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#Forextrading involves a lot of things to master and a lot of variables to monitor. You have to make the right #tradingplan, which is suitable for you.Here is a list of 10 tips that helps you to form an effective trading plan to succeed in the Forex market.https://wetalktrade.com/forex-trading-plan/
This may appear to be a noob question, but read on carefully and please try and understand the point I'm trying to make! I'm hoping your answers might be helpful to people both learning Forex and looking to get into it, so please don't hate on me for this post. I am relatively new to FX and have learned about break and retest strategies, MACD crossovers and stop losses below structure and risk to reward ratios (usually going for 1:1 or 2/3:1) and so on. I say this only so you know I've a general (very basic) understanding of charts, price action etc. I definitely do NOT expect to step into the markets and instantly win a majority of my trades, however, to illustrate my thoughts please note the example below. If I am winning 2% on a winning trade and losing 1% on a losing trade (2:1 reward risk per trade), a strategy that wins just 50% of the time trading once per trading day would be +10% each month. (10 days of -1%, 10 days of +2%). +10% is a HUGE increase in accounts and if a $1000 account was +10% per month for 12 months the end of year balance would be over $3138.43 or a 213.84% return! This leads me to a theory that almost NO system can be returning 50% on a 2:1 reward risk, even with careful trade selection (let's say I monitor the 7 major pairs, gold and GBP/JPY as I do and pick one entry a day) Am I wrong? I appreciate it is a hypothetical example designed to make a point, but my thoughts are if you monitored lots of pairs and took only ONE entry a day, we might expect to win 50% of the time. Let's expand this further. I have seen numerous algos (can't name them but looking like they win at LEAST 50% of the time) which tempt me because they appear to indicate moves I could jump on and where I could pull a bunch of pips out of the market. However, there surely cannot be a holy grail or are people making this type of insane return? It cannot be as easy as buying an algo, signing up to $300,000 worth of FTMO funding and earning 10% per month for an easy $21,000 per month income with profit share. Or maybe it is and I'm just cynical?! I end up getting tempted by courses etc. in the hope that if I spent £400 on a good course it would open the door to what I need to do, but I'm nervous this is just another huge mistake. I genuinely would love to trade Forex for a living. Really I would. I hope it's possible and I hope to learn a strategy I can wash, rinse and repeat. I love watching videos and live streamers who seem to have a great understanding of what's going on but I wonder if it's really possible. It seems a million miles away but I'm determined to keep learning and trading. Reading your considered thoughts to this post would be helpful for me and I'm sure others and thank you for reading it.
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.
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.
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.
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.
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.
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.
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.
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.
Indicator Data: Check any indicators you use (I use Stochastic RSI and Relative Vigor Index) for any useful information on higher timeframes.
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).
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.
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.
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.
I keep a general high level Macro outlook for currencies. I dont get too deep into Fundamentals and just keep an eye out for news. If I am already in a trade I will hold it if its far enough away from my entry. However, I wont enter right before/during news as it can invalidate your setup.
I started with the basics of learning the standard price action formations/patterns and candles. You can find tons of free info on that online, google is your friend. Then I stared at charts and said "why did the price do that or do this etc" then after a while I started to understand what's happening without having to think about it and I can see the market structure without having to look as closely as I did in the past.
After many many hours of staring at 5 min charts for 15 hours a day 5 days a week I learned how to look at 5 min charts and be like "Oh that's a hammer on the 15 min etc. If you keep track of time you can do the same for hourly candles as well and you will start to see market structure naturally. However I typically trade in a two chart panel window so I have a 15 min and 5 min chart up when trading intra day so I dont have to think too hard about it.
Draw support resistance lines on Daily/4hr timeframes. I prefer to use body of the candle instead of the wick for support/resistance.
You can find support/resistance liquidity levels through out the day as well and trade those if the price retraces back through levels its already been through that same day.
It would be a bit length to explain exactly the best place to draw them. If your unsure there is plenty of free resources on the internet. Just try to use your head and look for price levels where the price was "Supported" or it "Resisted" that price level then slap a line on it. Draw as few or as many lines as you feel helps you and your style. I tend to lean on the side of fewer. I typically do about 6 lines main support/resistances (3 of each).
Draw two Fibonacci Extensions. One on the daily timeframe, and then one on the 4hr time frame. Then you can trade the Fibonacci levels and use them for TP targets or entry zones if price action respects the level. Also you can use it along with support/resistance and pivots if they happen to line up or are very close.
I cannot really figure out how to put it into words how to draw a Fib if you dont know how. I will have to make a picture to demonstrate it. If your interested post below and I will draw one up and post a link. Probably the easiest way to understand. Just keep in mind the Fib you draw on the 4hr time frame will be inside the daily timeframe one.
The TradeVision2020 dashboard that I use just helps me keep a tab on the current market post plus any swing strength/momentum a currency might have on higher time frames. Helps me look for shifts in the market or confirmation that the bias it already has in momentum is continuing. I have found that often currencies when they get really/weak or strong might continue for several days or even longer like a full week or more. We recently had what felt like 1 week or so of flat out Yen weakness which was making some things wonky. All it does is allow me to look at the dashboard instead of a million other charts.
I use two that work well for my intra day style. The Stochastic RSI is just like a RSI but its faster. The second is the Relative Vigor Index which I use to detect swings in momentum and divergences in bullish/bearish momentum. I have used many others in the past, but as I have grown and got better as a trader I have found making my analysis simpler has improved my trading.I dont like the whole idea of have 43 different indicators on 32 different time frames light up a dashboard to be green for me to enter a trade. With how I do it now, I have a clear understanding of what I expect to happen and why. That way when it does happen I understand the move and dont get freaked out if the market moves funny after I am in the trade.
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.
Fundamental Bias: I already had a bullish fundamental outlook on EUUSD with expecting the markets to price in future similes due a higher an higher chance of Biden winning on paper as the election closed in and a "Blue wave" coming which would lead to a weaker dollar. Also, the Euro Zone is getting hammered with COVID pretty hard plus Brexit drama so I had a strong Euro bias.NOTE: As frame of reference, all the other pairs I trade I traded as if they were ranging and trade a range. Markets are messed up right now.
Currency Strength/Weakness: I use a tool that gives me a currency strength/weakness dashboard called TradeVision2020. Helps me track individual currency strength/weakness intra day. Took me about a month to get used to it, but helps me keep track of intra day strength/weakness that can add a bias to trade direction as the day unfolds. Like "Will this run have a 2nd or 3rd push higher" or "I should look to TP at the first sign of weakness in the push" type bias data. You still got to use your brain and figure out the best decision. It wont make choices for you, its only a guide.NOTE: I am not trying to adverse the tool (if providing the code is against sub rules let me know), its just a tool I use every day that helps me with directional bias calls. I am sharing the coupon code that was given to me when I found out about the tool in the TradingView forex chatroom and the guy gave me the code to use when I signed up. I dont want someone to read the name and want to try it out then overpay for no reason. The coupon will give you 40% off. Coupon Code: 3F7A0T5T
Higher Timeframe Analysis: Detected some early signs of Bearish Divergence on the 1hr chart using a on a higher time frame using a Stochastic RSI. Then I saw more confirmation on 5 min charts using Relative Vigor Index to help time my entry mid session.
Pivot Points: I treat pivot points like support/resistance and trade them as such using price action to give me some idea how its being treated by the market. Pretty straight forward.
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.
My current Forex trading plan and results, what you traders think?
Chart Indicators: A. ATR(14) B. Baseline Indicator: Ichimoku[baseline] C. Volume Indicator: WAE_Ext D. Confirmation Indicator #1: EMA(20) E. Confirmation Indicator #2: WAE_Ext F. Exit Indicator: Price action -- Find, trade, and exit buy\sell position plan: Check FXTT Scanner[MT4:M30] verify with 2nd Conformation Forex Scanner[TradingView] check MarketMilk status if buy\sell position found make buy\sell trade[MT4] monitor buy\sell position(s) for exit on Tradingview[Heikin Ashi Chart: M15]. my current trading results using the above trading plan 10/05/20 week before 09/24/20
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Hello and thank you for being here again! In this article I want to show you how I structure my operations by trading in the currency market. If it can give you ideas or help you in your process, the objective of this post will be more than fulfilled. I will try to be as clear and direct as possible. I'll go point by point: Index
1. How to trade
2. Intraday or swing trading in Forex?
3. Automatic or Manual Forex Trading
4. Is analysis the key to Forex trading?
5. Learn to create robust trading strategies
6. Best Forex Trading Strategies
6.1. Trading strategies with very simple entry and exit criteria
6.2. Systems with a not very high number of operations or trades
6.3. Strategies with a controlled return/risk
7. Establish connection and disconnection rules for your systems
8. Diversify in Forex
9. What currencies to trade on Forex
10. Why invest (only) in Forex
11. Steps to trade
12. How to start as a professional trader (without knowing how to program)
Focusing on the basics and keeping it simple. Let me explain, you don't have to rely on hyper-complex strategies, use the software that PETA it and put it on the server next to your broker ... you don't have to be the best programmer, much less get dirty on the graphics of your platform to win money in Forex. You need systems. The systems work. Results-oriented companies and work methods are systems-based. You should start applying and creating systems because they will allow you:
Know what you can expect (return and risk) in results.
Measure what you do .
Know when what you are applying is stopping working.
Yes, that sitting in front of the computer, looking and saying "I think EUR / USD is going to rise" is the most common thing, but the normal thing here is to lose money. You need winning strategies to start the fight.
2. Intraday or swing trading in Forex?
This question is an interesting question and I make a small indent if you are just starting out. Swing trading are operations that usually last several days and when we talk about intraday or day trading we refer to operations that are closed on the same day. Well, which one then? Like everything in life, it depends (we are). You have to learn that there is no “best for all”. In my case I combine both operations because I dedicate myself full time to this, but if you are just starting out or are one of the people who get stressed out with trading, I recommend that you focus on swing trading. As you consolidate here you can start to scale and seek to diversify by doing intraday. But again, this is just something that I recommend based on my own experience and from people I have known over the years.
3. Automatic or Manual Forex Trading
Not all automated Forex trading systems are a panacea, nor are all discretionary or manual systems bad. Stop looking at it like that, we're only talking about execution. This is precisely why I am opting for automated execution. We could talk at length about this and if you find it interesting I can dedicate an article just to it. But think that automation is just how strategy is carried out. Whether this is a winner or a loser is the basis of everything. Automating a losing strategy does not make it a winner, it is only about applying strategies that are profitable and ensuring that they are executed in the best way (in manual we always cheat alone).
4. Is analysis the key to Forex trading?
Many people think that technical analysis is the key to beating the market and defend it to the last consequences. The same happens with those who think that the only way to make money in the foreign exchange market is through fundamental analysis. So what really works? What really works and you can check. What good is it if you tell me that this or the other is the best method if you haven't even sat down to draw numbers. Many times it is not with what, but how. That is, they can be different valid methods if they are done well. But for this you need statistics of what you are doing. >>>Recommended Forex Broker: Plus500 - Visit official website<<<
5. Learn to create robust trading strategies
Let's first see what a robust trading strategy is all about. As traders, we know what has happened in the past, but we don't know what will happen in the market tomorrow. That is why we need systems that are well adapted to changing market circumstances. How can we know systems adapt well to alterations in the spread, prices ...? Simulating those alterations, something like simulating those conditions and seeing how they behave. There are different tests for this such as: Walk Forward test, Montecarlo, and Multimarket. These tests give us an idea of how robust our created trading system is and give us a reference. Be careful, I said reference, not absolute truth. Then we will test them, our goal is to leave as little space as possible to chance.
6. Best Forex Trading Strategies
You may be wondering how you are going to manage to create profitable strategies and start with all this. Calm down, there are tools for this, but the important thing here is that you know that the strategies that tend to be more stable over time and give better results are:
6.1. Trading strategies with very simple entry and exit criteria
The opposite of what you may have been told. The simpler our Forex trading systems are, the more likely they will continue to work overtime. I have seen this myself and I know it first hand. Also, which is more likely to stop working, a system based on six indicators or a system based on one or two? That six indicators continue to give results for years and years is not easy. Instead, only one or two are more so. Still, trading systems should always be supervised.
6.2. Systems with a not very high number of operations or trades
Sometimes when we become obsessed with being in the market constantly making gazillions of trades, we are giving our broker money and taking it out of our pocket. More is not better in trading, better is better. This is about getting the most money with the least risk, not giving it to your broker.
7. Establish connection and disconnection rules for your systems
All methods of trading sound great. The problem is when they start to lose. Some tell you that you have to continue, that the system is the system… But what if the system is stopping working? After all, we live in a changing world and our money is not infinite. The reality is that many people do not know how to determine when the system is failing or when this happens because they are applying it incorrectly. If you execute the strategies in an automated way you are already saving this, then what you need is a rule to deactivate your strategies at a certain point. To do this, it is enough to monitor them with platforms such as Bluefox or Myfxbook to know what the performance of each is.
8. Diversify in Forex
If we deactivate a Rubén strategy, we stop trading. Not if you activate another that has been doing it well. It is not about you running a Forex trading system or two, it is about having different systems: the best in real and a demo base created that you can include in your real account when you deactivate one because their performance has dropped. You can diversify by youI frame (temporality time) on assets (currencies) or types of systems (trend, mean reversion ...). The objective of diversifying is to seek a more stable return, many people do for this is to introduce many systems without more, if you do this you will achieve the opposite, you will be increasing the risk.
I will not be the one to tell you that you should invest in Forex and not in another market. Each one belongs to his father and mother and has its good and not so good things. Of course, one thing is clear, wherever you do it, remember the power of specialization. There are traders who focus on one or two assets and they are profitable. In the end, that's what it's all about, isn't it? This operation can be extrapolated to different assets such as raw materials, indices and cryptocurrencies. Yes, cryptocurrencies too. In fact, my operations are mainly based on currencies and cryptocurrencies (85% in the first group and 15% in the second). But I have to say that cryptocurrency trading has given me a pleasant surprise this year. Again, if you are starting, do not do it with many assets or you will saturate yourself. Start step by step and diversify as you evolve. Jack of all trades, master of none.
11. Steps to trade Forex Reddit
If you've gotten this far, it may not be entirely clear to you how the hell I trade, then I'm going to summarize it in steps:
I create statistically profitable trading strategies and verify through tests that they are robust.
I put them on a demo account to make sure they work perfectly.
Once they meet the requirements that I demand of them, I pass them to real.
In real account, I manage my systems connecting and disconnecting them according to their performance (always under objective criteria).
12. How to start trading Forex Reddit as a professional trader (without knowing how to program)
But Rubén, I haven't studied computer science and I'm not particularly good at math. Don't worry if you don't know how to program, it is possible to do all this using tools that will do it for you. For years I have programmed my own systems myself and that's fine, but now I'm concentrating on managing them and getting the most out of them. Do not think that this is the robot that will make you earn millions of euros while you drink the gin and tonic on the beach. We will read soon with new posts about trading, Forex, cryptocurrencies, platforms ... Good luck! To start trading, open an account on Plus500, one of the leading Forex brokers: Click Here
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How much money would it cost to setup high-frequency trading?
I worked with many HFT startups and I have a pretty good idea of the initial costs that such trading shops have. Data: High-frequency strategies are data-intensive, so you need to get the best data providers at the tick level (level 3). That’s expensive. Depending on the market you are in (forex, futures, bonds, etc) the cost could vary. FX is even more complex, because of its highly fragmented nature, so they will need to have a broad view of all of them. Each provider cost could start from $5k per month each, up to $50k per month Servers: You will need power. A decent server (please don’t use the cloud), could cost you 20k at least. It needs to have 32-cores at least. You can rent a dedicated server, and its cost could start from $2k per month Collocation: That powerful server must be placed inside a collocated environment. The idea is to reduce the latency as much as you can, so being close to the exchanges/venues is the best choice. These data centers will charge you for your server space and for the connectivity you use (cross-connection). This varies considerably depending on the markets you are in. Software: this would be the most expensive piece of your setup. Remember, that the software is the brain of your operation. Not only needs to get ALL the data from the exchanges/venues but normalize it, store it, manipulate it, and prepare it to be consumed by your strategies(s) that will be doing tons of different calculations based on the data they receive. And all that must be done in a fraction of milliseconds (hopefully within 10–50 microseconds) On top of that, you must be sure, that you will have all the different modules in place: price aggregators, order management systems (OMS), execution management systems (EMS), smart order routing (SOR), liquidity manager (LM), risk management systems (RMS). and any interface you may need (to databases, storage, monitoring systems, reporting, etc) Cost-wise, all of this will depends on what you choose. If you go with an off-the-shelf solution (not recommended, cheaper, you don’t own anything, slow), or you start your own development (time to market +1 year, very costly). The cost could vary between $300K to $1M People: you will need human resources. This is not a one-guy operation. You will need to have software engineers, quantitative analysts, and researchers. Think about 150k /year at the low end. Brokers/Prime Brokers: you will need to open up a brokerage account to have access to the trading venues. They will require you to have a minimum capital to trade (besides the commissions/fees they may charge). So, that adds up to your initial setup cost. Conclusions It’s a very lucrative business but is hard to get started. Usually, startups try to start small and grow as they see profits, but that always falls into failure. If you do that, you will fail to have all the above points I’ve listed. Your initial investment is high, and keeping in mind that after having all these startup costs, all your infrastructure in place, and the software ready to run, your first profitable trades could start to come in after 6 to 12 months of operations. I hope my question is not as vague as the others… Please, let me know if I was missing something else, so we can add it to this list 😎 Ariel Silahian http://www.sisSoftwareFactory.com/blog
eToro: impressions, doubts and (ignored) lessons from copy trading
(no promotional content, no affiliate links) Hi, exactly four years ago, I started copying eToro investors / traders that I selected using the broker's built-in search engine (profitable in last two years, already being copied by others), followed by manual filtering, to take into account fluctuations in yearly returns, composition of their portfolios etc. With that, I got a list of 10 people whom I started to copy on a demo account: https://drive.google.com/file/d/1u52f0XHfr-LauIscKcFDYF0yGTTUr6VY/view?usp=sharing In the screenshot you can see that in case of the first two of them the amount invested was $10,000, while for the rest it was just $100. This is because I started copying the first two a couple of weeks earlier; eventually I changed this into $100 the same day I made the screenshot and this is when my calculations start - so this thing is irrelevant, I just cannot travel in time to make another screenshot. What I did after that? Well, within the next six weeks my profits oscillated between -$11 and +$9.50 (the biggest profit was on Nov 9, a day after US presidential elections). I found this "boring" and discontinued experimenting with copy trading. Today I looked back at those ten traders. Here is what I found. Firstly, seven of them are not with eToro anymore; investorNo1, Simple-Stock-Mkt, tradingrelax, 4exPirate, primit, Gallojack, xjurokx. The other three traders are:
toppertrader: not being copied by anyone and for a good reason: his loss this year alone is 61.16%!
Jean-marcLenfant: copied by only 67 people; his loss this year is -1.09% but in general he is quite successful, with yearly profits ranging from 3.57% to 7.32%.
Girem2: he has no copiers, his profit this year is 41.45% but in 2018 he experienced a loss of 83.15%!
My observations and thoughts are as follows:
Seven out of ten traders are not with eToro anymore, which makes me wonder why. I have no proof but my guess is they simply performed poorly, lost their copiers and closed their accounts. This is already alarming but what if they opened another account? Or, even worse, multiple accounts? They could be investing small money and try different risky approaches, hoping that at least one account will turn out profitable in the long turn, attracting potential copiers. (I'm not claiming that those 7 particular traders did this, it's just my general suspicion regarding some of eToro traders)
I'm unable to calculate what would be my profit if I never stopped copying them, because I cannot check at what day and with what profit those seven traders left eToro. I'm guessing this would be an immense loss. On the other hand, considering the three traders who are still with eToro, I would lose more than a quarter of my assets!
What now? I must be a quite adventurous person or at least an incorrigible optimist, because a month ago (exactly on Aug 26th) I started copying three traders with real money. Here is who they are. rubymza (Heloise Greeff)
invests in stocks, with GOOG, INTC, BLDP, MA, MSFT, AMZN, V, MU, IBM and NXPI making up 50.3% of her portfolio (allocation of each of them is in between 3.02% and 6.85%)
active since 2016 (only the year 2016 ended with a loss)
has 3044 copiers and $2M-$5M of copy assets under management
strategy (her own words): "My investing strategy focusses mostly on US indices, tech and pharma, promising future (5-10years) growth. My trades are based on technical analysis using machine learning to understand patterns and trends in the markets. I prefer to keep a diverse portfolio to spread risk while achieving great returns."
he is a Forex trader, making typically 21 trades per week; his favorite currency pairs are EURCHF (12% of trades), CADCHF and GBPUSD; the trades, however, typically make up below 5% of his portfolio (at least whenever I'm checking it), making most of my funds unused
active since January 2017: surprisingly enough, he has every single month profitable, though monthly profits are in the range of 0.03% to 3.34% only
has 8977 copiers and more than $5M of copy assets under management
strategy (his own words): "I monitor currency pairs all day to find the best entry. There is some management/scaling position for perfect entry. The risk control is a big part of my strategy," (quite vague, to be honest)
commodities compose 76% of his portfolio and his favorite assets are Gold and Oil (at the moment, Gold makes up half of invested amount)
active since July 2016, with the following yearly profits, starting from 2016: 6.56%, 10.05%, 13.09%, 32.26% and -2.03% (the current year)
has 1493 copiers and $1M-$2M of copy assets under management
strategy (his own words): "My system is based on patterns, and a variety of technical analysis tools and some fundamental analysis. I primarily trade in commodities. " (quite vague as well)
own experience: my profit with rayvahey is 2.56%
What was my strategy to hand-pick these particular traders? First I did some basic scanning using eToro's built-in search engine. The most important filter was that the trader was profitable within the last two years: unfortunately, eToro does not allow to reach details of earlier performance automatically. To know how the trader performed before 2019, I had to look at stats in the profile of each of them. I was also taking into account how often they trade (to avoid those who do only a couple of trades yearly), whether they were trading recently and whether they write posts regularly in their feed. With this, I got a list of fifteen candidates to copy:
As you already know, I finally chose three of them. Rubymza seemed to be the most trustworthy stock trader, based on profits, posts feed and regular trading, among other things. Regarding OlivierDanvel, his uniqueness is the ability to record continuous profits with the Forex market. Finally, with rayvahey I wanted to increase my exposure to the commodities market. Wish me good luck! Michael P.S. You might find those copy-trading related readings interesting:
I have a question for the more experienced forex traders on here. When you find a setup and enter a trade, do you set your stop loss and take profit, and just wait for for the first one to hit? Or do you constantly or periodically monitor your position and exit when it seems the market is turning against your position? I see the benefit in both - on one hand, letting your trade ride to the stop loss or take profit would eliminate emotional trading and exiting too soon. On the other hand, being more flexible with your exits could prevent some of your winners from turning into losers, and could allow you to ride the winners longer. Im new to forex, (only been learning for a couple months) so it would be great to hear your thoughts!
I’m 14 and I’ve been trading stocks, options, futures, and forex for almost 4 years. How do I land a finance internship and where do I look? Should I wait a little bit longer?
I'm 14 and I've been trading stocks, options, futures, and forex for almost 4 years. How do I land a finance internship and where do I look? Should I wait a little bit longer? Ever since I was in 7th grade, I started to learn about trading because of video game trading. I remember trading many in-game items and selling them to 6th graders for cash. Every night, I would stay up in the video-game item auction websites ( scrap.tf ) because there would be fewer bidders and, therefore more opportunities to snag some good deals. I didn't even play video games at that point, and I only liked trading video-game items. One evening my mother said, "If you like trading so much, you should learn about the stock market.". From then on, I was hooked. So every day after school, I would spend hours watching videos to not understand it, researching it, writing notes, and continuing to expand my knowledge. After about 1.5 years, I was quite knowledgeable and parents that I had given presentations to were very impressed (This was a middle school project where you would present on something you're interested in). Some parents couldn't understand a word I was saying. Near the end of 8th grade, my father wanted to give money to trade with (>$1000) and during the summer I had almost doubled his money. During freshman high school, I would go to the library and open my laptop and just trade. I made about $60-$200 a day and some days I lose money. Although since I managed my risk, my reward outweighed my risk. Trading is just as much, if not more as a mental game than a numbers game. During my freshman year, my father wanted me to manage his retirement fund, and by then, I knew how to read financial statements and do fundamental analysis very well. We are currently 30% up with me joining in January 2020. Although it was sad to find out my father had lost quite a bit of money in his account statement, but now his account is finally positive. Because of this, my mother now encourages me to "monitor" my father which is hilarious considering my age. When I grow up, I want to be a financial analyst or start a prop shop (a type of trading firm), go into real estate (another story for later), and achieve financial freedom. For now, I want to apply for internships to gain some work experience in finance and I have some unanswered questions. - P.S Sorry for any grammar issues I may have missed. English class was never my strong suit. Questions:
What route should I take? Trade school? Finance or accounting in college?
How do I get some finance-related internship as a high schooler?
Is this even possible?
Should I wait a little bit longer?
Where do I look?
What route should I take? Trade school? Finance or accounting or both in college?
Most fund managers state that they diversify to reduce portfolio risk. That is not the reason for us to trade as many classes of assets as possible. We diversify using several DeFi platforms for the following two main reasons:
More trading opportunities:
Trading cryptos as an asset class gives the trader the benefit of only one market. In the past five-plus years since our fund managers started trading cryptocurrencies, the crypto markets are highly correlated most of the time. Almost all of them move up and down at the same time. Furthermore, the market moves sideway 70-86% of the time.
We trade both long (buy) and short (sell) positions during the relatively rare periods the market is trending. All of our trading strategies are determined by Market Types and we stay away from choppy markets because we are not good at catching the relative highs and lows of small movements.
The result is that we were out of the market most of the time. This is also why sometimes you see no trading Signals when you visit here.
By adding stocks and commodity futures to the trading baskets, we have more opportunity to stay in one of the moving markets.
Providing easy access to multiple-asset classes to overseas traders: Mos of our clients have existing investment portfolios and are seeking more exposure to assets not available in their home country. However, it has always been expensive for institutional traders, and basically impossible, for smaller retail traders to have global market access. The cost is too high, plus it is geographically and politically impossible for most of the people in less developed countries. Through smart-contract-enabled synthetic assets, decentralized finance platforms are offering anyone a chance to trade stocks, commodity futures, and any liquid assets in the world.
What about risk control?
Using diversification as the means of risk control is ineffective. It is often used as an excuse for incompetence. Risk control is the starting and the endpoint of all of our trading strategy and portfolio management decisions. We use different risk control methods as the main ways to achieve trading objectives.
Every trade goes through the Risk Engine before it was generated by the Decision Engine, and it is the Risk Engine that gives the Order Server the final approval before an open order is sent.
After a position is established, the Risk Engine actively monitors the position against its original trading objective with a continuous new price feed.
In short, we consider the risk control is the single most important factor in trading success more than anything else. For more trading/investing information, visit iob.fi DAO
Download Free Forex Market Hours Monitor v2.11 (535KB) Last update: October 5, 2006. This is a simple program aligned to Eastern Standard Time. Download Free Forex Market Hours Monitor v2.12 (814KB) Last update: April 20, 2007. Time zone option is added for most of North American and European countries. Forex market Strength indicator is a powerful tool for trading forex. If you use currency strength you can archive good performance for your trading history. Currency strength depends on the economic & political decisions of the country. If the currency becomes too strong we must buy that forex currency. If the currency becomes too weak we must sell that currency. Monitoring The Forex Market Manually . It is possible to monitor the forex market without any alert systems at all. All you have to do is know when the main trading session or Asian trading session starts in your time zone. Then, you can check the market condition every 15-20 minutes manually. Forex trading involves risk. Losses can exceed deposits. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Forex MT4 Indikatoren – Anweisungen zum Herunterladen. Markt-Monitor – Indikator für MetaTrader 4 ist ein Metatrader 4 (MT4) Indikator und das Wesen der Forex-Indikator ist die akkumulierte Verlaufsdaten zu transformieren. Markt-Monitor – Indikator für MetaTrader 4 sieht eine Möglichkeit, verschiedene Besonderheiten und Muster in Preisdynamik zu erkennen, die mit dem bloßen Auge ... Live Trading Sessions. Don’t forget bookmark/favorite this Page (Trading Session Schedule): Hit “CTRL + D” on your keyboard. Forex trading hours – time period that is made up of a day of business in the financial market, which covers periods from the opening bell to the closing bell. Read more about Forex Trading Hours clock. Forex Market Hours – LIVE: Forex Market Hours - online version. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 : London Forex market monitor includes an economic calendar, live forex quotes, time zones and a forex sentiment indicator in a detachable window. Forex Market Hours Monitor allows you to monitor the Forex market in the world: London, New York, Sydney, Tokyo. A dialog box displays the larger negotiating sessions and allows management hours. The Forex market remains open around the world for 24 hours a day with the exception of weekends. Before the Internet revolution only large players such as international banks, hedge funds and extremely wealthy individuals could participate. Now retail traders can buy, sell and speculate on currencies from the comfort of their homes with a mouse click through online brokerage accounts. There ...
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