Hello amazing forex community, a quick brief introduction about me. I'm 19 and I've been learning about the forex market for about 3 years now. been pretty consistent the past 8 months as I've found my strategy and way of thinking after many many many hours and countless nights of research backtesting etc. Went through the whole phases of looking for those magical indicators, systems etc, following signals providers and all of those fake ig guys. Finally learned proper trading mentality after reading trading in the zone and after I lost 2.5k in just one day losing 30%ish of my account just hoping it would turn( but we've all bee there lol). Or seeing 1.5k profit turn to 300 because I was money hungry. like they say price action is the best and primarily trade naked charts now with support and resistance levels. and I have my trading plan and trade management. I've mentored a buddy of mine for the past 6 months and he's about ready to go live. I took this semester off college to focus on trading full time. primarily focus on the daily charts and look at 4hr and 1hr for entries when approaching a zone
So lately this guy has been trying to contact me on IG. I know it's too good to be true i.e. he posts about vacations, working from home, checking his notifications to see that he's made $4000 in one day etc. I'd never heard of it so I googled forex and came up with foreign exchange market? Doesn't seem like an mlm from what I see on Google but there's a lot of stuff I read in the search results I don't understand...so I decided to give you guys a try. Maybe it's an investing strategy? I don't know smells very fishy and scammy so obviously I want to know more. Haha! EDIT: Received auto message from group with a list of mlms to check out. Forex was on there...so now I pose the question: Anyone have any forex stories?
What's the story with all these forex traders/scammers on Instagram?
Any young people (or anyone else at all, I got roped into this when I was a naive 21 year old) on here heed my warning when I say avoid these people. They are making zero money from their trades and majority of their money is generated by trying to get suckers like you & me to sign up and deposit money that we will eventually lose. Think about it if they were really so good at investing and their returns were as good as they promise why the FUCK would they waste their time trying to teach someone else to do it and potentially ruin their trading strategy by loads of people adopting it? These people are con artists/marketers and they only make money from you, not from trades.
We’ve all been here for a while, some of us are struggling, some of us are making some wins and progressing. Wouldn’t be good if we take a step back from all the TA and FA, take a deep breath, and hear some success/ inspiring story from the traders here? Share us your stories you successful traders! What’s your “AHA” moment, or the turning point that you’ve made that make you from negative to profitable?
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My story (still strugglin) and how Forex broke me in more ways than one + need support
we all know the stats, although I have yet to see them official somewhere. Nevertheless, 90-98% of traders fail. Reasons are many, most of them give up within a year. You know the bunch, saw some flashy indicators and stuff, thought "hey, whats so difficult, I'm gonna trade this MA crossover" and they have a winning run and feel high and mighty until they go down burning. Then you have the people on the right track, where they still get tired after many attemps at a profitable strategy. Then, you have people who finally have an approach in terms of analysis, and then they realize the entry technique is just half of it - and suck at exits, leaving their stops unprotected, or watching idly as the market brings them into 30 pip profit just to reverse and whip their stops, only to continue afterwards. And finally, you have the people who have an approach, have a full on ready strategy, know how the market moves, and start losing money due to FOMO, and emotions in general. I'm one of those people. And that does not make me unique, I know that, but what is also a fact, and is giving me a hard time today, is something that is not often spoken about. You see, I actually stopped overrisking and I mitigated FOMO. I put scripts on my platform to manage my risk instead of me, locking me out if I risk too much. I automated that part, and now I face the weirdest of all issues. I have a profitable strategy, giving a really nice R return on backtesting and forwardtesting. But, when I put money in, I bail out. I trade it, it's not that I'm scared, but I fail to believe in my own making. And I have been at it for 6 years; this is not an overnight thing. The strategy I made, it took me 6 years to make it mine and perfect it. Yet, every time I take a couple of losers (whilst I know my strike rate is below 50% and a couple of losers in a row mean absolutely nothing) I look at what others are doing. I go to fintwit, or I read some new (or old but forgotten) book. I caught a couple of losers and started scalping (my main strategy is swinging on 1hr chart) on the 1 minute chart, b/c I read a book some time ago, teaching that method. I've lost 30+ accounts (i don't demo trade, i deposit a micro account of ~100 usd just to test stuff) and losing is now embedded in my psyche. Every time I make a loss, my mind is so broken, I bail and look for alternative methods. Many untested. And I try to alternate my strategy in the fly. As of writing this, I should have acted on a very nice signal on eurusd, perfect on my strategy. Screenshot http://prntscr.com/p7bxl0 Instead, i had a crappy day prior, and started doing this http://prntscr.com/p7bydi TLDR You always hear about them. Greed, Fear, and all the other emotions that ruin a trader; but they refer to specific entries or situations. What do you do, when you can no longer trust your judgement? When you lost all faith in your own doing, feeling everyone else is better than you, trying to emulate other people's work... Even if you don't even have full access to it? When you are so broken, you don't trust yourself, even with a couple of dollars? When you feel you'll never crawl out? How do you get out of the abyss?
Question for those with “average” success stories trading forex
Those who are consistently making decent profit ($200 to $500 or so return a month). 1. How much money did you initially start off with? 2. How did you learn to be profitable? 3. Best course, book YouTube videos or anything to learn how to be profitable with forex?
That Time I Gained 337.59% In One Week - Storytime
Just a quick story on my biggest gain in one week, which I'll more than likely never do again because my risk tolerance is not as high anymore. But before: I highly discourage anyone especially the newbies on here to risk as much or trade in the following manner. It was late May and I was popping off from paper trading, I must've hit 20+ take profits with no losses. I was growing a demo that I started with $70 two weeks prior and I was already at like $623 lmao, in only two weeks??? So of course I thought I was a god. I saw some better trades coming up and decided it was time to get back in the market with some real money. I had $75 from freelancing, I got $60 as a covid grant from the government and my mom gave me another $60 to trade in the casino (Forex Market). So it was time. I got into trades Sunday night (May 31) as soon as the market opened and they were already doing well the next morning. Here's a screenshot I sent showing off my gross trading prowess and the positions I had opened: https://imgur.com/a/GFrcLEu I stayed diligent and took my setups just as I would in demo, and fast forward: https://imgur.com/a/5JwIDl3 I got way too overwhelmed and closed some shortly after, and ended the week with no losses, 1155.5 pips, 9 trades completed and net $651.41. I thought I was the best trader ever but luckily I withdrew half of it and took my steady, inevitable losses after :) Here's all the trades I had made (I didn't know about myfxbook but I had recorded all my trades in a nice little excel sheet to help me with risk and I still do - I'm currently making it into a nice little software): https://imgur.com/a/RNtt5wz The statistics from excel: https://imgur.com/a/8gQlFBU Strategies: Breakouts, Swings (S/R) and Trends. Risk Tolerance: I was literally risking about 25% of my account on trades and whenever the trade took off, I considered it 0% risk so I could re-enter more so I didn't have to wait until close. Why I probably will never gain this much in a week again:
Risking 25% on a trade is downright awful unless your account is super small.
Deeming a trade 0% risk is never true unless you have your sl in profit (most times I didn't).
I'm okay with not gaining quickly, now I'm just about protecting my capital.
What I learnt: I did take some good trades so there's not much I could've learnt, the weeks after though did teach me:
Not to risk that much on trades
Go for slow and steady gains
Stay out of the market as much as possible.
TLDR: I went from $193.48 - $846.64 in one week by taking big dick risks and then lost half of it later, lol.
I'm trading for 11 months with pretty good success. I never traded metals and forex before, just stocks. Today when gold started to consolidate at the last hour, I decided to scalp short it with a large amount, so I opened 100 lots. I haven't realised, in forex 100 (lots) doesn't mean "100 pcs", because I used to stocks and I went full retard without knowledge. Seconds later, I realised it means 10 million dollars (1 lot = 100.000, and I had 500x leverage). It moved up a bit and immediately I was down £4000. I scared as fuck and rather than closing the position quickly I hoped maybe I could close break even. The market closed, and I waited for the Asian session. The gold popped like never before, and I lost all my life savings (£55000) in less than two hours. (including the 1-hour break between sessions). If I count that I lost all my earnings as well, I lost around £85000. Here is the margin call https://imgur.com/a/XY5m4ZA https://imgur.com/a/VSgmCSs https://imgur.com/pRWl5g9 IC Markets closed my position partially in every 1-2 minutes until I shut it myself at £35. You know the rest of the story. I'm depressed, crying and shouting with myself. Yes, I know I was stupid, thanks. I just wanted to share this with you. Edit: WOW THANK YOU, GUYS! I haven't expected this, but you help me. Many of you asked the same questions, I answer it here: - I live in Europe, and we usually trade CFD's, not futures. - Currency in GBP. - As you can see, this account made on IC Markets. They not just allowing you a 500x leverage, it's the default. - You can ask me why I went against the market. Because gold is way oversold? Because I expected institutions would sell their shares before gold is hitting £2000, leaving retails hanging there. Also, as I said, I wanted to scalp, not riding the gold all the way down. If I had a loss of £100, I would close the position immediately. But when I saw the £4000, my heart is stopped, and my brain just freezes. - I went for a revenge trade with my last £2k, and I don't have to say what happened. I uninstalled the app, and I give up trading for a while. - Again, in the past months, I was cautious, I lost a significant sum in March, but I managed to recover. Made consistent gains, always with SL. This is just an example of how easy is to fuck up everything you did. - I didn't come here for some shiny digital medals. I can't tell about my losses to anyone who I know in real life. I would make a fool of myself. - Anyone who attacking me that it is a scam. Well, think what you want. I feel terrible and the last thing is to answer all the messages saying "You fucking karma whore". I don't give a shit about karma.
@AlphaexCapital : USDCHF and USDJPY tried to go lower but the boy that cried wolf stories can't phase the market for long https://t.co/3Zfdc20n7L #forex #investing #bitcoin #crypto #xrp #btc #eth #forexsignals
Successful Forex traders know that trying too hard is a sign that something isn’t right. This is different from studying hard. As a new trader to Forex, studying the market is highly recommended. For instance, you can’t spend too much time learning the ins and outs of the various currency pairs, or how to draw key levels. The harder you try ... A new Forex article was added to my collection today. Hearing another success story of the Forex trader might as old to some people, as motivating to others. I think this one will be at least useful to many Forex traders. Experienced and professional Forex traders can say that part time Forex trading can’t be good and that it will always lack ... Successful Forex Traders Stories Bill Lipschutz. Whilst all of the traders discussed in this post are now widely famous and well known, it is Bill Lipschutz that has possibly the best story. Today he manages a massively successful Forex trading firm, but the beginnings were far from where he would end up. Reading stories of successful Forex traders can teach you to be a great trader. Here are stories and tips from 11 successful traders you can learn from. Dr Mangudya said the auction system was transparent. “For one to suggest that the forex auction process is not transparent is hypocrisy and such people should not be taken seriously,” he said.
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