Consistently Profitable Trader in Less Than a Year
I just recently got into this subreddit to browse and pretty sure this post will get roasted but here goes. I started learning forex using babypips around November 2019. Didn’t really take it seriously until I bought a few courses when COVID hit in March and really grinded and studied every day. On this subreddit, I see a lot of advice to not pay for a course because “you can learn it for free” or you can “YouTube” it. And while that may be true, there’s SO much information online, and a lot of it isn’t good. As a newbie or even long time trader, you can get overwhelmed with BS and the endless amount of indicators and strategies. To each their own, but I believe you’re gonna pay the markets your tuition for learning somehow: either through a mentocourse or just losing all your $$$ to the markets. I did babypips, and while that info was useful, I would say it’s definitely NOT enough to become profitable. In these past 6 months, I’ve lost and earned a lot. I can proudly say I consistently made 10k+ each month from July-Sept and it’s only going up from here. (I didn’t start with a 10k account either.) Im definitely in the green overall, passed and verified on an FTMO account, and been making around 3k+ each day these past few days (thank you volatility!). Psychology is the hardest to overcome, but it’s doable. To all the newbies and traders struggling out there, it’s possible to become consistently profitable, don’t let anyone else tell you otherwise. and F the people who don’t believe in you. But to be fair, you have to have a passion for trading and put in the work. You can’t go into this just for the money. I love analyzing the charts and trading now. It’s changed my life. If anyone has any questions, feel free to hit me up.
[Strategies] Here is My Trading Approach, Thought Process and Execution
Hello everyone. I've noticed a lot of us here are quite secretive about how we trade, especially when we comment on a fellow trader's post. We're quick to tell them what they're doing isn't the "right way" and they should go to babypips or YouTube. There's plenty of strategies we say but never really tell them what is working for us. There's a few others that are open to share their experience and thought processes when considering a valid trade. I have been quite open myself. But I'm always met with the same "well I see what you did is quite solid but what lead you to deem this trade valid for you? " The answer is quite simple, I have a few things that I consider which are easy rules to follow. I realized that the simpler you make it, the easier it is for you to trade and move on with your day. I highlight a few "valid" zones and go about my day. I've got an app that alerts me when price enters the zone on my watchlist. This is because I don't just rely on forex trading money, I doubt it would be wise to unless you're trading a 80% win rate strategy. Sometimes opportunities are there and we exploit them accordingly but sometimes we are either distracted by life issues and decide to not go into the markets stressed out or opportunities just aren't there or they are but your golden rules aren't quite met. My rules are pretty simple, one of the prime golden rules is, "the risk is supposed to be very minimal to the reward I want to yield from that specific trade". i.e I can risk -50 pips for a +150 and more pips gain. My usual target starts at 1:2 but my most satisfying trade would be a 1:3 and above. This way I can lose 6/10 trades and still be profitable. I make sure to keep my charts clean and simple so to understand what price does without the interference of indicators all over my charts. Not to say if you use indicators for confluence is a complete no-no. Each trader has their own style and I would be a narcissistic asshole if I assumed my way is superior than anybody else's. NB: I'm doing this for anybody who has a vague or no idea of supply and demand. Everything here has made me profitable or at least break even but doesn't guarantee the same for you. This is just a scratch on the surface so do all you can for due diligence when it comes to understanding this topic with more depth and clear comprehension. Supply and Demand valid zones properties; what to me makes me think "oh this zone has the potential to make me money, let me put it on my watchlist"? Mind when I say watchlist, not trade it. These are different in this sense. 👉With any zone, you're supposed to watch how price enters the zone, if there's a strong push in the opposite direction or whatever price action you're observing...only then does the zone becomes valid. YOU TRADE THE REACTION, NOT THE EXPECTATION Some setups just fail and that's okay because you didn't gamble. ✍ !!!IMPORTANT SUBJECT TO LEARN BEFORE YOU START SUPPLY AND DEMAND!!! FTR. Failure to Return.(Please read on these if you haven't. They are extremely important in SnD). Mostly occur after an impulse move from a turning point. See attached examples: RBR(rally base rally)/DBD(drop base drop). They comprise of an initial move to a certain direction, a single candle in the opposite direction and followed by 2 or more strong candles in the initial direction. The opposite candle is your FTR(This is your zone) The first time price comes back(FTB) to a zone with an FTR has high possibilities to be a strong zone. How to identify high quality zones according to my approach:
Engulfing zones; This is a personal favorite. For less errors I identify the best opportunities using the daily and 4H chart.
On the example given, I chose the GBPNZD trade idea I shared here a month ago I believe. A double bottom is easily identified, with the final push well defined Bullish Engulfing candle. To further solidify it are the strong wicks to show strong rejection and failure to close lower than the left shoulder. How we draw our zone is highlight the whole candle just before the Engulfing Candle. That's your zone. After drawing it, you also pay attention to the price that is right where the engulfing starts. You then set a price alert on your preferred app because usually price won't get there immediately. This is the second most important part of trading, PATIENCE. If you can be disciplined enough to not leave a limit order, or place a market order just because you trust your analysis...you've won half the battle because we're not market predictors, we're students. And we trade the reaction. On the given example, price had already reached the zone of interest. Price action observed was, there was a rejection that drove it out of the zone, this is the reaction we want. Soon as price returns(retests)...this is your time to fill or kill moment, going to a 4H or 1H to make minimum risk trades. (See GBPNZD Example 1&2)
Liquidity Run; This approach looks very similar to the Engulfing zones. The difference is, price makes a few rejections on a higher timeframe level(Resistance or support). This gives the novice trader an idea that we've established a strong support or resistance, leading to them either selling or buying given the opportunity. Price then breaks that level trapping the support and resistance trader. At this point, breakout traders have stop orders below or above these levels to anticipate a breakout at major levels with stops just below the levels. Now that the market has enough traders trapped, it goes for the stop losses above or below support and resistance levels after taking them out, price comes back into the level to take out breakout traders' stop losses. This is where it has gathered enough liquidity to move it's desired direction.
The given example on the NZDJPY shows a strong level established twice. With the Bearish Engulfing movement, price leaves a supply zone...that's where we come in. We go to smaller timeframes for a well defined entry with our stops above the recent High targeting the next demand zone. The second screenshot illustrates how high the reward of this approach is as well. Due diligence is required for this kind of approach because it's not uncommon but usually easily misinterpreted, which is why it's important it's on higher timeframes. You can back test and establish your own rules on this but the RSI in this case was used for confluence. It showed a strong divergence which made it an even easier trade to take. ...and last but definitely not least,
Double Bottom/Top. (I've used double bottoms on examples because these are the only trades I shared here so we'll talk about double bottoms. Same but opposite rules apply on double tops).
The first most important rule here is when you look to your left, price should have made a Low, High and a Lower Low. This way, the last leg(shoulder) should be lower than the first. Some call this "Hidden Zones". When drawing the zones, the top border of the zone is supposed to be on the tip of the Low and covering the Lower Low. **The top border is usually the entry point. On the first given example I shared this week, NZDCAD. After identifying the structure, you start to look for zones that could further verify the structure for confluence. Since this was identified on the 4H, when you zoom out to the daily chart...there's a very well defined demand zone (RBR). By now you should know how strong these kind of zones are especially if found on higher timeframes. That will now be your kill zone. You'll draw another zone within the bigger zone, if price doesn't close below it...you've got a trade. You'll put your stop losses outside the initial zone to avoid wicks(liquidity runs/stop hunts) On the second image you'll see how price closed within the zone and rallied upwards towards your targets. The second example is CHFJPY; although looking lower, there isn't a rally base rally that further solidifies our bias...price still respected the zone. Sometimes we just aren't going to get perfect setups but it is up to us to make calculated risks. In this case, risk is very minimal considering the potential profit. The third example (EURNZD) was featured because sometimes you just can't always get perfect price action within your desired zone. Which is why it's important to wait for price to close before actually taking a trade. Even if you entered prematurely and were taken out of the trade, the rules are still respected hence a re entry would still yield you more than what you would have lost although revenge trading is wrong. I hope you guys learnt something new and understand the thought process that leads to deciding which setups to trade from prepared supply and demand trade ideas. It's important to do your own research and back testing that matches your own trading style. I'm more of a swing trader hence I find my zones using the Daily and 4H chart. Keeping it simple and trading the reaction to your watched zone is the most important part about trading any strategy. Important Note: The trade ideas on this post are trades shared on this sub ever since my being active only because I don't want to share ideas that I may have carefully picked to make my trading approach a blind pick from the millions on the internet. All these were shared here. Here's a link to the trade ideas analyzed for this post specifically Questions are welcome on the comments section. Thank you for reading till here.
What’s wit forex that attracts these gurus and mlM schemes. It so hard to differentiate legit people just giving educational content and thes fakes who prey on people being gullible. Personally I have never bought a course. If I was to ever pay money it would be babypips. That has been the best advice I got from this sub no cap. Why is forex a victim to this and not wsb (options). Aside from some major difference in what you are trading the 2 are relatively similar and if anything wsb is the best way to “gamble” your way to being a millionaire. But most of the topics covering option calls and strategies are mostly legit and generally know what they are talking about.
I joined a forex group through a friend who advertised same day trading and building a brand and how the option was up to me. they lied to me and got me to signed up and are basically trying to bully me into only building the brand. I was wondering if anyone could teach me how to trade. Edit: Thankyou all for your advice.
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..
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.
Ok so I'll admit, I was not a fan of price action until recently. I was watching NNFX and I thought it was useless, part of the problem was that I was too lazy to bother trying it. But the more I browse this sub, the more interested I am. However, I am not completely cutting out my indicators and I'm gonna try both. But I have some questions:
Can you trade using price action on longer timeframes? (1h and up, I can't watch the charts for that long. Preferably, I would do full on swing trading using price action.)
How would you backtest a strategy using price action? I feel like this would be difficult for 2 reasons:
It is pretty subjective, so the rules aren't as strict (you might miss a trade opportunity while backtesting).
I can't backtest on tradingview using intraday charts, do you have a way to get around this? I tried drawing a black rectangle using the drawing tools but if you hover over it with your mouse, you can see price again.
I am going to read naked forex soon, would you recommend any other resources or should I stick with that for now and learn the basics first? (I'm not sure if I can even call it the "basics")
I also did the babypips course so I'm not completely clueless, but I skipped the parts about price patterns, harmonic patterns, and elliot wave (and fundamentals analysis but I'm not gonna bother with fundamentals because I only care about the news so I can avoid it, more than that is too much to keep track of IMO). I think the price patterns section might be important but the elliott wave and harmonic price patterns don't seem too important to me. Should I go back and learn these?
Hi everyone. Some time ago I went through the babypips course, but traded pretty much casually on a virtual account. I recently picked up forex again, but decided that this time I'd try a more structured approach, like figuring out a strategy and sticking to it for a while (always virtual). So the first step seems deciding a time frame to trade. Since I don't want to check the charts multiple times a day, would it be reasonable to look at the 1 day chart in the morning and trade over the week? Or is it better over a month period? For the month I'm a bit worried about the fees. Of course I've yet to figure out which indicators work for me, etc, but I thought I'd figure out the time frame first. I'm not looking for quick money, but rather a way to invest some of my spare money with a more risky and hands on approach. Thanks in advance
With the trading week coming to a close I wanted to help inform those of you who actively trade indexes on what to look for next week. With a significant amount of volatility in equity markets over the past few weeks, and concerns around the pandemic, election, pace of economic recovery, and serious doubts over another round of stimulus have mounted. I know all of us are watching the market like a hawk to determine the next trend (bull/bear) as the next few months will be very closely correlated to the election and which candidate will win. i.e. If the market goes up Trump's likely to stay in office, downtrend would suggest Biden as the new president. The market historically has always strongly correlated with the presidential election. After crunching the numbers this afternoon, I have my next week's S&P key support/resistance levels and pivot points to watch out for. I did a combination of classic and Fibonacci that weren't too far off from one another. I tried to upload my chart/drawings but Reddit is saying the file is too big to upload directly into the post. I'll try to add a link later if I get time. For those of you who would like to learn how to calculate support/resistance and pivot points you can learn the basics of how to do so here. I know you guys love clicking +/-0.30 deltas and exiting at 50% profit, but I feel indicators are key to choosing our options strike(s), and futures entry/exit points. I prefer to sniper my strike(s) to limit my upside/downside risks. When trading options we should all have an entry/exit strategy. Support/Resistance helps us determine what strike(s) to pick, and when to close the order. If you are trading index futures please set stop/limit orders to limit your upside/downside risk as well. Classic: S3 [3128.42] S2 [3210.41] S1 [3264.94] Pivot Point [3346.93] R1 [3401.46] R2 [3483.45] R3 [3537.98] Fibonacci: S3 [3210.41] S2 [3262.56] S1 [3294.78] Pivot Point [3346.93] R1 [3399.08] R2 [3431.30] R3 [3483.45]
https://preview.redd.it/zp7shgjo5dm51.png?width=2408&format=png&auto=webp&s=cd658da3cf5f10759c9fa56fd022b0176c8413ab After reading a lot about forex and strategies and babypips and playing with demo account etc etc for a month, started trading with real money since June manually. Initial capital $200 and then no more deposit, neither withdrawal. Performance was just so so except having caught a trend at the beginning (was just luck). Then stopped entirely and worked on a bot. First bot worked but low profit and wasn't designed to ride trends. Then started trading with 2nd bot this week. Now trading entirely with bot. So far I always start each trade with just 0.01 lot, don't wanna expose myself to too much risk. Not here to brag (although feel quite good indeed) but to ask for warnings and advices, because I am still quite new. Feel free to smash.
University Student asking for comments on his strategy.
Hello, I am a first-year university student (BSc Finance and Banking), I have recently opened a Revolut account and I have noticed that even with the standard plan I can exchange currencies without fees at real current exchange prices. Since I am an Italian guy studying in the UK I frequently have to change money from EUR to GBP, however, I have noticed that the daily range for EUR to GDP seems to vary by about ±0,02, this would allow me to nearly daily trade. Here is my thought, if I buy EUR when they are at the daily low and I sell them at the daily high I would make a profit of ±20£ a day only trading 1000£ for the first trade .Even if the EUR does not increase in value after I buy them, I would still hold the as I need anyway when I go back to Italy, of course, I have more than 1000£ so I wouldn't need to exchange EUR for GBP at bad rates just to afford daily expenses, this would give me time to wait for the value of EUR to rise again. I am probably talking about obvious stuff for you but, I am new to Forex and I would like to understand more of it. It would be very helpful if you could comment on what I plan on doing. Thanks and I am sorry if the explenation is not very clear.
Hi all, I'm currently still learning to trade Forex & doing the babypips course, however I was thinking if it was helpful or not to write down a daily profit target? E.g. £200 a day from trading, and then over time scale it up to say £300>£400>£500? Also, in terms of trading strategy, does anyone have some decent reading on the different trading strategies so I can get a footing on that before I go live, as I'm still paper trading & likely to for the next 6 or so months.
Hello guys, as you may have noticed i am new here and to the trading world. I guess it has been over a month roughly and i drain information like a sponge, i have done babypips, read 3 books about strategies and mentality + risk management. Watched over 100 videos including webinars and lessons along with the youtube content. But i have questions which are pretty rare and cant find answers anywhere. I searched Forex and couldnt find any related stuff either. I am living in Turkey and the condition of Forex is different here. Leverage is limited to 10:1 and you need to deposit 50.000 turkish lira to the broker(lots of money). So i want to use a broker who is not supported by turkish state. Like pepperstone, i would appreciate recommendations. The real deal is this. Currently 7 turkish lira = 1 USD (rounded) and a 100 USD is an okay income a month for a turkish student (i dont expect to earn this at all, i am just trying to describe the situation that Turkey is in.) However guys i may start depositing with a small amount of 500 USD at most (at the beginning, every month i will deposit more). I want to risk %1 of my account each trade. And i trade mostly in 15m and 1h candles in my demo account and those show the most profitable results. But will i be able to earn despite the comissions and spreads? Which type of account you guys recommend. Thanks a lot. Appreciate it.
I've noticed that about 2,000 people have joined the Forex community in the recent weeks. Has anyone else noticed this? I suspect this is because of the lay offs due to the corona virus, and people are frantically looking for ways to supplement their incomes. While I'm glad that people are trying to better themselves and take control of their financial situations, I have to admit that the daily "newbie" questions are getting quite annoying. And it's not because there are new, inexperienced traders asking for help, but it's because the questions are more-less the same questions. I know there is a pinned "New Traders" section at the top of the thread, but it seems it isn't catching much traction. But first, to the new traders I'd first like to say: Welcome! This will be a tough journey, but it will pay in dividends (not literally). A couple tips before we start: FIRST, see the pinned New Traders section of Forex SECOND, go to babypips and take their FREE courses where you will learn the basics. I never did because I'm an idiot, and it took me many years of trial and error to succeed in this game. Don't be a lemon like me, go to babypips. Now my basics; Always have at least a 1:2 Risk:Reward. Simply put, risk at least $1 for $2. Always set a stop loss and take profit. In the beginning, I find it best to give new traders a black or white, go-or-no-go trading strategy. Trade mechanically. While discretionary trading is profitable, you need years of experience and time in the charts to be good at it. It could be something like, "I only trade low volatility break outs on the 4hr. Any candle below x ATR and I will enter via stop order at the high/low of that candle. My sl will be at the high/low of the entry candle, and I will look to make at least 2 reward on that trade. I will risk 1% per trade, even on demo, and I will trade in the direction of a 10 period moving average" This is a VERY crude strategy, one I just pulled out of my ass, so don't go using it and blowing your accounts! I recommend starting with 1 pair in the beginning, at MOST 3. And I recommend not swapping into different pairs. Keep those 1-3 pairs. Once babypips is completed, demo trade. Put time in the charts and develop a strategy (mechanically, preferably). Your strategy could be as complex or as simple as you like. Simplicity is genius in my opinion, but you do you. I'm not trying to sound like an ass, but everything you really needed to learn you learned from babypips. With that said, DO NOT pay for courses from ANYONE. They will often know the same as you, if not less. In my opinion to be really great in this game you don't need a lot of information., and capitalize on every opportunity. You just need to be really good at one style and max that the hell out. For instance, being really good at low volatility breakouts, and having a system based off that. No amount of schooling (high school, college, or courses via Forex gurus) will make you successful. It's one thing to know a strategy, but to implement it in real time with real consequences is daunting. The only way to conquer this is to simply do it. Trade. Trade with an amount of money you can emotionally and financially afford to lose! I would even recommend starting a live account with $50 and only trading micro lots (0.01) until you become comfortable and your strategy proves successful. This is AFTER demo trading your strategy. Master yourself before you master the markets. Work out. Feed your brain. Get enough sleep. The money you make or lose isn't worth your health. Psychology. In my opinion the best psychology you can have while trading is a form of stoicism. You've placed your trade based off your strategy, you managed your trade based off your strategy, and you risked an amount you've told yourself you were comfortable losing with an account you told yourself you were comfortable blowing, so what's the worry? Why the second guessing? Everyone's heard that story, right? Where a man goes to a successful "guru" and says he wants to be successful. The guru says, "Ok. Show up at the beach this time tomorrow." The man shows up at the beach in a suit and tie, ready for success! The guru tells him to get in the water. Once in, the guru holds the mans head under the water, drowning him. At the last second the guru lets him up and says, "once you want success as much you wanted to breathe, you'll be successful. That's what you need to be like. You need to be willing to do what is necessary and put in the work. It's not easy. You're going to lose money, maybe even blow accounts. You may struggle for years without a return, or even lose money over that time. How bad do you want it success, though? And are you willing to drown to attain it? Best of luck new traders! Experienced traders, please feel free to add things or tell me I'm a goof in the comments.
Forex has popped up on my radar on/off over the years but I did minimal research on it. I do keep up with economics and feel that I understand the whys/whens/hows on when things happen... I just never looked into Forex. Recently Forex has popped up on my radar again... I have a few friends in Japan and a few more here in the states that trade. I've started researching, consuming as much information, studying chart-to-news-comparisons/trends/strategies/etc. I've started the Babypips course. I've also been playing with a demo account. I've seen horror stories of people jumping in thinking it's a get-rich thing. Even with little research on it, it's easy and obvious to realize you can't make money overnight. Just from 2 weeks of diving in, I'm not even thinking about the make money side of it. The way the currency markets move fascinates me. It seems crazy to me that people put their money in without at least 6 months of research and practicing on a demo account. In the future when I do put money in... do people not know about risk management? Risk management is screamed from the rooftops in this community/industry. Of course, you aren't going to win every trade... so don't put half to all of your account toward one trade. I keep seeing/hearing the word mentor come up. Seems weird to me. Even one of my trader friends has a mentor. The other doesn't. Why would anyone trust any of these flashy IG/YT people? I'm sure some of them are fine but it already seems like there are a ton of things you need to learn on your own if you're interested in getting involved in these markets.
Hi all, I'm new here and new to forex. I have a small amount of experience trading stocks and options but just think it's too volatile at the moment so want to transition to a casino where the deck isn't ENTIRELY stacked against me :P I've just started babypips and tracking some currency pairs looking for what I think my entries would be. A couple of noob questions: 1) USD/HKD So this pair is pegged between 7.75 - 7.85 If this pair is trading at the extreme end of the range isn't this a pretty one-sided trade? Obviously there is the risk that the peg could break or be changed etc but how likely is that? Is it possible to watch pairs like this trading, wait to see some upward movement + increased volume and enter? Losses would be limited to the lower bound with solid upside? This seems like something every noob would think of so what am I missing? https://preview.redd.it/d8pc5kvwbj751.png?width=1505&format=png&auto=webp&s=59422ca9b4ab8d21c5eea636618ef64b8b3a83f9 2) Margin of Safety in a Forex Strategy If I'm testing a strategy what % margin of safety should I try to build in before thinking the strategy might be worthwhile? Let's say I have 2:1 risk:reward and expect to be right 50% of the time, this is probably not good enough, but what about if I was right 51% of the time? 55%? 60%? etc I guess the question is, what percentage of statistical edge should I be looking to build?
TL;DR Just got into Naked Forex trading but I am stuck on backtesting. Can't correctly identify critical zones (supp and res zones) and I haven't found the criteria for my trading system (wammies and moolahs) on the charts that I have back tested. Any advice? Hi there, I started learning about forex awhile back from a friend and he began to show me the basics while also directing me to babypips for the free course they put you through. Although I got into all of this awhile back, I have been stuck in the stages of finding my own strategy and backtesting it. At first, I was very much into using the basic indicators (RSI, MACD, SMA/EMA) but then I came across a recommendation in this sub to read 'Naked Forex' and I was hooked. Not in a sense that now I knew exactly what my strategy was and how to implement it, but hooked in the idea of being able to read a chart and make trades based on price action and reversals. Of course while reading the book, understanding the concepts, and looking at all the examples of the different trading strategies i'm getting hyped in my mind to get to the backtesting stage to see if I can put this knowledge to somewhat of a test. Now here I am, staring at tradingview's daily and 4h charts from 2006 onward. Here's where I get stuck. I understand identifying critical support and resistance zones and it all made sense to me in the book, but as I am backtesting I find that the zones are either always changing or I can't figure out which ones are critical. On top of that, my trading system looks something like this (advice is welcome on how this could be improved or if you see any glaring "wtfs" in it) I trade wammies & moolahs (market touches supp. or res. zone twice, second touch is lowehigher with a bearish/bullish candlestick printed on the 2nd touch) and use either a kangaroo tail or big shadow for confirmation to initiate the trade. The buy/sell stop is set 8 pips above/below the bearish/bullish candlestick and the stop loss is placed below/above the first touch. The profit target is the following zone. There's a bit more criteria for the trade but that's the blueprint of it. I apologize if it either doesn't make sense or confuses you but even after sifting through months/years of backtesting data my eyes never caught any of this action happening in the zones I've identified. Any help would be appreciated as I am a sponge and will soak in as much criticism and advice as I can.
If you’re thinking about picking up trading from a place of financial desperation, stop.
Hopefully this will reach at least one person, a lot of folks have seen their 401ks nuked or just had their income cut close to zero. You look online for ways to make money at home and stumble across forex trading, an endeavor where 95% of traders fail in the long term and the liquidity of newbies is exploited to fill the orders of the more experienced. If you ever go in to trading with the mindset that you NEED to win the next few trades to pay off that next bill, consider the money already lost. A massive part of being successful in trading is mindset, as soon as desperation kicks in you force yourself to close your winners early and think letting your losing trades run is a good idea. When trading from desperation as a complete beginner, you typically follow the Dunning Krueger curve to the letter https://onlinepethealth-info.com/wp-content/uploads/2019/12/Dunning-Kruger.jpg You have your euphoric high at the peak of mount stupid, and will quickly feel the crippling suffocation at the valley of despair. “You drank deep and you paid the price.” Then it’s time for you to climb the slope of enlightenment. However, the only tool in your toolset is your shovel that you use to get to the bottom of the pit of despair. If you insist on using what you only know as a beginner, that shovel will dig deeper than you were. I swear to god if you keep trading before you take the time to learn you’ll lose everything. It’s a slow climb, you aren’t ever going to get that high of paying your bills through your incredible, home brewed strategy and wits alone anytime in the next year unless you insist on degenerate gambling. You are not the outlier. Sit back, complete the entire babypips course, and don’t use any tool without being able to answer “what is the fundamental paradigm driving the efficacy of this tool?” Your desire for trading should stem from a passion for the art of the execution, not the desire for short term gains. You don’t buy a guitar and go street performing the first week. If you bought the guitar to make money, sure, you can once you master it. But if you head out your first week, you’re going to embarrass yourself find yourself in debt. Good luck! 95% of traders fail because they insist they have nothing left to learn no matter where they are on the Dunning Krueger Curve, which is a poor choice in a fluid and evolving market condition. A true master is an eternal student, you can do it, just don’t plan for profitability any time in the next year. Never trade with money you CAN’T AFFORD TO LOSE. THAT MEANS THE MONEY FOR NEXT MONTH’S BILLS. Go forth! Your 401k will be worth more five years from now than it was at the peak a few months ago. If you don’t have a genuine passion for trading, just wait it out!
If you’re thinking about starting trading from a place of financial desperation, stop.
Hopefully this will reach at least one person, a lot of folks have seen their 401ks nuked or just had their income cut close to zero. You look online for ways to make money at home and stumble across forex trading, an endeavor where 95% of traders fail in the long term and the liquidity of newbies is exploited to fill the orders of the more experienced. If you ever go in to trading with the mindset that you NEED to win the next few trades to pay off that next bill, consider the money already lost. A massive part of being successful in trading is mindset, as soon as desperation kicks in you force yourself to close your winners early and think letting your losing trades run is a good idea. When trading from desperation as a complete beginner, you typically follow the Dunning Krueger curve to the letter https://onlinepethealth-info.com/wp-content/uploads/2019/12/Dunning-Kruger.jpg You have your euphoric high at the peak of mount stupid, and will quickly feel the crippling suffocation at the valley of despair. “You drank deep and you paid the price.” Then it’s time for you to climb the slope of enlightenment. However, the only tool in your toolset is your shovel that you use to get to the bottom of the pit of despair. If you insist on using what you only know as a beginner, that shovel will dig deeper than you were. I swear to god if you keep trading before you take the time to learn you’ll lose everything. It’s a slow climb, you aren’t ever going to get that high of paying your bills through your incredible, home brewed strategy and wits alone anytime in the next year unless you insist on degenerate gambling. You are not the outlier. Sit back, complete the entire babypips course, and don’t use any tool without being able to answer “what is the fundamental paradigm driving the efficacy of this tool?” Your desire for trading should stem from a passion for the art of the execution, not the desire for short term gains. You don’t buy a guitar and go street performing the first week. If you bought the guitar to make money, sure, you can once you master it. But if you head out your first week, you’re going to embarrass yourself find yourself in debt. Good luck! 95% of traders fail because they insist they have nothing left to learn no matter where they are on the Dunning Krueger Curve, which is a poor choice in a fluid and evolving market condition. A true master is an eternal student, you can do it, just don’t plan for profitability any time in the next year. Never trade with money you CAN’T AFFORD TO LOSE. THAT MEANS THE MONEY FOR NEXT MONTH’S BILLS. Go forth!
Become a financial investor with £300 and make £50 for doing nothing
Good Day! If you are looking for a quick easy way to earn £50 in commission then you are in the right place. Wether you're a student, full-time/part time worker or unemployed you can do this easily in 30 minutes or less. Many people are promoting forex programmes that only benefit themselves and probably offer you a book that explains nothing nothing more than you can learn on babypips.com I offer an educational group on an app called telegram (You can download it off the App Store, Android store or windows store.) And we can help you become traders not by selling worthless signals but by teaching you how to trade independently, a lifetime service for free. Now all this sounds too good to be true right? And what about that '£50 commission you told me about?' Well I work with a brokerage that when I get signed up and you trade with them I earn commission, For you doing so I am willing to give back to my team £50 via PayPal, Skrill or BTC, whatever floats your boat as a way of saying, Since you helped me, i'll help you. Plus I am offering you another investment opportunity in yourself, The way I think about trading on the financial markets is not a 'Get rich quick' scheme, or a 100% Guaranteed profit making strategy. I Just like many other traders have had bad weeks/months on the markets but the way to overcome it is to manage your risk and to make sure your bad weeks or months are nothing compared to your good ones. If you invest £1000 into a savings account and leave it there on say your 0.01% interest rate for a year you now have £1010. Congratulations you bank has now done for you what you could do in a week easily. You can open a trade on the lowest risk possible and make that if you find the right swing in the market, which with the right guidance and mindset and experiment, is not all too hard to do. Depositing with a broker is like depositing into a bank account. I can 100% guarantee there will be someone reading this thinking this is a scam, they are just going tot take your money and run. Be assured that I never see your money, when you hand over money to deposit cash into your bank account do you see your cashier take it and put it in their wallet/purse and then it not show up into your account? You are simply depositing money into your own account that only you will have access too and it is there for you to do what you would like with, you can be risky and trade big though I wouldn't recommend this, if you want to though I think you shout find the swing that would work the best for it, find every confirmation possible and enter where there is lowest risk to your account. But for most traders actually wanting to make a steady investment on their capital they can trade low risk, find the swings exactly how I just mentioned and grow your account bit by bit. As I said previously we offer training in the markets and this is exactly what we are trying to achieve. We don't charge a monthly service fee unlike most in this line of work, instead we actually make our living trading and use the commission from the broker as a service charge, basically like a tip to our weekly profits we use for leisure or to take the Mrs out for dinner :) If you are interested or have any questions drop a message to either me privately or if you think it is beneficial to everyone reading then add it to the bottom of this thread. We are more than happy to speak to you over telegram 1-1 and if you need to you can voice call over the app too. However you must be 18+ have some sort of ID and credit/debit card to sign up with the broker. ** If you are unsure when signing up with the broker you can research them/call them whatever you like. We only work with brokers that are registered under the FCA (Financial Conduct Authority)
Reality check for newbie roadmap with algo trading
Hey guys, I'm planning to start trading on forex in the next few months. Right now I'm doing babypips :) I've got some ideas/long term plans on how I want my trading journey to look like and I'd really appreciate reality check if it's plausible to achieve. First some background. I'm a software dev and I'm doing really ok for myself, I've been able to put aside some money that if lost or spent it won't affect anything, retirement, personal savings, vacations, travel and all other budgets are all separate from it. Roadmap:
Open demo account and trade for around 6-12 months to get a hang of it - the goal is to create a trading strategy
Open a live account and try to not blow it for the next 12 months - the goal is to break even, tweak and adjust the strategy
Be profitable after 24 months on the market - the goal is to achieve 1%-6% monthly returns
Create algo system as a helper - this is the final chapter, reflect my strategy the best I can in automatic system. What'd be left is to tweak and configure it on a weekly basis into the future.
This is my dream scenario, long term plan and direction to follow. I'm making no assumptions on anything, I know it might take 3 or 4 times longer or not work at all. Right now I don't know what I don't know and wanted to clash my imaginations with reality how this journey might look like before I start committing countless hours to this. I want to give myself enough time to be successful with this plan, even if it'll take a decade or more. Some explanation on the algo. I'm not looking for silver bullet that'll crack the market and make me rich. I'm wishing to build a system that will be an extension (like another limb) to my body and mind to anything that can be automated in trading, something that constantly has to be improved and adjusted with the changing market. I just want it to reflect a strategy that I'd already apply manually. The end goal (many years into the future) is to acquire enough account size to be able to quit my day job and live comfortably from mostly automated trading. What are your thoughts on this roadmap? Is this a reasonable plan to follow? Is it possible to achieve something like a constant 2%-5% monthly returns with algo trading and putting max 8 hours in a week for maintenance and tweaking?
Hi, so basically 2 months I did the babypips course, then I have been reading and watching a lot of videos on forex. 10 days ago I finally decided to open a demo account, starting with 1000$. Currently I have 1300$. I never placed a "random trade", always have been using the same strategy, however I obviously know there is still a "random" component since im still a noob. Im getting very excited and already getting very big dreams. Do you guys think im just simply being lucky or is it possible to be good at forex from the beginning if we learning every day?
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