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/r/Forex Trading Community

Welcome to FXGears.com's Reddit Forex Trading Community! Here you can converse about trading ideas, strategies, trading psychology, and nearly everything in between! ---- We also have one of the largest forex chatrooms online! ---- /Forex is the official subreddit of FXGears.com, a trading forum run by professional traders. FXGears.com hosts and moderates our chatroom, and has developed such tools as the chart bot you'll find available in chat.
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Investment Education

Learn about investing for free. Educational posts related to funds, stocks, bonds, commodities as well as investment analysis.
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Algorithmic Trading

A place for redditors to discuss quantitative trading, statistical methods, econometrics, programming, implementation, automated strategies, and bounce ideas off each other for constructive criticism. Feel free to submit papers/links of things you find interesting.
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It was a contrarian! The vaccine news was just released we shorted the #EURUSD. It yielded 42 pips in a quick time. Want to make a contrarian trade in style? Download the #signalsapp now. https://traderpulse.com/forex-trade-signals/#pricing

It was a contrarian! The vaccine news was just released we shorted the #EURUSD. It yielded 42 pips in a quick time. Want to make a contrarian trade in style? Download the #signalsapp now. https://traderpulse.com/forex-trade-signals/#pricing submitted by traderpulse to u/traderpulse [link] [comments]

#EURUSD was tricky to decode for the last few days with stimulus and virus news swaying it either way. But we decoded the precise breakout point and made 39 #pips in just a few minutes. Get our #SignalsApp for #free now. https://traderpulse.com/forex-trade-signals/#pricing

#EURUSD was tricky to decode for the last few days with stimulus and virus news swaying it either way. But we decoded the precise breakout point and made 39 #pips in just a few minutes. Get our #SignalsApp for #free now. https://traderpulse.com/forex-trade-signals/#pricing submitted by traderpulse to u/traderpulse [link] [comments]

Going against the news takes guts. And we did exactly that in #silver, but with the backing of the wave. As a result, we cashed in 505 #pips in just a day. Want to make such #trades like a pro? Get our #PremiumAnalysis now https://traderpulse.com/forex-analysis-app/#pricing

Going against the news takes guts. And we did exactly that in #silver, but with the backing of the wave. As a result, we cashed in 505 #pips in just a day. Want to make such #trades like a pro? Get our #PremiumAnalysis now https://traderpulse.com/forex-analysis-app/#pricing submitted by traderpulse to u/traderpulse [link] [comments]

News & #volatility can bring the worst out of any trader.But it brings the best out of our #VFNeuralTrader.Here is our recent performance in #EURUSD during the #ECBpolicy decision.We made a profit of 60 #pips https://wetalktrade.com/velocity-finder-best-forex-trading-strategies/

News & #volatility can bring the worst out of any trader.But it brings the best out of our #VFNeuralTrader.Here is our recent performance in #EURUSD during the #ECBpolicy decision.We made a profit of 60 #pips https://wetalktrade.com/velocity-finder-best-forex-trading-strategies/ submitted by Wetalktrade to u/Wetalktrade [link] [comments]

Way to pick the right trades! Announcing the arrival of a new forex technical indicator, that keeps track of supply and demand and works on a unique strategy. Try it and move ahead in your forex trading. https://traderpulse.com/most-powerful-indicator-for-metatrader-range-band/

Way to pick the right trades! Announcing the arrival of a new forex technical indicator, that keeps track of supply and demand and works on a unique strategy. Try it and move ahead in your forex trading. https://traderpulse.com/most-powerful-indicator-for-metatrader-range-band/ submitted by traderpulse to u/traderpulse [link] [comments]

Are you a serious #forextrader? Then, you’ll know about the importance of #newsfeed and getting it at the right time. Get now the #NewsFeedIndicator from #Wetalktrade and use it to get an advantageous position in your #trading. https://wetalktrade.com/newsfeed-indicator-forex-news-events/

Are you a serious #forextrader? Then, you’ll know about the importance of #newsfeed and getting it at the right time. Get now the #NewsFeedIndicator from #Wetalktrade and use it to get an advantageous position in your #trading. https://wetalktrade.com/newsfeed-indicator-forex-news-events/ submitted by Wetalktrade to u/Wetalktrade [link] [comments]

It’s going down tonight! I will be looking for opportunities in the FOREX market to trade the AUD 🇦🇺 Trade Balance news release at 9:30pm EST. 💰💰💰💰

It’s going down tonight! I will be looking for opportunities in the FOREX market to trade the AUD 🇦🇺 Trade Balance news release at 9:30pm EST. 💰💰💰💰 submitted by Rebel-Wit-A-Bezel to u/Rebel-Wit-A-Bezel [link] [comments]

12-06 16:43 - 'Have you been informed about the new Auto trader software that enable you make huge profits in trading bitcoin, forex and binary options ? 90-100% profits every week with your minimum investment of $300 you can make...' by /u/jamesethan_fx_trader removed from /r/Bitcoin within 3-13min

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Author: jamesethan_fx_trader
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12-06 01:23 - 'Have you been informed about the new Auto trader software that enable you make huge profits in trading bitcoin, forex and binary options ? 90-100% profits every week with your minimum investment of $300 you can mak...' by /u/jamesethan_fx_trader removed from /r/Bitcoin within 64-74min

'''
Have you been informed about the new Auto trader software that enable you make huge profits in trading bitcoin, forex and binary options ? 90-100% profits every week with your minimum investment of $300 you can make a profit of $2400 in 7 days and same day withdrawal. it is compatible to any binary option brokers. It generates an Average ITM of 92%. It is an Auto trader. How to start: Invest $300 earn $2,400 weekly Invest $500 earn $4,000 weekly Invest $1000 earn $8,000 weekly Invest $2000 earn $160,00 weekly Invest $3000 earn $24,000 weekly Invest $5000 earn $40,000 weekly Invest $10,000 earn $80,000 weekly Inbox me for More info or Contact me via WhatsApp: +15162064340
'''
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Author: jamesethan_fx_trader
submitted by removalbot to removalbot [link] [comments]

New to forex trading (haven’t started yet) but I work in back office ops at a global investment firm. Is there anything I can learn from seeing the daily forex activity?

I see thousands of fx trades daily. I rarely, if ever, speak to the traders or pms throughout the day so I’m not learning anything. Are there things that I can look out for or pay attention to that can benefit my own training and development?
submitted by _milehighliving to Forex [link] [comments]

New Zealand inflation surprises to the upside in Q4 2018 - Orbex Forex Trading Blog

New Zealand inflation surprises to the upside in Q4 2018 - Orbex Forex Trading Blog submitted by OrbexFX to u/OrbexFX [link] [comments]

FULL BREAKDOWN AT www.everythingfx.com/efx-forex-market-news EVERY WEEK, myself Bobbie Trades will be disecting fundamentals and breaking down some charts over www.everythingfx.com to keep all you traders in the loop for the coming week.

FULL BREAKDOWN AT www.everythingfx.com/efx-forex-market-news EVERY WEEK, myself Bobbie Trades will be disecting fundamentals and breaking down some charts over www.everythingfx.com to keep all you traders in the loop for the coming week. submitted by SimilarAdvantage to BitcoinAll [link] [comments]

03-21 21:42 - 'BITCOIN INVESTOR, / EXPERT/ACCOUNT MANAGER, BINARY OPTIONS AND FOREX TRADE. / Make cool and legit huge profits from binary options and forex trading invest with the minimum capital and make a huge consistence profits in return...' by /u/Donald13579 removed from /r/news within 0-9min

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BITCOIN INVESTOR, EXPERT/ACCOUNT MANAGER, BINARY OPTIONS AND FOREX TRADE. Make cool and legit huge profits from binary options and forex trading invest with the minimum capital and make a huge consistence profits in return. Are you new in binary option trade? Do you need a good expert and an experienced trader who will trade and manage your account producing high profit for you? Are you a bitcoin miners or investors? Do you want to double your bitcoin wallet here? Search no more and make your dreams come true here. I'm Donald Harrison with 5 years experience of trading binary options and forex trade, I enhanced all my trade with my new risk management strategies. My strategies works in hand with my astonishing software called TC which gives me an accurate trading signals of 98% winnings and if I place any trade I lose nothing. With the minimum investment of $350 you are sure of making nothing less than $4050, with $550 you will be making $8600, with $750 you will be making $10300, with $1000 you will be making $17500, with $2000 you will be making $35000, with $5000 you will be making $85000, with $10000 you will be making $240500, with $20000 you will be making $490000 and with the investment of $50000 you are guaranteed of making nothing less than 820000 profit on weekly basis. Investments are 100% safe and secured, 100% profit and payout guaranteed. Buy up to 500btc from us here at cheaper rates For more details reach me @ [email protected] Whatsapp : +17133223878
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submitted by removalbot to removalbot [link] [comments]

The Greenback Is Surging Against The Euro In Forex Trading As News Of President-elect Barack Obama's Economic Stimulus Plan

submitted by joka86 to economy [link] [comments]

Introducing the new trend in Forex trading - Copy Trade 4.me

submitted by alm_hd to ScalpingForex [link] [comments]

Bloomberg Launches New Forex Trading & Reporting System in the Philippines

submitted by GridcoinMan to worldnews [link] [comments]

Bloomberg Launches New Forex Trading & Reporting System in the Philippines

Bloomberg Launches New Forex Trading & Reporting System in the Philippines submitted by KellyfromLeedsUK to BreakingNews24hr [link] [comments]

New to Trading? Here's some tips

So there seems to be a lot of new people on this sub. And makes sense if you have questions a lot of time you'll turn to reddit for the answers (I know I do). Well here are some tips that I think would benefit new traders.
  1. Don't trade ANY Euro pairs. Look I know it's the most traded pair it goes up and down really fast and there's so much potential for you to make money. Turns out there's even more for you to lose money. It's way too volatile specially if you don't know what you're doing. EUUSD is the worst offender.
  2. Trade the Daily. Might think you're cool looking at charts every x amount of times during the day. You get to tell your friends and family that you trade all day and they might be impressed at what you're doing but unless you have some years under you stick to the daily. There's less noise. You can see clearer trends and when you don't stare at the screen all day you're less emotional therefore a more effective trader. I only look at the chart 15 minutes a day to either enter close or manage my trades. Whatever happens when I'm gone is what happens.
  3. There is no holy grail indicator Look for it all you want. It doesn't exist. There are good indicators. There are bad indicators. There are some indicators that are so broken if you do the opposite of what they're intended for you'll actually make a profit. But the fact remains that there's no perfect one. Stop looking. What you should be looking for is an indicator that fits with your strategy.
  4. What currencies to pick. I actually never see this brought up. The notion in forex is that all pairs can be traded equally. To a certain extent that's not false. But until you get the hang of it stick to a strict trading diet. Look for pairs that trend a lot. Duh look for the trend I can hear you say. When I say trend I don't mean a couple of days or weeks. I mean a couple of months. Half a year. Pairs that do that have a higher tendency to stick with one direction for a while. That's where you make your money. An easy way to identify those pairs as well is putting together a volatile currency (USD) with a less volatile one(JPY).
  5. USE YOUR SL Trust me even if not putting a SL has netted you all kinds of gains eventually the market will turn around and bite you. With no safety net you'll lose most if not all your profit. The best offense is a good defense.
  6. How to pick your TP and SL level. Most new traders care so much about that. I put it near the bottom because in my opinion you should know everything listed first. This is my opinion and I use it for my strategy I use the ATR(average true range) indicator. It's a really helpful tool that helps you identify the range at which the candles will either rise or fall. Obviously you want to set your TP inside of that range and your SL slightly outside of it.
  7. Lot sizes. Everyone has a different story about how they pick their lot size. The general consensus is don't risk over 2% of your account. But I'm a simple man and I can't be bothered to figure out what my risk is every single time. So what I do is I put $0.10 for every $100 I have on the account. I then assign $300(minimum) to each pair. That's $0.30 per pair. It's easy to remember. 10 cent for every $100. If you're able to blow $100 with $0.10 then you probably shouldn't trade.
  8. How to avoid reversals. Tbh you can't. There's no way to predict the future so eventually you'll get hit by one. What you can do however is minimize the blow. How I do it is for every pair I take two trades. If you remember in the previous tip is said I do about$0.30 per pair well I divide it 2:1. I take one trade with a TP(2) and one without (1). If my TP is hit I pocket that amount and if the trend keeps going in my direction I make even more. If the trend decides to end or reverses my losses are minimal because at least I kept half.
  9. There is NO right way to trade. Stop listening to people telling the best way to trade is fundamentals or naked charts of to use some specific indicator. There are no right way to do this. It's as flexible and unlimited as your imagination. I personally use indicators but if that's not your thing do YOU! Just remember to manage your trades properly and be level headed when trading. Hell if your trading strategy is flipping a coin with proper trade management you'd probably make some money (don't quote me on that).
  10. Trade money you're willing to lose Don't trade your rent money.
That's all I have for now. If anyone sees this and wants to add more feel free. Hope this helps someone.
submitted by MannyTrade to Forex [link] [comments]

How do you guys backtest a strategy?

I'm new to the forex trading and one of the advices that I often come across is to always backtest a strategy first.
First thing that came to mind is to just go through the chart and start moving forward, simulating a trade and logging if the strategy wins or loses. I actually did this in a 15M chart for a range of 3 months, and while the results were enlightening (my strategy sucked only 36% win rate for that pair and strategy), I found the process very tedious.
So my question is are there automated ways to back test a strategy? Like maybe excel or an application?
I was looking into mt5 and expert advisors the other day, and I tried the strategy tester using a free expert advisor. Should I create a script that mimics my strategy and test it using mt5? I have a bit of programming but I don't know where to start.
submitted by Ogre-kun to Forex [link] [comments]

ADVICE

So I'm 19 y/o and have been trading forex for 7 months, still grinding away ,nowhere near being a full time trader yet. I looked into long term investing stocks and recently bought 11.365 shares in Tesla @ 410, 58 shares of Palantir @ 9.99 and 28 shares of NIO @ 27.42. I've been watching my account grow, and seeing how my money is working for me is becoming very addictive. I'm obsessed actually.
I was wondering as to how I can make a living off of this. Yes I will most certainly do much research on this topic but was wondering if anyone in here could help me or guide me in the right direction. My plan is to have a 5000$ account , study stocks on the weekend, any stocks that have recently had good news or if I see them sitting at a known area of resistance/support I will buy/sell the stock and hold it for the week. Then close whatever profit I make on the Friday and withdraw it, leaving the 5000$ in the account of course.
I practiced this on a demo account last week with 3 stocks I researched and liked the look of . NIO, PLTR and LMND. I pretended to buy 2361$ (2000€) worth of NIO and Palantir and 1,179$ worth of LMND since that was the one i was less confident with. 5900$ dollars invested and if I had've closed today I would've made upwards of 1700$ this week.
Was this just a lucky week? Or is this something that I can actually do.
Any advice/guidance would be hugely appreciated.
Thanks
submitted by Summervbz to stocks [link] [comments]

Former investment bank FX trader: some thoughts

Former investment bank FX trader: some thoughts
Hi guys,
I have been using reddit for years in my personal life (not trading!) and wanted to give something back in an area where i am an expert.
I worked at an investment bank for seven years and joined them as a graduate FX trader so have lots of professional experience, by which i mean I was trained and paid by a big institution to trade on their behalf. This is very different to being a full-time home trader, although that is not to discredit those guys, who can accumulate a good amount of experience/wisdom through self learning.
When I get time I'm going to write a mid-length posts on each topic for you guys along the lines of how i was trained. I guess there would be 15-20 topics in total so about 50-60 posts. Feel free to comment or ask questions.
The first topic is Risk Management and we'll cover it in three parts
Part I
  • Why it matters
  • Position sizing
  • Kelly
  • Using stops sensibly
  • Picking a clear level

Why it matters

The first rule of making money through trading is to ensure you do not lose money. Look at any serious hedge fund’s website and they’ll talk about their first priority being “preservation of investor capital.”
You have to keep it before you grow it.
Strangely, if you look at retail trading websites, for every one article on risk management there are probably fifty on trade selection. This is completely the wrong way around.
The great news is that this stuff is pretty simple and process-driven. Anyone can learn and follow best practices.
Seriously, avoiding mistakes is one of the most important things: there's not some holy grail system for finding winning trades, rather a routine and fairly boring set of processes that ensure that you are profitable, despite having plenty of losing trades alongside the winners.

Capital and position sizing

The first thing you have to know is how much capital you are working with. Let’s say you have $100,000 deposited. This is your maximum trading capital. Your trading capital is not the leveraged amount. It is the amount of money you have deposited and can withdraw or lose.
Position sizing is what ensures that a losing streak does not take you out of the market.
A rule of thumb is that one should risk no more than 2% of one’s account balance on an individual trade and no more than 8% of one’s account balance on a specific theme. We’ll look at why that’s a rule of thumb later. For now let’s just accept those numbers and look at examples.
So we have $100,000 in our account. And we wish to buy EURUSD. We should therefore not be risking more than 2% which $2,000.
We look at a technical chart and decide to leave a stop below the monthly low, which is 55 pips below market. We’ll come back to this in a bit. So what should our position size be?
We go to the calculator page, select Position Size and enter our details. There are many such calculators online - just google "Pip calculator".

https://preview.redd.it/y38zb666e5h51.jpg?width=1200&format=pjpg&auto=webp&s=26e4fe569dc5c1f43ce4c746230c49b138691d14
So the appropriate size is a buy position of 363,636 EURUSD. If it reaches our stop level we know we’ll lose precisely $2,000 or 2% of our capital.
You should be using this calculator (or something similar) on every single trade so that you know your risk.
Now imagine that we have similar bets on EURJPY and EURGBP, which have also broken above moving averages. Clearly this EUR-momentum is a theme. If it works all three bets are likely to pay off. But if it goes wrong we are likely to lose on all three at once. We are going to look at this concept of correlation in more detail later.
The total amount of risk in our portfolio - if all of the trades on this EUR-momentum theme were to hit their stops - should not exceed $8,000 or 8% of total capital. This allows us to go big on themes we like without going bust when the theme does not work.
As we’ll see later, many traders only win on 40-60% of trades. So you have to accept losing trades will be common and ensure you size trades so they cannot ruin you.
Similarly, like poker players, we should risk more on trades we feel confident about and less on trades that seem less compelling. However, this should always be subject to overall position sizing constraints.
For example before you put on each trade you might rate the strength of your conviction in the trade and allocate a position size accordingly:

https://preview.redd.it/q2ea6rgae5h51.png?width=1200&format=png&auto=webp&s=4332cb8d0bbbc3d8db972c1f28e8189105393e5b
To keep yourself disciplined you should try to ensure that no more than one in twenty trades are graded exceptional and allocated 5% of account balance risk. It really should be a rare moment when all the stars align for you.
Notice that the nice thing about dealing in percentages is that it scales. Say you start out with $100,000 but end the year up 50% at $150,000. Now a 1% bet will risk $1,500 rather than $1,000. That makes sense as your capital has grown.
It is extremely common for retail accounts to blow-up by making only 4-5 losing trades because they are leveraged at 50:1 and have taken on far too large a position, relative to their account balance.
Consider that GBPUSD tends to move 1% each day. If you have an account balance of $10k then it would be crazy to take a position of $500k (50:1 leveraged). A 1% move on $500k is $5k.
Two perfectly regular down days in a row — or a single day’s move of 2% — and you will receive a margin call from the broker, have the account closed out, and have lost all your money.
Do not let this happen to you. Use position sizing discipline to protect yourself.

Kelly Criterion

If you’re wondering - why “about 2%” per trade? - that’s a fair question. Why not 0.5% or 10% or any other number?
The Kelly Criterion is a formula that was adapted for use in casinos. If you know the odds of winning and the expected pay-off, it tells you how much you should bet in each round.
This is harder than it sounds. Let’s say you could bet on a weighted coin flip, where it lands on heads 60% of the time and tails 40% of the time. The payout is $2 per $1 bet.
Well, absolutely you should bet. The odds are in your favour. But if you have, say, $100 it is less obvious how much you should bet to avoid ruin.
Say you bet $50, the odds that it could land on tails twice in a row are 16%. You could easily be out after the first two flips.
Equally, betting $1 is not going to maximise your advantage. The odds are 60/40 in your favour so only betting $1 is likely too conservative. The Kelly Criterion is a formula that produces the long-run optimal bet size, given the odds.
Applying the formula to forex trading looks like this:
Position size % = Winning trade % - ( (1- Winning trade %) / Risk-reward ratio
If you have recorded hundreds of trades in your journal - see next chapter - you can calculate what this outputs for you specifically.
If you don't have hundreds of trades then let’s assume some realistic defaults of Winning trade % being 30% and Risk-reward ratio being 3. The 3 implies your TP is 3x the distance of your stop from entry e.g. 300 pips take profit and 100 pips stop loss.
So that’s 0.3 - (1 - 0.3) / 3 = 6.6%.
Hold on a second. 6.6% of your account probably feels like a LOT to risk per trade.This is the main observation people have on Kelly: whilst it may optimise the long-run results it doesn’t take into account the pain of drawdowns. It is better thought of as the rational maximum limit. You needn’t go right up to the limit!
With a 30% winning trade ratio, the odds of you losing on four trades in a row is nearly one in four. That would result in a drawdown of nearly a quarter of your starting account balance. Could you really stomach that and put on the fifth trade, cool as ice? Most of us could not.
Accordingly people tend to reduce the bet size. For example, let’s say you know you would feel emotionally affected by losing 25% of your account.
Well, the simplest way is to divide the Kelly output by four. You have effectively hidden 75% of your account balance from Kelly and it is now optimised to avoid a total wipeout of just the 25% it can see.
This gives 6.6% / 4 = 1.65%. Of course different trading approaches and different risk appetites will provide different optimal bet sizes but as a rule of thumb something between 1-2% is appropriate for the style and risk appetite of most retail traders.
Incidentally be very wary of systems or traders who claim high winning trade % like 80%. Invariably these don’t pass a basic sense-check:
  • How many live trades have you done? Often they’ll have done only a handful of real trades and the rest are simulated backtests, which are overfitted. The model will soon die.
  • What is your risk-reward ratio on each trade? If you have a take profit $3 away and a stop loss $100 away, of course most trades will be winners. You will not be making money, however! In general most traders should trade smaller position sizes and less frequently than they do. If you are going to bias one way or the other, far better to start off too small.

How to use stop losses sensibly

Stop losses have a bad reputation amongst the retail community but are absolutely essential to risk management. No serious discretionary trader can operate without them.
A stop loss is a resting order, left with the broker, to automatically close your position if it reaches a certain price. For a recap on the various order types visit this chapter.
The valid concern with stop losses is that disreputable brokers look for a concentration of stops and then, when the market is close, whipsaw the price through the stop levels so that the clients ‘stop out’ and sell to the broker at a low rate before the market naturally comes back higher. This is referred to as ‘stop hunting’.
This would be extremely immoral behaviour and the way to guard against it is to use a highly reputable top-tier broker in a well regulated region such as the UK.
Why are stop losses so important? Well, there is no other way to manage risk with certainty.
You should always have a pre-determined stop loss before you put on a trade. Not having one is a recipe for disaster: you will find yourself emotionally attached to the trade as it goes against you and it will be extremely hard to cut the loss. This is a well known behavioural bias that we’ll explore in a later chapter.
Learning to take a loss and move on rationally is a key lesson for new traders.
A common mistake is to think of the market as a personal nemesis. The market, of course, is totally impersonal; it doesn’t care whether you make money or not.
Bruce Kovner, founder of the hedge fund Caxton Associates
There is an old saying amongst bank traders which is “losers average losers”.
It is tempting, having bought EURUSD and seeing it go lower, to buy more. Your average price will improve if you keep buying as it goes lower. If it was cheap before it must be a bargain now, right? Wrong.
Where does that end? Always have a pre-determined cut-off point which limits your risk. A level where you know the reason for the trade was proved ‘wrong’ ... and stick to it strictly. If you trade using discretion, use stops.

Picking a clear level

Where you leave your stop loss is key.
Typically traders will leave them at big technical levels such as recent highs or lows. For example if EURUSD is trading at 1.1250 and the recent month’s low is 1.1205 then leaving it just below at 1.1200 seems sensible.

If you were going long, just below the double bottom support zone seems like a sensible area to leave a stop
You want to give it a bit of breathing room as we know support zones often get challenged before the price rallies. This is because lots of traders identify the same zones. You won’t be the only one selling around 1.1200.
The “weak hands” who leave their sell stop order at exactly the level are likely to get taken out as the market tests the support. Those who leave it ten or fifteen pips below the level have more breathing room and will survive a quick test of the level before a resumed run-up.
Your timeframe and trading style clearly play a part. Here’s a candlestick chart (one candle is one day) for GBPUSD.

https://preview.redd.it/moyngdy4f5h51.png?width=1200&format=png&auto=webp&s=91af88da00dd3a09e202880d8029b0ddf04fb802
If you are putting on a trend-following trade you expect to hold for weeks then you need to have a stop loss that can withstand the daily noise. Look at the downtrend on the chart. There were plenty of days in which the price rallied 60 pips or more during the wider downtrend.
So having a really tight stop of, say, 25 pips that gets chopped up in noisy short-term moves is not going to work for this kind of trade. You need to use a wider stop and take a smaller position size, determined by the stop level.
There are several tools you can use to help you estimate what is a safe distance and we’ll look at those in the next section.
There are of course exceptions. For example, if you are doing range-break style trading you might have a really tight stop, set just below the previous range high.

https://preview.redd.it/ygy0tko7f5h51.png?width=1200&format=png&auto=webp&s=34af49da61c911befdc0db26af66f6c313556c81
Clearly then where you set stops will depend on your trading style as well as your holding horizons and the volatility of each instrument.
Here are some guidelines that can help:
  1. Use technical analysis to pick important levels (support, resistance, previous high/lows, moving averages etc.) as these provide clear exit and entry points on a trade.
  2. Ensure that the stop gives your trade enough room to breathe and reflects your timeframe and typical volatility of each pair. See next section.
  3. Always pick your stop level first. Then use a calculator to determine the appropriate lot size for the position, based on the % of your account balance you wish to risk on the trade.
So far we have talked about price-based stops. There is another sort which is more of a fundamental stop, used alongside - not instead of - price stops. If either breaks you’re out.
For example if you stop understanding why a product is going up or down and your fundamental thesis has been confirmed wrong, get out. For example, if you are long because you think the central bank is turning hawkish and AUDUSD is going to play catch up with rates … then you hear dovish noises from the central bank and the bond yields retrace lower and back in line with the currency - close your AUDUSD position. You already know your thesis was wrong. No need to give away more money to the market.

Coming up in part II

EDIT: part II here
Letting stops breathe
When to change a stop
Entering and exiting winning positions
Risk:reward ratios
Risk-adjusted returns

Coming up in part III

Squeezes and other risks
Market positioning
Bet correlation
Crap trades, timeouts and monthly limits

***
Disclaimer:This content is not investment advice and you should not place any reliance on it. The views expressed are the author's own and should not be attributed to any other person, including their employer.
submitted by getmrmarket to Forex [link] [comments]

Non Strategies for Success

TL;DR The why as to why you trade is as important as the strategy you use to trade.
I am new to Forex. However prior to COVID I was a professional card player but when the casinos closed shop I needed to find another source of income. Over the past few months I have been doing a lot of research into different strategies to use however, the one area of information that is rarely ever discussed is the why of why you are doing this. In any setting risk management is a major component to determine success but, what determines your level of risk tolerance is independent of each person's goals. Before I ever sent a dime to a brokerage or opened a demo account I asked myself these questions.
1.) What is my reason to do this? Determining whether this was something I wanted to do full time, part time, as passive income or as a challenge to beat.
2.) What is my short term and long term goal with this? Was I looking to make money right away? Was I looking to reinvest? Have a plan as to what you are going to do with your money beforehand and stick to it.
3.) How much time am I willing to invest into this? Practice makes perfect in any endeavor and to become good at something requires time.
4.) How much am I willing to lose before I call it quits? Just because you have 20k doesn't mean you have 20k to lose. Knowing when to walk away from a losing session is even more important than basic strategy as it will allow you to come back to the table to try again so to speak.
Each of these questions lead to more questions until I had a defined plan of action as to how I wanted to move forward. These questions also gave insight as to the style and type of trading strategies I would be looking for as they fit my goals. The strategy I have been using is successful for me because of my style of risk tolerance and risk management but may not work for others. Ken Jennings and James Holzhauer are two of the most successful competitors on Jeopardy. However the strategy each used were different but worked for them. Same applies to professional poker players, athletes and almost any task imaginable. So I see many people asking for strategy advice. The advice I would give is for them to ask themselves not "How should I be trading?" but "Why am I trading?". This is just my two cents. Good luck to you all.
submitted by TheTrueVisionary to Forex [link] [comments]

Trading Forex News - You Know Better - YouTube How To Trade Forex News using Forex Factory - YouTube How to Trade the News in Forex (2020 U.S Elections) - YouTube How To Trade The News  Forex Fundamental Analysis - YouTube Forex News Trading Strategy - YouTube Trading the News in Forex & Binary Options - YouTube HOW TO TRADE THE FOREX NEWS PROFITABLY - YouTube

News trading is possible because the Forex market is always open, unlike many financial markets. In a financial market, securities trades of certain stocks are suspended when an important company announcement is being made. These announcements are usually made after the market has closed for the day. However, because the Foreign Exchange market is open 24 hours, any economic announcement will ... Get the latest forex news & stay tuned for the more updates of the forex trading, forex brokers, market & many more at CapitalBay.News. A key question is how long the effect of news will last. Trading lore says: “Buy on the rumor, sell on the news.” This is as true in Forex as in equity trading. In equities, the price of a stock will go up on analyst forecasts of good earnings, but fall after the earnings announcement even when the earnings surpass expectations. The same thing happens in Forex. A currency will be bought ... FOREX.com is a trading name of GAIN Capital - FOREX.com Canada Limited, 135 US Hwy 202/206, Bedminster, NJ 07921, USA is a member of the Investment Industry Regulatory Organization of Canada and Member of the Canadian Investor Protection Fund. GAIN Capital Group LLC is a wholly-owned subsidiary of StoneX Group Inc. Forex News USDJPY jumps on vaccine progress Gary Christie. Today 9:49 PM TRADE THE FOREX MARKET WITH GUIDANCE ... FOREX.com is a trading name of GAIN Global Markets Inc. which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033. FOREX.com may, from time to time, offer paym One of the great advantages of trading currencies is that the forex market is open 24 hours a day, five days a week (from Sunday, 5 p.m. until Friday, 4 p.m. ET). Since markets move because of ... Trading based on News Events . With the forex markets pretty much covering most of the Globe, the news or fundamental events that affect the short term and long term price movements are many. Almost every week there are key markets moving events that offer potential trading opportunities. News based trading offers some distinctive advantages compared to traditional technical analysis based ...

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Trading Forex News - You Know Better - YouTube

How to trade the news. If the news is better than expected, u sell the market. If the news is worse than expected, u buy the market. Works Best With EURUSD A... In this Video I will show you Four different ways of Trading The Forex News. Watch the Video and make notes of the Strategies and use the one you like the mo... This simple video show how to use Forex Factory and My fx book to now which currency pairs ill be affected by global news, and the days and times they will b... How to trade news release in forex markets? With the 2020 u.s. elections coming, I want to use this as an example on how you should trade forex news as a sho... If you're a fan of trading Forex news, just remember you're playing a game you're supposed to lose. It's not a matter of how to trade it, but how to best avo... News events have a large influence on financial markets. In this video Sam demonstrates how price behaves before and during schedule news events. Website: ht... Website and courses: https://www.fxcmastermind.com/ How To Trade The News Forex Fundamental Analysis In this video you will learn the best way to trade hig...

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