How To Trade Forex For A Living - The Crucial Steps
/r/Forex Trading Community
Welcome to FXGears.com's Reddit Forex Trading Community! Here you can converse about trading ideas, strategies, trading psychology, and nearly everything in between! ---- We also have one of the largest forex chatrooms online! ---- /Forex is the official subreddit of FXGears.com, a trading forum run by professional traders. FXGears.com hosts and moderates our chatroom, and has developed such tools as the chart bot you'll find available in chat.
Good evening to anyone. Another newbie here going through Babypips, Lehman pdf, and several books recommended in the FAQ of the Forex Reddit. I am particularly happy about entering this amazing world, as i have always been very interested in both finance and economics. I would like to know if you would recommend any particular broker for a demo account/ for beginners? I would like to start "playing" a little bit with everything I have theoretically learned in the last weeks. Hope to keep you seeing all here. Luck and money to all!
Risk:Reward strategies: A follow up question/ Looking for opinions on this idea
This is a follow up post from my last one yesterday here : https://www.reddit.com/Forex/comments/i4veq6/best_riskreward_ratios_for_trend_trading_exit/ I was talking about what everyone's best/ optimal R:R exit strategies are and how/why people use them. After looking at the posts and ideas that a few people shared I had an idea, and I thought I'd share the idea to see if it's one worth considering seriously. going 1:1 has less DD (on my own strategy backtest) than going 2:1 (makes sense). If I start an account with a prop fund and they have a DD limit (10%), would it be best to start trading using 1:1 to grow the account slowly with less risk of breaking the rules, and then go 2:1 when there is more capital that can be afforded to be lost (so the eventual win streak can come along and I can make more of that % gain baby) Does this idea sound rational or stupid? Forex Reddit do your magic and castrate me or praise me for the idea cos I wanna know what you think.
I've been using the Forex demo account to try and understand how to trade. I've been practicing in the demo account for 2 weeks with a strategy I now understand is called 'scalp trading' and got lucky with 2K in a 48 hour span which as I've seen while watching the Forex reddit forum, is still pretty low for most users. Without disclosing strategies that you would use, where would be a good example to break into the market? I've started to find where trend lines are after watching a couple people watch trends tracing back from 1 month, down to the 1 hour mark and then they trade long from there. I don't expect there to be a ton of activity with a brand new account but the adrenaline rush of trading and coming out even 10 cents ahead is amazing. The other thing I've been working to try and understand is reading a candlestick chart to see where I can pick up on a break to start a trade. Getting burned a couple times today hasn't made me want to quit, just learn what I did wrong so I can improve!
All right, I've read multiple guides/sites/forum posts on this topic, and I'm still flummoxed. So I ask you, Forex reddit: How do you read the ATR indicator? For example: I'm looking at a pair with an ATR(20) of 1.2889. I want to use the ATR*1.5 method to set my stop loss. Of those five digits, which do I actually multiply to get the SL? The answer seems simple enough for pairs with an ATR of something like 0.0045; that's just 45 pips. But I'm lost when it comes to values bigger than that, because I can't imagine a trade with a SL of, say, 4333 pips (to use my ATR(20) example), especially if I'm scaling out and intend to enter three positions. I realize this is the most absolute of absolute rookie questions, but in all my months of doing this I've never been able to figure it out. I appreciate your help!
08-19 09:34 - 'India's Forex Reserves is now at its highest point, since Independence. Pic source- Shutterstock, goodreturn, business standard. Data source: the indian express' (reddit.com) by /u/Crunchread removed from /r/india within 190-200min
Reddit as we know is hugely popular and forex isn't exactly a niche area... Look at how crazy active things like crypto are, weedstocks, wallstreetbets etc. When I first typed in "forex reddit" and found this sub reddit I was expecting at least 100k subscribers and everyone posting their trade ideas, setups and general market talk but this doesn't really happen here, any ideas why not? There's another place I found called forex factory which is an old school forum and it's pretty active in selective areas like trade discussion but the forum looks horrible. I wonder why /forex is so quite 🙁
Hello I’m new to reddit... I’m a forex/bitcoin trader and I’m going to be posting tutorial videos and some write ups on how you can learn forex/bitcoin and how you can start earning from it. #forex #bitcoin
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