Trading General

Lunatick
Lunatick

12 Year Retail Forex Trader.
Primarily:
GBP/USD
USD/JPY
FTSE100
Spot Gold
Not trying to sell anything or similar bullshit.
Ask anything you wish.

All urls found in this thread:
http://www.investopedia.com/articles/forex/08/five-minute-momo.asp
https://50pipsfx.com/2016/06/27/weekly-wrap-up-outlook-27062016/
StonedTime
StonedTime

EUR/USD 1:1 when?
Gold, silver and other metals in uptrend now? Where are they heading?

Was this your full time job?
How did you get into it
Are you a millionaire?
Where/on what platform/broker did you trade?
How high are the fees and how much taxes do you have to pay?

DeathDog
DeathDog

bump

Stupidasole
Stupidasole

@Lunatick
I literally just got a forex account yesterday but I only have $1000 to use in it. Any tips?

Also general tips etc?

lostmypassword
lostmypassword

@Lunatick

answer the questions then faggot

Sharpcharm
Sharpcharm

@Lunatick
Is it worth trying to get into this stuff as a random person without an economics background? Would computer programs and international firms eat my piddling funds for breakfast?

WebTool
WebTool

@StonedTime
I left the Army after 10 years because I was bored.
A friend showed me how to trade.
I'm a millionaire on paper as I buy property.
I use IG Index as my preferred broker and am in the UK so I don't pay tax on any profits.
@Stupidasole
The best strategy for a beginner (and the only one that works IMO) is a five minute momentum setup.
I range trade around support and resistance levels looking for aggressive rejections.
@Sharpcharm
You don't need an economics background, just an awareness of current events.

StonedTime
StonedTime

@WebTool
Active technical trading meme faggot

VisualMaster
VisualMaster

@StonedTime
Yes, that is correct.

MPmaster
MPmaster

@Lunatick

Any advice on reading material?

5mileys
5mileys

@MPmaster
Candlestick Charting Techniques by Steve Nison
I use candlestick patterns to judge reactions to support and resistance levels.
To be fair most stuff is on the internet for free now.

takes2long
takes2long

Can you tell us about your first year as a trader? Things you learned the hard way, things that you would teach somebody immediately before even starting etc.

Your first return rates and your current/best return rates p.a. would also be interesting to hear. Please no spicey edit here :(

Thanks, mate!

idontknow
idontknow

@takes2long
First year was slow and steady, small positions.
I hired a mentor, a guy who I now firmly believe to be the best retail trader in the world. It wasn't cheap but he stopped me making rash decisions.
I have never had a losing year but I am cautious.
My biggest losses were was when the Swiss government depegged the CHF.
I took a month long holiday after that as it screwed with my head.

Gigastrength
Gigastrength

Just as a side note: $1300(mid) seems to be the pivotal level for Gold.
Any daily close below then $1250 (support) is calling. Daily close above then the path to $1350 is open.

Methshot
Methshot

@Lunatick
What was your starting capital? What leverage did you use? How you managed risk for instance what do you consider as a risky position a "sure" position etc?

TalkBomber
TalkBomber

@Methshot
Started with 10k.
My standard lot size for Gold now is £100 per $1/Oz.
I'll generally have about 3-5 lots open at the start and scale them back as the trade progresses. Once it seems to be going the correct way my risk management strategy is to close 50% for profit and move all stops to break even for a risk free trade.
Leverage in Forex varies but generally £10 per pip per lot with up to 5 lots.
I don't take any position I feel is overly risky.

eGremlin
eGremlin

@Lunatick
I want to go short on the FTSE 100 but I only have around 2000 EUR.
Whats the best way I can do this? I figured some kind of leveraged ETF but I cant find one that would be economical

Lord_Tryzalot
Lord_Tryzalot

@eGremlin
I wouldn't be shorting the FTSE any time soon.

Evilember
Evilember

Do you use the 5min chart to determine support/resistance levels or do you use a higher timeframe for that.

RumChicken
RumChicken

@Evilember
Daily and H4.
Although it's always daily for Gold.

TechHater
TechHater

@RumChicken
Thanks. Also the beginner strategy you mentioned, is this it?
http://www.investopedia.com/articles/forex/08/five-minute-momo.asp

Fried_Sushi
Fried_Sushi

@TechHater
Pretty much.
It's good for scalping and occasionally you might catch a big move.

Stark_Naked
Stark_Naked

@Lunatick
Really simple question, whenever you see the official invocation of Article 50, do you think the pound will drop again?

MPmaster
MPmaster

@Stark_Naked
No. It's already tied into the price and Article 50 is a foregone conclusion.
The referendum was won by exit, there is no going back on it.

5mileys
5mileys

@MPmaster
Yeah, I just didn't know if there were enough people out there banking on being able to somehow worm out of it that the market would have a decent dip at the official invocation.

I'm already basing my investments on the assumption that the EU will dissolve over time.

w8t4u
w8t4u

@5mileys
If the UK becomes economically successful post Brexit then the EU is dead.
I currently hold no assets in Euros.

kizzmybutt
kizzmybutt

@5mileys
I should add that a weak currency isn't necessarily bad thing.
It's great for exporters and a weaker GBP means a stronger Stock Market. Foreign investors pile in believing it to be a bargain. Also low interest rates make it good for borrowing.

Emberfire
Emberfire

@w8t4u
What happens if the EU goes kaput? Does the Euro evaporate? What happens to those people that hold Euros?

LuckyDusty
LuckyDusty

@Emberfire
I really don't know to be honest.

CouchChiller
CouchChiller

@LuckyDusty
Probably something like people trading pints of blood for loaves of bread.

JunkTop
JunkTop

@CouchChiller
I suppose everyone would pile into safe haven assets like Gold and the USD.
It would be carnage for the average European though.

Stupidasole
Stupidasole

@JunkTop
Jesus Christ it would be hell on earth, I think it would be everything but the dark ages if the Euro vanished. You'd have people that start basing their entire lives on the most basic of shit

farming
defending the farm

I somehow doubt it will get that bad

Spazyfool
Spazyfool

@Stupidasole
The problem is it's in the EUs interest for the UK to fail now.

takes2long
takes2long

@Lunatick
Hi, total idiot looking to get started. If someone knew next to absolutely nothing about trading FOREX and wanted to try and learn, what's step one, where would you point them?

Flameblow
Flameblow

@takes2long
babypips.com
Read the tutorials but disregard the rest of the site.
50pipsfx.com
This guy knows what he's doing.

BlogWobbles
BlogWobbles

@Spazyfool
Exactly, but, how will they accomplish that?

I think heavy handed action like sanctions and all this other shit will INCREDIBLY backfire.

You will have the other people that are looking through the window of sovereignty and not just economic impacts and they will view the sanctions as further proof of how the EU is unduly tyrannical as some type of overweight supranational dictator and they will grow in their disdain, I think.

Plus I was reading about how economic sanctions against the UK will backfire purely from a fiscal point of view, something about how the UK is more valuable to the EU than the EU is to the UK, I don't know the ins and outs of their trading.

Nude_Bikergirl
Nude_Bikergirl

@Lunatick
Do you wait for the close of a candle bar when you notice a breakout?
How much do you generally make per week? As percentage of capital.

Thanks iv learned a heap researching the jargon you're using.

Sir_Gallonhead
Sir_Gallonhead

@Nude_Bikergirl
I don't trade breakouts mate but if I did then yes, it would have to be a complete candle. Bear in mind breakouts often retrace a bit prior to moving off.
I find trading ranges to be more successful.

happy_sad
happy_sad

@Sir_Gallonhead
what do you trade if not breakouts?

haveahappyday
haveahappyday

@happy_sad
scratch that its 2:30am and i cant read lol

cum2soon
cum2soon

@haveahappyday
No worries.

iluvmen
iluvmen

@Gigastrength
What did you mean by this? are these the ranges?
Buy 1250, sell 1350?

Poker_Star
Poker_Star

@iluvmen
Yeah, but it's not quite that simple.
You need to look for indications of whether the ranges levels will hold. If you want to see a classic rejection sign Google "Pin Bars" and "Tweezer Tops".
These are classic patterns that signal a failure to breakout. There are many more but these two are very good indicators.

Methshot
Methshot

Going out for dinner, will check back later.
Cheers.

Evilember
Evilember

@iluvmen
https://50pipsfx.com/2016/06/27/weekly-wrap-up-outlook-27062016/
First part deals with Gold ranges.

Lunatick
Lunatick

@Flameblow
Am I correct that the second links needs a payment to study?

Also, do you know any further good reads, video lectures etc.

And one more question: do you have an opinion on the CMT program?

Much appreciated.

w8t4u
w8t4u

@Lunatick
He does offer training but don't bother with it.
He does a free webinar or analysis video on Sundays before Tokyo opens. He gives advice freely. He's the only internet guru I pay attention to.
I don't know about the CMT Program.

TalkBomber
TalkBomber

@w8t4u
When I say don't bother I mean he'll only deal with experienced traders who wish to maintain an edge. He doesn't take on beginners, but he will give advice to anyone who attends the free webinars or tweets him.

eGremlin
eGremlin

@w8t4u
@TalkBomber
Nice, thanks OP!

CodeBuns
CodeBuns

Going to close out of this thread now.
Will start again next week if there is interest.
Trade well.

Dreamworx
Dreamworx

@WebTool
an awareness of current events
Technical trading

You're just another thick as shit army twat. Never forget that.

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