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Started from the bottom and I finally made it! My tips for new traders starting.
A little background, 23 year old dude from Singapore with IT background (Ethical hacker), friend introduced me to Forex which he eventually quit but I didn't. I love challenges and now I plan on taking up Forex trading as a career apart from my passive income jobs. When I first started trading, I was frustrated! I had so many unanswered questions, why do I keep getting stopped out? Why are my profits so low? Why was my trades always going opposite only once I opened. Is my broker trading against me? So I paused and walked away from the charts for a few weeks, in that break I took it upon myself to understand more about Forex before opening the charts again and here is what I learned. Mind you, I did not buy any course or Indicators! All I did was read articles on the internet, watch a ton of YouTube videos and tried almost all indicators . Here we go, my tips. These are based on my views
UNDERSTAND BANKS AND BIG FINANCIALS INSTITUTIONS MOVES THE MARKET - No retail traders will be able to move the market like how the Big Banks move the market. You need to understand how banks move smart money and dumb money.(Will explain more later in the post)
STOP SEARCHING FOR THE HOLY GRAIL - No indicators is going to tell you where is the best entry or best exit. They often lag and are behind time so by the time you enter a trade, the trend has already moved a certain percentage causing you to lose precious pips that you could have gotten as profits. Instead look at the charts to search for "low risk, high probability trades" (Will explain more later in the post)
LOOK OUT FOR NEWS (fundamentals) - Big impact news move the markets with big moves, don't get stopped out because you entered at the wrong time without knowing that there is a high impact news in a few minutes/hours. It might hurt your account badly even through you have a stop-loss. Understand the nature of the news and how it will impact the currency.
DO NOT CHASE PROFITS - Chasing profits will be the number one reason you blow your account because no amount of money will satisfy you, you will always want more. Trust me, I've been there and done that . Instead start looking at percentage earned and loss, because in Forex you need money to make money. Lets say you have a target of 5% a month, with a $1000 account that is only $50 and doesn't seem significant but do that with a $100,000 account and you will get $5000 every month. I think you will get it by now. You can't just open a $1000 account and expect to be a millionaire in 1 month. Greed will take over you and you will blow every account you open.
DO NOT OVER LEVERAGE YOU ACCOUNT - By over leveraging you will be able to open larger lot sizes and you will feel good that you can use less money to earn more profit! Then you will start trading, say you profited your first trade and you feel good about yourself. Profited your second trade and feel even better. So you go bigger in the third trade, and guess what? You lost this trade. And this one loss is enough to wipe out your whole $1000 account.
MORE TRADES DOES NOT GIVE YOU MORE PROFITS - As a trader you should understand not every trade will turn out positive, there will always be negative trades. And at times you can have more negative trade than positive but still end up with profits at the end of the week? This is where quality over quantity trades comes in play. Lets say for example you had 4 losing trades and 2 winning trades, your losing trades are 2% each and your winning trades are 8% each, add them up and you will still have 8% profit. This is also a very important part called risk management. YOU MUST UNDERSTAND RISK MANAGEMENT ELSE YOU WILL ALWAYS FAIL IN FOREX.
NEVER CHASE THE MARKET - Markets move 24/7 from Monday 5 AM to Saturday 5 AM (Singapore time, GMT+8). There will be plenty of opportunity to enter the market. You don't always need to have an open position during this time to feel like a trader. Smart traders look for the best opportunity to enter the market at certain levels. Missed an opportunity, don't worry! There will always be another opportunity, trust me! By chasing the market and always trying to open a position, it will only cause you to blow out your account faster.
PATIENCE PATIENCE PATIENCE - I can't place more emphasis on this point. Once you have analysed the market and placed your trade, be patient and let the market work for you. By you sitting at the screen 24/7, the trade is not going to go by your way magically. Remember Bulls will Profit, Bears will profit, only Pigs will get slaughtered! Don't let greed eat you alive.
Now lets talk about the "low risk, high probability" trades and how I trade. Trading is easy, if you take some time to understand it. How I trade? That's a simple question. I use supply and demand together with fundamentals. I keep my charts clean off indicators. I know I know as soon as I say supply and demand, some of you are going to be like supply and demand doesn't exist in the currency market. But I hope you understand this are my views. Supply and Demand Supply and demand levels are zones that tend to be tested again and again till its broken creating another level for supply and demand. You are basically trading against the trend and I know people will be scared and think I'm dumb for saying. But once I learned this theory and started practicing it, I kicked myself in the bum for being so dumb all this while. This zones are also known for when banks throw large amount of money into the market. Bank traders do not have their screen cluttered with tons of indicators like retail trades who is just in search for the holy grail. They practice supply and demand. Let me put it in a easier context, It is basically buying a currency at wholesale and selling it at a retail price. People always practice this everyday in life like buying more of a certain item just because it is on discount at a supermarket but I don't understand why they neglect it when it comes to Forex. It is no different here in the markets. I am not going to say no more, as I want you to google more about it and understand it yourself, that is the best way you will learn better. Watch YouTube videos, read articles, see how bankers trade, understand why they place the trade. Also understand that there is no supply and demand in lower time frame like M1 or M5, its just noise. For myself, I use H1/H4/D1. I make 100-200 pips per week and that is enough for me currently, Remember don't be greedy. However when there is news events, supply and demand may be ignored due to the nature of how fundamentals affect the market differently. Understand the difference and with that I have came to the end. Remember to treat yourself once in awhile when you do good each month, You will enjoy trading better. Let me tell you the best part about trading, is that you can work from anywhere in the world, be your own boss and never be pressured by anyone. If you have made it this far, I thank you for taking your time to read this thread. This may be your first step to success. HAVE A GREAT WEEKEND AND HAPPY TRADING
Exclusive arrangement | ASIC supervises 63 brokerage firms'full list. Before the end of April, pay attention to the entry and exit of these platforms.
Australian regulators have asked their brokers to violate Chinese and EU laws in providing OTC derivatives to overseas retail traders. At present, there are 63 Australian brokers in China. This week, the platforms that have cancelled ASIC regulatory licences are UTRADE, ESA ASIA and Baofu International. Yesterday, the suspension of Chinese customers'cash inflows was announced by OANDA and Lotte Securities. It should also be noted that only ASIC license platforms, if there is no good plan before the end of April, then customers in China will be affected. Investors should pay attention to the situation of April's income and expenditure. These platforms include (ranked indiscriminately): Amdforex Cardiff IFGM Advanced Markets Best Leader Charterprime Rubix FX PGWG EightCap GS Deep Ocean Global Prime Millennium, Wiston FX INVAST OGFX Mickens MARKETS DV Markets (IFS Markets) JB Alpha City index ILQ Trend FOREX CT VT Markets ETO Markets TradeMax GO Markets AUGS Markets Hantec Markets GMT Markets USGFX SuperTrader BCR ACY Capstone Anzo Capital TBC With ASIC licences, there are also platforms with other licences. Although customer access to ASIC is monitored under Australian supervision, diversified licences still have advantages for customer ownership arrangements. These platforms include (ranked indiscriminately): AVATrade Eddie McAdral markets KVB Think Markets XM Profit securities IC Markets AETOS MahiFX (Saled Retail Business) FXOpen Vantage FX Xforex FP Markets European market Velocity Royal MEX Group Pepperstone AxiTrader Easy Markets CMC Markets Gain capital FXCM IG Markets Before the end of April, ASIC brokers requested a written reply to ASIC detailing the measures taken to comply with regulatory requirements for overseas customers. Before May 7, ASIC brokers need to e-mail the number of customers in each jurisdiction. In the meantime, investors can choose platforms with a wide range of licences and high ratings through the official website of foreign exchange agents www.fxmitan.com.
In my first post I compared Oanda's spreads to other legitimate brokers. I received criticism (see below) because I compared spreads on the weekend and brokers with different business models (Market Makers vs ECN). In this post I used the same mechanics to compare brokers, except I used average spreads, not current, from 30/11/16 20:07 GMT+3 to 6/12/16 20:07 GMT+3, and included comissions into the spreads. Oanda: 1.50 FXCM: 1.16 Forex.com: 1.96 Pepperstone: 0.90 Darwinex: 0.94 IC Markets: 0.85 Exness: 1.14 RoboForex: 1.01 Although Oanda's spreads have reduced and are smaller in comparison to other brokers, broker spreads ranking hasn't changed. Oanda has the second highest spreads after Forex.com. IC Markets has nearly half the spreads of Oanda's, even after including commissions. I am leaning towards opening an account with Pepperstone or IC Markets more than ever before.
Although spreads are a major factor in choosing a broker, they do not represent execution quality, slippage, or any other fees of a broker.
While this is true, why open an account with Oanda over Pepperstone, for example? Hall of Criticism NormanConquest:
You're doing it wrong. Never in 3 years as an Oanda client have I seen eurusd with an 8 pip spread. When we're you looking, Sunday night? Eurusd is usually around 1.2 pips, sometimes less than 1. However you're finding them, it's not reporting them right.
You can't just compare spreads with brokers using different business models. http://prntscr.com/d3tjme If you look at the spreads of ICMarkets (I use) and Oanda, they don't differ by much really. That's because you need to integrate the commission ICMarkets charge and integrate it into the spread. Once you do, they don't differ by much.
Active since 2014, GMT is a forex and CFD broker targeting Russian investors, as its website is available only in Russian. It offers online trading in a number if currency pairs, and various CFDs (in indices, stocks and commodities) on the good old MetaTrader 4. The company behind the brand GMT ltd. and it is not regulated in Russia, nor anywhere else. At least the broker does not make any ... Forex broker server time (GMT offset) When it comes to MT4 charts, not all brokers are created equally. Depending on the MT4 broker’s server time, the charts or the candlesticks on the charts are calculated differently. For example, most GMT brokers tend to have an additional candlestick such as Sunday candlesticks as well. While this might seem to be not much of an issue, when making use of ... GMT-Master II 116718LN con documenti casa madre 0 $ Rolex Datejust 116300 0 $ Rolex Datejust 116300 0 $ Rolex Daytona 116520 0 $ Rolex Daytona 116523 0 $ Rolex Air King 114200 0 $ Breguet MOON PHASE 3130 BA DEPLOYANTE 21085 $ Rolex ... Find a complete list of MT4 forex brokers offering the MetaTrader 4 platform. Read and compare reviews, open an MT4 account with a trusted forex broker. Sie können GMT-Offset von Ihrem Forex-Broker mit vielen Möglichkeiten zu berechnen, können Sie direkt an Ihre Broker-Unterstützung zu fragen, oder wenn Sie noch Zweifel, nur Google, was Zeit ist GMT und überprüfen Sie Ihre mt4 Broker Zeit. Warum müssen wir wissen, GMT Offset von unseren Maklern, ist, weil diese GMT-Offset ist sehr haben einen großen Effekt, um genaue Signale aus ... GMT Markets offers its clients 32 forex pairs with some exotic currencies like the Singapore Dollar and the Chinese Yuan. The broker also offers CFDs on spot metal like silver and gold, energy commodities like oil and natural gas, agricultural commodities like cotton, cocoa, sugar, and coffee, as well as the US Dollar Index. Still as we do not see any crypto assets in the list, here you may ... The MT4 (MetaTrader 4) platform is one of the leading forex trading platforms in the global forex trading industry. MT4 is widely used by thousands of brokers and banks. At GMT Markets we believe in giving the best trading experiences to our clients, therefore, we have provided our clients with the most advanced MT4 trading platform. Our MT4 trading platform provides a user-friendly interface ...
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