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First Steps in Forex Trading – Basic Terminology - FX Leaders
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/r/Forex Trading Community
Welcome FXGears' 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.
Halfway through babypips course, I decided to open a demo account of £3000. Today I placed my first trade. I used EMAs and trend lines to analyse. Price looked like it was starting to reverse. I noticed my 10ema and 20ema were becoming close and a crossover was looking likely plus the price also broke resistance. Although I probably should have been more patient and allowed price to bounce and the crossover to happen I just wanted to place my first trade. I used a risk ratio of 3:1 and set my tp 30 pips above buy price and sl 10 pips below buy price. I used a lot size of 0.38 so I could only risk 1% of the account with a 10 pip stop loss. This was probably a fluke and my strategy wasn't thorough enough to predict the uptrend continuing but hey it was exciting to see my first trade hit tp. I think I could have modified my sl during the trade to make it risk-free whilst also altering the tp to continue riding the trend and maximise profits. However, I had a plan and stuck to it. let me know your thoughts :D https://preview.redd.it/jjcqx2qj4w351.png?width=1920&format=png&auto=webp&s=6f6c3de91391ca8f7e976be136ac42700194d493 https://preview.redd.it/diwa2y9p0w351.png?width=750&format=png&auto=webp&s=18f955a3d1255688e46b45fdd63343df4a9b9487
Have you been struggling to start your first Forex trading so far? Do you know where and who to consult for the highest Forex trading index? If you want real-time solutions to your Forex trading problems, it is time to come to http://dominion24.esy.es/register-for-webinar/.
How i came up with my first Forex Trading Strategy
You don’t necessarily need full blown strategy to start back testing. This is what I did. You can take it for what its worth. When I came up with my first strategy.
Decide if you would like to come up with one of the following ( if you are new, stick one of these until you have mastered this)
a. Trend Continuation b. Trend Reversal I would advise newbies to start with Trend continuation since Reversal are bit more complicated and you need to take a lot of things into consideration
I picked Trend continuation. From here it’s an open playing field. But keep in mind that we are still building a strategy. I’m a technical trader who uses candlestick signals to alert me on a possible trade. That’s said for now you are going to focus on two candlestick signals. Let keep it simple and focus on Engulfing candles and Hammer Candles
Now that you know what time of candles sticks you will be focusing on let’s get deeper into the strategy building part. I will be discussing a LONG(Bullish) strategy but reverse this if you want to build a SHORT(Bearish) strategy . In order for price to confirm that the we have Bullish trend we need to first see price making at least one higher Low and a higher High. So using a web application such as Tradingview you will go back in time on a Forex pair to point where the price has a Higher Low and a Higher High.
At this point once price has formed a higher high we analysis how price acted. Most of the time following a higher high price would pull back to a key level. This level could a previous resistance now turn into the support level or key Moving Average. This where you need to be creating and start adding and removing Moving average(MA). In my opinion keep it simple and stick to 2 -3 MA’s. For an example let say once the price formed a Higher high price pull back to a 20 EMA and a support level and printed Hammer candle stick signal. In your next step you want to go back in time may 3 -5 years check to see how price acted every time your criteria was present. NOW THE BACK TESTING STARTS. You want to document every win and loss to understand the W/L Ratio. You can even add an indicator such as MACD, Stoch and RSI as an added level of confirmation. All in all keep the indicator to a minimal and NEVER GET INTO A TRADE BECAUSE YOUR INDICATORS LINED UP. PRICE IS KING.
From this point on keep documenting the process and revising your strategy still you have a working back tested strategy
GERMAN BANK AND STEEL CONGLOMERATE PERFORM FIRST FOREX TRANSACTION WITH THE HELP OF BLOCKCHAIN TECH
Commerzbank, one of the major German banks, and Thyssenkrupp, one of the biggest steel conglomerates in the world have made the first forex transaction with the blockchain technology application. The transaction was then confirmed directly through Corda, a distributed ledger technology (DLT) of the R3 blockchain consortium. The transaction was then confirmed directly through Corda, a distributed ledger technology (DLT) of the R3 blockchain consortium. The use of blockchain technology, which underpins the Bitcoin virtual currency, could help reduce delays and manual errors, as well as “significantly reduce operational risks in foreign exchange transactions”, according to the the Commerzbank website. This eliminates the need for transaction synchronization because the transaction is stored as a single, unchangeable record. The blockchain allows eliminating delays and numerous errors with money transfers, as well as eliminates high costs and fees paid to intermediaries.This transaction symbolizes a very important step in the introduction of the blockchain technology into the banking system and the traditional financial world.https://www.digixhub.com/german-bank-and-steel-conglomerate-perform-first-forex-transaction-with-the-help-of-blockchain-tech%E2%80%8B/
I am going to learn Forex and Futures. Which should i learn first. I understand the Forex is currency and Futures are commodities and such. What are the pros and cons of each? Which is more risky? Which is easier to learn? Which has the potential for bigger profits?
I'm newly interested in Forex. I'd like to say it's the possibility of another income stream that attracts me, but honestly it's the stories of rapid wealth that first caught my eye. I want to tell myself that I'll practice proper risk management, risk no more than 2% a trade and all that, but either that seems much easier said than done or it's still not enough. So I want to ask, how did you guys blow up or lose heavily on your early or current accounts. Was it simply a case of greed and overleveraging, shady brokers stopping you out, or simply a steady trickle of accumulating losses? Certainly there are people who can make a decent return in this business, but I'm interested in what keeps most people from doing so in the long run.
First Forex Trade: A domain with unlimited potential.
Gold is a store or wealth. Silver is gold for the common man. Domains are a new frontier for anyone who cannot afford gold or silver. I started collecting domain names several years ago and the only guidance I had was a “Domains for Dummies” book. The book gave me some basic information that had value. I have learned to take whatever information available and appreciate that information for whatever value it has. That being said i have have two unsolicited contacts for the my modest domain portfolio. Being new to the domain industry I thought I could hold out for what I felt was the true value of the domain. That was before I knew of domain evaluation tools of which some are free and some have monthly charges. Anyhow, I realize now that the offers I received were probably in the ballpark of where they should have been ( at that time ). So what I learned is to now reach out to a community of interested individuals to present my domains in what I hope is an interesting presentation and allow the crowd to initiate conversations and submit their bids according to the conceived value. As previously mentioned I have come to appreciate the value of domains. Some people compare domains as a everyday portfolio of wealth in that the domains can be held for future appreciation in industry specific niches and or for new niches that arise in the marketplace, business world and or through technological innovation. And then of course there is always the far reaching vision of those that see a perfect match or even not so perfect match of a domain name from which a website can be developed and maybe sold for significant appreciation. Anyhow, just my thoughts. Ron.
CashbackUSD Become First Forex Introduce Broker to Pay with Bitcoin.
CashbackUSD Become First Forex IB to Pay with Bitcoin. The CEO of CashbackUSD! said they started to use Bitcoin as an payment from Jun 2014. He said Dogecoin is popular in the virtual currency market and Dogecoin transfer is faster than other virtual currency. The transfer fees is very low and cut down operation costs. We find that the Cashbackusd.com also use the Bitcoin and Litecoin as the payment methods. The CEO said people open an forex trading account with CashbackUSD and easy to get forex rebates. They pay money through Bitcoin or Dogecoin and clients receive it all over the world. The whole process will be done in 15 minutes. The CEO said it's the perfect union of forex trading and virtual currency.
CashbackUSD.com Become First Forex IB to Pay with Dogecoin.
The CEO of CashbackUSD.com said they started useing Dogecoin as an payment from Jan 2014. He said Dogecoin is popular in the virtual currency market and Dogecoin transfer is faster than other virtual currency. The transfer fees is very low and cut down operation costs. We find that the Cashbackusd.com also use the Bitcoin and Litecoin as the payment methods. The CEO said people open an forex trading account with CashbackUSD and easy to get forex rebates. They pay money through Bitcoin or Dogecoin and clients receive it all over the world. The whole process will be done in 15 minutes. The CEO said it's the perfect union of forex trading and virtual currency.
The very first step when in making your first forex trade is opening the trading platform. Step 2 - Open the Chart . Now choose a currency pair and open a chart. Select a timeframe. In this case, we are going to use a 15-minute time frame. Each candlestick on the chart represents 15 minutes of time. Four steps to making your first trade in forex. Now that you know a little more about forex, we’ll take a closer look at how to make your first trade. Before you trade you need to follow a few steps. 1. Select a currency pair. When trading forex you are exchanging the value of one currency for another. Latest News: Course Updated Again in July 2015 (MT4 Build 840+) Learn to program in MQL4 and develop, test, and optimize your own algorithmic trading systems. This course assumes no prior programming or Forex knowledge, just a desire to learn and be successful In the first section of this course we will install MetaTrader 4, […] Chapter 2 of the FX Leaders trading course: First steps in Forex trading – basic terminology. To trade Forex signals successfully, learn about currency pairs, types of orders and PSML - pip, spread; margin and leverage. First Steps in Forex Course Content Module 1 – Understanding the Forex Market. 10 video units of learning to enable you to get a better grasp of how the Forex market works including how people profit risk management and an explanation of some of the Forex terminology that you must know. Module 2 – Developing a Forex Trade Entry System
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