>I'm new to the forex market, what are the fundamentals and how does anyone make money on such "small moves"? Forex market is the biggest and most liquid market in the world, meaning brokers afford you to take huge leverage, which can be turned into a lot, if you know what you are doing. Forex is a mixture of fundamentals and TA, but mostly you need to understand the correlations and what makes currencies move, which can be found on sites listed below here.
Educational sites: babypips.com (Everything you need to know)
List of popular brokers: xm.com icmarkets.com (Aussie broker, good for Europeans that want to avoid EU leverage regulations)
what would be a decent minium starting stake for forex? i was under the impression that it was a big money game.
also im noob to some aspects of the concept of leverage- if you lever up a large stake, but your forecast crashes bad, do you not owe exponential amounts of money?
Landon Smith
You can start with 100, 200 or even 500$. Doesn't matter, I've turned 200$ accounts into thousands by just playing it safe. What does that mean? I was observing multiple currencies and when it hit a strong support/resistance I'd wait fot confirmation and jump in. You can easily turn few hundred bucks into thousands and play it more safe from yhere. But you have to know what you are doing. Don't get discouraged, deposit few hundreds and play with lot size up to 0.05 and just swing trade and check you acc here and there. I wouldn't recommend day trading with high lots to nobody. There are opportunities to do it, but stay away as a beginner.
Hunter Robinson
Don’t forget mastering the physiological factor of it all, fomo, patience, sticking with a bias etc.. did you find you needed to make yourself a trading plan?
Wyatt Green
Thanks man, appreciate the post. i'm going to look into this.
Joseph Howard
>did you find you needed to make yourself a trading plan?
not sure what you mean, so probably yes.
Aiden White
sorry dude was aimed at OP but bad signal where I’m at so been trying to smash reply couple times at tagged u.
>depending what type of person you are you may want to make a trading plan before you start
Ryder Nelson
Yeah, I wait for prize to hit my zone and check how fundamentals are doing and what is expected on global markets.Therefore, combining TA and fundamentals.
Example:
Indexes are really fragile right now and drop is expected. That means:
1.) GOLD will rise + from TA perspective it bounced from 1200$ (a.k.a 1000€ - psychologica level)
2.) GOLD is correlated with EURUSD, when GOLD goes up, it drags EURUSD up also usually.
3.) If EURUSD is going up, then EUR is getting stronger and then I check EUR compared to other currencies. Right now EURNZD looks on the bottom line from TA perspective + factor in the fundamentals that I just explained to you.
On the other side, I really missed USDCAD rally, feels bad man. Now you got to understand USDCAD has negative correlation with OIL also. So, if USD gets stronger vs EUR, it means CAD will be weak and, if OIL also drops at the same price, it will be double week and cause a great move as it did for the past 2-3 weeks or so.
I don’t know of any, i kno of brokers that can do withdrawals in bitcoin tho.
Mason Gonzalez
If it’s a day trade you might get away with it, a swing Im not to sure, candles need to paint more of a picture for me personally
Nathan Bell
I think this short term it might work to take 10-20 pips, but be aware of what I just wrote here and that $ is getting weaker most likely in next few weeks
Wyatt Butler
Yeah forgot to say a short term trade not a swing
Ethan Bell
I wouldn’t be surprised if it got weak starting next week, this week i reckon it’s going to tap into this zone on the daily TF and reject it
What are you trying to say, that $ is getting weaker because of this GBPUSD chart? Seems like a pretty bad argument, since GBP is now heavily influenced fundamentally because of brexit and Eurozone also. However, even though there are all these forces at work right now, I'd still mostly be looking at EURUSD chart, global indexes and GOLD.
GBP is getting weaker against EUR because of brexit. Now sum it up what that means for GPBUSD. I wouldn't be looking at it from TA, but still, a nice zone if it falls into it. However, by eye it looks like it bounced from 0.786 and will retest that area again.
Still, something to keep an eye on.
Jaxon Ross
Anybody here got any thoughts on scalping? Ive always thought it was a dumb meme used by fraudsters to trick normies into buying their E-books
Gabriel Allen
For short term (with a 10 pip SL) this is what I can see
Me and you trade completely differently dude, I’m saying GBP will get stronger against USD due to USD weakening (which is your analysis that USD will get weaker soon).
Don’t forget man forex is pretty objective, we can both put on the opposite positions and come out with profit e.g your in a swing and I’m scalping etc.
I’m not trying to be an arse
Benjamin Jackson
Doable, but do it with money you can afford to lose.
My thoughts on EURUSD, while looking at DXY. However, I think fundamentals are way bigger factor right now and that H&S is setting up nicely, while DXY will break the trendline.
Any form of trading is fine man, it’s about what works for you. If you have shitty patience for swinging then maybe scalping is for you. Generally scalping is classed as only being in a trade for around 3 minutes is what I heard
Brandon Smith
Only asking becuase most of my losing trades still go into some profit, like 50% of my trade size
I'll make a demo account and try it out, never know
Blake Garcia
I'm not trying to be rude, but is it really so hard to google: US Forex broker
and then find the most trusted and regulated one?
Ayden Price
Yeah, agreed, I can see that too, I’d personally TP on that top trend line myself, don’t really have the balls to hold trades that long unless it smashes through a zone or trend line
Matthew Wright
oh and forgot to mention i thought scalping was generally have a TP equal to or smaller than SL
Ryan Perry
If you wanna speed up your backtesting then I highly recommend SoftFX which is a simulator based on past chart data that you can use in MT4. About £80 when I bought it but one of my best investments to help learn/define my strategy
Cooper Edwards
Well yeah, I do it like this usually:
1.) Find some very strong support/resistance zone 2.) Set alarm when it's 10 pips away from my buying price 3.) Alarm goes off 4.) Price falls into my buying zone 5.) Monitor 1m, 5m, 1h/2h/4h candles to find how it closes/opens. 6.) Open buying/selling positions when price starts going my way again and it makes sense what's to come 7.) TP at 5pips or let it run, if there's a lot of strength 8.) Take profit and then wait for price to make some confirmation and open a swing from there on
Tyler Clark
It still could be defined as that dude, I just known some brokers class it as being 3 minutes or less (plus500) all sorts of bad reviews about them not paying out because they class it as scalping
Zachary Green
I also sometimes open two positions at the same time, if I'm not sure and then when I decide what's going to happen I close the one that will lose me money and let the other one that is making me money run.
just a hint, if you don't feel safe about pulling a trigger in one direction
Bout to get on a 13 hour flight so happy trading wizswords
Jeremiah Brown
Thanks ive been thinking about doing that, will check it out
Nolan Martinez
well presumably they will all say they are trusted, thats why i was asking here from people who ACTUALLY have money at risk with them...
Austin Scott
Evolve.markets coinexx.com simplefx.com
Landon Perez
It's not that they say they are trusted, it's that they have certificates for being regulated. So certificates speak for their regulations and legitimacy, not 'them'. I would never trade on site that doesn't have regulation certificates and was in the business for more than 10 years and has good reviews, even if I pay a little bigger commission or spread.
Andrew Gomez
ive never met anyone who consistantly wins at fx
Matthew Hughes
me neither, but i guess i don't get out much :)
Sebastian Russell
Bump
Cooper Hall
going to sleep
cya on friday and sunday for weely recap
Ian Diaz
Okay dude
Brayden Clark
>CFD contracts which are pure robbery. Explain to a brainlet?
Colton Stewart
Wide spreads that are not even remotely competitive. See cash and futures indices as an example. High commissions on top of the spread and funding fees that are payday loan tier.
