DAX Scalping Strategy - Day Trade no more than 1 hour a ...

Some trading wisdom, tools and information I picked up along the way that helped me be a better trader. Maybe it can help you too.

Its a bit lengthy and I tried to condense it as much as I can. So take everything at a high level as each subject is has a lot more depth but fundamentally if you distill it down its just taking simple things and applying your experience using them to add nuance and better deploy them.
There are exceptions to everything that you will learn with experience or have already learned. If you know something extra or something to add to it to implement it better or more accurately. Then great! However, my intention of this post is just a high level overview. Trading can be far too nuanced to go into in this post and would take forever to type up every exception (not to mention the traders individual personality). If you take the general information as a starting point, hopefully you will learn the edge cases long the way and learn how to use the more effectively if you end up using them. I apologize in advice for any errors or typos.
Introduction After reflecting on my fun (cough) trading journey that was more akin to rolling around on broken glass and wondering if brown glass will help me predict market direction better than green glass. Buying a $100 indicator at 2 am when I was acting a fool, looking at it and going at and going "This is a piece of lagging crap, I miss out on a large part of the fundamental move and never using it for even one trade". All while struggling with massive over trading and bad habits because I would get bored watching a single well placed trade on fold for the day. Also, I wanted to get rich quick.
On top all of that I had a terminal Stage 4 case of FOMO on every time the price would move up and then down then back up. Just think about all those extra pips I could have trading both directions as it moves across the chart! I can just sell right when it goes down, then buy right before it goes up again. Its so easy right? Well, turns out it was not as easy as I thought and I lost a fair chunk of change and hit my head against the wall a lot until it clicked. Which is how I came up with a mixed bag of things that I now call "Trade the Trade" which helped support how I wanted to trade so I can still trade intra day price action like a rabid money without throwing away all my bananas.
Why Make This Post? - Core Topic of Discussion I wish to share a concept I came up with that helped me become a reliable trader. Support the weakness of how I like to trade. Also, explaining what I do helps reinforce my understanding of the information I share as I have to put words to it and not just use internalized processes. I came up with a method that helped me get my head straight when trading intra day.
I call it "Trade the Trade" as I am making mini trades inside of a trade setup I make from analysis on a higher timeframe that would take multiple days to unfold or longer. I will share information, principles, techniques I used and learned from others I talked to on the internet (mixed bag of folks from armatures to professionals, and random internet people) that helped me form a trading style that worked for me. Even people who are not good at trading can say something that might make it click in your head so I would absorbed all the information I could get.I will share the details of how I approach the methodology and the tools in my trading belt that I picked up by filtering through many tools, indicators strategies and witchcraft. Hopefully you read something that ends up helping you be a better trader. I learned a lot from people who make community posts so I wanted to give back now that I got my ducks in a row.
General Trading Advice If your struggling finding your own trading style, fixing weakness's in it, getting started, being reliably profitable or have no framework to build yourself higher with, hopefully you can use the below advice to help provide some direction or clarity to moving forward to be a better trader.
  1. KEEP IT SIMPLE. Do not throw a million things on your chart from the get go or over analyzing what the market is doing while trying to learn the basics. Tons of stuff on your chart can actually slow your learning by distracting your focus on all your bells and whistles and not the price action.
  2. PRICE ACTION. Learn how to read price action. Not just the common formations, but larger groups of bars that form the market structure. Those formations carry more weight the higher the time frame they form on. If struggle to understand what is going on or what your looking at, move to a higher time frame.
  3. INDICATORS. If you do use them you should try to understand how every indicator you use calculates its values. Many indicators are lagging indicators, understanding how it calculates the values can help you learn how to identify the market structure before the indicator would trigger a signal . This will help you understand why the signal is a lagged signal. If you understand that you can easily learn to look at the price action right before the signal and learn to watch for that price action on top of it almost trigging a signal so you can get in at a better position and assume less downside risk. I recommend using no more than 1-2 indicators for simplicity, but your free to use as many as you think you think you need or works for your strategy/trading style.
  4. PSYCOLOGY. First, FOMO is real, don't feed the beast. When you trade you should always have an entry and exit. If you miss your entry do not chase it, wait for a new entry. At its core trading is gambling and your looking for an edge against the house (the other market participants). With that in mind, treat as such. Do not risk more than you can afford to lose. If you are afraid to lose it will negatively effect your trade decisions. Finally, be honest with your self and bad trading happens. No one is going to play trade cop and keep you in line, that's your job.
  5. TRADE DECISION MARKING: Before you enter any trade you should have an entry and exit area. As you learn price action you will get better entries and better exits. Use a larger zone and stop loss at the start while learning. Then you can tighten it up as you gain experience. If you do not have a area you wish to exit, or you are entering because "the markets looking like its gonna go up". Do not enter the trade. Have a reason for everything you do, if you cannot logically explain why then you probably should not be doing it.
  6. ROBOTS/ALGOS: Loved by some, hated by many who lost it all to one, and surrounded by scams on the internet. If you make your own, find a legit one that works and paid for it or lost it all on a crappy one, more power to ya. I do not use robots because I do not like having a robot in control of my money. There is too many edge cases for me to be ok with it.However, the best piece of advice about algos was that the guy had a algo/robot for each market condition (trending/ranging) and would make personalized versions of each for currency pairs as each one has its own personality and can make the same type of movement along side another currency pair but the price action can look way different or the move can be lagged or leading. So whenever he does his own analysis and he sees a trend, he turns the trend trading robot on. If the trend stops, and it starts to range he turns the range trading robot on. He uses robots to trade the market types that he is bad at trading. For example, I suck at trend trading because I just suck at sitting on my hands and letting my trade do its thing.

Trade the Trade - The Methodology

Base Principles These are the base principles I use behind "Trade the Trade". Its called that because you are technically trading inside your larger high time frame trade as it hopefully goes as you have analyzed with the trade setup. It allows you to scratch that intraday trading itch, while not being blind to the bigger market at play. It can help make sense of why the price respects, rejects or flat out ignores support/resistance/pivots.
  1. Trade Setup: Find a trade setup using high level time frames (daily, 4hr, or 1hr time frames). The trade setup will be used as a base for starting to figure out a bias for the markets direction for that day.
  2. Indicator Data: Check any indicators you use (I use Stochastic RSI and Relative Vigor Index) for any useful information on higher timeframes.
  3. Support Resistance: See if any support/resistance/pivot points are in currently being tested/resisted by the price. Also check for any that are within reach so they might become in play through out the day throughout the day (which can influence your bias at least until the price reaches it if it was already moving that direction from previous days/weeks price action).
  4. Currency Strength/Weakness: I use the TradeVision currency strength/weakness dashboard to see if the strength/weakness supports the narrative of my trade and as an early indicator when to keep a closer eye for signs of the price reversing.Without the tool, the same concept can be someone accomplished with fundamentals and checking for higher level trends and checking cross currency pairs for trends as well to indicate strength/weakness, ranging (and where it is in that range) or try to get some general bias from a higher level chart that may help you out. However, it wont help you intra day unless your monitoring the currency's index or a bunch of charts related to the currency.
  5. Watch For Trading Opportunities: Personally I make a mental short list and alerts on TradingView of currency pairs that are close to key levels and so I get a notification if it reaches there so I can check it out. I am not against trading both directions, I just try to trade my bias before the market tries to commit to a direction. Then if I get out of that trade I will scalp against the trend of the day and hold trades longer that are with it.Then when you see a opportunity assume the directional bias you made up earlier (unless the market solidly confirms with price action the direction while waiting for an entry) by trying to look for additional confirmation via indicators, price action on support/resistances etc on the low level time frame or higher level ones like hourly/4hr as the day goes on when the price reaches key areas or makes new market structures to get a good spot to enter a trade in the direction of your bias.Then enter your trade and use the market structures to determine how much of a stop you need. Once your in the trade just monitor it and watch the price action/indicators/tools you use to see if its at risk of going against you. If you really believe the market wont reach your TP and looks like its going to turn against you, then close the trade. Don't just hold on to it for principle and let it draw down on principle or the hope it does not hit your stop loss.
  6. Trade Duration Hold your trades as long or little as you want that fits your personality and trading style/trade analysis. Personally I do not hold trades past the end of the day (I do in some cases when a strong trend folds) and I do not hold trades over the weekends. My TP targets are always places I think it can reach within the day. Typically I try to be flat before I sleep and trade intra day price movements only. Just depends on the higher level outlook, I have to get in at really good prices for me to want to hold a trade and it has to be going strong. Then I will set a slightly aggressive stop on it before I leave. I do know several people that swing trade and hold trades for a long period of time. That is just not a trading style that works for me.
Enhance Your Success Rate Below is information I picked up over the years that helped me enhance my success rate with not only guessing intra day market bias (even if it has not broken into the trend for the day yet (aka pre London open when the end of Asia likes to act funny sometimes), but also with trading price action intra day.
People always say "When you enter a trade have an entry and exits. I am of the belief that most people do not have problem with the entry, its the exit. They either hold too long, or don't hold long enough. With the below tools, drawings, or instruments, hopefully you can increase your individual probability of a successful trade.
**P.S.*\* Your mileage will vary depending on your ability to correctly draw, implement and interpret the below items. They take time and practice to implement with a high degree of proficiency. If you have any questions about how to do that with anything listed, comment below and I will reply as I can. I don't want to answer the same question a million times in a pm.
Tools and Methods Used This is just a high level overview of what I use. Each one of the actions I could go way more in-depth on but I would be here for a week typing something up of I did that. So take the information as a base level understanding of how I use the method or tool. There is always nuance and edge cases that you learn from experience.
Conclusion
I use the above tools/indicators/resources/philosophy's to trade intra day price action that sometimes ends up as noise in the grand scheme of the markets movement.use that method until the price action for the day proves the bias assumption wrong. Also you can couple that with things like Stoch RSI + Relative Vigor Index to find divergences which can increase the probability of your targeted guesses.

Trade Example from Yesterday This is an example of a trade I took today and why I took it. I used the following core areas to make my trade decision.
It may seem like a lot of stuff to process on the fly while trying to figure out live price action but, for the fundamental bias for a pair should already baked in your mindset for any currency pair you trade. For the currency strength/weakness I stare at the dashboard 12-15 hours a day so I am always trying to keep a pulse on what's going or shifts so that's not really a factor when I want to enter as I would not look to enter if I felt the market was shifting against me. Then the higher timeframe analysis had already happened when I woke up, so it was a game of "Stare at the 5 min chart until the price does something interesting"
Trade Example: Today , I went long EUUSD long bias when I first looked at the chart after waking up around 9-10pm Eastern. Fortunately, the first large drop had already happened so I had a easy baseline price movement to work with. I then used tool for currency strength/weakness monitoring, Pivot Points, and bearish divergence detected using Stochastic RSI and Relative Vigor Index.
I first noticed Bearish Divergence on the 1hr time frame using the Stochastic RSI and got confirmation intra day on the 5 min time frame with the Relative Vigor Index. I ended up buying the second mini dip around midnight Eastern because it was already dancing along the pivot point that the price had been dancing along since the big drop below the pivot point and dipped below it and then shortly closed back above it. I put a stop loss below the first large dip. With a TP goal of the middle point pivot line
Then I waited for confirmation or invalidation of my trade. I ended up getting confirmation with Bearish Divergence from the second large dip so I tightened up my stop to below that smaller drip and waited for the London open. Not only was it not a lower low, I could see the divergence with the Relative Vigor Index.
It then ran into London and kept going with tons of momentum. Blew past my TP target so I let it run to see where the momentum stopped. Ended up TP'ing at the Pivot Point support/resistance above the middle pivot line.
Random Note: The Asian session has its own unique price action characteristics that happen regularly enough that you can easily trade them when they happen with high degrees of success. It takes time to learn them all and confidently trade them as its happening. If you trade Asia you should learn to recognize them as they can fake you out if you do not understand what's going on.

TL;DR At the end of the day there is no magic solution that just works. You have to find out what works for you and then what people say works for them. Test it out and see if it works for you or if you can adapt it to work for you. If it does not work or your just not interested then ignore it.
At the end of the day, you have to use your brain to make correct trading decisions. Blindly following indicators may work sometimes in certain market conditions, but trading with information you don't understand can burn you just as easily as help you. Its like playing with fire. So, get out there and grind it out. It will either click or it wont. Not everyone has the mindset or is capable of changing to be a successful trader. Trading is gambling, you do all this work to get a edge on the house. Trading without the edge or an edge you understand how to use will only leave your broker happy in the end.
submitted by marcusrider to Forex [link] [comments]

My First Year of Trading

So here it is, three more days and October begins, which marks one year of trading for me. I figured I would contribute to the forum and share some of my experience, a little about me, and what I've learned so far. Whoever wants to listen, that's great. This might get long so buckle up..
Three years ago, I was visiting Toronto. I don't get out much, but my roommate at the time travels there occasionally. He asked everyone at our place if we wanted to come along for a weekend. My roommate has an uncle that lives there and we didn't have to worry about a hotel because his uncle owns a small house that's unlived in which we could stay at. I was the only one to go with. Anyways, we walk around the city, seeing the sights and whatnot.
My friend says to me "where next?"
"I don't know, you're the tour guide"
"We can go check out Bay Street"
"what's 'Bay Street?'"
"It's like the Canadian Wall street! If you haven't seen it you gotta see it!"
Walking along Bay, I admire all the nice buildings and architecture, everything seems larger than life to me. I love things like that. The huge granite facades with intricate designs and towering pillars to make you think, How the fuck did they make that? My attention pivots to a man walking on the sidewalk opposite us. His gait stood out among everyone, he walked with such a purpose.. He laughed into the cell phone to his ear. In the elbow-shoving city environment, he moved with a stride that exuded a power which not only commanded respect, but assumed it. I bet HE can get a text back, hell he's probably got girls waiting on him. This dude was dressed to kill, a navy suit that you could just tell from across the street was way out of my budget, it was a nice fucking suit. I want that. His life, across the street, seemed a world a way from my own. I've worn a suit maybe twice in my life. For my first communion, it was too big for me, I was eleven or whatever so who gives a shit, right? I'm positive I looked ridiculous. The other time? I can't remember.
I want that. I want the suit. I want the wealth, the independence. I want the respect and power, and I don't give a shit what anyone thinks about it.
Cue self doubt.
Well, He's probably some rich banker's son. That's a world you're born into. I don't know shit about it. \sigh* keep walking..*

A year later, I'm visiting my parents at their house, they live an hour away from my place. My dad is back from Tennessee, his engineering job was laying people off and he got canned... Or he saw the end was near and just left... I don't know, hard to pay attention to the guy honestly because he kind of just drones on and on. ("Wait, so your mom lives in Michigan, but your dad moved to Tennessee... for a job?" Yea man, I don't fucking know, not going to touch on that one.) The whole project was a shit show that was doomed to never get done, the way he tells it. And he's obviously jaded from multiple similar experiences at other life-sucking engineer jobs. My mom is a retired nurse practitioner who no longer works because of her illness. I ask him what he's doing for work now and he tells me he trades stocks from home. I didn't even know you could do that. I didn't know "trading" was a thing. I thought you just invest and hope for the best.
"Oh that's cool, how much money do you need to do that?"
"Ehh, most say you need at least $25,000 as a minimum"
"Oh... guess I can't do that..."
Six months later, I get a call and it's my dad. We talk a little about whatever. Off topic, he starts asking if I'm happy doing what I'm doing (I was a painter, commercial and residential) I tell him yes but it's kind of a pain in the ass and I don't see it as a long term thing. Then he gets around to asking if I'd like to come work with him. He basically pitches it to me. I'm not one to be sold on something, I'm always skeptical. So I ask all the questions that any rational person would ask and he just swats them away with reassuring phrases. He was real confident about it. But basically he says for this to work, I have to quit my job and move back home so he can teach me how to trade and be by my side so I don't do anything stupid. "My Name , you can make so much money." I say that I can't raise the $25,000 because I'm not far above just living paycheck to paycheck. "I can help you out with that." Wow, okay, well... let me think about it.
My "maybe" very soon turned into a "definitely." So over the next six months, I continue to work my day job painting, and I try to save up what I could for the transition (it wasn't a whole lot, I sucked at saving. I was great at spending though!). My dad gives me a book on day trading (which I will mention later) and I teach myself what I can about the stock market using Investopedia. Also in the meantime, my dad sends me encouraging emails. He tells me to think of an annual income I would like to make as a trader, and used "more than $100,000 but less than a million" as a guideline. He tells me about stocks that he traded that day or just ones that moved and describes the basic price action and the prices to buy and sell at. Basically saying "if you bought X amount of shares here and sold it at X price here, you could make a quick 500 bucks!" I then use a trading sim to trade those symbols and try to emulate what he says. Piece of cake. ;)
Wow, that's way more than what I make in a day.
He tells me not to tell anyone about my trading because most people just think it's gambling. "Don't tell your Mom either." He says most people who try this fail because they don't know how to stop out and take a loss. He talks about how every day he was in a popular chatroom, some noob would say something like, "Hey guys, I bought at X price (high of day or thereabout), my account is down 80% .. uhh I'm waiting for it to come back to my entry price.. what do I do??"
Well shit, I'm not that fucking dumb. If that's all it takes to make it is to buy low, sell high, and always respect a stop then I'll be fantastic.
By the end of September, I was very determined. I had been looking forward everyday to quitting my painting job because while it used to be something I loved, it was just sucking the life out of me at this point. Especially working commercial, you just get worked like a dog. I wasn't living up to my potential with that job and I felt awful for it every minute of every day. I knew that I needed a job where I could use my brain instead of slaving my body to fulfill someone else's dream. "Someone's gotta put gas in the boss's boat" That's a line my buddy once said that he probably doesn't know sticks with me to this day.
It ain't me.
So now it was October 2018, and I'm back living with Mom n' Pops. I was so determined that on my last day of work I gave away all of my painting tools to my buddy like, "here, I don't need this shit." Moving out of my rental was easy because I don't own much, 'can't take it with ya.' Excited for the future I now spend my days bundled up in winter wear in the cold air of our hoarder-like basement with a space heater at my feet. My laptop connected to a TV monitor, I'm looking at stocks next to my dad and his screens in his cluttered corner. Our Trading Dungeon. I don't trade any money, (I wasn't aware of any real-time sim programs) I just watch and learn from my dad. Now you've got to keep in mind, and look at a chart of the S&P, this is right at the beginning of Oct '18, I came in right at the market top. Right at the start of the shit-show. For the next three or four weeks, I watch my dad pretty much scratch on every trade, taking small loss after small loss, and cursing under his breath at the screen.
Click.
"dammit."
Click.
"shit."
Click. Click.
"you fuck."
Click.
This gets really fucking annoying as time goes on, for weeks, and I get this attitude like ugh, just let me do it. I'll make us some fucking money. So I convince him to let me start trading live. I didn't know anything about brokers so I set up an account using his broker, which was Fidelity. It was a pain and I had to jump through a lot of hoops to be able to day trade with this broker. I actually had to make a joint account with my dad as I couldn't get approved for margin because my credit score is shit (never owned a credit card) and my net worth, not much. Anyways, they straight up discourage day trading and I get all kinds of warning messages with big red letters that made me shit myself like oooaaahhh what the fuck did I do now. Did I forget to close a position?? Did I fat finger an order? Am I now in debt for thousands of dollars to Fidelity?? They're going to come after me like they came after Madoff. Even after you are approved for PDT you still get these warning messages in your account. Some would say if I didn't comply with "whatever rule" they'd even suspend my account for 60 days. It was ridiculous, hard to describe because it doesn't make sense, and it took the support guy on the phone a good 20 minutes to explain it to me. Basically I got the answer "yea it's all good, you did nothing wrong. As long as you have the cash in your account to cover whatever the trade balance was" So I just kept getting these warnings that I had to ignore everyday. I hate Fidelity.
My fist day trading, I made a few so-so trades and then I got impatient. I saw YECO breaking out and I chased, soon realized I chased, so I got out. -$500. Shit, I have to make that back, I don't want my dad to see this. Got back in. Shit. -$400. So my first day trading, I lost $900. My dumbass was using market orders so that sure didn't help. I reeled the risk back and traded more proper position size for a while, but the commissions for a round trip are $10, so taking six trades per day, I'm losing $60 at a minimum on top of my losing trades. Quickly I realized I didn't know what the hell I was doing. What about my dad? Does HE know? One day, in the trading dungeon, I was frustrated with the experience I'd been having and just feeling lost overall. I asked him.
"So, are you consistently profitable?"
"mmm... I do alright."
"Yea but like, are you consistently profitable over time?"
.........................
"I do alright."
Silence.
"Do you know any consistently profitable traders?"
"Well the one who wrote that book I gave you, Tina Turner.. umm and there's Ross Cameron"
......................
"So you don't know any consistently profitable traders, personally.. People who are not trying to sell you something?"
"no."
...................
Holy fucking shit, what did this idiot get me into. He can't even say it to my face and admit it.
This entire life decision, quitting my job, leaving my rental, moving from my city to back home, giving shit away, it all relied on that. I was supposed to be an apprentice to a consistently profitable day trader who trades for a living. It was so assumed, that I never even thought to ask! Why would you tell your son to quit his job for something that you yourself cannot do? Is this all a scam? Did my dad get sold a DREAM? Did I buy into some kind of ponzi scheme? How many of those winning trades he showed me did he actually take? Are there ANY consistently profitable DAY TRADERS who TRADE FOR A LIVING? Why do 90% fail? Is it because the other 10% are scamming the rest in some way? Completely lost, I just had no clue what was what. If I was going to succeed at this, if it was even possible to succeed at this, it was entirely up to me. I had to figure it out. I still remember the feeling like an overwhelming, crushing weight on me as it all sunk in. This is going to be a big deal.. I'm not the type to give up though. In that moment, I said to myself,
I'm going to fucking win at this. I don't know if this is possible, but I'm going to find out. I cannot say with certainty that I will succeed, but no matter what, I will not give up. I'm going to give all of myself to this. I will find the truth.
It was a deep moment for me. I don't like getting on my soapbox, but when I said those things, I meant it. I really, really meant it. I still do, and I still will.
Now it might seem like I'm being hard on my dad. He has done a lot for me and I am very grateful for that. We're sarcastic as hell to each other, I love the bastard. Hell, I wouldn't have the opportunity to trade at all if not for him. But maybe you can also understand how overwhelmed I felt at that time. Not on purpose, of course he means well. But I am not a trusting person at all and I was willing to put trust into him after all the convincing and was very disappointed when I witnessed the reality of the situation. I would have structured this transition to trading differently, you don't just quit your job and start trading. Nobody was there to tell me that! I was told quite the opposite. I'm glad it happened anyway, so fuck it. I heard Kevin O'Leary once say,
"If I knew in the beginning how difficult starting a business was, I don't know that I ever would've started."
This applies very much to my experience.
So what did I do? Well like everyone I read and read and Googled and Youtube'd my ass off. I sure as hell didn't pay for a course because I didn't have the money and I'm like 99% sure I would be disappointed by whatever they were teaching as pretty much everything can be found online or in books for cheap or free. Also I discovered Thinkorswim and I used that to sim trade in real-time for three months. This is way the hell different than going on a sim at 5x speed and just clicking a few buy and sell buttons. Lol, useless. When you sim trade in real-time you're forced to have a routine, and you're forced to experience missing trades with no chance to rewind or skip the boring parts. That's a step up because you're "in it". I also traded real money too, made some, lost more than I made. went back to sim. Traded live again, made some but lost more, fell back to PDT. Dad fronted me more cash. This has happened a few times. He's dug me out of some holes because he believes in me. I'm fortunate.
Oh yeah, about that book my dad gave me. It's called A Beginner's Guide to Day Trading Online by Toni Turner. This book... is shit. This was supposed to be my framework for how to trade and I swear it's like literally nothing in this book fucking works lol. I could tell this pretty early on, intuitively, just by looking at charts. It's basically a buy-the-breakout type strategy, if you want to call it a strategy. No real methodology to anything just vague crap and showing you cherry-picked charts with entries that are way too late. With experience in the markets you will eventually come to find that MOST BREAKOUTS FAIL. It talks about support/resistance lines and describes them as, "picture throwing a ball down at the floor, it bounces up and then it bounces down off the ceiling, then back up." So many asinine assumptions. These ideas are a text book way of how to trade like dumb money. Don't get me wrong, these trades can work but you need to be able to identify the setups which are more probable and identify reasons not to take others. So I basically had to un-learn all that shit.
Present day, I have a routine in place. I'm out of the dungeon and trade by myself in my room. I trade with a discount broker that is catered to day traders and doesn't rape me on commissions. My mornings have a framework for analyzing the news and economic events of the particular day, I journal so that I can recognize what I'm doing right and where I need to improve. I record my screens for later review to improve my tape reading skills. I am actually tracking my trades now and doing backtesting in equities as well as forex. I'm not a fast reader but I do read a lot, as much as I can. So far I have read about 17-18 books on trading and psychology. I've definitely got a lot more skilled at trading.
As of yet I am not net profitable. Writing that sounds like selling myself short though, honestly. Because a lot of my trades are very good and are executed well. I have talent. However, lesser quality trades and trades which are inappropriately sized/ attempted too many times bring down that P/L. I'm not the type of trader to ignore a stop, I'm more the trader that just widdles their account down with small losses. I trade live because at this point, sim has lost its value, live trading is the ultimate teacher. So I do trade live but I just don't go big like I did before, I keep it small.
I could show you trades that I did great on and make people think I'm killing it but I really just don't need the validation. I don't care, I'm real about it. I just want to get better. I don't need people to think I'm a genius, I'm just trying to make some money.
Psychologically, to be honest with you, I currently feel beaten down and exhausted. I put a lot of energy into this, and sometimes I work myself physically sick, it's happened multiple times. About once a week, usually Saturday, I get a headache that lasts all day. My body's stress rebound mechanism you might call it. Getting over one of those sick periods now, which is why I barely even traded this week. I know I missed a lot of volatility this week and some A+ setups but I really just don't give a shit lol. I just currently don't have the mental capital, I think anyone who's been day trading every day for a year or more can understand what I mean by that. I'm still being productive though. Again, I'm not here to present an image of some badass trader, just keeping it real. To give something 100% day after day while receiving so much resistance, it takes a toll on you. So a break is necessary to avoid making bad trading decisions. That being said, I'm progressing more and more and eliminating those lesser quality trades and identifying my bad habits. I take steps to control those habits and strengthen my good habits such as having a solid routine, doing review and market research, taking profits at the right times, etc.
So maybe I can give some advice to some that are new to day trading, those who are feeling lost, or just in general thinking "...What the fuck..." I thought that every night for the first 6 months lol.
First of all, manage expectations. If you read my story of how I came to be a trader, you can see I had a false impression of trading in many aspects. Give yourself a realistic time horizon to how progress should be made. Do not set a monetary goal for yourself, or any time-based goal that is measured in your P/L. If you tell yourself, "I want to make X per day, X per week, or X per year" you're setting yourself up to feel like shit every single day when it's clear as the blue sky that you won't reach that goal anytime soon. As a matter of fact, it will appear you are moving further AWAY from that goal if you just focus on your P/L, which brings me to my next point.
You will lose money. In the beginning, most likely, you will lose money. I did it, you'll do it, the greatest Paul Tudor Jones did it. Trading is a skill that needs to be developed, and it is a process. Just look at it as paying your tuition to the market. Sim is fine but don't assume you have acquired this skill until you are adept at trading real money. So when you do make that leap, just trade small.
Just survive. Trade small. get the experience. Protect your capital. To reach break even on your bottom line is a huge accomplishment. In many ways, experience and screen time are the secret sauce.
Have a routine. This is very important. I actually will probably make a more in-depth post in the future about this if people want it. When I first started, I was overwhelmed with the feeling "What the fuck am I supposed to DO?" I felt lost. There's no boss to tell you how to be productive or how to find the right stocks, which is mostly a blessing, but a curse for new traders.
All that shit you see, don't believe all that bullshit. You know what I'm talking about. The bragposting, the clickbait Youtube videos, the ads preying on you. "I made X amount of money in a day and I'm fucking 19 lolz look at my Lamborghini" It's all a gimmick to sell you the dream. It's designed to poke right at your insecurities, that's marketing at it's finest. As for the bragposting on forums honestly, who cares. And I'm not pointing fingers on this forum, just any trading forum in general. They are never adding anything of value to the community in their posts. They never say this is how I did it. No, they just want you to think they're a genius. I can show you my $900 day trading the shit out of TSLA, but that doesn't tell the whole story. Gamblers never show you when they lose, you might never hear from those guys again because behind the scenes, they over-leveraged themselves and blew up. Some may actually be consistently profitable and the trades are 100% legit. That's fantastic. But again, I don't care, and you shouldn't either. You shouldn't compare yourself to others.
"Everyone's a genius in a bull market" Here's the thing.. Markets change. Edges disappear. Trading strategies were made by traders who traded during times when everything they did worked. Buy all the breakouts? Sure! It's the fucking tech bubble! Everything works! I'm sure all those typical setups used to work fantastically at some point in time. But the more people realize them, the less effective they are. SOMEONE has to be losing money on the opposite side of a winning trade, and who's willing to do that when the trade is so obvious? That being said, some things are obvious AND still work. Technical analysis works... sometimes. The caveat to that is, filters. You need to, in some way, filter out certain setups from others. For example, you could say, "I won't take a wedge pattern setup on an intraday chart unless it is in a higher time frame uptrend, without nearby resistance, and trading above average volume with news on that day."
Have a plan. If you can't describe your plan, you don't have one. Think in probabilities. You should think entirely in "if, then" scenarios. If X has happens, then Y will probably happen. "If BABA breaks this premarket support level on the open I will look for a pop up to short into."
Backtest. Most traders lose mainly because they think they have an edge but they don't. You read these books and all this stuff online telling you "this is a high probability setup" but do you know that for a fact? There's different ways to backtest, but I think the best way for a beginner is manual backtesting with a chart and an excel sheet. This builds up that screen time and pattern recognition faster. This video shows how to do that. Once I saw someone do it, it didn't seem so boring and awful as I thought it was.
Intelligence is not enough. You're smarter than most people, that's great, but that alone is not enough to make you money in trading necessarily. Brilliant people try and fail at this all the time, lawyers, doctors, surgeons, engineers.. Why do they fail if they're so smart? It's all a fucking scam. No, a number of reasons, but the biggest is discipline and emotional intelligence.
Journal every day. K no thanks, bro. That's fucking gay. That's how I felt when I heard this advice but really that is pride and laziness talking. This is the process you need to do to learn what works for you and what doesn't. Review the trades you took, what your plan was, what actually happened, how you executed. Identify what you did well and what you can work on. This is how you develop discipline and emotional intelligence, by monitoring yourself. How you feel physically and mentally, and how these states affect your decision-making.
Always be learning. Read as much as you can. Good quality books. Here's the best I've read so far;
Market Wizards -Jack Schwager
One Good Trade -Mike Bellafiore
The Daily Trading Coach -Bret Steenbarger
Psycho-cybernetics -Maxwell Maltz
Why You Win or Lose -Fred Kelly
The Art and Science of Technical Analysis -Adam Grimes
Dark Pools -Scott Patterson
Be nimble. Everyday I do my research on the symbols I'm trading and the fundamental news that's driving them. I might be trading a large cap that's gapping up with a beat on EPS and revenue and positive guidance. But if I see that stock pop up and fail miserably on the open amidst huge selling pressure, and I look and see the broader market tanking, guess what, I'm getting short, and that's just day trading. The movement of the market, on an intraday timeframe, doesn't have to make logical sense.
Adapt. In March I used to be able to buy a breakout on a symbol and swing it for the majority of the day. In the summer I was basically scalping on the open and being done for the day. Volatility changes, and so do my profit targets.
Be accountable. Be humble. Be honest. I take 100% responsibility for every dime I've lost or made in the market. It's not the market makers fault, it wasn't the HFTs, I pressed the button. I know my bad habits and I know my good habits.. my strengths/ my weaknesses.
Protect yourself from toxicity. Stay away from traders and people on forums who just have that negative mindset. That "can't be done" mentality. Day trading is a scam!! It can certainly be done. Prove it, you bastard. I'm posting to this particular forum because I don't see much of that here and apparently the mods to a good job of not tolerating it. As the mod wrote in the rules, they're most likely raging from a loss. Also, the Stocktwits mentality of "AAPL is going to TANK on the open! $180, here we come. $$$" , or the grandiose stories, "I just knew AMZN was going to go up on earnings. I could feel it. I went ALL IN. Options money, baby! ka-ching!$" Lol, that is so toxic to a new trader. Get away from that. How will you be able to remain nimble when this is your thought process?
Be good to yourself. Stop beating yourself up. You're an entrepreneur. You're boldly going where no man has gone before. You've got balls.
Acknowledge your mistakes, don't identify with them. You are not your mistakes and you are not your bad habits. These are only things that you do, and you can take action necessary to do them less.
It doesn't matter what people think. Maybe they think you're a fool, a gambler. You don't need their approval. You don't need to talk to your co-workers and friends about it to satisfy some subconscious plea for guidance; is this a good idea?
You don't need anyone's permission to become the person you want to be.
They don't believe in you? Fuck 'em. I believe in you.
submitted by indridcold91 to Daytrading [link] [comments]

[LONG] My Story of Disillusionment with and Disappointment in the World and Myself

Intro.
This might be a long one. I hope someone reads the thing, I put like 3 hours into writing it. A brief story of my life and how it all led up to this moment, where I am disillusioned with my self-image, my life choices, and certain aspects of the world, and have no idea what to do next. Warning: this whole thing might be a little depressing to read.
Childhood.
I am a 20yo Russian male. During my childhood, I was made to believe that I am capable of doing something great and doing better than anyone. At the same time I developed a very non-conformist life stance and very often rejected things and ideas simply because they were too popular for my taste, and I couldn't feel special whilst enjoying them. Of course, in turn, society rejected me, as it does with anyone who doesn't play by the rules. Oh well.
My only redeeming quality was that I considered myself pretty smart. Which is even easier to assume, when at the same time you think that you're different from everyone else. Now, I know that to some extent, I was indeed smarter than most people in certain areas. Unlike most people I knew back then, often with bare minimum efforts I was able to maintain near perfect grades at school. I was also enjoying learning new things and reading more than an average person. So, let's just say, I had a basis to assume I was a smart dude.
I wasn't happy and content with my life, though. I never had real friends, because I only hung out with people when they were my classmates/roommates/co-workers, and after we parted ways, I rarely if ever contacted them afterwards. I always enjoyed doing things you usually do in solitude more, because when I was alone, I wouldn't be afraid that someone could hurt me for being different. Because of that, I was never in a romantic relationship.
High School.
Still, life was going okay. By the end of school, I kind of accepted my social deficiency and I wanted to focus on improving the world and become a successful person - for myself. I was facing a dilemma, though. Despite the fact that I was doing great in school, the idea of having to invest four years of my time into studying something really specific, and then having to work another 20-30 years on the same job was terrifying, because I had no idea what I liked to do! Nothing seemed interesting to me, I didn't have a passion for doing anything... Thanks to my video game addiction, which made me lazy as fuck, probably. I also needed to meet my criteria for success with my future job, which included being financially successful. I grew up in top 1% income family, so... I always felt the pressure to outperform or at least match my parents' income.
Enter trading. My dad discovered investing several years ago (we don't live in US, so most of the people aren't as financially savvy, so he never thought about investing before then). I was always curious about financial independence and markets, but now I was seeing it all done in front of me, I realized that it might be a good opportunity to make a lot of money and become successful without being socially adept, which is something absolutely required in business or politics. So, I asked my father to open a brokerage account for me in the US, and started swing trading (trading in weekly/monthly time frames). I could only trade slow and small because of the trade restrictions put on accounts <$25k and <21yo in the US. Still, it was going well, but in hindsight I was just lucky to be there during a great bull market.
Even before I thought trading and more importantly investing were the ways smart people make money. I thought simply because I was conventionally smart, I had a talent or an innate ability to pick innovative stocks and do venture investing when I grow some capital. I truly believed in that long before I was introduced to financial markets, I believed that my surface level understanding of multiple areas of cutting edge and emerging technology would give me an edge compared to all the other investors.
US Community College and Return Back.
In the end, I've decided I want to go to a US community college and study finance and become a trader and later an investor, but I didn't want to work for a fund or something like that (lazy ass). I wanted to use my knowledge and skill and my own money to grow my net worth and make a living. I didn't really like the process of trading, I just needed the money to live by while I was trying to figure out what else to do with my life. Because I thought I were smart, I thought this would come easily to me. Boy was I wrong. From the nicest of conditions in my hometown, I was suddenly moved into a foreign setting, on the other side of the planet away form my family and mates, with a video game addiction and laziness that ruined my daily routine and studying as well. The fact that I didn't like my major was not helping. My grades fell from A- in the first quarter to C+ in the last. I gained +30% from my normal weight. I was stressed out, not going outside and sitting at my computer desk for days at a time, skipping all the classes I could if they were not absolutely essential for my grades, living on prepared foods. I never got out of my shell and barely talked to anyone in English, all of my friends were Russian speaking. I wasted an opportunity to improve my speaking, although aside from that my English skills satisfy me.
By the end of community college, last summer, I was left with B grades that wouldn't let me transfer anywhere decent, and the extreme stress that I put myself through started taking a toll on my mental health. I was planning to take a break and go back to Russia for several months, and transfer back to a US uni this winter. Needless to say, you can't run from yourself. It didn't really become much better after a few months in Russia. I didn't want to study finance anymore, because it was boring and I was exhausted. I still had the video game addiction, still was lazy and gained some more extra pounds of weight. I was not sleeping at all, extremely sleep deprived for months. Because of this and lack of mental stimulation I started to become dumber. And all that was happening where I didn't really have to do anything: not study or work, just sit around the house and do whatever I wanted. Turns out, these conditions didn't help me to get out of the incoming depression.
Finally, around November, when I already sent out all of my transfer applications and already got some positive answers from several universities, I knew I didn't have much time left at home, and I had to leave soon. But I really, really didn't want to go back. It was scarier than the first time. I was afraid of new changes, I just wanted for the time to stop and letting me relax, heal... I was having suicidal thoughts and talked about it with my family and my therapist. They were all supportive and helped me as much as they could. But I was the only person who could really help myself. If I wanted to breathe freely, I had to admit defeat and not go back to the US to continue my education. It was extremely hard at first, but then I just let go. I decided to find a temporary job as an English tutor and give myself time to think. Then I remembered that I had a bunch of money in my trading account. I still thought that I was pretty smart, despite failing college, so I figured, why not try move it to Russian brokers who don't have trading restrictions, and do it full time? Which is exactly what I did. And I started to study trading all by myself at a fast pace. I was now trading full time and it was going sideways: +10% in December, -20% in January. Then, something incredible happened. I was already in a shitty place in life, but I still had some hope for my future. Things were about to get much worse. I'm in the late January, and I discovered for myself that the whole financial industry of the world was a fraud.
Brief Explanation of My Discoveries.
In the image of the financial industry, there are several levels of perceived credibility.
In the bottom tier, there is pure gambling. In my country, there were periods when binary options trading and unreliable Forex brokers were popular among common folk, but these were obvious and unsophisticated fraudsters who were one step away from being prosecuted. There are also cryptocurrencies that don't hold any value and are also used only for speculation/redistribution of wealth. There is also a wonderful gambling subreddit wallstreetbets where most users don't even try to hide the fact that what they are doing is pure gambling. I love it. But the thing is, this is trading/investing for the people who have no idea what it is, and most people discredit it as a fraud, which it, indeed, is. These examples are 99% marketing/public image and 1% finance. But these offer x10-1000 returns in the shortest time span. Typical get-rich-quick schemes, but they attract attention.
Then, there is trading tier. You can have multiple sub levels here, in the bottom of this tier we would probably have complex technical analysis (indicators) and daily trading/scalping. I was doing this in the DecembeJanuary. At the top would be people who do fundamental analysis (study financial reports) and position trade (monthly time frames). Now, there is constant debate in the trading community whether technical analysis or fundamental analysis is better. I have a solid answer to the question. They work in the same way. Or rather, they don't work at all.
You'd ask: "Why you didn't discover this earlier? You were in this financial thing for several years now!" Well, you see, unlike on the previous level, here millions of people say that they actually believe trading works and there is a way to use the available tools to have great returns. Some of these people actually know that trading doesn't work, but they benefit from other traders believing in it, because they can sell them courses or take brokerage fees from them. Still, when there are millions around you telling you that it works, even a non-conformist like me would budge. Not that many people actually participate in the markets, so I thought that by being in this minority made me smart and protected from fraudsters. Lol. All it took for me to discover the truth is to accidentally discover that some technical indicators give random results, do a few google searches, reach some scientific studies which are freely available and prove that technical and fundamental analysis don't work. It was always in front of me, but the fucking trading community plugged my ears and closed my eyes shut so I wasn't able to see it. Trading usually promises 3-15% gain a month.
A huge shock, but surely there was still a way for me to work this out? Active investing it is!
The next level, active investing, is different from trading. You aim for 15-50% yearly returns, but you don't have to do as much work. You hold on to stocks of your choice for years at a time, once in a while you study the markets, re balance your portfolio, etc. Or you invest your money in a fund, that will select the stocks of their choice and manage their and your portfolio for you. For a small fee of course. All of these actions are aimed at trying to outperform the gain the market made as a whole, and so called index funds, which invest in basically everything and follow the market returns - about 7-10% a year. And if I ever had any doubts in trading, I firmly believed that active investing works since I was a little kid (yes I knew about it back then). And this is where the real fraud comes in.
The whole Wall Street and every broker, every stock exchange in the world are a part of a big fraud. Only about 10-20% of professional fund managers outperform the market in any 15 year period. If you take 30 years, this dwindles to almost nothing, which means that no one can predict the markets. These people have no idea what they are doing. Jim Cramer is pure show-business and has no idea what's going on. Warren Buffet gained his fortune with pure luck, and for every Buffet there are some people who made only a million bucks and countless folks who lost everything.
Wall Street. They have trillions of dollars and use all that money and power and marketing to convince you that there is a way to predict where the stocks are going without being a legal insider or somehow abusing the law. They will make you think you can somehow learn from them where to invest your money on your own or they will make you believe that you should just give it to them and they will manage it for you, because they know how everything works and they can predict the future using past data.
They won't. They don't. They can't. There are studies and statistics to prove it countless times over the span of a 100 years. But they will still charge you exchange fees, brokerage fees and management fees anyway. And they also manipulate certain studies, lobby where and when they need it, and spread misinformation on an unprecedented scale, creating a positive image of themselves. And everyone falls for that. Billions of people around the globe still think it's all legit.
Passive index investing is the last level. You just put your money in the market and wait. Markets will go up at a predetermined rate. If there's a crisis, in 10 years no one will even remember. Markets always go up in the end. But passive index investing can only give you only 7% inflation-adjusted returns a year. Not enough to stop working or even retire early, unless you have a high-paying job in a first-world country. I don't.
Despite all that, to put it simply, this is the only type of investing that works and doesn't involve any kind of fraud or gambling. It's the type of investing that will give you the most money. If you want to know why it is like that and how to do it, just go to financialindependence. They know this stuff better than any other sub. Better than investing, trading or any other sub where non-passive-index investing is still discussed as viable strategy.
Back to me.
My whole being was fucked over, my hopes and dreams and understanding of success and how this world works were shattered. I realized, I had no future in financial industry, because only middlemen make money in there, and I quit college needed to get there. Frankly, I wouldn't want to work there even if I had the opportunity. The pay is good, but the job is boring and I wouldn't want to be a part of this giant scheme anyway. But even if I wanted to go back, I also couldn't. Russia is in a worsening crisis and my parents could no longer afford a US university and now with coronavirus it's even worse. Good thing I quit before it all happened. I learned a valuable lesson and didn't lose that much money for it (only about 10% of my savings). God knows where it would lead me if I continued to be delusional. But now that my last temporary plans for the future were scrapped, I had no idea what to do next.
The future.
With the reality hitting me, I would lie if I say it didn't all come full circle and connect to my past. I realized that I was stupid and not intelligent, because I was living in a made-up world for years now. But even if I were intelligent, pure wit would not give me the success and fortune that I was craving, because trading and active investing were a no-go for me, and business/politics require a very different, extroverted mindset, different education and interest from my own. My only redeeming quality in a hopeless introvert world, my perceived intelligence was taken away from me and rendered useless at the same time.
Besides, failing at that one thing made me insecure about everything and now I think of myself as an average individual. So, if 8 out of 10 businesses fail, I shouldn't start one because I will probably fail. And if most politicians don't get anywhere, why should I bother? If average salary in my country is X, I shouldn't hope for more. I stopped believing in my ability to achieve something. First, I failed at education and now I failed... Professionally? I don't know how to describe it, but my life recently was just an emotional roller coaster. I just feel like a very old person and all I want calmness and stability in my life. I was very lazy before just because, but now I feel like I also don't want to do anything because I feel I would just fail. It feels better now I don't have to worry about trading anymore and I got rid of that load... But I am still miserable and perhaps worse than ever, maybe I just don't understand and feel it because I've become slow and numb. The only positive thing that happened to me recently, is that I finally started losing weight and about 1/4 of the way back to my normal weight.
As for my future, am looking at several possibilities here. So far the parents are allowing my miserable life to continue and they let me live with them and buy me food. I don't need anything else right now. But it can't go on like this forever. The thought of having a mundane low-paying job in this shithole of a country depresses me. I will probably temporarily do English tutoring if there's demand for such work. My old school friends want me to help them in their business and my dad wants me to help him in his, I and probably should, but I feel useless, pathetic and incapable of doing anything of value. And business just seems boring, difficult and too stressful for me right now. Just not my cup of tea.
I am also looking at creative work. I love video games, music, films and other forms of art. I love the games most though, so I am looking into game dev. I don't really like programming, I have learned some during school years, but the pay would probably be higher for a programmer than an creator of any kind of art. However, I think I would enjoy art creation much more, but I don't have any experience in drawing and only some limited experience in music production. And I am not one of these kids who always had a scrapbook with them at school. Having to make another life choice paralyzes me. I am leaning towards art. I don't feel confident in my ability to learn this skill from scratch, but I think it's my best shot at finding a job that would make me happy.
So perhaps, when this whole pandemic is over, I'll go to Europe and get my degree, get a job there and stay. American Dream is dead to me, and Europe is cheaper, closer, safe and comfortable. Just the thing for a person who feels like they are thrice their real age.
Outro.
Thanks for coming to my TED Talk. Special thanks if you read the whole thing, it means a whole lot to me, an internet stranger. But even if no one reads it, feels good to get this off my chest. I actually cried during writing some parts. Holy shit, this might be the longest and smartest looking thing my dumbed down head could manage to generate since college. I hope that you're having a great day. Stay healthy and be careful during this fucking pandemic. All the best.
submitted by OberV0lt to TrueOffMyChest [link] [comments]

How to get started in Forex - A comprehensive guide for newbies

Almost every day people come to this subreddit asking the same basic questions over and over again. I've put this guide together to point you in the right direction and help you get started on your forex journey.

A quick background on me before you ask: My name is Bob, I'm based out of western Canada. I started my forex journey back in January 2018 and am still learning. However I am trading live, not on demo accounts. I also code my own EA's. I not certified, licensed, insured, or even remotely qualified as a professional in the finance industry. Nothing I say constitutes financial advice. Take what I'm saying with a grain of salt, but everything I've outlined below is a synopsis of some tough lessons I've learned over the last year of being in this business.

LET'S GET SOME UNPLEASANTNESS OUT OF THE WAY

I'm going to call you stupid. I'm also going to call you dumb. I'm going to call you many other things. I do this because odds are, you are stupid, foolish,and just asking to have your money taken away. Welcome to the 95% of retail traders. Perhaps uneducated or uninformed are better phrases, but I've never been a big proponent of being politically correct.

Want to get out of the 95% and join the 5% of us who actually make money doing this? Put your grown up pants on, buck up, and don't give me any of this pc "This is hurting my feelings so I'm not going to listen to you" bullshit that the world has been moving towards.

Let's rip the bandage off quickly on this point - the world does not give a fuck about you. At one point maybe it did, it was this amazing vision nicknamed the American Dream. It died an agonizing, horrible death at the hand of capitalists and entrepreneurs. The world today revolves around money. Your money, my money, everybody's money. People want to take your money to add it to theirs. They don't give a fuck if it forces you out on the street and your family has to live in cardboard box. The world just stopped caring in general. It sucks, but it's the way the world works now. Welcome to the new world order. It's called Capitalism.

And here comes the next hard truth that you will need to accept - Forex is a cruel bitch of a mistress. She will hurt you. She will torment you. She will give you nightmares. She will keep you awake at night. And then she will tease you with a glimmer of hope to lure you into a false sense of security before she then guts you like a fish and shows you what your insides look like. This statement applies to all trading markets - they are cruel, ruthless, and not for the weak minded.

The sooner you accept these truths, the sooner you will become profitable. Don't accept it? That's fine. Don't bother reading any further. If I've offended you I don't give a fuck. You can run back home and hide under your bed. The world doesn't care and neither do I.

For what it's worth - I am not normally an major condescending asshole like the above paragraphs would suggest. In fact, if you look through my posts on this subreddit you will see I am actually quite helpful most of the time to many people who come here. But I need you to really understand that Forex is not for most people. It will make you cry. And if the markets themselves don't do it, the people in the markets will.

LESSON 1 - LEARN THE BASICS

Save yourself and everybody here a bunch of time - learn the basics of forex. You can learn the basics for free - BabyPips has one of the best free courses online which explains what exactly forex is, how it works, different strategies and methods of how to approach trading, and many other amazing topics.

You can access the BabyPips course by clicking this link: https://www.babypips.com/learn/forex

Do EVERY course in the School of Pipsology. It's free, it's comprehensive, and it will save you from a lot of trouble. It also has the added benefit of preventing you from looking foolish and uneducated when you come here asking for help if you already know this stuff.

If you still have questions about how forex works, please see the FREE RESOURCES links on the /Forex FAQ which can be found here: https://www.reddit.com/Forex/wiki/index

Quiz Time
Answer these questions truthfully to yourself:

-What is the difference between a market order, a stop order, and a limit order?
-How do you draw a support/resistance line? (Demonstrate it to yourself)
-What is the difference between MACD, RSI, and Stochastic indicators?
-What is fundamental analysis and how does it differ from technical analysis and price action trading?
-True or False: It's better to have a broker who gives you 500:1 margin instead of 50:1 margin. Be able to justify your reasoning.

If you don't know to answer to any of these questions, then you aren't ready to move on. Go back to the School of Pipsology linked above and do it all again.

If you can answer these questions without having to refer to any kind of reference then congratulations, you are ready to move past being a forex newbie and are ready to dive into the wonderful world of currency trading! Move onto Lesson 2 below.

LESSON 2 - RANDOM STRANGERS ARE NOT GOING TO HELP YOU GET RICH IN FOREX

This may come as a bit of a shock to you, but that random stranger on instagram who is posting about how he is killing it on forex is not trying to insprire you to greatness. He's also not trying to help you. He's also not trying to teach you how to attain financial freedom.

99.99999% of people posting about wanting to help you become rich in forex are LYING TO YOU.

Why would such nice, polite people do such a thing? Because THEY ARE TRYING TO PROFIT FROM YOUR STUPIDITY.

Plain and simple. Here's just a few ways these "experts" and "gurus" profit from you:


These are just a few examples. The reality is that very few people make it big in forex or any kind of trading. If somebody is trying to sell you the dream, they are essentially a magician - making you look the other way while they snatch your wallet and clean you out.

Additionally, on the topic of fund managers - legitimate fund managers will be certified, licensed, and insured. Ask them for proof of those 3 things. What they typically look like are:

If you are talking to a fund manager and they are insisting they have all of these, get a copy of their verification documents and lookup their licenses on the directories of the issuers to verify they are valid. If they are, then at least you are talking to somebody who seems to have their shit together and is doing investment management and trading as a professional and you are at least partially protected when the shit hits the fan.


LESSON 3 - UNDERSTAND YOUR RISK

Many people jump into Forex, drop $2000 into a broker account and start trading 1 lot orders because they signed up with a broker thinking they will get rich because they were given 500:1 margin and can risk it all on each trade. Worst-case scenario you lose your account, best case scenario you become a millionaire very quickly. Seems like a pretty good gamble right? You are dead wrong.

As a new trader, you should never risk more than 1% of your account balance on a trade. If you have some experience and are confident and doing well, then it's perfectly natural to risk 2-3% of your account per trade. Anybody who risks more than 4-5% of their account on a single trade deserves to blow their account. At that point you aren't trading, you are gambling. Don't pretend you are a trader when really you are just putting everything on red and hoping the roulette ball lands in the right spot. It's stupid and reckless and going to screw you very quickly.

Let's do some math here:

You put $2,000 into your trading account.
Risking 1% means you are willing to lose $20 per trade. That means you are going to be trading micro lots, or 0.01 lots most likely ($0.10/pip). At that level you can have a trade stop loss at -200 pips and only lose $20. It's the best starting point for anybody. Additionally, if you SL 20 trades in a row you are only down $200 (or 10% of your account) which isn't that difficult to recover from.
Risking 3% means you are willing to lose $60 per trade. You could do mini lots at this point, which is 0.1 lots (or $1/pip). Let's say you SL on 20 trades in a row. You've just lost $1,200 or 60% of your account. Even veteran traders will go through periods of repeat SL'ing, you are not a special snowflake and are not immune to periods of major drawdown.
Risking 5% means you are willing to lose $100 per trade. SL 20 trades in a row, your account is blown. As Red Foreman would call it - Good job dumbass.

Never risk more than 1% of your account on any trade until you can show that you are either consistently breaking even or making a profit. By consistently, I mean 200 trades minimum. You do 200 trades over a period of time and either break-even or make a profit, then you should be alright to increase your risk.

Unfortunately, this is where many retail traders get greedy and blow it. They will do 10 trades and hit their profit target on 9 of them. They will start seeing huge piles of money in their future and get greedy. They will start taking more risk on their trades than their account can handle.

200 trades of break-even or profitable performance risking 1% per trade. Don't even think about increasing your risk tolerance until you do it. When you get to this point, increase you risk to 2%. Do 1,000 trades at this level and show break-even or profit. If you blow your account, go back down to 1% until you can figure out what the hell you did differently or wrong, fix your strategy, and try again.

Once you clear 1,000 trades at 2%, it's really up to you if you want to increase your risk. I don't recommend it. Even 2% is bordering on gambling to be honest.


LESSON 4 - THE 500 PIP DRAWDOWN RULE

This is a rule I created for myself and it's a great way to help protect your account from blowing.

Sometimes the market goes insane. Like really insane. Insane to the point that your broker can't keep up and they can't hold your orders to the SL and TP levels you specified. They will try, but during a flash crash like we had at the start of January 2019 the rules can sometimes go flying out the window on account of the trading servers being unable to keep up with all the shit that's hitting the fan.

Because of this I live by a rule I call the 500 Pip Drawdown Rule and it's really quite simple - Have enough funds in your account to cover a 500 pip drawdown on your largest open trade. I don't care if you set a SL of -50 pips. During a flash crash that shit sometimes just breaks.

So let's use an example - you open a 0.1 lot short order on USDCAD and set the SL to 50 pips (so you'd only lose $50 if you hit stoploss). An hour later Trump makes some absurd announcement which causes a massive fundamental event on the market. A flash crash happens and over the course of the next few minutes USDCAD spikes up 500 pips, your broker is struggling to keep shit under control and your order slips through the cracks. By the time your broker is able to clear the backlog of orders and activity, your order closes out at 500 pips in the red. You just lost $500 when you intended initially to only risk $50.

It gets kinda scary if you are dealing with whole lot orders. A single order with a 500 pip drawdown is $5,000 gone in an instant. That will decimate many trader accounts.

Remember my statements above about Forex being a cruel bitch of a mistress? I wasn't kidding.

Granted - the above scenario is very rare to actually happen. But glitches to happen from time to time. Broker servers go offline. Weird shit happens which sets off a fundamental shift. Lots of stuff can break your account very quickly if you aren't using proper risk management.


LESSON 5 - UNDERSTAND DIFFERENT TRADING METHODOLOGIES

Generally speaking, there are 3 trading methodologies that traders employ. It's important to figure out what method you intend to use before asking for help. Each has their pros and cons, and you can combine them in a somewhat hybrid methodology but that introduces challenges as well.

In a nutshell:

Now you may be thinking that you want to be a a price action trader - you should still learn the principles and concepts behind TA and FA. Same if you are planning to be a technical trader - you should learn about price action and fundamental analysis. More knowledge is better, always.

With regards to technical analysis, you need to really understand what the different indicators are tell you. It's very easy to misinterpret what an indicator is telling you, which causes you to make a bad trade and lose money. It's also important to understand that every indicator can be tuned to your personal preferences.

You might find, for example, that using Bollinger Bands with the normal 20 period SMA close, 2 standard deviation is not effective for how you look at the chart, but changing that to say a 20 period EMA average price, 1 standard deviation bollinger band indicator could give you significantly more insight.


LESSON 6 - TIMEFRAMES MATTER

Understanding the differences in which timeframes you trade on will make or break your chosen strategy. Some strategies work really well on Daily timeframes (i.e. Ichimoku) but they fall flat on their face if you use them on 1H timeframes, for example.

There is no right or wrong answer on what timeframe is best to trade on. Generally speaking however, there are 2 things to consider:


If you are a total newbie to forex, I suggest you don't trade on anything shorter than the 1H timeframe when you are first learning. Trading on higher timeframes tends to be much more forgiving and profitable per trade. Scalping is a delicate art and requires finesse and can be very challenging when you are first starting out.


LESSON 7 - AUTOBOTS...ROLL OUT!

Yeah...I'm a geek and grew up with the Transformers franchise decades before Michael Bay came along. Deal with it.

Forex bots are called EA's (Expert Advisors). They can be wonderous and devastating at the same time. /Forex is not really the best place to get help with them. That is what /algotrading is useful for. However some of us that lurk on /Forex code EA's and will try to assist when we can.

Anybody can learn to code an EA. But just like how 95% of retail traders fail, I would estimate the same is true for forex bots. Either the strategy doesn't work, the code is buggy, or many other reasons can cause EA's to fail. Because EA's can often times run up hundreds of orders in a very quick period of time, it's critical that you test them repeatedly before letting them lose on a live trading account so they don't blow your account to pieces. You have been warned.

If you want to learn how to code an EA, I suggest you start with MQL. It's a programming language which can be directly interpretted by Meta Trader. The Meta Trader terminal client even gives you a built in IDE for coding EA's in MQL. The downside is it can be buggy and glitchy and caused many frustrating hours of work to figure out what is wrong.

If you don't want to learn MQL, you can code an EA up in just about any programming language. Python is really popular for forex bots for some reason. But that doesn't mean you couldn't do it in something like C++ or Java or hell even something more unusual like JQuery if you really wanted.

I'm not going to get into the finer details of how to code EA's, there are some amazing guides out there. Just be careful with them. They can be your best friend and at the same time also your worst enemy when it comes to forex.

One final note on EA's - don't buy them. Ever. Let me put this into perspective - I create an EA which is literally producing money for me automatically 24/5. If it really is a good EA which is profitable, there is no way in hell I'm selling it. I'm keeping it to myself to make a fortune off of. EA's that are for sale will not work, will blow your account, and the developer who coded it will tell you that's too darn bad but no refunds. Don't ever buy an EA from anybody.

LESSON 8 - BRING ON THE HATERS

You are going to find that this subreddit is frequented by trolls. Some of them will get really nasty. Some of them will threaten you. Some of them will just make you miserable. It's the price you pay for admission to the /Forex club.

If you can't handle it, then I suggest you don't post here. Find a more newbie-friendly site. It sucks, but it's reality.

We often refer to trolls on this subreddit as shitcunts. That's your word of the day. Learn it, love it. Shitcunts.


YOU MADE IT, WELCOME TO FOREX!

If you've made it through all of the above and aren't cringing or getting scared, then welcome aboard the forex train! You will fit in nicely here. Ask your questions and the non-shitcunts of our little corner of reddit will try to help you.

Assuming this post doesn't get nuked and I don't get banned for it, I'll add more lessons to this post over time. Lessons I intend to add in the future:
If there is something else you feel should be included please drop a comment and I'll add it to the above list of pending topics.

Cheers,

Bob



submitted by wafflestation to Forex [link] [comments]

Beginner's Guide to Trading Crypto. Part 13

Beginner's Guide to Trading Crypto. Part 13

The Path To Crypto Trading Starts With Knowledge: A Brief Guide To Crypto Trading

Trading cryptocurrencies has come into fad over the last few years and become a relatively good means of earning for both professional traders and enthusiasts. If we look at the price charts that have been compiled over the years by a variety of channels, we can see that the crypto market is exhibiting the market dynamics and fluctuations much like those that can be found on traditional markets. This makes it clear that the presence of volatility on the crypto market makes it a profitable area for trading.
Of course, the main question that arises in the minds of most aspiring crypto traders is how to make money trading cryptocurrencies. For this reason, many seek to learn how to day trade cryptocurrencies. Anyone willing to make the effort can truly find opportunities there. For instance, the exchange rate of BTC has grown from about $800 in 2013 to over $6,000 in 2019, after having spiked in price to over $20,000 in 2017. Ethereum was just as remarkable in its dynamics after having gone to $0.57 in 2014 to $1,180 in 2017 to $171 in 2019. Ripple was just as dynamic, going from $0.02 in 2014 to $0.32 in 2019. If that is not volatility, then we don’t know what is. This makes the crypto market one of the best avenues for risky traders seeking to make their fortunes. But mastering how to make those fortunes is over half the matter.
https://preview.redd.it/bajehrv10m541.png?width=541&format=png&auto=webp&s=8be0fe84df20245d6db0d64f44aedca2047d27fc

How To Start Trading Cryptocurrencies

Anyone who wants to sink their teeth into the juicy cake of crypto trading has to first realize where cryptos are traded. Like every other financial instrument put up for trading, cryptocurrencies are placed on exchanges. The crypto market is host to over 200 exchanges, some more reputable than others. Among some of the best and renowned are Binance,BitMex, Bittrex, Huobi, Coinbase and many others.
Unlike traditional exchanges on Wall Street, crypto exchanges are divided into two types – centralized and decentralized. Both work on blockchain technologies and provide almost the same level of convenience, depending on the offered instruments and the architecture of user interface. However, some exchanges are decentralized, meaning that they do not store any of the user’s information, including the wallets on any of their servers or systems and resort to external services in this regard. Decentralized exchanges do not require any intermediaries to conduct any operations and perform all the order matching themselves.
On the other hand, centralized exchanges resort to a number of intermediary services to conduct their operations. The intermediaries provide anything from order matching to user wallet storage. This makes centralized exchanges much riskier and more expensive compared to their decentralized counterparts.
Despite the obvious differences in platform structure, there is also the issue of convenience. Most decentralized exchanges have horrible user interfaces and are much more difficult to master. But when it comes to speeds, centralized exchanges win over their decentralized counterparts, since their platforms are better suited for transactions. Though there are tendencies of reversing the issue, the situation still remains in favor of centralized exchanges.
Centralized exchanges win over decentralized ones in another important factor that is vital for trading – liquidity. Decentralized exchanges cannot compete with centralized ones in volumes of trading. However, decentralized exchanges win over in an almost complete lack of commissions and security, since they do not rely on any intermediaries.
When dealing with crypto exchanges, traders also need to know how crypto trading bots work. This is because bots are allowed on crypto exchanges facilitate trading considerably. When resorting to bots, it is important to first analyze the exchanges and understand which ones offer the best instruments for convenient trading.
Given the many restrictions placed on cryptocurrency trading in some countries, many traders would ask how to trade cryptocurrencies in the US. The issue is not as complicated as it might seem, since most reputable exchanges, like Binance and others operate legally on the US market. It is therefore necessary for traders to research their platforms of choice before using them to make sure they comply with US laws.

How To Trade Cryptocurrencies

Trading cryptocurrencies is done almost in exactly the same way as with other financial instruments – through the application of a variety of strategies. The main strategies on the crypto market are much like those on other markets, such as Forex, and they include:
Scalping – the launch of a very large number of small orders for the purpose of making small profits in bulk, rather than waiting for one large win.
Intraday – this is the basic form of trading which involves placing orders during trading hours and buying and selling assets. This is the base strategy for fixing profits during the same day without risking off-hour volatility.
Investing – both long and short term investing is also a type of trading strategy, which involves waiting for an asset’s price to move (preferably up) and fixing the resulting profits.
There are dozens of trading strategies on the market and MoonTrader will allow its users to make use of all of them through its convenient interface.
How To Trade Bitcoin
Bitcoin is the most coveted coin out there with its volatility being its main allure and bane. The first and main question posed by any starting trader is how to trade Bitcoin for profit. In fact, this question is often associated with the question of how to become a Bitcoin trader, which in itself is a rather false view on the crypto market, since the latter is much bigger than Bitcoin alone. The issue of how Bitcoin trading works is largely a reflection of any trading process on the market and does not involve any special circumstances apart from the asset’s volatility.
Trading Bitcoin is done exactly the same way as with any other crypto asset. But with trading BTC comes the question of how to automate Bitcoin trading. This is where traders must first realize that their exchange of choice and strategy will be the determining factors in the question of automation and the use of bots.
How to trade Ethereum
Ethereum is the second most popular name on the market after Bitcoin and is traded in exactly the same way. Ethereum is considered to be a less risky asset, since its prices are lower and it is far more commonly encountered than its more expensive counterpart.
How To Trade Ripple
Ripple is the third most frequently encountered name on most crypto asset charts, mostly because of its relatively low volatility and popularity as an instrument for transactions used by some banks. The confidence that traders have in Ripple and its low price makes it a favorite for beginning traders and a low-cost option for scalping orders.
https://preview.redd.it/vl0e1bo90m541.jpg?width=1254&format=pjpg&auto=webp&s=5b51c59dfa22fc8f4319207d11b3c51e85d24cd5

Learning How To Trade Cryptocurrency

The biggest challenge facing any aspiring trader who wishes to join the crypto market and start trading Bitcoin and other assets is learning how to do it properly. In fact, reading is the only way followed by a gradual and phased transition from test trading to real trading. The process may well be painful at first, but experience counts the most in trading.
MoonTrader knows all too well how difficult it may be to learn the ropes of crypto trading, so the platform is delighted to present an entire block of content devoted exclusively to educational content.
The https://moontrader.com/en/category/beginners-guide-to-trading-crypto/ section offers accessible, clear and valuable insight into the steps necessary to start the journey into crypto trading.

The Risks

Crypto trading is not without its risks. The market is inherently risky for a number of factors. Ironically, the profit making factor of volatility is also the factor that can reduce profits to losses. When embarking on the journey of crypto trading, aspiring traders must realize and ascertain the risks involved and consciously undertake all of their next steps.
The best step to take is to create a trading strategy first and rely on one of the most important instruments available on the market – the margin. By trading with a margin, traders can minimize their losses and ensure a great enough volume of trading. Binance Futures, for example, offers a large variety of margins from x1 to x125 to ensure that traders have the necessary leverage to trade effectively.
It is important to note that margin trading is an advanced instrument and cannot be reliable enough for novice traders. As such, MoonTrader encourages aspiring traders to refrain from margin trading until they are confident enough to risk greater volumes of assets during trading.

Keep It Going

Learning is the process of acquiring experience and the latter counts the most in trading. Before embarking on the path of trading cryptocurrencies, traders must first compile a large enough amount of knowledge that they will be able to rely upon in the variety of situations that can arise on the market. First and foremost, it is vital to refrain from negative sentiment and look ahead into brighter prospects. Secondly, aspiring traders must study the market and find a suitable platform. Thirdly, novice traders must build a strategy that suits their characters and styles and make sure to abide by it. Once that has been mastered, they can start delving into the more advanced aspects of trading.
Whatever path traders take, MoonTrader will be there to help them with both information and instruments to make sure their trading is profitable and enjoyable.
Check us out at https://moontrader.io
Facebook: https://www.facebook.com/MoonTraderPlatform
Twitter: https://twitter.com/MoonTrader_io
LinkedIn: https://www.linkedin.com/company/19203733
Reddit: https://www.reddit.com/Moontrader_official/
Telegram: https://t.me/moontrader_news_en

Originally posted on our blog.
submitted by MoonTrader_io to Moontrader_official [link] [comments]

1broker copy guide - avoiding extreme losses

First off, let me state that I am not even close to a professional when it comes to trading. I got in a few months ago for passive income from copying 3.14fx and have come a long way since then, quadrupling my initial investment and losing half of it. I've watched traders such as cfdtrader, Lumyo, Robot, and crypto_chris lose several hundred percent after a fail from opening multiple positions. I got into 1broker to make money without monitoring it, but instead I learned a lot about trading and risk management, even profiting off several of my own trades. It's a valuable experience in itself even if you're not profiting and I wouldn't give it up for anything. If these losses are enough to make you quit, so be it. Investing comes with risks that some people can't handle. It's not free money.
https://www.dailyfx.com/calendar is the economic calendar that I use while trading. High importance events can easily trigger a 80% loss or gain depending on the direction you choose. It's highly risky to trade when someone of great importance such as Draghi or Yellen are speaking.
Even if you follow a general MAX 5% rule, you will still lose up to 16% of your account if somebody opens 4 of the same positions and they stop at 80%. Making back money is also tougher than losing it, as once you lose 16% of your account, 5% of your account is a lot less than before. Therefore, you have less capital per trade.
Also, be careful when changing your copy amount. I often see copiers saying things like "Great work, I'm upping my copy amount" and "Increased copy amount from x to x". In my opinion, increasing a copy amount should only be done when your initial amount is already low. Losses on a higher copy amount may wipe out the gains on a smaller copy amount. (-50% loss with 0.1 btc = +100% gains with 0.05 btc) Always stick to a 5% max rule unless you're feeling risky.
Then, there comes the gambling/greed phase that many new copiers often do. (Guilty of this myself). After extreme success, a copier may feel the need to upgrade their copy reward to maximize profit. Or after extreme failure, a copier may feel they need to upgrade their copy reward to make up for losses. All of these are mistakes.
1broker is not filled with market professionals. Most of us here are either self taught or complete novices. Professionals would not be sharing their trades for about $70-80 for each trade (at best). They won't be asking for copiers on other traders' profiles. They won't be using a Pikachu as their profile picture. They won't be using a broker that isn't heavily regulated and insured. They would be using their own capital to make millions off of trades.
Remember, any newbie can easily accumulate winning trades by gambling with high leverage. As long as they have around $1300 as of now, they can easily create a profile that suggests that they are a professional, when in reality they are entering at random points and exiting when a position turns into profit, rather than using technical analysis and watching economic calendars.
And even the best of traders will have their ups and downs. I've stuck with 3.14FX even when he reached -100% this month because he's had a great history on this site. I feel that he can make the money that he loses back. And even though he has doubled up on a position yesterday (not sure why, probably was extremely confident), it was a success.
Can you really trust anyone? No way! Unlike regular trading, 1broker is more unregulated. Signing up requires no personal information so any user with malicious intent can build up a steady reputation and perform an exit scam (or have a massive failure) without any reparations. Robot has no link to any social media or anything in his profile. For all we know, he could own another account that has -100%, and he is depending on luck while opening multiple positions to accumulate followers. (I just used Robot as an example, my intent is not to accuse him of multiple accounts)
Then there are potential exit scams (from a trader, not 1broker itself) that will drain a decent portion of your account. There's a reason why you have a choice to choose how many trades maximum you can copy per day. This hasn't happened yet, but it will definitely happen in the foreseeable future. Somebody will set up an order for 50 shorts and 50 longs and set the take profit and stop loss the opposite of each other. Then after closing, they'll withdraw their bitcoin never to be heard of again.
When you put your trust in a trader, you should trust them to carefully monitor a trade. Unfortunately, there's currently no way to tell if your copied trader is online or not, so you'll never know if they're in a coma and won't be back for another 6 months. My suggestion is to either take profit when you think that the conditions are correct or just trust the trader. Nobody can see the future. If you think that you'll rather close the trade before the weekend, it's your choice. If you think upcoming news will destroy the trade, feel free to close early. However, be prepared for regret if it goes up, or a great feeling that you dodged a bullet if it goes down. It's all a part of trading.
1broker's copy system is seriously flawed at the moment. Of course, there's no easy way to fix it. Why would a great trader want to share one of their trades if they're not getting much out of it? This encourages opening multiple positions to maximize copy rewards, which can result in massive losses. Robot is one of the traders exploiting this.
So how can you prevent massive losses? There's really no way. You're putting your trust in random people without an identity, who can easily be a scammer. When it comes to people like Robot, I put 1-2% of my funds because I know that he opens multiple positions. This is why I'm always sticking with 3.14FX, he established himself a long time ago and he knows what he is doing. Somebody who has been on the platform for over 3 years with several losses is preferable to an anonymous newcomer who just registered but appears to be good at trading.
Also, the percentage on 1broker is misleading. You may think "Wow, I'm going to get an 500% of my initial investment if I copy Lumyo!" In reality, you should only be using 5% max of your capital per trade. If you copied him from the beginning (I started copying at around 90%), you should have only gained 25% rather than 500%. But still, 25% of your initial investment is huge.

My opinion on several traders

vits2015: If you watched vits2015 from the beginning, you would know that their style of trading is... off. 15 positions on UK100, all short, some of them at -30% when I first saw him as a successful trader. What does that tell me about him? He can open up to 6 positions on the same trade at once, and is willing to hold them as long as possible to get a profit. (Average holding time 8 days)
gtfann: Even with recent losses, he still appears to be a decent trader. It seems that he upped his usual leverage due to the crowds of traders flocking to copy him though. Multiple positions with a lower leverage isn't really something that I like either, but I'm sticking with him for now until there's a drastic change.
vaiono: He lets his losses play out and even though he has a decent track record,it's still risky to play with. Silver is extremely volatile and due to leverage, a small move in any direction can either be a huge loss or huge gain.
Snortex: Pretty much a meme on 1broker. He acknowledges his trading style and warns his copiers. I like him as a person due to his warnings, but still wouldn't recommend copying him unless you can afford to lose a lot. Edit: After examination of his trades, I feel like he's not only gambling like his description suggests. His entries are planned out carefully (Although that has hurt him when there was a flash crash). You'll take several 80% losses but you may take several 400% gains. He seems to have a habit of chasing a trade, which can lead to multiple 80% losses. However, once the trend reverses, his profits go through the roof. When you're copying, copy for the long term! Of course, feel free to uncopy if you feel that the bottom is still far away.
noIDea: He has had bad stretches in the past, but still makes his way back. I think he's a good trader and even though he opens multiple positions, he's one of the best at setting stop losses so the risk is not as high as others who open multiple trades.
Gold_Gangsta: Name change from Crypto Chris for some reason? Be wary of multiple positions as the USDJPY fiasco shows. Seems to be doing fairly well with gold as of now.
1monk2: Multiple positions fairly often, even says that he's drunk in the description. This is gambling.
knightlife999: The description definitely shows promise. There is no proof to those claims on the site, but I feel it's safe to allocate some of your funds toward copying him with his track record.
HedgeCryFx Risk 5: Decent trader, pays attention to economic calendar as well. The only problem is that he lets losses play out to 80%
boogi: I would be wary about the higher losses, but then again, there's a good track record.
sergiomc: Seems to be decent at trading stocks. With an average holding time of 14 days and leverage of 10, you should be expecting to lose about ~3.92% of your gains to financing, which is not actually that much.
Cool Hand Luke: Low leverage trading. If you were to copy him, I would recommend only using 1% or 2% of your account max per trade if you plan on copying others as well. He's a great trader for slow steady gains, but if you're looking to get rich fast or go broke trying, this is not the guy for you.
eylemc: Quick trades with minimal profit and no losses so far. As of now, it may be too early to judge, but I think that he's somebody that might be worth copying. Edit: Seems to let losses play out to 80%. Be wary.
3.14fx: Back in the game, doing well with stocks and USDJPY recently. High leverage, but usually stops losses within a reasonable range.
SunnyNet: Small gains, huge losses. Be wary as your first copied trade could easily be a -80%.
SatoshiReport: Trading using a neural network, after looking deep into the trade history, I'm not so sure about it. Correct me if I am wrong, but the bot doesn't take into account important news and events. Edit: This bot has too many flaws to continue copying in my opinion. Even with the previous gains, it opens the same position as soon as one closes, negating the 33% stop loss AND forcing a loss due to the spread. The only thing that keeps it out of the negative is the rare 80% gains that you might find once in a while.
CryptoMessiah: The image being shown on his twitter has weird numbers on it (USDJPY at 100-103 in the matter of minutes), I think it's a simulator so it isn't actually "proved". Also, asking people to copy for "free money" is misleading as anything can go wrong in the forex market, there is no guaranteed money. I copied with a minimum 0.001 btc and will update this post if the bot proves to be successful. Edit: Tons of losses trying to get the right direction and then huge wins. I would say it's ok, but you're better off with a human capitalizing on gains. The only advantage to this bot is 24/7 hour trading.
kosanet: His description says it all. Be careful while copying, but don't be discouraged to place an amount you can afford to lose. He seems to have a great history of monitoring losses (positions never get below 20%) but it's still a new profile who clearly states that he's not a pro. May open multiple trades and trading with USDJPY a lot. His scalping strategy means that overnight fees won't be an issue. Edit: Now he's starting to be a little more risky with his trades as more copiers arrive. Be careful, he never reached liquidation at 80% yet but he could at any moment.
google: A bit late to the party, but what can I say? I honestly can't believe he accumulated 190 copiers but he seems to have faded out quickly. Golgo13 is having a fun time on all of his trades
KillerWhale: Extremely high risk with all of those multiple positions. Like google and robot, don't be fooled by performance recently and look through their whole account. People who saw the 220% recently may have missed when he was in -475% a few days ago.
SoontobeWW3: Great trader in my opinion. However, I think emotion plays a role in his trading as every huge loss is often followed by more.
APPoh: Seems to know what he's doing. However, there is a very short trading history and we're never sure. Positions can reach 50% without closing, so it's very possible that he might let losses play out to 80%.
dingo: Not much to say. Good with 1 position at a time, and even with the 80% loss last month, still ended in profit. Be careful as he might sometimes not stop a position and instead wait for it to recover and a 80% loss is huge compared to his gains.
Edit August 12: Will stop adding new traders now. Before copying someone, remember:
  1. Check their trading history, ALL OF IT. You're entrusting them with your money, you should be 100% sure.
  2. Wait until they've established themselves. Sure, you can be frustrated about potentially losing 200% profit, but it sure beats 700% losses.
I already expressed my views on Robot and 3.14FX above. Lumyo is currently inactive.
Last tip: Don't uncopy people if you feel like they can make it back. If you choose to copy someone, you're in it for the long run. Now this may contradict some of my earlier statements, but if you have somebody that you believe in, don't uncopy them after a loss. Eventually, they will make their way back up and after you see their success again, you'll be tempted to copy again. Of course, if you are copying somebody who you have no faith in, feel free to drop them. Cutting your losses short is important to learn in trading.
submitted by FCatarina to 1Broker [link] [comments]

Le Intro

Hi y'all!
I feel like it's time to become active here. Time to add some value here.
I started out in my lovely currency speculation journey at the end of January this year.
In the time up to this moment, I joined a "training company" (ended up being another scam network marketing scheme), paid an amount to learn a sub-standard strategy from a crooked "guru" (the experience opened doors for me though), basically locked myself indoors doing some RIGOROUS studying, and made a lot of useful connections via the Telegram app.
Oh, and I also dumped HotForex for Tickmill. Totally love their spreads.
At this point, I'm quite comfortable with my trading abilities. I learnt a WHOLE LOT about fundamentals. The strategy I'm employing is strictly technical, but I love keeping abreast with the macroeconomic and political bits that actually result in price momentum.
Fundies are fun!
Speaking of my strategy, I'm really into moving averages: simple, exponential, weighted, etc. Plug in Bollinger Bands aaaaaaaaaand it's a perfect match. It's worth remembering that the Bollinger mid-line is actually a simple moving average set to Period 20 on default settings.
I use one type of entry/exit strategy based on the MAs. There's another but it's still being backtested by me. Of course, there's the sub-standard strategy (also based on MAs) taught to me by the "guru". I don't use it anymore, but I still have that SMA80 on my charts just because. 😊
I'm also developing a strategy for trading fundies, but it's still in alpha. Sentimental analysis is a bugger as investors can be very dissociative often, so I'm not keen on trading fundies. I used to ride volatility spikes back in the day, but I've gone beyond that phase.
Consistency is the foundation of my trading style.
That's about it. I was going to get back into the market, but it's almost close of trading AKA those few hours when the bid-ask spreads go crazy.
Forgot to add. My style is scalping, but it's sensible scalping. My strategy isn't suited for intraday trading, though I hold some positions for as long as 3 hours until they hit TP. Swinging and position trades are not my thing, though I'll likely dabble in them in the future.
Sooooooooooooooooooo that's it. Remember, there's action from the Fed, ECB, and BoJ ahead this week. The G7 brouhaha and the Trump/Kim summit barely rattled the market, but when central banks cough, you totally want to pay attention.
Let's get those pips!!!!1
submitted by ubertr0_n to Forex [link] [comments]

10-16 02:23 - 'Hurling Rocks at Caimans: A Cowboy's Tale' (self.Bitcoin) by /u/mine_myownbiz13 removed from /r/Bitcoin within 56-66min

'''
In 1991, my mother had the foresight to leave Venezuela for the United States. She sacrificed a medical profession, her family, her friends, and the comforts of her own land and culture. It was before Chavez, before communism, before famine, before societal collapse. She didn’t know it at the time (perhaps she felt it), but she was saving our lives. Recently, I was asked by her brother, my uncle, to give some words of advice to his youngest son, whom he sent to live in upstate New York earlier this year in the hopes that he might find some opportunity there. He’s 17 and fascinated by cryptocurrencies, but knows next to nothing about them. I wrote this letter for him.

Hello Cousin,
I write you in the hopes that you will take away something useful from my own experience.
There’s a saying in English that’s always stayed with me, “There’s no such thing as a free lunch.” In other words, nothing in life is easy, not money, not love, not anything. Nothing worth your time is ever going to be easy. There’s no free lunch!
I first got into trading in 2008. Your dad had heard from a friend that Citigroup stock was going to pop soon and that he should buy it. The US Stock Market can only be traded by U.S. citizens and special types of corporations, so he asked me to act as a proxy for his investment, and I did. I did it because I thought it would be a get-rich quick rich scheme that I could learn to do on my own. At this time I was in graduate school and unsure of what to do with my life. I’ve always been good at school. It’s easy for me. I had professors telling me I’d make a great scholar or a great lawyer, but at the time I was teaching middle-school English in a poor neighborhood of Miami. I had a big decision to make.
Naturally, I decided to get rich quick! I spent 2-3 months reading books on stock trading and executing simulated trades on practice accounts. I learned to work a variety of trading platforms so that I could trade several markets around the world, which I did. I quit my job in the fall of 2008 and took my entire life savings of $20,000 into the market. The broker gave me 3.5 times leverage on my money and I had $70,000 of available trading capital. When your dad made his deposit my account had a trading capacity of over $2,000,000. With that kind of margin, I was able to turn $20,000 into over $160,000 in less than 9 months! I was making over $15,000 a month. As a teacher, at the time, I think I made about $2,700 a month. So, as you can imagine, I thought I was a genius! I was getting rich quick, right?
Wrong. There’s no such thing as a free lunch. When your dad sold his share of stock being held in my account I was also forced to liquidate my own positions. I had bought call options on the future price of Apple stock, and the way that kind of trading works is that your money is locked until the future event you are betting on occurs. If you liquidate before a certain date there may be a penalty to pay. In my case, it was $35,000. After this, I had the good sense to step away for a moment, to cash out my chips and think about what came next. Also, I didn’t have a $2,000,000 trading desk anymore, and without the added margin, there was no way I could continue to trade the way I wanted to. I wanted to make medium to long term trades, because one of the first things I learned along the way is that short term trading (day-trading, scalping) is, for the most part, a scam. There are technical reasons for this, but trust me, short-term trading any market, be it cryptos, stocks, or commodities is a bad idea. You will lose money with an almost 100% guarantee.
I walked away from the stock market in 2009 with $150,000 cash but no market to trade it in. So, I did the next best thing: I bought a nice new car (in cash), took a crazy trip to Europe, and consumed over $25,000 worth of shit I didn’t need, and when it was all said and done, I went back to teaching. I taught at an even poorer neighborhood this time. I had gang members in my class. There were arrests on a monthly basis. Some of the kids had psychological problems, emotional problems, learning disabilities, and many of them were being abused at home in one way or another. This was a middle school. Twelve year-olds. I did that job and others like it because I believe in morality and in helping people. That’s the reason I’m writing you this letter, because I want to help you, and I think it's the moral thing to do. And you’ll see what I mean by that when I tell you about cryptocurrencies and the blockchain later on. Anyway, during that year of teaching I discovered a new market to trade. One that would give me 100 to 1 leverage on my money. One where I could manage a $5,000,000 trading desk with only $50,000! That market is called FOREX, and its the global “fiat” currency market. It’s the opposite of the crypto market, which is the global “digital” currency market. More on what all that means later, but for now just understand that FOREX is the most liquid and highly traded market in the world.
After the school-year ended in May of 2011, I took that summer off to research the FOREX market. I read many new books on trading, which were specific to the currency markets. I watched hundreds of hours of video on technical analysis and even more hours of “financial news,” which is mostly economic propaganda, but I won’t digress here. The point is that by late August of 2011, I was once again ready to dive head-first into trading. This time, I thought, it would be even better, because I’d have even more money to “play” with! This time, I thought, I’m going to get rich!
I’ll stop here and tell you that the journey up until this point had not been the smoothest. While trading stocks there were many days when I lost hundreds, thousands, and even tens of thousands of dollars in hours, sometimes in minutes! You may imagine the added level of stress I had to deal with because I was trading with my entire life’s savings and my wife had just given birth to our son, Sebastian. He was a toddler at the time. I’ll give you a brief example of trading’s unpredictable nature, and the unpredictability of financial markets in general: I had spent several months preparing for my first live trade. I’d read many books and practiced my ass off until I thought I was ready. I had a system, a strategy. I was going to get rich, quick! The first week I traded stocks I lost $10,000 in 3 days. I will never be able to fully articulate what it feels like lose 50% of all the money you’ve ever had in less than 72 hours. All the while knowing that if you fail, it will be your family who suffers the most.
You might be wondering: “Shit, why’d you do it?” or “Why’d you keep doing it?” That’s understandable. After all, my academic background is in history and political science, not finance and economics, not statistics. Well, cousin, I did it because I’m a cowboy. A risk-taker. I’ve always been one. I remember being four or five, at our grandfather’s farm, and lassoing calves in the cattle pen by myself. Men were around, but they let me do it. Although, in retrospect, some of those calves were twice my size and could have easily trampled me, I don’t ever remember feeling scared---I loved that shit! I remember sneaking out and walking down to the pond, then going up to the water’s edge to see if I could spot the caiman that lived there. I would even hurl rocks at it sometimes, just to see it move! Another time, I found myself alone in the dark with a 15-foot anaconda not more than a yard away, and all I could do was stare at it, not out of fear, but wonder. Again, in hindsight, probably not the best of ideas, but I’ve never been scared to follow the path laid out by my own curiosity. I am a natural risk-taker. I tell my city-slicker friends that it's because I come from a land of cowboys, where men are born tough and always ready for a challenge. Cowboys are risk-takers by nature, they have to be, the land demands it of them. There’ll be more on risk-taking and the role it plays a little later, but for now, let’s focus on FOREX and what I learned from it.
After the school-year ended in May of 2011, I took that summer off to research the FOREX market. I read many new books on trading, which were specific to the currency markets. I watched hundreds of hours of video on technical analysis and even more hours of “financial news,” which is mostly economic propaganda, but I won’t digress here. The point is that by late August of 2011, I was once again ready to dive head-first into trading. This time, I thought, it would be even better, because I’d have even more money to “play” with! This time, I thought, I’m going to get rich!
Trading FOREX was not easy. The hardest part was that it had to be done between 3:00 am - 11:00 am, because these are peak trading hours in London and New York, where the majority of the market’s money resides. This means major price moves, the price swings that can be traded, for the most part, happen during this time window. For me, this meant I had to live a type of quasi-vampiric lifestyle, waking up at 8:00 pm and going to sleep at noon, every day. At first, it takes a toll on your social life, and eventually starts to affect you mentally and emotionally. There is a certain degree of isolation that comes with it, too. You are awake when your friends and family are asleep, and asleep when they are awake. It can get lonely. However, my first six months of trading FOREX were OK. I wasn’t making $15,000 a month anymore, but I was making more than I would have been, had I been teaching. However, I had a deep-rooted feeling of uncertainty. Although I’d had some initial success in trading stocks, and now currencies, I’d always felt, at the back of my mind, that I’d just been lucky, and nothing more.
This fear materialized itself in June of 2012 when the strategy I’d been using for some time was no longer profitable. I panicked. I started experimenting with new strategies, which only made matters worse, and lead to even more panic. It is no exaggeration to say that trading is one-third mathematical, and two-thirds psychological. No amount of books, videos, or paid mentorships, which I also consumed, had prepared me for this eventual reality check: I didn’t know what the fuck I was doing. I had no clue.
I left FOREX humbled, with barely enough money to buy a decent car, much less trade any time soon. The next two years, 2013-2015, were some of the hardest of my life. Harder even than 1991-1993, which, up to that point, had been the worst couple years I’d ever experienced. Those were my first years in the United States, and they were full of hardship. A type of hardship I’d never experienced before, and never have since. Remember the school I mentioned? The one with the gangs and the troubled kids and all the poverty? Well, I attended schools just like that as a kid, too, until I turned 15. I had many more encounters with caimans and anacondas there, except now they had first names, and for some reason, were always more prone to strike! Anyway, those were tough times, but not as tough as the post-FOREX experience.
Failure at FOREX took a mental toll on me. After all, I had gambled everything, my entire future on the bet that I could earn a living as a professional trader. I realized I had failed because of my own intellectual laziness. I always knew I had been lucky, and instead of using the wonderful gift of leisure-time the universe had granted me through that initial success to fill the knowledge gaps I knew would keep me from true and long-lasting success, I let my ego convince me otherwise, and talked myself into making decisions I knew to be extremely dangerous and outside my expertise. I wanted to wrestle the caiman! Cowboy shit. Irrational, youthful folly. Needless to say, I lost 80% of my account, which was also my family’s savings, in less than four months.
Now, I had a real problem. How was I going to pay the bills? What was I going to do with my life? I was 30 years old, had a five-year old son, very little real-world work experience and a college degree in history and political science. How was I going to make money? Serious money? Enough money to help my mom retire and give my son all the advantages I never had? Enough to deliver on the promises I had made to my wife during all those years she put up with my crazy hours and wild ideas about getting rich quick? What was I going to do now? I tell you, cousin, these are the kinds of questions you will find yourself asking if you do not heed my advice.
I didn’t want to teach anymore. I didn’t want to do anything anymore. I was depressed. I had what we call here in the United States, “a quarter-life crisis.” I abused alcohol and drugs to cope with the pain of my failure. I was weak. I was unprepared for the realities of life. I did not yet understand, even at 30 years old, that there is no such thing as a free lunch. I won’t dwell on the specifics of the hardships I endured during these two years, except to say that I almost lost it all, including my life, but I’m grateful I didn't.
However, it was also during this period, 2013-2015, that I began to fill gaps in my knowledge about markets, economics, and the nature of money itself. Gaps I knew would need to be filled one way or another, if I was ever going to trade or invest in anything again. Luckily, towards the end of my FOREX days, I had come to realize there was something wrong with all the information I had been given by the mainstream media, specifically on the topics of economics and finance. I noticed that nothing they ever said about the markets turned out to be accurate, that mainstream financial “news” could not be trusted for investment purposes. It took tens of thousands of dollars in losses and several years of headaches before I learned that lesson. I’m glad I finally did.
I decided to use the last bit of money I had left to buy some gold and silver (by this time I had begun to understand the definition of sound money) and to open up a brick and mortar business. I did not want to work for anyone else, only for myself. I wanted to be an entrepreneur. The trouble was that the only business I had enough money for was a mobile car wash. So, a friend and I bought a van, some pressure cleaners, a whole bunch of soap and got to work! We were going to hustle hard, work warehouse and shopping center parking lots, save enough to reinvest into our business and go after the luxury car market. We were going to charge rich people $1000s to detail Ferraris and Lamborghinis, and it was only going to take six months, tops! Great plan, no? Easy money, right? Well, we washed cars for exactly one day before we realized what a terrible mistake we had made. It turns out car-washing is a backbreaking, low-paying, and degrading business. There’s no free lunch, remember that.
My friend and I were lucky. We quickly transitioned our business from a mobile car wash to a painting/pressure cleaning company, and had immediate success. In less than two months we were hired as subcontractors by a much larger company and I was more or less making what I had made teaching, but working for myself. After a couple of months, my partner and I were already envisioning the hiring of our first employees. Cool, right? No. About a year after we started the business, my partner, a high-school friend of mine, a guy I’d known for more than ten years, decided he didn’t want to do it anymore. That he was too tired of the hardships that come with that kind of work. Tired of making the constant sacrifices required to be successful in business. So, he quit. I lost everything I had invested, because without him, I could not operate the business on my own, and our corporate partner dropped us. I begged him not to quit. I told him that business takes time, that there’s no free lunch, and that we would be rewarded at some point for our hustle and hard work; that we would be able to hire laborers to do the work in less than 6 months, and that we would then focus on sales, and start to make some real money. He did not care. He had his own demons, and chose to steal from me and end our friendship instead of facing the hardship head-on. By this time, however, I was already used to failure, and although I was still coping with the mental stress of having failed at something I once had thought would be my profession, it still did not stop me from following my curiosity, as I always have.
It was during these years that I first learned about Bitcoin. About blockchain. About the nature of money, economic history, the effects of monetary policy on financial markets. I’d wake up at 6:00 am every day, paint houses, pressure clean dirty sidewalks and walls, spend over 2 hours commuting back home every night, and then stay up for as long as my body would allow learning about macroeconomics and the history of markets. I researched the nature of debt and gold a medium of exchange. I read about counter and Austrian economics. I became a libertarian, later, an anarchist, and, after almost two years study, I began to discover legitimate sources of financial news and information, intelligent voices that I could trust. I had acquired enough knowledge and experience to discern the truth from the propaganda, and it was during these same years, these terrible times of hardship, that I finally learned a most valuable lesson on money and markets: capital preservation is the key.
Remember, when I said we’d come back to risk-taking? Well, the trick is not to take it, but to manage it. The secret is education, knowledge. Knowledge truly is, power. Traders are only as successful as the depth of their own knowledge, because it's the only way to keep in check that inherent, paralyzing fear which “playing” with money eventually engenders. As a trader, you must have complete confidence in your “playing” abilities, and this is something only achieved through much study and practice. There’s no such thing as a free lunch, ever.
I want you to know that Bitcoin, the blockchain, and cryptocurrencies are NOT get-rich-quick schemes. They are NOT Ponzi schemes either. They are cutting-edge financial technology, and an emerging asset class. The blockchain has been compared to the agricultural revolution of the Neolithic age and the invention of writing by ancient Mesopotamians, in terms of its importance and potential impact on human civilization. It is a technology which will eventually affect and reshape almost every single industry in the global economy. In the next two decades, all types of industries will be impacted and disrupted by this technology--banking, real estate, healthcare, the legal industry, politics, education, venture capital, just to name a few! This technology allows for something called “decentralized store of value.” Basically, it allows for the creation of an alternative financial system, one where power resides in the hands of the people, instead of corrupt governments and corporations, so that currency crises like the one Venezuela has recently experienced, may one day be completely eradicated, like polio, or bubonic plague.
I will tell you that, at 17 years old, you have an amazing opportunity to set yourself up for incredible success in this brand new industry called the blockchain. There are entire professions that will be birthed into existence in the next 5, 10, and 20 years, in the same way the internet made possible millions of people around the world to work from home, wearing their pajamas, doing a million different things--things which were unimaginable to those who knew the world before the advent of the internet. Of course, it will require a great deal of work and effort on your part, but I assure you, it will be totally worth it!
Today, I am 35 years old. I run a successful ghostwriting business that I manage from the comfort of my own home. I invest exclusively in Bitcoin and precious metals, and hope to retire by the time I’m 40. Well, not really retire, but start on a much-anticipated new phase of my life, one in which I don’t have to worry about financial independence anymore.
To that end, cousin, here is my advice:
  1. Forget about getting rich quick. There’s no free lunch!
  2. Learn the English language, it is one of the tools you'll need for success.
  3. Work or go to school. Either way, dedicate yourself to learning about this new technology as much as you can, and begin to save, as much as you can, in Bitcoin.
I reviewed the website you told me about, [[link]3 , and while I respect, and to a certain extent admire what those gentlemen are doing, I can tell you, unequivocally, that taking those courses won’t turn you into a trader. It won’t make you rich quick. Far from it. In fact, there is nothing that these "warriors" will teach you, that you could not teach yourself for free at [[link]4 .
I’ll end it here. Hopefully, you made it to the end and took away a nugget or two. Please feel free to ask me anything you want about any of it, cousin. I’m always here to help.
'''
Hurling Rocks at Caimans: A Cowboy's Tale
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Author: mine_myownbiz13
1: ww*.cri*toguerre*os*c**/ 2: w*w***bypips.com/ 3: www.criptoguerreros.com]^^1 4: www.babypips.com]^^2
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