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Hey guys, i've been practicing my trading on a demo account. Its been 4 months already and I just can't get enough profitable trades. I do my analysis as per price action(candlestick patterns) and also check the economic calendar. I also use some indicators(stochastic and Moving averages) to verify if my potential trades are good. I also check the resistance and support areas. I am not the type of trader who rushes into a trade. I am really dissapointed of how i trade, because it seems like almost everyone i see on the internet is making profit, and of course i see a lot of stopped out trades on my history rather than profitable ones. -To those who have been in forex longer, please give me advices. I think i really need it - I trade the 4h timeframe and I use pending orders
Might be a long shot but anyway , are there any experienced people in the trading game who could possibly give me some advice ? Just trying to start out and I’m struggling to get my head round it with no guidance ... thanks in advance !
I am new to forex. However I have been trading online for over 3 years. I have learned a lot of valuable lessons about trading. I am very dedicated to learning forex, and being able to consistently win trades. I have a goal of growing my trading account to 100,00 by August 1st. I plan on starting with 200. I do not need to be extracting profits from my trading account, I have a job with which I can add to my trading account over time, and support myself. My life is well balanced, and I am eager to learn. The problem is there are a plethora of resources available, I simply am looking for either a mentor to learn from, or a syllabus of resources that could help me. I love reading, and have ample time to invest in learning. I have already spent 5 months becoming familiar with the forex markets so I am not a complete newbie. Any help or advice would be appreciated!
My name is Andrew Host and I am the CEO & Founder of the FXSyndicate.org In the past 12 years I have worked with more than 10000 Forex traders, investors and interested individuals who were seeking advice, reliable services and methods on how to better perform on the Forex market. Let me tell you... The industry is very diverse in all its aspects, it's like a hydra with many services and individuals using and providing them, all seeking to make profits. The main players are the Forex brokers and the Forex traders, after which comes to additional services like Forex signals, Forex account management, news and indicators providers. All these are players interacting with each other so the connections are multiple, but all leading to the final point: the Forex trader. He is the final piece of the puzzle, the one that benefits or not. More than 90% of the Forex traders are losing money and this is due to a certain number of aspects. I will, based on my own experience and views, give some examples of genuine investors and advices for those who are not. 1. The Broker There are 100+ Forex brokers operating in the industry, differentiated by 2 main aspects: Market Makers or ECN / STP. The investor must know what these 2 means and he should conclude that a Market Maker will always play against him. A responsible investor will not deposit his money into an offshore, unregulated or poorly regulated broker, because the chances of him seeing those money again are very low. After the ESMA rules taking into action, almost all reliable brokers have a cap at 1:30 leverage. Still there are unregulated and offshore brokers who will let you use even 1:1000. The mirage is strong and many will fall for it. ADVICE: Never use an offshore or unregulated broker. There are only a 3, 4 really reliable brokers in the industry! 2. The Equity Before making any investment decision, any responsible trader should know and accept the fact that you need money to make money. I have seen thousands of individuals seeking to make unrealistic profits with a low $500 account. That won`t happen unless you are a professional and you will build it step by step, with very rigid rules of risk management, over a long period of time. Of course, you will see advertising claiming to do that on a daily basis, but that is just a scamming method and unfortunately many fall for it. ADVICE: Never start with a low balance account. A $5000 initial investment would be a healthy start! 3. Investor qualities What I call a good investor material is one that knows how to put patience above all. Emotions in trading are a real thing and you need to manage your instincts very well, otherwise they will manage you and the results will most likely have a negative impact on your investment. If you can not stand to see a certain degree of risk or draw-down in an open session, Forex trading might not be for you. I have seen traders and managers acting reckless when seeing negative sessions, raising the risk by quite a lot hoping to recover the lost funds and heading straight to margin call. The investor must be educated with strong financial principles, to understand the risks involved and the methods to handle and using them to generate consistent profits. ADVICE: Never invest money you can not afford to lose and never trade money based on emotions and primary instincts! 4. The strategy When you place your money in the market we must assume that you already have a very good understanding of it and you already know that unrealistic gains does not happen overnight. You must plan your investment for medium - long term. A $5000 investment can reach a few millions in a few years. Of course it will take you a few years, but in a few years you will either be a millionaire or short of a $5000 amount. As a genuine investor you will always build capital slowly and responsible and once you reach a certain level you can diversify it and split it into multiple investments based on multiple strategies, rather than risking everything from the start. ADVICE: Do not expect unrealistic gains overnight with a low investment. Plan it carefully and responsibly on long term! 5. Professional management Rather than losing his money on the markets by failing to understand that it takes years and years to master a profitable strategy, a responsible investor should look for professional account management if he is really decisive on investing in the Forex market. As an investor willing to let someone else manage your money, you must always get all your facts about that someone. Ask for performance proofs, analyze the way they trade, their business practice, the risk management strategy and the consistency in delivering profitable outcomes. Anything short of that, you might just do yourself a favor and stay away. ADVICE: Always let someone manage your investment portfolio only if you are 100% convinced that your money are on good hands! REMEMBER: Forex trading is a risky affair and should be done only by those who really understand all the key aspects of this industry. Many individuals do not understand how important this is and it results in them losing their money. Get educated, hold your emotions, choose the best environments for trading and take care of your profits! There are people on the Forex market that embodied unhealthy principles because they were fed with all the lies and unrealistic goals for so many time that they have reached a point where they highly believe the million dollar trade is just around the corner. It`s not!
I've posted a question about investment advice here and basically ended up with someone trying to sell me a managed FOREX service via Skype. I've recently noticed other Redditors doing the same "PM me for some FOREX managed services advice" which I'm guessing is the same "advice" or "sales pitch". I'm genuinely interested in utilising a managed FOREX service. Is there a legit way of doing this (UK) or is it basically as bit of a cowboy market. All the platform's that offer it have spelling mistakes on the website and seem to have traded under multiple names.
Hi, I'm interning this summer as a forex trader and wondered if any of you guys had any tips for preparation? As in what I should be reading, looking out for, learn, etc.. At the moment I regularly read the FT and economist and will start reading bloomberg a bit more. I know this isn't what this sub normally discusses, but I'm hoping some of you will have some advice.
Need advice if I should continue investing in a forex group
Good day! Would like to seek advice. I have invested in a certain group of forex traders which gives you a certain percentage of your investment every month. In the end of contract you should have received all the promised returns + the original capital, more or less doubling your money. My experience so far has been positive and didn't experienced any delays and fully received all agreed returns + initial investment. I would love to invest again because it is passive income. My only concern is it has been flagged by the SEC (Securities and Exchange Commission) as illegal and any person involved might be at risked to be investigated by BIR or worse, imprisonment. The forex group's explanation is that 1) their name was used by a third party and they were wrongfully accused and 2) PH does not recognize forex trading yet and they are legit in the other country they are operating in. I trust a lot of people involved with them that is why I was not hesitant in investing the first time. Just want to hear some thoughts from a separate entity. Especially how the PH government recognizes forex trading in general. And help me clear my doubts in investing again. Thank you!
My biggest win so far. I recently got into forex and i feel like maybe im being way too risky with the amount im using but have had way more wins than loses. Ive been using tradingview but would like some advice
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