to confirm that brokerage allows this.
Forex is it a legit way, but not for everyone. pm me for more info and reccomendations
eToro and their magical freezing platform as and when it suits. You start making good coin on a dealing desk like eToro, and you will soon be froze out till it suits the smack heads. Ran by 888, say no more.
I'm a professional trader. I do NOT recommend trading Forex for a number of reasons. I trade Bond and Treasury notes futures contracts. There is also a reason I choose to trade those and NOT the ES, Oil, Gold and the likes...
ethereum is going crazy!!!
Were would be a good platform to trade bonds and notes?
you can try binary options volatility.first run on demo.once ure perfect.run live.
strategy video below is helpful.watch on youtube
I would recommend Ninja Trader. It's the most versatile platform for retail traders. PM if you have any questions or need help with anything. That goes for anyone in this forum.
you can try binary options volatility.first run on demo here -- http://record.binary.com/_3xFCHQUC86C6tyDIijdDK2Nd7ZgqdRLk/1/
once ure perfect.run live.
strategy video below is helpful.watch on youtube
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