Forex Trading

Ethereum is steadily on the rise with targets up at $235.

just bought 2 ETH at 165$ holding for long time

Anyone who even mentions "binary options" in any trading discussion is a WANKER and should fetch their coat immediately!

I'm not a forex fan, but I'm dealing with binary options and it seems to me a much simpler branch and the meaning of a beginner.

Have you tried to withdraw your earnings from your "binary options trading" yet?

No?

Oh well, good luck with that mate and wait until your "binary option broker" advises you to transfer more $$$$ into your trading account.

Wake up! Binary Options=SCAM!

Jeffersontalks said:

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.

Click to expand...

That is the same as opening no transactions.

Forex is legit. It's for the people who knows what they are doing. It's not scam for sure.

RISK, that is what makes it people go negative with it. Learn about it. Good Luck

appytheking said:

ethereum is going crazy!!!

Click to expand...

Ethereum had a bad day today...

It can be profitable if you can come up with a successful strategy or system. If you think you have found or come up with a strategy that works, then backtest it. I usually backtest manually to see if a strategy actually works in the past or not. If it doesn't work in the past, then no point in testing it with real money.

Also follow your rules. If you get your emotions in trading, you will end up losing.

MossB said:

Just got into Forex Trading. Any suggestions how to succeed with it?

Click to expand...

There are lot's of ways to learn anything in Forex. Many people say it's not worth learning. But if you want to learn and you really put the time into it then go for it. Forex is great if you have self control, the right principles, knowledge of risk to reward and understanding support & resistance.
With that you can apply basic trading principles to any methodology without making the whole learning process confusing. For example: You will only trade the EURUSD currency pair. You will use a 50 Exponential Moving Average on 4 hour time frame.

• When price is above the 50 Exponential Moving Average on the 4 hour time frame = ONLY look for LONGS / Buy trades on the 1H time frame.
• When price is below the 50 Exponential Moving Average on the 4 hour time frame = ONLY look for SHORTS / Sell trades on the 1H time frame.

You can easily determine the higher timer frame trend. Once that is determined you know what direction you should be trading on a lower time frame. You can enter when price closes above or below strong levels of support and resistance in the direction of the 4 hour time frame trend.
Stop Loss can be placed above or below the previous level of support / resistance. If your stop loss = 20 then your take profit should = 40 pips. This will give you a 2 times reward vs your risk.

You can easily double a small account starting with $500 over a 3 - 6 month period by applying these simple principles. To determine your lot size on a $500 account you can use 2% of $500 = $10 risk per trade. If the stop loss = 20 pips (take $10 and divide that by 200) = 0.05 is the lot size needed. Your goal is to risk 2% of your account per trade to gain 4%. Not every trade will be a winner but if you understand win to loss ratios you will be OK.

Example:

Each loss = 2% and Each winner = 4% (based on a $500 account)

If you take 10 trades per month and you have 5 losses x 2% = -10% and 5 winners x 4% = 20%

• 20% - 10% = 10% gain ($50) / 50% win ratio

If you take 10 trades per month and you have 6 losses x 2% = -12% and 4 winners x 4% = 16%

• 16% - 12% = 4% gain ($20) / 40% win ratio

If you take 10 trades per month and you have 7 losses x 2% = -14% and 3 winners x 4% = 12%

• 14% - 12% = -2% loss (-$10) / 30% win ratio

As you can see if you stay consistent and only trade 10 trades per month you can compare each month and analyze your data. In the example above you ONLY have to win 40% of the time to make a profit.
This is great for learning how to trade and gain consistent principles. Most people fail or quit trading in Forex because they are chasing a dream of making a crap load of money and RISK too much too FAST. Take your time. Apply these principles and you can easily learn how to trade.

Forex trading or trading generally is a legit source of income, if you abide strictly with all the rules. maket analysis, proper risk management( trading with 1 to2% of your portfolio per trade can be very hard coz you want to catch the biggest fish with that tiny bait same day you started fishing. lol )and understanding psychology of trading(separating your emotions and reality not easy to do though) trading generally involves lots of patience and discipline. what gets people burned out is greed and poor money management. I started trading with an Elliot Wave course. backtested strategy that gives at least 70% profitability. pm me if you need help, or want to engage more. Namaste débutant