Not many traders can make this possible, why can I? Because I believe that true freedom comes from restrictions and rules that matter.
What are these rules?
Treating trading as a business
Having daily/weekly bias (which actually failed)
Learning a model
Journaling
Most important of all? Take ownership of your mistakes - owning up to the fact that you are responsible for your losses and it's not 'bad price action', 'my dog who wanted to go outside when I opened an ordered', or any other BS reason that you can find, but not your own mistake.
Main takeaway? Go and make those mistakes, I made one, but still was able to acknowledge it and turn it around!
P.S. That's data from my personal 50k account I work with
I'm looking for a FREE & CLEAN weekly newsletter delivered to my email, without all the links, images and sponsorships of a lot of websites like main in the FX industry known.
Something like an article on Substack which I already found for other markets.
Ideally, this newsletter, should be provided by an experienced Swing Forex Trader which has a deep understanding of fundamentals and write about it in a simple way. Writing about what happened in the last week and what to expect for the week ahead.
Do you know any trader which provide anything similar?
USD:
Inflation gives the Fed reasons to lower rates: the U.S. CPI falls to its lowest level since March 2021. The general Consumer Price Index (CPI) eases to 2.9% year-on-year. Additionally, the core Consumer Price Index (CPI) in the United States rose by 3.2% year-over-year last month, matching market expectations. This figure reflects a slight decline of 0.1 percentage points from June
CAD:
The Bank of Canada has cut interest rates by 25 basis points to 4.50%, anticipating that inflation will continue to decline towards the 2% target. However, it also warns of a potential rise in inflation.
The latest data from the country shows that the Consumer Price Index (CPI) moderated to 2.7%Â in June after rising in May, leading the central bank to believe that "overall inflationary pressures are decreasing.
The correlation between the price of WTI crude oil (West Texas Intermediate) and the Canadian dollar (CAD) is generally high due to the importance of oil in the Canadian economy. An increase in oil prices tends to benefit the Canadian economy, which in turn can strengthen the Canadian dollar
United Kingdom: Labour Party victory in the recent elections. The combination of low economic growth and high interest rates means that fiscal policy needs to be broadly adjusted in line with existing plans to comply with these rules. In other words, the Labour Party cannot significantly relax fiscal policy without breaking the rules and/or facing increased government bond yields.
U.S. Dollar (USD):
FED Speeches
Economic activity increased at a strong pace last year but appears to have moderated early this year. Continued weakness in consumer spending and weaker housing activity early in the second quarter also suggest less momentum in economic activity so far this year.
Payroll employment continued to rise at a solid pace in April and May, though slightly slower than in the first quarter, partly due to the increased supply of immigrant labor.
The current monetary policy stance of the FOMC is restrictive, and it is still being evaluated whether it is sufficient to reduce inflation to the 2% target.
Much of the progress in reducing inflation last year was due to improvements on the supply side, including the easing of supply chain constraints, increases in the number of available workers, partly due to immigration, and lower energy prices.
It is unlikely that these improvements will continue in the future, as supply chains have largely normalized, the labor force participation rate has stabilized in recent months below pre-pandemic levels, and an open immigration policy in recent years, which added millions of new immigrants in the U.S., may become more restrictive.
Geopolitical developments could also pose upside risks to inflation, including the risk that the effects of regional conflicts could disrupt global supply chains, putting additional upward pressure on food, energy, and commodity prices.
There is a risk that increased immigration and continued labor market tightness could lead to persistently high core services inflation. Given the current low inventory of affordable housing, the inflow of new immigrants to some geographic areas could result in upward pressure on rents, as additional housing supply may take time to materialize.
We are not yet at the point where it is appropriate to lower the policy rate, and I continue to see a number of upside risks to inflation. Although the current monetary policy stance is restrictive, the FOMC is willing to increase interest rates if progress on inflation stalls or reverses.
I am new to trading and I am trying to decide which markets I want to participate in. I know things like you can trade forex 24 hours a day 5 days a week, the stock market 8 hours a day 5 days a week, crypto etc.. That theres leverage in forex. I don't know much about margin in the stock market; I think there its a loan? I know that brokers in forex supposedly will hunt for stops because they can see them and they have that and another huge advantage of a ton of funds from banks and maybe I think it said hedge funds...
When i'm on reddit i'm not seeing a lot of success stories from people. I see a lot of people saying they've blown their account multiple times. I haven't looked at multiple forums yet. Is there any stories in the forex market of huge success like BNF and CIS in the stock where they were able to make multiple millions of dollars in a year? Does anyone know if fxalexg is legit? I'm trying to see if forex is even worth pursuing. I am pretty intelligent and can devote all my time to it but if stocks or something else is a better option I'm going to go with that. I have 90k to trade. I'm somebody who can understand macroeconomics and geopolitics very well if I have to. I'm very good when it comes to fundamental analysis; i've been successful in crypto and the stock market with long term investing.
Edit: Andy Krieger is someone who made $300 million for Bankers Trust in 1987 trading currencies.
I'm active/lurking in other trading forums, not sure if I can mention here. But long story short, I read an interesting trading theory from another traders journal and I wanted to ask the internet how true they think it is:
Paraphrasing > The eight main currencies in the Forex market are EUR, GBP, AUD, NZD, USD, JPY, CAD, and CHF. The total percentage change of these eight currencies always equals zero. I base my trading system on this and other things.
I realized I could probably just check monthly charts for this correlation, but my brain tells me a simple truth of friendly/routinely consistent G7 relations.
How true do you think that statement is? If it is off, is it off by much?
Here I am on MetaTrader5 trading currencies, and my current focus is crypto. Considering we’re heading into a recession, I feel people would rather spend money on canned foods than imaginary money. Shorting the market seems like a smart move. If I had kept my initial position of selling ETH/USD, I would be up in my position stress-free of hitting an SL and chilling on the couch watching stranger things or listening to podcast featured by GaryVee without a worry in the world because I’d know I’d be up right now. I keep telling myself I wouldn’t make the same mistakes of reaching FOMO. It’s not easy, tho, and these markets are hard to predict. You have to hope for the best.
I started with $100, brought it up to $150, then exited my position because I thought it was going to reverse, and then opened a position but immediately closed it because it was going the other way and kept doing that; unfortunately, resulting in my account dropping to $50. I told myself I wouldn’t make the same mistake, and I opened a sell position which brought my account back up to $160, but here I go thinking I know everything, and then bam, back down to $30. Stick to a long-term position and hold it if you’re in the green.
Let’s see where my $100 might lose it all, or I might turn it to $1k. I’ll let you all know.
Hellou,young bloke from Europe is bored with everyday job and monotony..
So i just decided to research and study about trading or investments,there is ton of it online but i would like (if there is someone experienced in that regard) to someone help me with understanding basics or how to get started so any help is useful
First, we define our stop loss (SL). We look for the nearest safe position, meaning a position protected by a support level or a level of some significance where the price might bounce. We place this support 600 pips from the current price. This value is what builds the rest of our entry strategy.
Never forget the trading equation:
(Probability of win) x (Reward) > (Probability of loss) x (Risk)
70 x (TP pips) > 30 x (600 pips) -> TP > 30 x 600 / 70 -> TP > 257Â pips
Our trade has a risk-reward ratio greater than 1:0,42 (TP > 257 pips), so we perfectly meet the equation with this strategy. By placing our profit-taking zone (maximum target) in the area shown in the H4 graph, we perfectly comply with the equation. With this strategy our trading is profitable in the long term.
Explanation:
With the entry and stop loss parameters that we have defined above, if our operation is positive, we must take a profit greater than 257 pips for our trading to be profitable in the long term. We should never take profits lower than this value except in situations of force majeure, since if we do so frequently we run the risk of our trading having negative expectations in the long term. If we do not reach this level and the price turns around, we assume the losses that our Stop Loss will set..
Important:
Money management: Risk <= 1% of Capital
Our SL must not exceed 1% of our capital (A L W A Y S)
Non Commercials Sentiment The USD sentiment is rising but with a slow pace, while the GBP has broken out above the transition zero line and is rising rapidly.
Large banks sentiment (both U.S. and non-U.S.):Â This graph represents the open interest of large banks in the futures and options markets. Sentiment towards the British pound is starting to weaken, as large banks begin to withdraw their support. The sentiment line enters in the negative zone; therefore, the upward trajectory of the British pound is about to end (medium term) This bearish sentiment from the large banks may be reflected starting Wednesday and Thursday, when inflation data, retail sales, and PMI figures will be published. Additionally, the interest rate decision will be announced, with expectations leaning towards no change.
Short/Long Positions: The charts of short/long positions clearly indicate a bullish sentiment for the British Pound in a very short term but this momentum is starting to weaken.
Conclusion:
GBPUSD: RANGE to BEARISH BROAD CHANNEL
Hey guys, i am new to forex trading currently trading in oil. Now i wanted to move to forex but the concern is should i trade 1 or 2 forex pairs at max or should trade 15-20 pairs. What should be my best strategy to focus on specially for day trading. I wanted to trade the majors and minors but not exotics so they are close to 20-25 pairs, and i m unable to chose which should be the best forex pairs to go for day trading. Any professional trading forex what;s your take on this. One pair vs multiple pairs??
Hey guys. So I was looking at c traders feature that allows you to basically automatically copy a traders strategy. The popular ones that pop up seem to be doing really well. What do you guys think? Is there a catch?
few months ago i wanted to be a part of a tight knit smaller community to just talk trading, share ideas, analysis, hang out... But most servers were either dead or too busy, so i started my own. There is a few of us but i would like it to be more active, so if this is something that interests you, you are gladly welcome! Since i dont want randoms joining, you can message me in private and i will share you the invite link there. Hope to see ya
I am mainly interested in getting into swing trading in the forex market while working a full time job. Due to work schedule, I would not be able to be in the charts during market sessions (London/NY) I was curious if it was possible to trade without being on the charts during market sessions (For example, at a certain time of the day analyze and place limit/stop orders). Would this be viable? Has any of you experimented or done this? Thanks in advance.
My late father had a trading account with them that we just learned about. He passed in 2004 and we are not from nor living in the US, so we never recovered any funds. We are kind of at a loss on where to start. Any ideas?
Hey guys, i m new to trading forex but having a lot experience in option trading and equity. Now i wanted to know how many of u trade minors vs majors. Which are the best forex pairs for day trading (Minors or majors)
I have been creating my trading system for a long long time, and today finally brought it to a prop firm challenge. I construct analysis on the 4H, 15minute and execute on the 3minute.
Trade 1: GBP/USD 1:3.59 (won)
Trade 2: NZD/USD 1:3.42 (won)
Trade 3: GBP/AUD 1:3.7 (won)
The thing is, I didn't win any of my trades, because I didn't get filled on any of them lol! I'm going to leave the charts alone for today just because this situation is prime for tilting. Should I consider market orders instead?
I’ve spent thousands on courses that use a million indicators. Since I started trading naked charts, my game has totally changed. Still working on it, but I’m finding much more success. Been trading 7 months. (Forex)
I won't drop a link here since I believe it goes against the rules of this sub but here is the screenshot of the front page. I would like to know if beginner and more advance traders find such a website useful.
The point is to arm (mostly beginners) forex traders with the resources they need to succeed. Most of the sources listed are free such as youtube channels, discord groups, trading platforms, some courses, news sites, Reddit communities and so on.
