Alright, I'm back for another forex trader AMA. some background to start us off

Alright, I'm back for another forex trader AMA. some background to start us off
1. I study and trade 95% forex, the other 5% is futures and stocks but just barely, please don't ask me about crypto stuff as I really have no idea about any of it
2. I trade with 20,000 leveraged to 2m, with this I am able to pull in a livable income, typically around 2-4k per month, I'm not some rich guy, just a 22 y/o trying to get by
3. That's it, ask whatever you want, I'll be here on and off for the next 5 hours, on my phone on vacation this time so reply time might be slow

Attached: what_is_a_forex_position_trading.jpg (1100x733, 261K)

How stressful is it. How do you deal with this stress?

How to get started as a day/swing trader. Where did you learn TA from?

The first 8 months we're very stressful,I took off 6 months of work (seasonal job) and spent 14 hours a day looking at charts and reading, if I wasn't passionate about it I'd have quit. It's stressful at times, but I trust my system,I also live a fairly cheap life and have more money set aside, so when it gets stressful I tell myself I don't need the money to live and take a day off. Never trade when your too stressed, it only leads to bad trades and more stress

What's your opinion on Peter L Brandt. He posts a lot on twitter and seems extremely full of himself. I like his calls but he has a hard time admitting when he was wrong.

I mainly just read forex factory and babypips,. Podcasts helped too. I used to and still do, just listen to podcasts and imerse myself in something I don't know and just being around it and hearing the terminology helps me learn. I also found a few ta based systems and learned them inside and out, it just comes to you I guess, some people don't get it and they're fundamental traders,I don't get fundamental as easily so I'm a ta trader

What was your best trade?
What was your worst trade?
How many hours a day you work?

I like him, but the same with any trader I follow, what they say is THIER truth, based on THIER rules and THIER mindset. Some calls are good, others are bad from people, your not right every single time. He's not bad or anything, but I would never follow another trader 100% unless his mindset and system matched mine

Thoughts on Anton kreil ?

Best trade 6 months into trading did 13% on one trade in one hour,
Worst trade, the 2 trades after it where I got insanely cocky and lost 6%
It varies, the minute I hit 3% in one day I stop for several hours, if I lose more than 2% I stop briefly also, some days I hit it out if the park at 6am and I'm done, other days there's nothing until midnight

What are your thoughts on IML academy?

The euro rising against the dollar is just temporary. Nothing to worry about, will not cross 1.20 again, will it?

Who is he? I'm not extremely up to date with every single person in the sector. Gibbe a brief description of him it you can

Complete scam IMO, someone asked this last ama, not sure if it was you. Just learn it on your own, all those mentors and shit teach you thierr rules, which probably aren't gonna be yours. Only money you should spend on forex is on books and the occasional loser

Not sure desu,I really don't trade the euro,I trade most major, some minor and 2 exotics based on the jpy and the CHF, sometimes I dabble in USD/GBP or USD/aus, but rarely, sorry man

Previous Goldman Sachs trader, talks a lot of shit, says ta doesn't work and all retail traders who make money with ta are lying

Gotcha,I can see how he thinks that, I'd imagine others make money with ta, just sounds like a shit talker. I have friends like that "oh how can you trade the hourly, it's all on the daily and m5". " Why are your stop losses so wide". Meanwhile when I pull in a 400 pip winner they stay quiet

TA absolutely works. You have to think of charting as past data that you place bets for future predictions.

do you also daytrade crypto?

do you employ some kind of layered buys or managing your position - or do you just open at a specific point, place a stoploss and takeprofit, and wait?

my only success trading btc has been if I just average my position counter to the trend and wait for a pull back. is that viable on fx?

is there an easy way to get set up on a good straightforward exchange like how crypto only really has 2 decent options that offer everything you need with reasonable fees (bitmex and bitfinex)?

>do you also daytrade crypto?

Read OP

I just started with forex, I have a couple questions for you.

Is demo the way to go as a beginner?

Would you recommend finishing the whole babypips school?

Do you keep an extensive trading journal/trading system?

How long did it take for you to become profitable?

How do you deal with catalysts? How do you know if something is gonna be significant?

Thanks for doing this.

Negative on the crypto, I'm not sure if it would work with FX though, it's worth a shot though

Demo is definitely the way to go, do it at least 6 months, do it until you feel comfortable with a system.
Finnish babypips definitely. I didn't desu, but I also studied for about 3 months before finding it, so I just took the parts I needed help on, I'd definitely finish it though, I might have been profitable sooner if I did finish it off. BTW, took me 8 months to be consistent so I went live, then a few months to be decently profitable. I do keep a journal too, do it definitely, you'll improve much quicker, if you have money buy edgewonk, if your pinching pennies than Google trading journal Excel template
Let me know if you have anything else you want to know, I do these cause it's such a great opportunity and a great market to trade and I believe that it's a better reward to risk ratio than crypto. Keep trading man.

How many strategies do you run? Good to see more forex traders on /biz

Kreil doesn't say TA does not work, he mocks it to give himself some retarded appearance of "credibility", never mind him asking for $5k+ for some course.

Anyone who says technical analysis does not work, and I 100% guarantee you this:

1. Has never used used a the 20 sma in a trending market, on either the 5min/30min/4hr/daily time frame.

2. Has never seen the massive fights that go on around the daily 200 sma.

3. Is probably more order book focused, and makes the mistake of thinking their approach is the only worthwhile approach.

People are too easily influenced by others opinions. Ignore other peoples' opinions, think for yourself.

Attached: Dow_Jones_200_SMA_Daily.png (1274x623, 39K)

Awesome info thanks.

I have been trading for few months now and still struggling to get profitable. It seems every time I do I manage to lose, which is a problem.

How do you manage exit points and when enough is enough?

Also I don't trade Forex, mainly Indexes, Oil and Gold. For everything I read the principals for TA seem the same, any thoughts?

Cheers.

Opinions of ICT?

What platfrom do you use to trade oil and gold? what other metals does it offer and are you from the US?

I've been using IG. Only trade futures and current markets.

I am sure there are other platforms but this seems to work well and as you can see I'm not getting rich at it so commissions are ok I guess.

There are plenty of other metals, nickel, silver, zinc, copper and others.

I'm outside US. Do you trade as well?

I trade forex currently, my strategy averages between 6-8% a month. Just looking to get into metals and oil. Possibly options and S&P futures too

I see. I think what I am lacking is a good strategy. I guess I have not yet decided to be consistent at it so I have not made one for myself.

Metals and Oil can be profitable. Oil has some interesting swings over 2/5/15/60 min so it can be quite intense..very reactive to any news.

Gold is a bit more stable and can be a good ride on any good or bad news day.. like everything I guess.

Any thoughts on exit strategies? How long have you been trading?

I always use structure for my exits in forex. As well as my stops. My stops vary but my targets are placed a bit below the last major point where support became resistance or vice versa. I am a counter trend trader with no short or long bias but i manly swing trade, just because anything less than the 240 candles doesnt tend to react as well to the pattern I trade. But you just have to make sure that your risk to reward ratios are AT LEAST 1:1. I wont take anything less than 2:1 and I dont use max leverage. Ive been trading for three years

Furthermore exit strategies are really contigent on what your strategy entails. If you put together a strict trading plan, then back test and forward test and you find that it is consistently successful then go for it, but you have to do your homework first.

Thanks. That helps a lot.

No problem. Good luck

Do you trade Sundays or wait for the Monday to direct towards an important decision, will ask for Friday closing as well

My win% is above 70 using very small lots, am comfortable with my setup atm hoping to start doing real work