Can someone red pill me on starting forex
To trade forex you must be blue pilled.
buy usd/yen short gbp/yen to sorta have two ways in one
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.
Does anyone ever use buy and hold as a strategy or just to trade out of a mistake or screw up.??
Depends are you Us?
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?
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.
Elaborate on "spread" please.
Can't you trade right before govt reports are released and FOMC meetings and stuff. Doesn't that improve your chances?
The broker buys and sells the currency pair at a slightly higher/lower price than what I am paying
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.
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.
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.
How do you find a decent system? Which one might you recommend?
Point being, put a lot of time into researching and alot of them just sound full of shit...
Here's a red pill for trading forex: Don't trade forex. God I hate forex.
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
This. I lost 7 fucking grand trading forex don't do it.
get a loan and go for it
this is only way if you want to make money with forex
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?
atc brokers is the best retail broker. You need a stp or preferably an ecn based broker.
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.
How'd you get into forex?
Then fucking lower your leverage. There's absolutely no reason to use a 100:1 leverage.