Forex Trader AMA

is it true that is harder to trade forex? I want to get into it, any tips.

What USD/EUR ratio are you expecting by end of year?

do you act according to TA, and if so, do you make it yourself, listen to others or let a script on tradingview decide what to do?

What are your thoughts on IML?

dont know , dont care much desu, i dont trade eur usd, i trade mostly yen and chf crosses
i act according to TA yes, i have to take fundamentals into account, but dont want to haha. i use MT4, not tradingview, no script, just a smal bot that helps me trade but mainly my own rules.
everyone says its harder, but desu, it clicked for me, i tried stocks and failed, got way too bored, futures and options were okay, but something just grabs me about the 24 hour market and the fast moves, its much more faster paced imo, which is why i like it. if you wnat to getinto it, make a demo account on metatrader 4 platform, watch podcasts, read books, watch youtube, just get familar with it desu, dive in head first, but do not under any circumstances, put real money in UNTIL you know what your doing and have a decent track record

do you do a barrel roll?

Forex is hard to trade and it's all pattern noticing. A successful forex trader I know saw an inverse pattern between two trading pairs and would open a $100k long/$50k short on them depending on which direction he was expecting action and would make bank in both directions while lowering his risk if the pattern broke.

i sometimes like to leverage trade on bitmex, how similiar is that to forex trading?

do you have to use crazy high leverages aswell to get anything out of those small jumps?

complete scam, seen too many guys get burned by it, just teach yourself man,dont pay someone else to teach you unless its abook
eh, thats just like, your opinion man haha. ive had tons of friends that say stuff like that and then they flop hard, a friend of mine just lost 1k over 2 months trading cuase he was an idiot, ive never tried hedging like that though, just not my cup of tea

please stop asking me btc questions, idk man, i use 50x leverage, which is tiny in forex, most guys roll 100x or 200x, but it works, sometimes on high moves i double up, but 50x is fine for me

Yes you have to use lots of margin to make gains worth it. I've been learning forex for about a month now and I'm up $3k with $5k initial deposit. It feels like educated gambling to me, even if your technicals all indicate something it can still fuck you up. I do enjoy it though, it's quite a rush sometimes.

that's basically statistical arbitrage if anyone is interested in that

bump. anymore questions?

How much money does a nigga need to invest to get into forex?
Not really planning on getting into it, just asking out of curiosity

not OP but probably depends on the broker. i would guess at least four figures but no idea desu

forex allows for extremely high leverage, which is risky as fuck but also allows someone to turn a little into a lot if they're disciplined.

i am not disciplined, so i just buy alts with btc when they're low and the trend reverses upward, and sell when the opposite happens, shit works

Any tips on controlling fomo and managing risk/position size? I have failed for MONTHS to control this side of me and I lose 1000s and 1000s on risky shitcoins. I lost another 5k just last night after the 100th time of being absolutely certain that by now, surely, I can do this right.

I am also prone to terrible overtrading, making dozens of little trades that erode my stack in slippage and incur fees. I can burn a week of profit doing that, in an hour. It is an addiction.

I know where i want to get my coins to currently, but I am so deep in shit with no liquidity that I can't sell if I wanted to.

How did you start? What steps did you take to learn it?

i started my first account with 200 bucks, i now have 10k in it, so you dont need much
desu, just learn yourself, i noticed in me that i would get a big win early in the morning and it would ruin my day, id just overtrade and go crazy, same with a big loss too. basically now if i have anything over 3% gain or loss in one trade i sit out for a bit and come back in afew hours, its probably saved me thousands desu.

What type of setups do you look for when you make a trade?

What is harder, objective fundamental analysis or objective technical analysis? What's the maximum drawdown you've experienced?

Forex is worse than shitcoins, and 90% of retail forex traders lose.

Chances are you're a liar or some faggot who made $200 once.

90% fail at a lot of things, not just Retail Trading. You don't want try? Fine.

90% fail in 2 months, they basically just lose the motivation, ive been at it for 2 years now, when i was learning i took 6 months off from work and just studied 14 hours every single day i could, ik what im doing man.
i pretty much trade ichimoku with some hieken ashi and basic trend following rules, if you google ichimoku itll give you a much better description of the setups than i can on Jow Forums kek.
fundamental analysis for me, TA just clicks, i get it and its easy at this point, some people love the fundamentals, i take them as a neccesarry evil, my max DD is actually mostly from ignoring the fundmentals at first, id take great trades just to get killed by NFP, news, and just other shit that i neglected, worst DD was20% when i started, i made a rule where whenever i hit 20% DD i stop and check my system, max profit in one day was 13% ( back when i ignored news i basically took a trade and walked away, when i came back news broke and it skyrocketed my position)

thanks OP

What do you think about gvt... aka genesis vision? Do you use Metatrader? Would the gvt market have you investing in crypto as well as forex?

gonna read on on those systems. good post.

How aware are you of indexes or other currencies - like do you regularly scope fundamentals or is it an afterthought after you do TA?

>forex thread
>hurr durr what u think about muh crypto bag
kys

You stupid fucking nigger. Gvt does forex trading too. They just had a contest and the forex guys killed it.

Genesis markets is based on metatrader, so I was wondering his opinion on the whole blending of forex and crypto and what gvt is doing if he is aware. I would like a forex guys perspective.

Go kys fag

Gross income per month?

You haven't been reading the thread have you? He's been saying 'don't ask me about bitcoin/crypto' and he says he uses MetaTrader right hereLurk more faggot.

roughly 2k, not a ton ik, but its enough to live and travel off of.
no idea what this is desu, explain?
ikr, these kids dont read baka

gonna be leaving for a date with the misses, il check the thread periodically for the next 2 hours or so, leave questions, il keep answering. i want to lift the crypto curse off biz

Basically gvt will be a platform that you, as a forex investor can invest for people and gain a percentage of profits from everybody who invested in your skills. If your good, there will be tons of money to be made.

As of now, gvt has the “genesis markets” already live which is based off of metatrader 5. In the near future you will be able to trade forex, crypto, and stocks all on the same platform, as of now I believe it’s all crypto.

They are trying to bring asset management to the everyday man. The better you trade on genesis vision, the more “clients” gvt tokens you hold, and the more profit you can realize. Genesis vision is in alpha right now, but should be in a live alpha with real money in the near future. Very good project. I would look into it if I were you.

Oh okay, so just crypto meets a hedgefund essentially. Where does the crypto come in though? Do you have to cash out in gvt tokens or something? And huh, it's interesting that is metatrader 5 and not 4, most people use 4, there's a sort of thing with forex guys that we all hate metatrader 5 haha, that's interesting, but it just sounds like crypto meets your average 2&20 hedgefund