Forex day trading: 5 mistakes to avoid - Investopedia

Forex Trading Lessons: A Must For Forex Beginners

Forex Trading Lessons: A Must For Forex Beginners
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WallStreetBets

You meant to go to /wallstreetbets, not /wsb. Have fun!
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VegasCoin

VegasCoin the Las Vegas Cryptocurrency just like bitcoin, litecoin and most like Auroracoin, but for Las Vegas, Nevada.
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Which is smart? Working 24x5 or just a few hours a day? Well, you know the answer and this applies to Forex trading too. But which is the best time to trade? Get your answer here. (You don't know the third one for sure) https://wetalktrade.com/best-forex-market-hours-to-trade/

Which is smart? Working 24x5 or just a few hours a day? Well, you know the answer and this applies to Forex trading too. But which is the best time to trade? Get your answer here. (You don't know the third one for sure) https://wetalktrade.com/best-forex-market-hours-to-trade/ submitted by Wetalktrade to u/Wetalktrade [link] [comments]

Day trading only one currency pair (forex)

Hey there. I would like to now if there are some traders in here that only trade ( day trade to be specific) only one single currency. I would like to here opinions about that. I think this would be interesting for new traders...
In my case I day trade GBP/USD
submitted by no_lo_see to Daytrading [link] [comments]

Do you have a story about signing up for one of the online “day trading” “online marketing” “forex” etc. mentorship programs often touted in YouTube ads and if so how was it?

submitted by urlradar3 to askweb [link] [comments]

Do you have a story about signing up for one of the online “day trading” “online marketing” “forex” etc. mentorship programs often touted in YouTube ads and if so how was it?

submitted by urlradar3 to heryerdeonline [link] [comments]

Billion Dollar Day (1985) - BBC simultaneously films one day in the lives of three forex traders –in London, New York, and Hong Kong- and the tactics of each. In the one day they trade $1B, and profit over $150,000.

Billion Dollar Day (1985) - BBC simultaneously films one day in the lives of three forex traders –in London, New York, and Hong Kong- and the tactics of each. In the one day they trade $1B, and profit over $150,000. submitted by RochelleH to Documentaries [link] [comments]

$12,100 and 278 pips in 10 days. #TBT to the BoE interest rate decision that was announced today. Very many traders struggle with technical analysis strategies. If you want to make serious money in Forex, you'll need to follow fundamental trading strategies at one point.

$12,100 and 278 pips in 10 days. #TBT to the BoE interest rate decision that was announced today. Very many traders struggle with technical analysis strategies. If you want to make serious money in Forex, you'll need to follow fundamental trading strategies at one point. submitted by hotboyswerve to Forex [link] [comments]

Big movements are not a one-day event. It takes time. Gathers itself. Meets you in a big way. #Forex #trading #investing #profit #fxtrade #wetalktrade

Big movements are not a one-day event. It takes time. Gathers itself. Meets you in a big way. #Forex #trading #investing #profit #fxtrade #wetalktrade submitted by Wetalktrade to wetalktrade [link] [comments]

One Day, Can Teach You More Than What Thousands of Pages Can. #trader #forextrader #trade #mistakes #trials #forex #trading #fxtrade #wetalktrade

One Day, Can Teach You More Than What Thousands of Pages Can. #trader #forextrader #trade #mistakes #trials #forex #trading #fxtrade #wetalktrade submitted by Wetalktrade to wetalktrade [link] [comments]

One Day, Can Teach You More Than What Thousands of Pages Can. #trader #forextrader #trade #mistakes #trials #forex #trading #fxtrade #wetalktrade

One Day, Can Teach You More Than What Thousands of Pages Can. #trader #forextrader #trade #mistakes #trials #forex #trading #fxtrade #wetalktrade submitted by Wetalktrade to u/Wetalktrade [link] [comments]

Big movements are not a one-day event. It takes time. Gathers itself. Meets you in a big way. #Forex #trading #investing #profit #fxtrade #wetalktrade

Big movements are not a one-day event. It takes time. Gathers itself. Meets you in a big way. #Forex #trading #investing #profit #fxtrade #wetalktrade submitted by Wetalktrade to u/Wetalktrade [link] [comments]

Billion Dollar Day (1985) - BBC simultaneously films one day in the lives of three forex traders –in London, New York, and Hong Kong- and the tactics of each. In the one day they trade $1B, and profit over $150,000.

Billion Dollar Day (1985) - BBC simultaneously films one day in the lives of three forex traders –in London, New York, and Hong Kong- and the tactics of each. In the one day they trade $1B, and profit over $150,000. submitted by beast-freak to wallstreetbets [link] [comments]

Day Trading the Futures and Forex markets. The number one rule

Day Trading the Futures and Forex markets. The number one rule submitted by cosmodrom21 to u/cosmodrom21 [link] [comments]

So I've recently begun to understand forex, I'd like to know how many trades can you do in one day ?

Or otherwise are there any limitations to the number of trades in one day ?
submitted by oldierohan to Forex [link] [comments]

Billion Dollar Day (1985) - BBC simultaneously films one day in the lives of three forex traders –in London, New York, and Hong Kong- and the tactics of each. In the one day they trade $1B, and profit over $150,000.

Billion Dollar Day (1985) - BBC simultaneously films one day in the lives of three forex traders –in London, New York, and Hong Kong- and the tactics of each. In the one day they trade $1B, and profit over $150,000. submitted by mimibp27 to u/mimibp27 [link] [comments]

Billion Dollar Day (1985) - BBC simultaneously films one day in the lives of three forex traders –in London, New York, and Hong Kong- and the tactics of each. In the one day they trade $1B, and profit over $150,000.

Billion Dollar Day (1985) - BBC simultaneously films one day in the lives of three forex traders –in London, New York, and Hong Kong- and the tactics of each. In the one day they trade $1B, and profit over $150,000. submitted by audihertz to audihertz [link] [comments]

Day Trading VS One Day Swing Trades and the pros and cons of each for the forex markets

Day Trading VS One Day Swing Trades and the pros and cons of each for the forex markets submitted by yshwd42p to gaming [link] [comments]

I have an 89% win rate over 18 trades, with a 27% profit. How many trades should I do before going live?

So I've been doing some scalping on pairs with high spreads in cryptocurrencies previously with great success, but I finally figured I'd give forex a real shot (was into it a few years ago, but didn't go live). Last time I scalped in crypto, I had 14 out of 14 successful trades, but only about a 10% profit. I haven't heard about anyone scalping the way I do in crypto, but I find my method extremely reliable when I just find the right pair to trade. This is just to say I have some experience with trading, but I'm by no means an expert.
Now, I've been scalping the past few days with a paper trading account on TradingView. I've mostly been trading the US Currency Index, S&P 500 and some crypto pairs thus far. I'm scalping on the 1m time frame using bollinger bands and looking at trends, price action and stoch RSI for confirmation on my entries. I started out with 100k a few days ago and first doubled my account to around 200k and then did a 1,3 mill trade, but I was running like 500-1000 USD per pip, so if the market turned against me, I'd be liquidated real quick. While the trades were good, I figured I was disconnected from the risk I was taking because it isn't real money, and I wanted to try doing more conservative and realistic trades, so I reset the account yesterday.
Edit (more trades done): Since the account was reset, I've done 45 trades where I've lost on two of them. If my math serves me right, that's about an 95.5% win rate. I'm up around 77.5% currently. I did lose 1500 on one trade, but that's because I by mistake placed a sell order when I was supposed to add another buy order double down on my long position, so I'm not counting that one in (but I'm not counting the 1500 I lost as profit either). I have a very strict strategy I'm sticking to when doing these scalps. I realize 45 trades is not a huge sample size, but that is kinda why I'm asking:
How many trades should I do on the paper trading account before I should run it live with confidence?
For anyone who might be interested, here's my account history: https://imgur.com/a/zuRSWwd
Edit: here's 6 trades more: https://imgur.com/a/CmbyU6n
Edit2: some more trades: https://imgur.com/a/q9xqVyq
Edit3: I think we're up to 45 trades now: https://imgur.com/a/CsWZEN7
submitted by imawfullyaverage to Forex [link] [comments]

Great Day So Far!

I made $50 trading Forex for the first time today! It was nice to break $50 in one day! Next stop, $75!
submitted by dwieg to Forex [link] [comments]

New to Trading? Here's some tips

So there seems to be a lot of new people on this sub. And makes sense if you have questions a lot of time you'll turn to reddit for the answers (I know I do). Well here are some tips that I think would benefit new traders.
  1. Don't trade ANY Euro pairs. Look I know it's the most traded pair it goes up and down really fast and there's so much potential for you to make money. Turns out there's even more for you to lose money. It's way too volatile specially if you don't know what you're doing. EUUSD is the worst offender.
  2. Trade the Daily. Might think you're cool looking at charts every x amount of times during the day. You get to tell your friends and family that you trade all day and they might be impressed at what you're doing but unless you have some years under you stick to the daily. There's less noise. You can see clearer trends and when you don't stare at the screen all day you're less emotional therefore a more effective trader. I only look at the chart 15 minutes a day to either enter close or manage my trades. Whatever happens when I'm gone is what happens.
  3. There is no holy grail indicator Look for it all you want. It doesn't exist. There are good indicators. There are bad indicators. There are some indicators that are so broken if you do the opposite of what they're intended for you'll actually make a profit. But the fact remains that there's no perfect one. Stop looking. What you should be looking for is an indicator that fits with your strategy.
  4. What currencies to pick. I actually never see this brought up. The notion in forex is that all pairs can be traded equally. To a certain extent that's not false. But until you get the hang of it stick to a strict trading diet. Look for pairs that trend a lot. Duh look for the trend I can hear you say. When I say trend I don't mean a couple of days or weeks. I mean a couple of months. Half a year. Pairs that do that have a higher tendency to stick with one direction for a while. That's where you make your money. An easy way to identify those pairs as well is putting together a volatile currency (USD) with a less volatile one(JPY).
  5. USE YOUR SL Trust me even if not putting a SL has netted you all kinds of gains eventually the market will turn around and bite you. With no safety net you'll lose most if not all your profit. The best offense is a good defense.
  6. How to pick your TP and SL level. Most new traders care so much about that. I put it near the bottom because in my opinion you should know everything listed first. This is my opinion and I use it for my strategy I use the ATR(average true range) indicator. It's a really helpful tool that helps you identify the range at which the candles will either rise or fall. Obviously you want to set your TP inside of that range and your SL slightly outside of it.
  7. Lot sizes. Everyone has a different story about how they pick their lot size. The general consensus is don't risk over 2% of your account. But I'm a simple man and I can't be bothered to figure out what my risk is every single time. So what I do is I put $0.10 for every $100 I have on the account. I then assign $300(minimum) to each pair. That's $0.30 per pair. It's easy to remember. 10 cent for every $100. If you're able to blow $100 with $0.10 then you probably shouldn't trade.
  8. How to avoid reversals. Tbh you can't. There's no way to predict the future so eventually you'll get hit by one. What you can do however is minimize the blow. How I do it is for every pair I take two trades. If you remember in the previous tip is said I do about$0.30 per pair well I divide it 2:1. I take one trade with a TP(2) and one without (1). If my TP is hit I pocket that amount and if the trend keeps going in my direction I make even more. If the trend decides to end or reverses my losses are minimal because at least I kept half.
  9. There is NO right way to trade. Stop listening to people telling the best way to trade is fundamentals or naked charts of to use some specific indicator. There are no right way to do this. It's as flexible and unlimited as your imagination. I personally use indicators but if that's not your thing do YOU! Just remember to manage your trades properly and be level headed when trading. Hell if your trading strategy is flipping a coin with proper trade management you'd probably make some money (don't quote me on that).
  10. Trade money you're willing to lose Don't trade your rent money.
That's all I have for now. If anyone sees this and wants to add more feel free. Hope this helps someone.
submitted by MannyTrade to Forex [link] [comments]

Here's some trading advice from a fellow trader

I currently manage around half a million dollars and have been trading for 6+ years with 3 years of consistent profitability. Paid for my trading lessons the hard way by losing a lot of money at first. Here's some advice that might help you.
1) Treat trading like a business. I know you probably heard this 100 times before but I feel like I should emphasize this point. Majority of traders overestimate their ability to make money and underestimate their risk exposure.
2) Think long term. The more complex your trading system is, the less freedom it has in terms of flexibility because of too many variables in your analysis. So, keep your trading system simple.
3) Do not rationalize or predict the market. Do not look for comfort in your strategy. In fact, do the reverse. Find comfort in the thought that markets are chaotic and there's always a good chance of you losing a lot of money. This should keep you up on your toes and controls your greed during a profitable streak (You are not a money printing machine, trust me. )
4) Every trade you open should be assumed as a loss. This is very important in terms of having a healthy mindset towards managing risk. I never open a position based on how much money I can make. I do it based on how much I can afford to lose in this particular trade.
5) Biggest mistake I have observed while working with other traders is not doing their homework. If you don't plan your trades before the day even began, then you will develop a mindset of chasing the market which will lead to your downfall. Which brings me to my next point
6) Maintain three things - a) your daily trading notes that you read before you begin trading b) market observation notes which includes particular strategies and observations in specific markets and c) a full fledged trading journal where you record everything you traded. Always remember that majority of your trading work is done when you're not trading.
7) Journaling is the most important and also most neglected part of trading and most traders, including some very good traders do it in a wrong way. How do I know that?
Let me ask you something : Tell me about what kind of trading setups were the most and least profitable in the last 100 trades. Explain them to me in detail including your analysis and opinion on what you think might have happened.
If you can answer this in detail and with specific examples from your last 100 trades then I know you have a good journaling habit. If you cannot , then it's time to improve on your record keeping. Remember that your journals are the only way you can guarantee that you will grow as a trader.
8) Remember this no matter what - Not having a position in the market is itself a position if you know what you are doing. There's no need for you to always trade all day everyday and try to make money. In fact, I can guarantee you that markets will not always behave according to your trading system and during those times trying to "find a needle in a haystack " type of behavior is reckless and will take an emotional toll on your mind. Just sit on the sidelines if the market isn't moving according to your system.
9) There's no thing as overbought or oversold scenarios especially in forex. Heaving a bearish bias because the market moved up by a lot is just ridiculous and most likely guarantee that you miss out on bullish scenarios. If you start developing a bearish bias after a huge bullish move then you better have a damn good reason for it instead of just saying " It moved up by a lot so I'm expecting a reversal".
10) This one is a personal opinion. Always remember to take breaks and relax during the weekends. Managing stress while maintaining performance is a huge part of the job and I don't want you to burn out after a few months of serious trading everyday. Maintain a decent social life outside of trading to keep your sanity intact. Get some hobbies. Your health and well being is very important to your long term performance as a trader so don't neglect it.
submitted by mechz21 to Forex [link] [comments]

How do you guys backtest a strategy?

I'm new to the forex trading and one of the advices that I often come across is to always backtest a strategy first.
First thing that came to mind is to just go through the chart and start moving forward, simulating a trade and logging if the strategy wins or loses. I actually did this in a 15M chart for a range of 3 months, and while the results were enlightening (my strategy sucked only 36% win rate for that pair and strategy), I found the process very tedious.
So my question is are there automated ways to back test a strategy? Like maybe excel or an application?
I was looking into mt5 and expert advisors the other day, and I tried the strategy tester using a free expert advisor. Should I create a script that mimics my strategy and test it using mt5? I have a bit of programming but I don't know where to start.
submitted by Ogre-kun to Forex [link] [comments]

Double Supertrend Strategy Backtest (8500+ Trades on 28 Pairs)

Hi everyone, so a few months ago I discovered this post by u/AHoomanBeanz which is a strategy I've never heard of before. Basically, you have 2 Supertrends, a short-term one, and a long-term one and when both Supertrends go in the same direction you take a trade.
I took the liberty of modifying the strategy by setting fixed TPs instead of trailing SL with the short-term Supertrend. Check out his post for more info about entries, SL, etc.
In order to determine what way is the most efficient, I backtested this exact strategy on all 28 Majors and Minors and took five different approaches to TPs and moving of SL:
- 1:1 RRR, No Breakeven SL - 1:1.5 RRR, No BE SL - 1:2 RRR, No BE SL
- 1:1.5 RRR, Move SL to BE at 1:1 RRR - 1:2 RRR, Move SL to BE at 1:1RRR
There would be many other ways to handle the TPs and SLs but it already took me months to backtest this but if anyone wants to extend this backtest, feel free.

The Results
Using all 5 ways there were 8 out of 28 pairs that weren't profitable at all. (EURGBP, EURCAD, GBPAUD, GBPNZD, AUDCHF, NZDJPY, CADCHF, CHFJPY)
The remaining 20 pairs were profitable with at least one of the 5 ways. So I combined all 20 pairs and their most profitable TP/SL management methods and it turns out that the strategy isn't even that bad considering that you really just have to understand how Supertrends work.
Now here are some quick stats: Backtest Period: Jan 2017 - Aug 2020
- Risk Per Trade: 1% - Winrate: 44.66% - Profit Factor: 1.65 - Average Monthly Return: 5.81% - Max Drawdown: 18.4%

Notice that the drawdown is pretty high so if you're trading with a prop firm like FTMO you could just risk half as much (0.5% per trade) and your max DD would be 9.2%. Keep in mind that the return would also get cut in half.
If you want to get a more detailed view, here's the backtesting spreadsheet
(Before anyone asks: I spent 2-4h per day for around 6 weeks backtesting and tracking this stuff.)
submitted by FxRaHe to Forex [link] [comments]

Making $20,000 in one day trading forex! - YouTube 50 PIPS a Day Forex Trading Strategy 😵 - YouTube £4,842 Earned in one day Trading forex - YouTube The best forex day trading strategies  Trader Tips - YouTube FOREX TRADER MAKES $1,800 IN ONE DAY TRADING NFP  FOREX ... The ONLY Forex Trading Video You Will EVER Need - YouTube

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Making $20,000 in one day trading forex! - YouTube

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