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The Active Forex Traders Discussion

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P3HSB

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Wtf I didn't get this notice yet? This isn't good. I will close my account :(

I just got the email today. I'm not sure what to do at the moment. I still have an open position with GPB/USD that still in negative.

@CarrieW are you still holding your EUR/USD pair and your AUD/USD? If you close your account does that mean your going to take the entire loss?
 
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CarrieW

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Yeah. I closed the aud a few times for profit but I have 2 open trades. Aud/usd. Eur/usd. If I close it yeah I will take the loss. I would rather lose it now then have it drained in fees :( I checked my email and I have nothing yet... Are you in the USA?

Sent from my VK810 4G using Tapatalk
 

P3HSB

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Yeah. I closed the aud a few times for profit but I have 2 open trades. Aud/usd. Eur/usd. If I close it yeah I will take the loss. I would rather lose it now then have it drained in fees :( I checked my email and I have nothing yet... Are you in the USA?

Sent from my VK810 4G using Tapatalk

Yeah, I am in the U.S.

You won't be drained in fees. If you have a balance of less than $2000, you automatically get switched over to a mini account. There are no fees associated with maintaining a mini account. The only problem is that it is dealing desk execution model.

If you want to remain with a standard account (which is what everyone has at the moment), you have have to maintain a minimum of at least $1500 or you will be charged with a $10.00 monthly maintenance fee. Standard account is NDD.
 

CarrieW

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Ohhhh!!!! Idc what kind of desk they have me on. I wish I could see the email. I'm on with live chat right now too I panicked lmao
 
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Duley

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Hi all! New here to the Forum, glad to see there's a trading thread where everyone isn't tearing the idea of trading apart. So here goes a quick intro...

So as all of you, I'm still learning, every day. I work a 9-5, so I'm up at 430 to get to the gym then spend some quality time with the London close and NY open. In the evening I spend more quality time with the charts and trade the Asian session. (I tend to go with daily and 4hr charts, sometimes 1hr)

I use FXCM as my broker and I also use Tradingview for web-based charts. Tradingview allows me to easily access charts from anywhere and set alerts and it also acts as an interactive trading journal. I also use MyFXbook for analytics.

My current goal is 1% a week, I still backtest stuff, I try out new strategies on demo accounts first, all the boring stuff. This is because many years ago I blew up a stock account. I was great at analyzing financial statements, but I was clueless about technical analysis, stops, entry or any sort of risk management. Basically, no plan.

So this time with forex I'm educating myself, not swinging for the fences and paying attention to mental aspect of trading as much as the technical part of it. I think trading is a lot like losing weight or getting in shape, there's lots of systems out there that work, but you have to actually follow them. We are often our worst enemy.

Got it figured out? Hell no. Do I think this will at least replace and surpass my current job 5-7 years down, definitely.

Trading books: Trading in the Zone, Market Wizard books. Currently reading "Understanding Price Action" by Bob Volman.

That's it for now. Looking forward to chatting with everyone. Keep grinding!
 

ddinnov

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Hi all! New here to the Forum, glad to see there's a trading thread where everyone isn't tearing the idea of trading apart. So here goes a quick intro...

So as all of you, I'm still learning, every day. I work a 9-5, so I'm up at 430 to get to the gym then spend some quality time with the London close and NY open. In the evening I spend more quality time with the charts and trade the Asian session. (I tend to go with daily and 4hr charts, sometimes 1hr)

I use FXCM as my broker and I also use Tradingview for web-based charts. Tradingview allows me to easily access charts from anywhere and set alerts and it also acts as an interactive trading journal. I also use MyFXbook for analytics.

My current goal is 1% a week, I still backtest stuff, I try out new strategies on demo accounts first, all the boring stuff. This is because many years ago I blew up a stock account. I was great at analyzing financial statements, but I was clueless about technical analysis, stops, entry or any sort of risk management. Basically, no plan.

So this time with forex I'm educating myself, not swinging for the fences and paying attention to mental aspect of trading as much as the technical part of it. I think trading is a lot like losing weight or getting in shape, there's lots of systems out there that work, but you have to actually follow them. We are often our worst enemy.

Got it figured out? Hell no. Do I think this will at least replace and surpass my current job 5-7 years down, definitely.

Trading books: Trading in the Zone, Market Wizard books. Currently reading "Understanding Price Action" by Bob Volman.

That's it for now. Looking forward to chatting with everyone. Keep grinding!

Welcome to the forum. I've been at this for a while as well, it works when you put the time and effort into it. I'm honing and ironing out my trend trading on 4h/1h charts using price action. Using different types of entry for different types of market condition (volatile/non-volatile, high/low momentum, is price reacting to levels yes/no, etc etc). I'm testing on forex tester 2 which has all the charts from 2000 up till today which you can trade as though it's real time and fast forward etc. Basically do all your demo trading in hours/days instead of months/years and get those hundreds and thousands of trades you need to test and solidify an edge and get your numbers where you need them to be. If you have time over the Xmas period I highly recommend it.

When my trend trading is where I want it to be (4+ % a week with swing trading not day trading, catching 3-4-5:1 R:R trades with a decent 40-50% win rate) I'll get more into ranges, breakouts and lower timeframes - maybe even delve back into Elliot wave....

If you're after some solid education material I'm having the best success with Chris Capre (2nd Skies). Got some great free material. Those books you are reading are good, I've read them as well.
 

Duley

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Welcome to the forum. I've been at this for a while as well, it works when you put the time and effort into it. I'm honing and ironing out my trend trading on 4h/1h charts using price action. Using different types of entry for different types of market condition (volatile/non-volatile, high/low momentum, is price reacting to levels yes/no, etc etc). I'm testing on forex tester 2 which has all the charts from 2000 up till today which you can trade as though it's real time and fast forward etc. Basically do all your demo trading in hours/days instead of months/years and get those hundreds and thousands of trades you need to test and solidify an edge and get your numbers where you need them to be. If you have time over the Xmas period I highly recommend it.

When my trend trading is where I want it to be (4+ % a week with swing trading not day trading, catching 3-4-5:1 R:R trades with a decent 40-50% win rate) I'll get more into ranges, breakouts and lower timeframes - maybe even delve back into Elliot wave....

If you're after some solid education material I'm having the best success with Chris Capre (2nd Skies). Got some great free material. Those books you are reading are good, I've read them as well.

Thanks! Trading is definitely a skill. Feels a lot like learning to play an instrument, difficult but doable with practice and training.

I'll check that out for the back-testing, appreciate the tip. I'll also check out the education material.

Thanks again,
JD
 
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CarrieW

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Anyone still around?? Still kicking here. Not much progress to report here. If your out there check in tell everyone what's going on in your world's today!
 

ddinnov

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I'm getting my hours and trades in on Forex Tester 2 - looking to make a few thousand trades and eventually "10,000 hours". Approaching about 50 hours so far and about 600-700 trades...

Really seeing my problems (impatience, over trading, trying to force the market) for what they are :banghead:, this is tough, long and painful work but at least it's not costing me any money and I can do about 50 trades in an hour on FT2. Although 50 trades/hour isn't getting the numbers to where I want them to be, need to sit out watch and wait a lot more. But I'm only about 50 hours into however many it takes until I'm consistently doubling and tripling accounts. Just a matter of time :smoking:
 

P3HSB

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hey guys! I'm still here. So here is an update. This month I was able to pull in 7% returns. It is my biggest month so far. I cut down most of the pairs I traded as I realized I was losing money on them. Now I mostly trade EUR/USD. I am starting to get more consistent. My entries are getting better. Exits not so much. I tend to take profits to early (emotions get in the way). One thing I have notice that helps me a lot when trading EUR/USD is to actually look at the DXY chart. If DXY goes up the EUR will fall. Then I do all of my analysis on both charts and try to line up the next move.

Currently I have no open trades. My last trade was on monday 3/21/2016.I just made a $1000 deposit to fxcm yesterday. It is bank holidays so not much going on right now. I will be watching for the EUR/USD to pop back to the upside waiting for a retest around 1.13400 lvl or 1.14700 lvl.

Also something I realized. FXCM mini accounts no longer is supported with myfxbook, which is a total bummer :(. I talked to the reps and they said you have to upgrade to a standard account in order for them to re-enable the API function so you can publish through my fxbook.
 
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BlokeInProgress

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Hi everyone,

Previously started learning forex 5 years ago when I was back in AU (got training in Sydney) but stopped after my contract ended and I had to go back to my home country. Now, after 5 years, I'm starting all over again.

Started reading "Forex Trading" by Jim Brown and gonna get all my references previously. Now, spending 1-2hrs a day learning.

Glad to meet you all and happy trading! :)
 

CarrieW

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Hey everyone! Idk why but I am not getting notifications of posts :( was hoping to see activity! I'm still trading kind of... nothing much to report really. I was sent a request from my broker asking to verify my soc # and I totally forgot to send it in on time so my account is technically suspended. I have 2 open trades that I must call in manually to close then I can reopen a new account. They won't just release my current account with the info so that kinda sucks. I can not make new trades n I'm stuck with my funds in my old account and all I can do is wait to close the account totally and transfer my $ into a new one. Unless I just make another deposit which I don't really want to do. So I sit n wait for now...
 

BlokeInProgress

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Hey everyone! Idk why but I am not getting notifications of posts :( was hoping to see activity! I'm still trading kind of... nothing much to report really. I was sent a request from my broker asking to verify my soc # and I totally forgot to send it in on time so my account is technically suspended. I have 2 open trades that I must call in manually to close then I can reopen a new account. They won't just release my current account with the info so that kinda sucks. I can not make new trades n I'm stuck with my funds in my old account and all I can do is wait to close the account totally and transfer my $ into a new one. Unless I just make another deposit which I don't really want to do. So I sit n wait for now...

Ouch! Well, I agree with you, that kinda sucks!

I have question though for all you guys, as a beginner, would you recommend that I start with micro lots or just a DEMO account? At least, in a micro lot account I can have my feet wet a bit and have a feel trading with real cash. Your thoughts?
 
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BlokeInProgress

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Just wanted to provide updates on my progress:

Forex Trading - Jim Brown (Complete)
High Probability Trading - Marcel Link (In-progress)
Opened DEMO account for practice (Complete)

:D Happy trading to all!
 

DedicatedLester

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Hi everyone,

I've mostly been lurking in the entrepreneur side of the forum and never really knew there was a Forex thread/group until now! Here's a little back story on me on how I got into Forex...

Starting out:
I read MJ's book and Rich Dad Poor Dad in my last year in undergraduate. Got really into craving out my own path and actually quit my path on medical school to become an investor. Looking back on it, it was pretty crazy. I started out in real estate - wholesaling. Basically doing arbitrage for the real estate investors. I didn't like the whole scouting for properties physically and scouting for investor leads.

So, I looked into the financial markets. I picked Forex due to the low capital requirements, unlike the stocks where you need like $80k-$100k to day trade for income. Luckily, I found a prop firm to hire me. They wanted some of my skin in the game and taught me from a small account. Funny part is their trading system didn't really connect with my personality, so I quit to go on my own. This was like 2 years ago, and I only stayed with them for around a year.

Only recently, like 7-9 months ago, I learned how to be more quantitative in my approach and really got a system that I like to trade and can improve over time.

Fast forward to now, I am 4 months going with my system live. There's been a ton of volatility (getting like ~15% return monthly swings), but at least the portfolio is performing to expectations. If all goes well, I plan to market it to investors to start a trading firm and eventually hedge fund later down the line.

I'm just really happy to have found another group of like minded individuals in Forex! I hope to continue learning and growing with everyone here, for trading can get taxing at times xD
 

DedicatedLester

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FXCM is transferring all standard accounts to a mini account on august 28,2015, if you have a balance of less than $2000. If you want to remain with a standard account you have to maintain an equity above $1500 or you will be charged a monthly fee of $10.00. Mini accounts are dealing desk execution while standard account is no dealing desk.

I heard a lot of bad things about dealing desk execution model. I'm not sure whether I want to accept the change to a mini account or deposit more money and keep it a standard NDD. I'd hate to deposit more money into something that is not working for me atm. This is frustrating :mad:
I trade on FXCM too. If you guys still trade there, I can PM you the info of an introducing broker I use. Under him, accounts are standard regardless of balance size.
 
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BlokeInProgress

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Hi everyone,

I've mostly been lurking in the entrepreneur side of the forum and never really knew there was a Forex thread/group until now! Here's a little back story on me on how I got into Forex...

Starting out:
I read MJ's book and Rich Dad Poor Dad in my last year in undergraduate. Got really into craving out my own path and actually quit my path on medical school to become an investor. Looking back on it, it was pretty crazy. I started out in real estate - wholesaling. Basically doing arbitrage for the real estate investors. I didn't like the whole scouting for properties physically and scouting for investor leads.

So, I looked into the financial markets. I picked Forex due to the low capital requirements, unlike the stocks where you need like $80k-$100k to day trade for income. Luckily, I found a prop firm to hire me. They wanted some of my skin in the game and taught me from a small account. Funny part is their trading system didn't really connect with my personality, so I quit to go on my own. This was like 2 years ago, and I only stayed with them for around a year.

Only recently, like 7-9 months ago, I learned how to be more quantitative in my approach and really got a system that I like to trade and can improve over time.

Fast forward to now, I am 4 months going with my system live. There's been a ton of volatility (getting like ~15% return monthly swings), but at least the portfolio is performing to expectations. If all goes well, I plan to market it to investors to start a trading firm and eventually hedge fund later down the line.

I'm just really happy to have found another group of like minded individuals in Forex! I hope to continue learning and growing with everyone here, for trading can get taxing at times xD

hey there! Welcome to the thread!
I'm also new to this thread and starting out my trading adventure. 3-4yrs ago I got introduced and I got to learn from attending a course but unfortunately I decided to focus on another venture. Now, I'm beginning again, struggling 'coz of the time I spend working (working during night shift) but little by little I'm getting back. I'm re-reading Jim Brown's book and this time I'll take notes and write some reviews about the topics I learned as part of my contribution to others who wants to get started too.

Keep in touch with updates! Good luck and do best in your trading!
 

DedicatedLester

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I'm re-reading Jim Brown's book and this time I'll take notes and write some reviews about the topics I learned as part of my contribution to others who wants to get started too.
Thanks for the welcome! I never even heard of Jim Brown until now and saw it has really high reviews on Amazon. Makes me feel silly for not knowing about it before xD.

Remember making money from Forex is a skill and that skill compounds the more you stick to it. Looking forward to your findings! I'll chip in on what I can from the research I've done so far, just to add something to compare it to.
 

DedicatedLester

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There might be a few beginner traders still around here. In my other trade groups, some of the newer traders got their accounts whipped out due to poor risk management. I hope everyone didn't get hurt by that GBP fall.

In my case, I got a nice ~20% gain from that dip (screen shot included from my phone). Remember, a good way to last in trading is to always risk a small amount and let those gains compound. It's not as sexy as making a million in a second from $1000, but it's a good place to start. Hope yall got a nice piece of GBP too!
 
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Marquin Brewer

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There might be a few beginner traders still around here. In my other trade groups, some of the newer traders got their accounts whipped out due to poor risk management. I hope everyone didn't get hurt by that GBP fall.

In my case, I got a nice ~20% gain from that dip (screen shot included from my phone). Remember, a good way to last in trading is to always risk a small amount and let those gains compound. It's not as sexy as making a million in a second from $1000, but it's a good place to start. Hope yall got a nice piece of GBP too!
That's was a nice trade. I am a forex trader as well still kind of green but I was given some valuable training and one course I purchased. You must develop money managements skills and you must get chart time in to learn how to read chart movement.
 

Marquin Brewer

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i just started my forex journey so we will keep in touch!
Hey fellow trader, I have been trading for about 4 months now so I'm green but starting to change color...I use naked price action and one ema no fancy indicators or Rsi I ditched all that stuff the cleaner your charts are the better you can read price movement the better. Good trading bro..
keep me posted
 
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apatel

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Hey fellow trader, I have been trading for about 4 months now so I'm green but starting to change color...I use naked price action and one ema no fancy indicators or Rsi I ditched all that stuff the cleaner your charts are the better you can read price movement the better. Good trading bro..
keep me posted
sounds interesting and i will keep that in mind for myself. as i go deeper i will keep you posted and we can throw around tips/ideas. happy trading my man!
 

DedicatedLester

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That's was a nice trade. I am a forex trader as well still kind of green but I was given some valuable training and one course I purchased. You must develop money managements skills and you must get chart time in to learn how to read chart movement.
Money management is so key. It can actually make a winning strategy a losing one. For example, Alexander Elder learned this lesson, when he was first starting out. Like he was trading with a certain lot size, and he started winning consistently after his account reached X level.
 

DedicatedLester

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Hey fellow trader, I have been trading for about 4 months now so I'm green but starting to change color...I use naked price action and one ema no fancy indicators or Rsi I ditched all that stuff the cleaner your charts are the better you can read price movement the better. Good trading bro..
keep me posted
Back when I was learning price action, I read the Bob Volman books. They are written for 1 min- 5 min time frame, but, as you already know, price action is universal.
 
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BlokeInProgress

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Hey guys, whats up?

Just wanted to give you guys an update, I've attended 2 seminars in my place about Forex Trading. One is something to do about Fundamental AnalysisTrading while one...I think is more in the middle (Tech and Fund Analysis). Well, here's actually what I've observed.

These so called seminars are just big sales funnels, I think both of the company are more of a sales company rather than a trading company. The fundamental seminar is a bit of unorganized from the place, the speaker to the presentation. The other is bigger, great place, good speaker, good quality videos but both builds hype and promises you a fast easy way of trading from their bootcamp (2 days to a week). I don't believe you can be as good as they say in a week of trading. The 2nd company is interesting...they actually have their own brokerage which gives you sort of a refund (rebate) for the charges they give on each trade (they charge 10% each trade which is I think really really huge!) when...again when...you trade with other people's money! That means, you get to recruit your friends to invest their money in you and you manage their fund. As a return, 50% of what the company charges in your managed account goes back to you. hmmmmm...promising for some, but I think I'd pass. :p

I can see now how their business model is!

Edit: edited spelling
 

fhs8

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Forex trading is complete waste of time and money. Before even thinking about dipping your foot in Forex I would gain an understanding in standard deviation/volatility and theoretical ROI. Forex is a zero sum game which means the theoretical ROI is zero plus trading costs and spread. The higher volatility is the faster you'll lose money on Forex. Leverage is a multiplier for volatility.

Money management or any strategy is completely hopeless. All systems will fail. If someone made money it means that they got lucky.

Stops reduce volatility but also reduce the chance of getting lucky and making money. It's actually much more likely for someone to win a million dollars by betting $1 on slot machines instead of $10 on blackjack games. If you know math and standard deviation then you'll know that I'm right.
 

BlokeInProgress

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aaauuugggghhhh :arghh: i flunked math and statistics in college. im dead then! :dead:
 
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DedicatedLester

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Forex trading is complete waste of time and money. Before even thinking about dipping your foot in Forex I would gain an understanding in standard deviation/volatility and theoretical ROI. Forex is a zero sum game which means the theoretical ROI is zero plus trading costs and spread. The higher volatility is the faster you'll lose money on Forex. Leverage is a multiplier for volatility.

Money management or any strategy is completely hopeless. All systems will fail. If someone made money it means that they got lucky.

Stops reduce volatility but also reduce the chance of getting lucky and making money. It's actually much more likely for someone to win a million dollars by betting $1 on slot machines instead of $10 on blackjack games. If you know math and standard deviation then you'll know that I'm right.
The same could be said about futures and commodities.
 

DedicatedLester

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Hey guys, whats up?

Just wanted to give you guys an update, I've attended 2 seminars in my place about Forex Trading. One is something to do about Fundamental AnalysisTrading while one...I think is more in the middle (Tech and Fund Analysis). Well, here's actually what I've observed.

These so called seminars are just big sales funnels, I think both of the company are more of a sales company rather than a trading company. The fundamental seminar is a bit of unorganized from the place, the speaker to the presentation. The other is bigger, great place, good speaker, good quality videos but both builds hype and promises you a fast easy way of trading from their bootcamp (2 days to a week). I don't believe you can be as good as they say in a week of trading. The 2nd company is interesting...they actually have their own brokerage which gives you sort of a refund (rebate) for the charges they give on each trade (they charge 10% each trade which is I think really really huge!) when...again when...you trade with other people's money! That means, you get to recruit your friends to invest their money in you and you manage their fund. As a return, 50% of what the company charges in your managed account goes back to you. hmmmmm...promising for some, but I think I'd pass. :p

I can see now how their business model is!

Edit: edited spelling
Yeah, it goes to show you where there's a lot of money comes a lot of scammers too. The rebate thing is kind of nice.

Linor, what time frame do you trade on? I'm thinking of giving up the 1 minute time frame for scapling with $1k account size. It seems to only work after having $10k+ account. The difference comes from fees and commissions. Anyone ever experience stuff like this?
 

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