Forex Strategies

Harmless_Venom
Harmless_Venom

Can someone red pill me on starting forex

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TreeEater
TreeEater

To trade forex you must be blue pilled.

SRRY

Sharpcharm
Sharpcharm

buy usd/yen short gbp/yen to sorta have two ways in one

Evilember
Evilember

You don't need a certain account minimum, so even poorfags can start. You're trading currency pairs, so you attempt to predict the strength of certain countries' currencies and trade based on that. You need to find a brokerage.

Look up the Trader Cartel Discord channel. They mainly trade forex in the public channels. Helpful to beginners.

Emberfire
Emberfire

Best broker?

cum2soon
cum2soon

Does anyone ever use buy and hold as a strategy or just to trade out of a mistake or screw up.??

RavySnake
RavySnake

Best broker?
Depends are you Us?

Carnalpleasure
Carnalpleasure

Yes, I just made a live account with oanda to blow some money. As long as I'm trading low volume, is spread the best kind of commissions for fx?

Snarelure
Snarelure

I'm new to forex myself but there's several issues with buying and holding in forex I've found.

1)Margin calls. It's very easy for the price to dip far too low/high and if you're using high leverage it's a huge shot to your capital. So just waiting, even in intraday trading, for your sell at 1.6 euro can fizzle out rather quick.

2)Price hits new ranges often and just refuses to come back down or alter in the course of weeks, months, etc. Euro/usd was 1.22 last year, now it's 1.7, if you short at 1.22 you would have been fucked

3)I'm trying hedging using dual accounts in the U.S(it's banned on the same account to buy and sell the same currency pair) and I ran into all those issues. There's not much of a way to tell when the market is going to shift, when to back out, or when to go in either.

BunnyJinx
BunnyJinx

Elaborate on "spread" please.

New_Cliche
New_Cliche

Can't you trade right before govt reports are released and FOMC meetings and stuff. Doesn't that improve your chances?

Need_TLC
Need_TLC

The broker buys and sells the currency pair at a slightly higher/lower price than what I am paying

Garbage Can Lid
Garbage Can Lid

Yeah, of losing just as much as you would have gained.
I did that last week, had a buy open in a 200 dollar demo account and made 35 dollars when I checked back a few hours later because the market spiked. There was this giant green bar on the chart, right when the news hit. If I was shorting, that would have been an instant margin call bypassing even the stop loss you set up.

Absolutely everyone I've read about so far who made it in the forex world is disciplined, patient, and sticks to a system they believe in.

SomethingNew
SomethingNew

How do you find a decent system? Which one might you recommend? There's so many and I really don't feel like trial and errorring this thing.

kizzmybutt
kizzmybutt

I'd forget about it then, haven't found anyone who didn't have to put in a lot of time to get good at it.

Soft_member
Soft_member

How do you find a decent system? Which one might you recommend?

Evil_kitten
Evil_kitten

Haha thnx!

Inmate
Inmate

Point being, put a lot of time into researching and alot of them just sound full of shit...

farquit
farquit

Here's a red pill for trading forex: Don't trade forex. God I hate forex.

Evil_kitten
Evil_kitten

Huh....Why?

Methshot
Methshot

he's just jelly about all the money you will make. get a loan and go for it, user. don't let negative nancies to stop you from your dreams

Harmless_Venom
Harmless_Venom

This. I lost 7 fucking grand trading forex don't do it.

Boy_vs_Girl
Boy_vs_Girl

Noted. Ouch!

Burnblaze
Burnblaze

get a loan and go for it
this is only way if you want to make money with forex

hairygrape
hairygrape

Thinking about getting into Forex, not as many fees as shares. And unlike crypto your holdings are actually fungible and quite liquid.
i.e. what's to stop me not going through a broker and just converting a whole bunch of Yen for Euros, make a profit, and then using the Euros to buy shit I actually want?

Methshot
Methshot

atc brokers is the best retail broker. You need a stp or preferably an ecn based broker.

TurtleCat
TurtleCat

Forex is hard only 30% typically succeed
Forex has A LOT of scams in the retail market
Forex is heavily leveraged.
Forex is not for noobs. If you are one institutionals and people like me will take every cent in your account.

Crazy_Nice
Crazy_Nice

How'd you get into forex?

Dreamworx
Dreamworx

Then fucking lower your leverage. There's absolutely no reason to use a 100:1 leverage.

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