Forex General

Then Veeky Forums will be filled with whatever is making money then.
No one likes bears.

Cryptocurrencies are ponzi schemes. That is why you can see threads whose whole purpose is to make others to buy it.

Your problem is you didn't cut your losses immediately when the trend changed. And yes, you can trade Forex on trend alone.

I agree and tried to get the ball rolling a few months ago by starting a forex thread for a few Sunday's but they where ignored and went straight to page 10 obviously nobody is interested on this board so I stopped.

>The part I found most interesting was inverse and parallel analysis, no one else talks about that, it's comparing currencies to decern a trend if a certain currency is weak or strong across all the major pairs in relation to each other.

I believe that's just called basket trading, and has been around for a very long time

rescue from page 10

we don't have much discussion of forex here because there are almost no competent forex traders on /biz.

no tard, the first thing you need to do is get your money management in order. enjoy your losses.

absolutely not. there are even a few half decent decent brokers who will GIVE you small amounts of money to start trading with.

crypto is great and all, but developing skills to be competent in more markets than just crypto means you can have a good time making money forever, regardless of what happens with crypto in the future.

Been it much longer, have 3+ years of experience in it. Also learned to trade other commodities through futures.
Mastering it is a hard thing to do (especially with the lack of decent retail brokers nowadays) but nevertheless if you know what you are doing you can make a ton of money.

Just started dreading forex, any tips/helpful insights?

Trading you fucking idiot

read this
babypips.com/school

dont hold positions over the weekend

keep an eye on major pair charts all day every day

only risk 1% of your account per trade

emotions and lack of strategy are your greatest enemies

trade demo 6 months before going live

>Not diversifying across multiple security classes
>Not liking international liquidity

I intend to travel and work internationally in the next few years, at the very least understanding forex is good for accounting, at best I can actually make a profit

No thats just they know Veeky Forums is full of fools blinded by greed

I plan to take Forex next once I get huge gains on crypto. Forex isn't just for the poor.

bump

>housing bubble bursting
>oil prices crashing
How high will USDCAD go?

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Does anyone know some good books about Currency Trading/Forex which are not memetic?

how much capital do you need to start with?

Attacking Currency Trends by Greg Michalowski
He's a long time spot dealer and was the market maker for FXDD before us .gov regulations strangled them out of the US market. Posts during New York session on forexlive.com which is a fantastic site for currency traders.

Forex is full of the blind leading the blind. Whenever you're looking for information about how to trade FX make sure you're listening to the right people: institutional traders.

With growth of retail many ECNs now accepts micro lots which is 1000 of base currency. With leverage going as high as 1000:1 for some brokers it would cost 1 base currency to open a position with remainder acting as margin. $100 would plenty to trade with micro lots. It won't make you rich but it will allow you to participate in the real market while allowing you to scale up once you learn how to trade. If you end up blowing your account it won't be the end of the world for you since it's only $100.

bump from page 10

what are you investing in currently or for the near future?

Nothing. I'm interested in forex and futures.

I'm hoping USD/CHF falls already.

Where are you aiming for? What do you have in mind?

Nice to see some more forex stuff. Too much talk about crypto~

Yeah we should make something like forex and futures general /ffg/ a regular thing.

Build it and they will come, find some basic/ for dummies explanations to link to like The Robinnhood app does, make it easier and accessible to learn. I don't know how but I'd love to learn.

babypips.com/school

This is one of the best starter areas that all the major forums will tell you to visit. The "school" is a little hammy and full of bad jokes at times, but it is really, really good info for anyone new to forex.

can you apply the stuff you learn at babypips to crypto trading?

regular people going into forex, a jew scam:
timesofisrael.com/israeli-regulator-binary-options-fraud-disgusting-ruinous-to-our-reputation/

So don't use Israeli brokers then.

good tips

bumping from page 10

Here's a very good educational article: education.forexlive.com/!/is-the-usdjpy-overbought-two-ways-at-looking-at-it-and-why-one-is-better-than-the-other-20170509

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wider context

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seeing any interesting reactions to the news?

Sellers held 23.6 retracement after the initial fall now buyers have just failed to hold 50% retracement. 15min 100sma is right below may pause the fall.

There's an blockchain based forex on the waves cryptocurrency being developed. It'l be low fee forex trading. 1$ of "Waves" would be enough to cover the fees for hundreds of trades. You can the trade in real-world fiat currency.

You will be able to trade any currency on an interface like this, between cryptocurrency, Euro, Chinese Yuan, etc. Don't write off crypto, as it has a place in forex.

and buyers ended up holding 15min 100sma

Interesting but how will it actually work?

US Dollar gapping

Noob question how does one lose money on forex? Even if a position loses value won't it eventually bounce back because there are a small number of currencies?

>eventually
That could be months, years, or never. The currencies are traded as pairs so even the five major currencies is like 28 actual pairs that you can buy and sell on.
That's not even counting if you're trading on leverage, in which case when you lose enough on a trade it will auto-close. That's Margin Call. Then, there's also Margin Closeout where if you stay in the red too long they'll close the trade too.
Which is why everyone says stop losses, because if the trade is going against you then you want out as fast as possible. Most traders lose 50% or more of the time, but they lose less on losing trades and win more on winning trades.
For instance, if you only win 30% of the time but you win $100 and you lose 70% of the time but lose $80 dollars total that's still $20 profit overall. So eventually you get back to the basics which they teach you which is cut losses early and let profits run.

>five major currencies is like 28 actual pairs
What do you mean by this part?

The majors are USD EUR GBP CAD CHF JPY AUD and NZD

The majors pairs are:
EUR/USD
USD/JPY
GBP/USD
USD/CAD
USD/CHF
AUD/USD
NZD/USD
7 pairs

And their crosses
EUR/GBP
EUR/CAD
EUR/CHF
EUR/JPY
EUR/AUD
EUR/NZD
6

GBP/CAD
GBP/CHF
GBP/JPY
GBP/AUD
GBP/NZD
5

CAD/JPY
CAD/CHF
2

CHF/JPY
1

AUD/CAD
AUD/CHF
AUD/JPY
AUD/NZD
4

NZD/CAD
NZD/CHF
NZD/JPY
3

28 pairs

Yes thats right I was asking because the way I was reading it I thought you meant something else that was wrong.
Here's another, pic of pairs

here is another pic of pairs

Imagine in mid '08 you enter a long position because you seeing it crashing down and your analysis says its a time but then you wind up in a underwater position and the earliest you can exit breakeven is late '14. Imagine that underwater position squeezing on your nuts for all those years while you keep telling yourself
>it eventually bounce back
You could argue that's exactly what you see, it slid off as soon as it reached the level to give them the opportunity to exit.

or imagine a scenario where for whatever reason your method says its going down to hell and its time to get short in early 1985 and that position would have been underwater for decades and you wouldnt get an opportunity to cover at breakeven until late 2016.

After a corrective move off of 15min 100sma buyers took the pair above 38.2% retracement only to find seller who moved the pair below the 15min 100sma and are now testing the 113.61ish low.

They call it their fiat gateway. The assets are backed with real money, and represented digitally on the platform. They are working on integrating valid charts and licensing to use real money. These developers have 10's of millions to continue developing this, and it will be backed by actual currency so it is the real deal. Trading fees collected are distributed to anyone leasing waves out to host a node.

That's weird, have the June rate hikes been priced in? Dollar index still showing upward momentum.

Sorry meant one rate hike

nothing would never be able to legally compete with the fx bucketshop monopoly in the US as long as dodd frank is around they will only allow a bucketshop monopoly.

its been going for awhile

Here's some analysis on BTC/USD (Coinbase) hourly chart

After the initial peak sellers dropped the price to to around $1680 were it found buyers. Price tested level 2 and tried to rally but resistance level 1 found seller and, as I'm writing this, sellers are taking the price below support 2. 2 is now resistance. You can expect buyers to come in somewhere in the shaded area 3. If buyers can't hold 3 the next level that you can expect to find buyers is the 100 simple moving average, green arrow. If you look back you can see buyers leaning against the 100sma making the trade simple: stay above and buyers are in control and the trend is intact, get below and the trend is in jeopardy. If buyers can't hold that 100sma the 200 is the next level you can expect to find support, orange line. Fail to hold that 200sma and seller are taking control, the uptrend is done. With the daily chart being parabolic the sell off will be quick and volatile.

Any level that price falls below becomes resistance. Buyers will need to push above them and do so in a timely manner. The longer buyers can't break all time high the more likely a holder will turn into a seller.

Interesting I'll have to take a look.

AUD/USD testing may 5th low.

Due to the lack of good brokers what brokers do you guys use for Forex? I use Tradersway but sometimes I feel like it's just always against me even though I look at Tradingview to compare the charts and it seems legit just off a few pips but still feels like it's always against me

Same broker. Never had any issues with them except for their ridiculous swap rates. Are you using their ECN account? There's evolve markets which is Bitcoin denominated. I haven't funded my account on that one yet but it seems promising.

show an example

Best stuff i've read on this hell whole regarding cryptocurrency in a long time, kudos to you.

Yeah I use their ECN I haven't had much issues with them but lately I feel like it's just against me so I just wanted to see what other good brokers there are out there and test them out.

Thank you. Feels nice to not shit post for once and post some actual helpful advice.

Well idk then. My experience has been pretty good with them. I'm fairly aggressive with my trading putting stops as close as to invalidation as possible and had a few times were price would get to 0.1 pip to my stop and turn around. Can't say I've had any losing positions to anything that looked fishy.

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Yep. Rejected on the first look.

Looks like it may be absorbing.
One of the things I like to do is try to imagine what some other people might be thinking as this could be an inflection point where people are making decisions that decide whether it could reject.

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bump for shekels

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AUD/USD will keep going down.

How much higher can GBP/JPY go?

Does anyone else listen to the 52 traders podcast? I find it really helpful as a forex noob, mostly by absorbing wisdoms shared on there i've gone from utterly hopeless to profitable for a couple of months now.

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and meanwhile retail is net long

Yen getting sold hard across the board

glorious demo account on its second day. soon it will go down in flames :(

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Most of the forex gurus seem to prefer cayman island brokers, sketchy as fuck but at least they don't bet against you.
Look at this xenia.ky
I got it from this Greg Mcleod guy who's been trading, ex-banker type, focuses on scalping. I figure he knows what he's doing, but that fucking website doesn't. You'd think that if he puts out 60 min overviews each week he'd take the time to clean up his web presence.
Also, I don't think you understand the potential for the waves platform here. They are offering the lowest spreads possible, on the net, with cryptos only. If they manage to pull that off it's going to take off, law or no law. No one can compete with them, given they can actually pull that shit together that is.
oanda is pretty nice, had a good time losing my money with them. Their fxtrade platform is way easier than MT4, helped me learn the ropes a bit but I think for a professional cTrader or MT4 would be better in the long run simply because they have more bells and whistles, EAs, etc.
chatwithtraders.com/ep-122-doug-cifu-virtu/
This guys story is pretty amazing. He's one of the companies featured in Flash Boys, he claims the author was wrong. The sheer amount of balls and hard work the guy talked about made me feel like a better trader already.
Also was a neat insight into HFT, his company trades 1400 separate financial instruments and had a period of two years where they had only one losing day because of glitches.

but OANDA is a market maker, aka bucketshop. I tried their platform when i first started using demo accounts and it was easy for a noob to get started with, but i couldn't stand to go back to it now i'm used to mt4. one of the worst things is the chart distortion with zooming thing.

I'm a beginner that's been trying Oanda's platform for about a week now and I have to agree with you. It's too bad because it has a lot of potential if they would just allow more user control and customization. But at the very least it is a great learner platform.

BREXIT £ vs € EURO

>Who will survive?

Do I cash out my crypto in Euros or in Pounds? These two currencies are more volatile than my ETH

EUR failed to break the weekly 100sma on EUR/USD and EUR/JPY despite Macrons win. So you have EUR positive news but buyers failed break a key technical level to start a long term uptrend.

For the GPB a hard brexit is essentially priced in leaving only minor details of how it will play out. It's already gained a lot this year. Pic is the EUR/GBP weekly chart. Blue line is were support is. Last time sellers took price down there buyers shot the price back up which is shown as a wick on the candle. However buyers failed to reverse the downtrend as sellers immediately overpowered the buyers and price is continuing to trend down. This type of price action makes that support look weak to me.

Now one more clue. CFTC releases a weekly summary of futures positioning. It's useful to get an idea if positioning are at extremes. In this case the GBP is hovering near record levels of open short positions while EUR is net short but not to an extreme level.

Put this together and you have a short squeeze building on the GBP. While EUR seems it has room to fall. So I would cash out your gains to the GBP.

tl:dr buy the Venezuelan Bolivar

If you've done the babypips course you would know that the majority of volume exists during the London Session and the New York Session.
It doesn't matter where you think the euro is going, the pound is going to have the advantage for as long as the London Session dominates.
Incidentally GBP/EUR is 1.20 now too.

Fucks is going on with USD/CAD?? Any news?

Rating cut by Moody's. sux to be canadian

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Who's shorting USD/CHF?

The losers.