What are /r/Forex's favorite Products & Services?

From 3.5 billion Reddit comments

It's an SEO trick. I think I ticked them off when my article ( http://seekingalpha.com/article/2873776-misleading-marketing-poor-risk-management-and-bad-trade-recommendations-dog-fxcm ) started ranking for "FXCM" in Google. So, they started SPAMMing links to this "interview" (classified as "news") all over the place.

Some FXCM advocates even cyberbullied me on Twitter today. I guess they don't have anything better to do...other than advertise like crazy (I am seeing their Twitter and Google ads constantly) to try and bring in new money.

People should know that "JasonRogers", though a "verified FXCM representative" is actually a pseudonym (see http://www.forexfactory.com/jason*rogers ). I have never seen a company set up a named pseudonym like that to represent their brand (have you?). It's a bit creepy...

https://snipboard.io/ZTD1jk.jpg

I do not know why, but I couldn't post a picture directly on here.

I try to identify the end of a pullback on the H4, preferably at some key level (trendline, zone)

After that I go onto my H1 to see a momentum shift, a momentum candle breaking the latest highs and lows (in this instance, highs)

Then I assume that after the higher low, there will be a higher high and I go onto my M15 and trade breaks and retests with fibonacci all the way up.

Bruh piratebay is down for maintenance for 10 min it says but I got you soon. It's from Steve Nison, the jewish dude who brought Japanese candlesticks to the western world. Progress.

But anyway yea it's like a 6 hour seminar he did for people that paid a lot of money that I found, really good shit. Been paper trading using it. I'll get back.

edit: https://thepiratebay.org/torrent/8012506/Steve_Nison_-_Candle_Charting_Collection

idk if im allowed to link that shit but, it happened.

Hedge Fund Market Wizards has a good discussion on this in Ed Thorp's chapter.

• Kelly Criterion has highest long-term growth rate, but gives you higher drawdowns and risk of ruin.
• In gambling you know your theoretical odds, but in trading your win rate is only an estimate.
• If you estimate your win rate incorrectly, the profits you'd miss out on by underestimating are less than the losses you'd incur by being overconfident.
• If there's large uncertainty about your win rate (e.g. trend following systems) Kelly may be inappropriate.
• "Suppose you have 1MM and your max allowable drawdown is 200K - then from the Kelly perspective you don't have 1MM, you have 200K in capital."
• If you bet .5 K.C. you get .75 of the returns with .5 of the volatility - half Kelly is better psychologically.

I will be honest, I never took any course at all.

I didn't even do the entirety of babypips actually.

instead I originally started trading with a very basic stonks app on my phone, which was 100% free, they didn't even have ads last I checked.

https://play.google.com/store/apps/details?id=com.tiim.tradinggame

here's the game. This app basically taught me the basics of trading at first, and was very simplistic.

After that I moved onto learning from investopedia. Investopedia is basically a wiki for stonks-related terms and concepts, and they even have reviews for brokers etc. However, now that I know of babypip's existence, I do recommend using it to learn everything abt forex.

Learning how to read charts and with indicators was the result of self-experimentation, trial and error from randomly testing indicator systems, strategies, and basically just randomly trying out which indicator and system worked the best for me.

First few months of me learning forex was literally just playing around with a demo account and trying to figure out how stuff worked, getting used to the market etc.

I also recommend The secret mindset on youtube, he makes lots of indicator videos, explaining how to combine indicators and which types to use etc.

The best advice I can give is to do self-experimentation and gain a personal look on how the market goes. Also babypips ig. After all, the only person you can trust in a greed-filled playground is yourself.

Stuff like automation and indicators are mere tools, it's not what makes you successful imo.

The way I look at trading, I want to know 2 things:

1) Is the market trending up/down or is it ranging. If trending, in what direction, if ranging, what is the upper and lower boundary.

2) Is the trend strong or weak.

There are a gazillion ways to get that info...but it's key info you need!

So all the other stuff like automation, finiding the cheapest broker and obsessing over indicator values isn't all that important. You can worry about automation once you have figured out your entries and exits.

As for sticking with it, yeah...what can I say, I've been at it for 5yrs and only over the last 12mo started making enough to keep my current (comfortable) lifestyle while growing my trading account at the same time if I quit my job tomorrow.

5 years...and I still review charts at least 1hr a day every day, even on weekends. All those forex affiliate marketers offering courses and robots make it seem so easy...but in the end it's hard work, just like everything else in life.

The good news is, all the info you need is available online FOR FREE! I never paid a single $ for courses or books. The only trading related book I ever bought was Hedge Fund Market Wizards which was brilliant and actually taught me a good bit.

This but with more screens.

http://www.thisiswhyimbroke.com/images/ultimate-computer-chair.jpg

JK

I think it is really your personal preference. I have been toying the idea of putting together a setup that allows me to move my desk to and from a standing or sitting position. A lot of the time when I am home I am going back and forth between my desk and other activities so it would be nice to not have to hunch over every time I want to check something.

Great write up! Seems like a very strong, systematic and self-consistent approach to drawing S/R, and has some nice inbuilt aspects to keep your charts clean and clear.

For multiple image posts like this, I'm a big fan of using imgur.com, as it allows redditors who use https://redditenhancementsuite.com/ to open the images and read your text at the same time.

So it'll look like this http://i.imgur.com/Is1f6YU.png instead of links that people need to click on and leave the page, look at the chart, and then come back to it.

https://www.amazon.co.uk/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661

That's the one.

They sell the real stuff knowing that 99.9% of people will read it and forget about it the next day and never actually take action on any of what they just read.

I have a friend who is 24 years old and worth $35M (coming from a very poor family in Jamaica). He has only ever read one investing book, The Intelligent Investor. That book came out in 1949. Yet the information in it is still as applicable today as it was then.

I also never said that all the information you need out there isn't free. It is. Everything you need to be successful is already out there for free.

However, not everyone selling information has worthless knowledge. I've had the opportunity to set down with the top trader at a very large private equity trading desk in Hong Kong. I had to pay several thousands of dollars for a one day intensive with their top trader who is managing $500M. He is making more money than probably everyone in this subreddit combined. I had to pay for his time though. By your criteria... because he charged money... his knowledge is useless and worthless.

Your logic is clearly flawed and you are simply too blind to see that.

Gonna cheat and list 2 books that influenced me most:

1) Free CME market profile guide: https://www.cmegroup.com/education/interactive/marketprofile/handbook.pdf

2) Schwager's Hedge Fund Market Wizards: https://www.amazon.com/Hedge-Fund-Market-Wizards-Winning/dp/1480590010

The former is super helpful to develop your strategy and understand price action...the latter highlights different approaches and ways to think about the market based on real experience from some of the greatest traders.

Currently in my audible list:

Trend Following - Michael Covel

Trading in the Zone - Mark Douglas

The Market Wizards, New Market Wizards, Hedge Fund Market Wizards - Jack Schwager

The Complete Turtle Trader - Michael Covel

Reminiscences of a Stock Operator - Edwin Lefevre

Crash Proof - Peter Schiff

(this one is not stock related, but one I go back to) The 7 Habits of Highly Effective People - Stephen Covey

The Alpha Masters - Maneet Ahuja

Flash Boys - Michael Lewis

On my wish list:

One Good Trade - Mike Bellafiore

Trend Commandments - Michael Covel

Trading for a Living - Alexander Elder

Dark Pools - Scott Patterson

The Big Short - Michael Lewis (probably better than the movie)

The Tao of Jeet Kune Do - Bruce Lee

The Art of War - Sun Tzu

Trading in the Zone - Mark Douglas

Market Wizards - Jack Schwager

The Wolf of Wall Street - Jordan Belfort (If only for the reminder that there are assholes out there trying to scam you out of your money).

I'm not sure of other platforms, but I use a program to trade with Oanda. I use the Java API, but they also have a popular REST api you can use with any language. The Java one is pretty easy (with some basic java knowledge). Are you in the US? I really like Oanda for a US broker, not sure what is good for international traders.

If you are looking for resources on java I recommend starting with mooc.fi free online course:

http://mooc.fi/courses/2013/programming-part-1/

The course has two parts and will teach you a lot of the basics you would need (I used it to learn).

Also "Head First Java" is a nice book to help with basic understanding of Java principles (object oriented programming, etc.)

Good luck!

There is a ton of academic work on indicator performance. And The Pattern Site comes to mind - bunch of statistics on pattern performance there. Oh, and Malkiel's A Random Walk Down Wall Street is a popular reference from the contrarian camp.

Hey, I thought you'd guessed my phone number with that last figure!

It's a very basic strategy, but I've always been a believer in less is more. It's always been the same with how I play chess and poker too, sometimes overthinking just complicates things so much, you end up reading too far into decisions, and it affects your judgement. Everyone's different, but that's how I feel.

I read a book called Thinking, Fast and Slow (fantastic read btw) and it briefly mentioned regression to the mean, which is what I'd compare my strategy to (if you can even call it a strategy).

I'll study different charts until I find one which generally follows the same, slow growth pattern until I find one that's currently at a price out of its norm. My belief is that it will eventually regress to its original price, so buy or sell accordingly. I only trade a small percentage of my funds as it usually keeps going in the opposite direction before pivoting and returning.

One of my strengths is having the discipline to cash out without it affecting me knowing I could've made a much higher return if I'd kept hold of the trade.

I don't have a conscious money management plan, I've only ever put into poker what I can afford to lose, although I'll be much stricter with trading and I do plan on creating a proper MM plan.

Oh, another point is. As soon as I close a trade (or finish a big game of poker), I instantly close the program and don't even look at it for another day, whether I've won or lost.

This week I am going to do the following:

• Switch over to Oanda or IB from FXCM. Honestly even with the bailout, I've never really felt comfortable with FXCM.

• Long USDJPY unless anything happens to cause me to change positions.

• Read "The Intelligent Investor" again, it's a great book and has really given me a lot of insight not just in the trading world but also in life.

• Take some free time and study for the Series 3 & 34 exams along with the GMAT. You can never be too prepared.

• Spend time during each day with my fiancée without Forex being any part of that time. Good day or bad day, you can't let one thing become the main obsession. As much as I put money extremely high in my list of importance, family comes first. She supports me with my interest in FX and has made an attempt to sit with me and watch me trade to learn a bit about it, I need to give her some time to do stuff she's interested in.

• Remind myself that you win some and you lose some. You can't trade with emotion attached to your orders. This is why I put stops in place. I've had amazing days and I've also had not-so-great days, but I don't let them discourage me or even encourage me to make dangerous and stupid decisions. I keep track of my trades in a notebook and use them to remind me that even when I'm having a bad day, it's happened before and I've survived.

I have read "The Alchemy of Finance". No bragging meant, but I read or listen to a new audio book every 2-3 weeks. I just love reading, anyways the reason I bring that up it is because this was hands down the most difficult book I have ever read. It took multiple readings, and going back and looking and chapters over and over.

But I would still recommend it, I found a couple gems in there. Rating 8/10

Wow, thanks a lot for the detailed explanation. I guess it is more of a matter of experience then, and seeing what's the average run that the trades had vs what I keep closing them at. It's just that at a short time-frame (M30--or even H1 at times) there seems to be no set way it trends. I'll try out that ShowTrades thing you mentioned. Would be a great help in seeing how soon I close trades. Sometimes however, I've found that moving the stops up didn't help. See this chart of GBPJPY for example. The first circle where I'd taken a short had huge whipsaws that would have taken any trailing SL out, but had there been no SL set (or just at breakeven from the second red candle at the start, then a person would have banked in 30 pips. The second circle in contrast shows some whips as well, with that red candle forming in the sea of greens there.

I guess there's no clear cut way, but I agree, that closing profits early is causing my losses to overpower my $ gains.

> Without solid theory there's a big gap in knowledge about how to effectively utilise those techniques.

all u need to watch is Classic Indicators and Technical Analysis, Trading Lecture by Linda Raschke

she goes over the forefather's of TA and what they contributed to TA

charles dow wyckoff elliot etc etc

https://www.dailymotion.com/video/x5g79ag

55m

Hello! don't worry, I was there too at some point in my trading career. Here is how you are going to become profitable

Create a portfolio with 10 assets, containing mainly forex. You can add a couple of commodities and gold/silver as well. Make sure these assets have a low correlation. This will help you have multiple opportunities through the week to open solid trades, "the perfect entry."

Make sure you are not losing more than 1% of your total capital when your stop loss gets activated. I also recommend you open trades from 2:1 to 3:1 risk-reward ratios. So, assuming that you are trading with a $10k capital account, you profit $300 at take profit and lose $100 at stop loss. (There are plenty of free forex calculators that can help you know this information according to your capital)

There is a new youtube channel called Real Backtesting, where they show you how to use the [Bar Replay Mode] in tradingview.com to test your trading strategies. They also share profitable trading/risk management strategies if you want to replicate them!

...

You will succeed!

Great job on backtesting. My biggest recommendation is to create a portfolio with 10 different assets (including Forex, couple stocks, couple commodities, and others..)

You want these 10 assets to have a very low correlation. This will help you open multiple positions throughout the week. Remember that not all the assets behave like the EURJPY, so keep backtesting all your 10 assets. Remember that spotting a perfect trade needs patience, so you will have 10 different probabilities throughout the week to spot perfect entries.

There is a youtube channel called Real Backtesting where they show you how to use the BAR REPLAY MODE in tradingview.com to test your trading strategies without putting your capital at risk. They also share profitable charting and risk management strategies in case you cant to replicate them!

​

You will succeed, trader!

Hello, Dear Redditor!

It seems that you can benefit from backtesting your trading strategies. In my opinion, all trading strategies work as long as you backtest them and apply reasonable risk management.

Remember you have to be realistic with the profits you want to make. Usually, I enter trades only with 3:1 risk-reward ratios, where I lose 1% of my total capital if my stop loss gets activated.

​

For backtesting, there is a new youtube channel called Real Backtesting, where they show you how to use the BAR REPLAY MODE in tradingview.com to test your trading strategies without putting your capital at risk. With the bar replay, you can manually add candles from the past and see if your actual strategies work over a period of 100 trades!

You will succeed, however...

Nothing you've said gives me a reason to prefer SEK over EUR, at least not for what the spreads and leverage are with USDSEK. With EURUSD I get 50:1 leverage and USDSEK is only 20:1, so even if I only use 5:1 leverage for this trade that leaves me with a lot more margin for other trades I might consider.

Looking at the USDSEK chart for the same time period, I can compare USDSEK to 1/EURUSD on tradingview.com. I see that going back to May 10th the two pairs are almost identical.

Zooming out to January 2017 I can see that SEK really fell off early this year. Still, for the most part these two pairs are highly correlated.

If you could give me a reason to prefer SEK over EUR then I would add a EURSEK position. I'm always in EURUSD. Indeed for most of these European countries outside the Euro it makes more sense to trade against the EUR when differentiation occurs.

Similarly, EURCAD is often highly correlated to EURUSD. Same with AUD and NZD. You can save yourself a bunch of time in analysis by only focusing on where differentiation can occur.

lol

https://www.screencast.com/t/xM6LVZy1KF5

I would rate this trade as being likely to succeed around 60-70% of the time. The problem is the weakly/monthly is bearish so this is a daily scalp which is less reliable if weekly/monthly momentum pushes us down. The better trade is actually below this daily swing low

In case you haven't read it yet, check out: https://bitcoin.org/bitcoin.pdf

It's only 8 pages long and it doesn't get crazily technical, so you get the good overview plus some details about how it works.

https://www.amazon.co.uk/Intermarket-Trading-Strategies-Wiley/dp/0470758104

Have a read of this and put into practice what he preaches and teaches you how to practice :)

Buy Brent Donnelly’s main text:

The Art of Currency Trading: A Professional′s Guide to the Foreign Exchange Market (Wiley Trading) https://www.amazon.co.uk/dp/1119583551/ref=cm_sw_r_cp_api_i_n5QYFb681KGRW

It’s the best out there. Written by an institutional trader and not a snake oil salesman. Don’t be tempted to steal it online; the guy put a huge amount of effort into what is the most sensible and informed introduction to retail forex. It’s a superb book.

The other text I recommend to all learners is Kathy Lien’s superb book:

Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves, 3rd Edition (Wiley Trading) https://www.amazon.co.uk/dp/1119108411/ref=cm_sw_r_cp_api_i_C7QYFbYKX7AA2

Lien is another institutional trader with a superb educational background and career.

Those two books will cover the lion’s share of what you need to understand when starting out.

Huge fan of asymmetric trades here...as in, structure your trades in a way to keep all losses small to the point where you average winners are vastly larger than your losses.

Of course that requires you to pick your entries carefully...which requires patience. I trade off 1min charts, but still only tend to get 1-3 signals a day per instrument. Cherry picking entries like that allows me to keep my initial stop losses super small compared to my average winners. I can afford to lose a ton of trades and still break even.

Forgot which one, but one of the traders in Schwager's "Hedge Fund Market Wizards" book discusses asymmetric trades in great detail.

Try babypips.com for starters

tradingview.com to see other traders post their ideas

Books I've read to keep me going:

Richest Man in Babylon Think and Grow Rich Success through a positive mental attitude Napoleon hill - key to success The law of success The intelligent investor Technical analysis of the financial markets

Best of luck and sorry for late reply

Read. Read. Read.

And I'm not talking about books that "self made entrepreneurs" from 2010+ make. I'm talking about John Murphy's Technical Analysis of the Futures Markets or other books like some of the "x" for dummies books. Even a book like The Art of War by Sun Tzu gives you monumental knowledge of trading you won't get from so guy spewing bullshit on YouTube. Just keep reading and over time you'll form your own strategy.

Think about it. Why would anyone want to share a strategy they are making fat stacks from? It just doesn't make sense. Dig into as many books as you can about trading (forex, bonds, stocks, technical/fundamental analysis, biographies of billionaires and ACTUAL successful people. It doesn't hurt to glance at forums like this one or various videos online, but history tells the past, not people who use every single pay check to make themselves look like they're rich instead of making it real.

Just my $0.02

Yea.. I'd love to have a discussion on this.

There are many ways in which traders and investors seek to take out the "judgement" part of their job. To name a few: Stop Losses, Fixed Risk:Reward ratios, Loss beyond a threshold and you stop for the day, on and on.

One in particular I believe is most interesting is the idea of fixed risk/ reward ratios. This makes sure that once a trade is entered and a stoploss is picked, the exit is calculated and is no longer part of the traders decision-making process, they just need to wait.

This serves several purposes like money management, exiting too early when stakes and emotions are high, as they are when one is trading.. Though there is extensive literature on the subject with the idea that a fixed risk reward ratio is by all means a bad thing. Many people here tout the old adage "cut your losses, let your runners win". Peter Lynch in "One Up on Wall Street" doesn't conform to a fixed risk:reward script either. You could likely throw in all the greats.

So there are undoubtedly benefits in which we control (limit) our decision making processes in order to avoid bias or other cognitive heuristics. A question to pose would be if there was any better way to go about while still avoid common pitfalls like exiting early, cutting losses early, letting losses run as a result of emotion? Because "cutting losses and let the winners run" is MUCH harder than people think. Comments welcome.

It's funny, in the book 'Hedge Fund Market Wizards' there's this Jimmy Balodimas guy who did exactly that, and was his firm's top trader. He would sell into uptrends and long into downtrends and pyramid/aggressively manage his position while scalping around it and somehow still make money even though technically the market was "against" him.

I've read More Money than God and The Alchemy of Finance. Both I highly recommend. I was astounded at the writing skill of Sebastian Mallaby and his ability to write entertainingly about the complexity of the markets.

I guess you could link it behavioral finance. There was a study done that basically says that stocks perform extremely well in the month of january for various reasons.

When this study wasn't published it was true. But after it was published and it was well known, It became less relevant and isn't as applicable today.

Same goes with an example in the book "The Intelligent Investor" a man created 3 funds based on different systems of how the market and equities behaved due to years of research and past trends. Once this research was published and these trends were known, they didn't work anymore. Two of the funds failed and one was renamed and I believe is still active today.

A slightly different approach to why it wouldn't be given away or even published (and definitely a stretch because it's just one automated strategy in a random ass market).. I could also give you the typical answer of people would rather monetize their system if it works and earn extra income. Or keep it to themselves because we are selfish people.

Edit: If you want sources for this.. I can get them in the morning, too lazy now

Edit Edit: I'm tired, i should go to sleep, but that behavioral finance thing is Definitely not why people don't share their automated strategy, just a good point to bring up in general. People don't share for the second reason. We are selfish and we want money, most of us..

I really appreciate the thorough response! You are definitely taking a completely unique approach to trading books, esp with the taxes, personal finance and the 20 day alongside trading, as well as the personal experiences (as no one writing a trade books wants to admit to all loses.) I think you have a solid book, that seems to mix a bit of 'The Richest Man in Babylon' /w an alongside seat with a forex mentor.

If you don't mind me asking do you focus on price action, or some other simple indicators?

The penny-stock promoter (owner) will actually be buying (not selling) on the way up in order to drive artificial demand. Until the inevitable dump.

See: Rampaging Bulls, an insider account

I'm currently reading The Foreign Exchange Matrix and they go into detail on this subject. I haven't got it all down yet, but it's an interesting read.

Gambling has two sub-groups: the blind and the shrewd. The blind go in just to get lucky and have some "fun". The shrewd have devoted a ton of time to it, gotten beat up, and realize that it's a probabilities and averages game.

Gambling becomes a lot less hectic when you know when to sit on your hands, fold often and close in on profits when it comes. This takes mental fortitude and a deep understanding of the game, however, so not many people will make it.

http://www.amazon.com/Zen-Art-Poker-Timeless-Transform/dp/0452281261

To make it clear, this applies to trading.

Go read this book Trading in Zone, it discusses exactly what you're asking:

https://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447/ref=sr_1_3?keywords=trading+in+the+zone+mark+douglas&qid=1669660866&qu=eyJxc2MiOiIxLjgzIiwicXNhIjoiMS4zOSIsInFzcCI6IjEuMzUifQ%3D%3D&sprefix=trading+in+the...

It's perfectly normal, if you're not careful you're providing free liquidity to the banks. You might want to read Beat the Forex Dealer before placing further scalp trades (reading the description should already get you hooked). Also note that on low volume and a lack of orders at nearby levels the market makers can simply move the price at will and hit the stop losses in both directions.

Lots of fake reviews, part of big affiliate network - no doubt he's making bank.

http://forums.binaryoptionsthatsuck.com/threads/13687-Is-Michael-Freeman-just-another-scammer

Had to add, this is his linkedin: https://www.linkedin.com/in/michaelfreemanjunior

Notably; "CEO MoneyCaliphate.com September 2015 – Present (4 months) Mentoring service for Online Marketing by Michael Freeman"

He's an online marketer, teaching others how to market this garbage old software, cherry picking youtube comments and paying people to post positive ones, all part of the marketing experience.

If you go with this system, you'll lose every penny you deposit. Good luck!

Experienced trader here, most if not all of these youtubers post an insane amount of strategies solely to profit off of YouTube. Most of these "traders" don't even trade. The best thing for any trader is to focus on their mental game and to have a strong psychological mindset. Learn a couple strategies but don't overdo it (analysis paralysis is a real thing).

Personally I do short term/scalping trades using MAs, sup/res, trend lines, and Fib retracements.

I also highly recommend reading Trading in the Zone This book has a huge impact and becoming consistent.

https://www.notion.so/8b4721ce330f4f17ac130391b40fee1c?v=cbf354166a744622b6fd8c435c0ae

Here's an example of some data points you could be looking for. It's a good habit to review it every few months and refine your system.

This is a good book The Art of Currency Trading: A Professional's Guide to the Foreign Exchange Market (Wiley Trading) https://www.amazon.com/dp/1119583551/ref=cm_sw_r_apan_i_CXD40BE4971WW5BDNV02?_encoding=UTF8&psc=1

There is a working trading platform offered on Android and iOS so far. https://www.lykke.com/ Web-based trading is planned for the mid-term according to the roadmap here https://trello.com/b/IV0PH2gs/lykke-roadmap

For the most part, Lykke mirrors what Oanda has and more.

Study up on some money management and trading psychology. i.e lower lot size gives you a chance to hedge. I like this forex game to keep my gears greased: https://play.google.com/store/apps/details?id=lv.fitstergroup.forexhero Put your skills to work on a demo. Market will always be there. Ask questions when you don't understand. Nonosenseforex.com provides a great foundation.

You're amazing, Thank you!

So I could use multiple time frames as a determining factor, right? Like if the 15 min 5 min and 1h agree, then execute trade on 1h based levels. prepare for exit when 15/5/1 min lose exit on 30 min close below/above level.

I have no idea what I'm doing, but I think that kinda makes sense in my head.

I bought this, http://www.barnesandnoble.com/w/expert-advisor-programming-for-metatrader-4-andrew-r-young/1121263221?ean=9780982645932&st=PLA&sid=BNB_DRS_Core+Shopping+Books_00000000&2sid=Google_&sourceId=PLGoP648&k_clickid=3x648

book, thinking it should give me some sort of direction.

You can give this a try: https://www.udacity.com/course/machine-learning-for-trading--ud501

and learn whatever math and statistics that does not make sense to you along the way.

https://thefxmentor.com The Trading Mentor

Michael Storm, he's got some free videos on YouTube. He'll teach you how to trade.

This is also a good book. https://www.amazon.co.uk/Inventory-Trading-Account-Retail-Manager-ebook/dp/B00Q389K40

The Mental Game of Trading: A System for Solving Problems with Greed, Fear, Anger, Confidence, and Discipline https://www.amazon.co.uk/dp/1734030917/ref=cm_sw_r_apan_glt_i_QX6519B4F9MPA8R04DDM?_encoding=UTF8&psc=1

Go through this book, it's a game changer.

Not a lot. Price depends on the resources you need, you can also save using reserve instances.

This is the on demand pricing: https://aws.amazon.com/ec2/pricing/on-demand/

Reserve instances are up to 40% cheaper.

I've used aws for almost a decade and never found faster machines for the price.

Dude, read this book
https://www.amazon.com/Mental-Game-Trading-Confidence-Discipline/dp/1734030917
This is book about mental part of trading. It can really help you

There is FOMO = Fear of missing out

My mentor has taught me the concept of JOMO = Joy of missing out.

Happy to not chase, knowing that another opportunity will come around and that you need the patience and discipline to wait.

Come on bro, you got funded twice, you know something.

Just gotta work on discipline now. Keep that 10k a month in mind as a goal and when you feel the need to overtrade, when something doesn't fit your strategy but you still wanna open that position, you need to think "Fuck that, I'm risking it all, it's not good enough, that is gonna take me away from what I wish to achieve"

Check out this book

https://www.amazon.co.uk/dp/1734030917?ref=ppx_pop_mob_ap_share

Sorry, I didn't found the original code that I was talking about.

I just wrote up something for you.

Quick and dirty, but I hope you can use it as a starting point for your strategy.

https://codeshare.io/bvz4x7

Good luck

Here’s a great book that helped me get started trading options! You can find it on Amazon.

https://www.amazon.com/dp/B09MC93FWL/ref=cm_sw_r_awdo_navT_a_NPE8M4Z3R26T4CGN0X7Y

It’s called The Ten Trade Commandments

You don't have enough cash for FX trading. Most brokers will want a 3k-5K account as minimum.

Every time you buy and sell either FX or a cryptocurrency you will pay transaction fees.

You could short bitcoin on margin through https://www.bitfinex.com or similar, but with your level of funds you are probably going to get a margin call pretty quickly.

go to tradingview.com, select the pair, go to order panel, select buy or sell, then put 15-20 pips in stoploss, finally put USD 10 in the value which will give you the lot size to trade. On EURUSD for $10 risk, it is 5,000 units at the stoploss of 20 pips.

Hello, Dear Redditor! I won't tell you to change your trading strategy, but what about your risk management?

It seems you could benefit from opening positions from 2:1 to 3:1 risk-reward ratios for your question's nature. You mustn't lose more than 2% of your total capital at the stop loss trigger.

So, assuming that you are trading with a $5k capital, you lose $100 at stop loss and profit $300 at take profit. By doing this you could be profitable even if you have a 50% success in your trades!

I also think you could benefit from backtesting your trading strategy. There are plenty of free tools that let you add candles from the past to test a trading or risk management strategy without putting your capital at risk.

There is a new youtube channel called Real Backtesting where they show you how to use the BAR REPLAY MODE in tradingview.com to backtest your trading strategies.

You will succeed, fellow trader!

Hi man, thanks for the kind words!

Changing broker might be something I do in the future but at the moment I am limited to brokers that are integrated with tradingview.com as charting and alerts is a major part of my daily routine.

Im not sure whether or not the drop in spread would be worth the hassle of me having to bring up a brokers platform every time I need to place an order as this adds another cog to the process. I will explore my options further as the account sees growth to larger amounts.

Thanks for the advice though!

Sure! Do you have a free account on tradingview.com? There is a Youtube Channel called Real Backtesting, where they show you how to use the "Bar Replay Mode" in tradingview.com to manually add candles from the past and test your trading strategies. They recommend that you always measure your ATET (Average Trade Execution Time) from the moment you open the trade and close it.

Always remember the lower the timeframe the less reliable the indicators/trading strategies are

Believe it or not, I am very simplistic in my backtesting too. Want to know what I do? I only use 3 indicators for all my trading strategies. I go to tradingview.com, use the bar replay mode, and use the 20 moving average during trends, the MACD, and RSI during consolidation/divergencies, and it is the simplest thing in the world.

People are not successful in demo accounts, mainly because you don't even know what a risk-reward ratio is when you get into a demo account. Even if you start winning, you are already not successful in your demo account by not knowing these terms. Also, no one has a demo account for 2 years, so you can't really measure if someone is successful in a demo account because, I mean, you won't measure if you are successful in trading if you are profitable for 3 months straight. Do you?

The approach I am suggesting what you are not accepting is that YOU CAN assume your real losses and backtest a trading strategy enough times that you replicate it step by step in the market.

Going back to my simplistic trading strategy, the 20-ma. I have backtested that strategy so much that I already know that the first step to using the 20-ma is to identify a market trend and then open positions in candle confirmations near the 20-ma. Like any other trading strategy, I don't have a 100% win rate, but what matters is that I have more than a 50% win rate in my strategies. That, combined with optimal risk reward ratios, has put me in the profit zone for 4 years in a row. I have the same win rate in my backtesting sessions and my real trading.

If you cant training your mindset to look at it this way, you can't assume that everyone else is like you. You can train your mindset by visualizing, like an athlete, and the way to visualize in trading is through backtesting with or without coding.

Thank you for making this a great community as well.

You are totally right. That is why the only way to overcome that obstacle is through self-training. Reading books or extra info to improve your knowledge won't work when the FOMO or FUD kicks in.

That is exactly why I think that one possible way to train is by simply using tradingview.com's bar replay mode and backtest your strategies with an athlete's mindset where you will psychologically assume your backtesting losses as real losses and replicate your trading system step by step on every trade.

Remember, you will always hear that the best traders are systematic among their strategies.

Hello Dear Redditor!

For your question's nature, it seems that you could benefit from sticking to positions between 2:1 to 3:1 risk-reward ratios. Trust me; this is simpler than it sounds. Have you used forex calculators?

Plenty of forex brokers offer you free calculators, where you put your stop loss and take profit price and the amount of your total capital that you want to lose if your stop-loss triggers. - Here is where the risk-reward ratio comes into play.

You can use tradingview.com's "Open Long/Short" position tool measures your trades risk-reward ratio once you set your SL and TP levels. There is a new youtube channel called Real Backtesting, where they walk you through this process on every single trade. You could learn how to calculate optimal risk-reward ratios by setting optimal stop losses in candlesticks with price action.

In my opinion, you will be profitable in the long run if you only lose 1% of your total capital per trade. If you apply this risk management strategy with optimal risk-reward ratios, you could be profitable even if you are right in 50% of your trades. Remember that losses become harder to recover the more you lose (the 50% loss dilemma).

No, a chart is a chart and a skilled trader will be able to trade from any chart. Charts are just ways of tracking a price. MT4 gives you the option to automate, to download and add pretty cool tools. Example: I like tradingview.com charts, smooth graphics, indicators are great, and drawing on it is REALLY easy. But I like and use MT4 cause I have a position calculator tool that helps me size up my orders.

I use Tradingview.com; you can create lists you want to keep up with on that website.
You could organize them by "Major/Minor" or subsets of all pound pairs, all euro pairs ect.
Personally, I just have one long alphabetized list. I'll agree with your statement on how long it would take to scan all of them. I would recommend starting with a shorter list, then, as you become "quicker" add on to your watchlist. Sundays I come through my entire watch list which is my most "tedious" day. However, once it's done, it's mainly monitoring throughout the week. Rinse repeat

On 12/26/17 WTIUSD made a 1.34 daily Renko at o/h/l/c 57.62/58.96/56.06/58.96.

The next Renko was 58.96/60.3/58.96/60.3 on 1/2/18. Price on 1/2 actually reached 60.71. If for some reason your short SL or TP was at 60.3 in your backtesting you wouldn't see that missed 60.71.

The current daily Renko (I'm using tradingview.com, btw) is 71.02/72.36/71.02/72.36 from 5/21. You can see that the highest high was on 5/22 at 72.87.

Here's a reputable company: https://www.oanda.com/forex-trading/

Their support staff will get you set up. You can now trade for free with Oanda demo accounts through https://tradingview.com - well worth a look if you want to get a feel for it. Just stick to the basics and don't over-complicate your training. Speak to your colleagues about ideas and strategies, find one that appeals and will work with your personality and availability.

Probably you won't find a single book that covers all your questions but one of the best books I have read to learn Forex is "The Ultimate Forex Trading System-Unbeatable Strategy to Place 92% Winning Trades". From this great book I learned that having a winning strategy is the first step toward successful trading, then money management and then psychology. The book teaches all these in practice and make you ready to trade with confidence. The book goes straight to the core of the subject without verbose. I highly recommend it to all current and prospective Forex traders. You can find it on the following page.

List of The Best Forex Trading Books

Your trade was GBP/AUD. The 73.8 profit you calculated was in AUD. 53.21 is its equivalent in USD. If you convert 73.8 AUD into USD you will get roughly the displayed amount.

https://www.xe.com/currencyconverter/convert/?Amount=73.80&From=AUD&To=USD

Yeah, no modified-Schiff sorry about that but you can access tick charts through the DOM option on your chart. For more information on DOM please visit the link below: https://www.metatrader5.com/en/terminal/help/trading/depth_of_market ————— And what do you mean by multi-timeframe charts? I believe you can have a couple of different charts in various timeframes simultaneously on one screen, if that’s what you mean.

No simple answer here. MT5 is the newer version that supports other markets outside forex. You can read the differences at https://www.metatrader5.com/en/trading-platform/comparison-mt5-mt4 .

a trade explorer is where you link your trading platform to forexfactory or myfxbook for 100% transparency eg:

https://www.screencast.com/t/j24q9dQ9GvZl (not mine)

If you are charging people to learn your trading skills, people should at least know that they are learning from a profitable trader.

I look forward to seeing yours

its not that improbable at all that you have people in developing countries that can trade but dont have capital. to find them just use good filters

for example on a very reputable signal site i applied a filter to show only traders who were trading a live account, with more than 1 years results and less than 20% maximum drawdown

https://www.screencast.com/t/jsVkNEQa

Many people do deals with dubious brokers where they get access to Metatrader 4 Manager.

This allows them to deposit money as they wish (fake money) and even input trades how they like.

This then shows their results as verified.

Here’s a video from my mate exposing this: https://d.tube/#!/v/mt4-gets69d/QmdLEC5886rSzzWGdMxVUgMhwsGtkgmexjs9F7iFFHhf7K

And here’s another video I did with him for those who believe market makers are messing with them: https://youtu.be/CwrQTEUmOgw

Totally. I'd also add the No Nonsense Forex Trading Psychology by VP book. It's written in a very relatable manner and really made the difference for me.

Trader's Assistant: https://play.google.com/store/apps/details?id=ru.astrader.assistant&hl=en_CA&gl=US

im only reading 2 books https://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661 and https://www.amazon.com/Mathematics-Technical-Analysis-Applying-Statistics/dp/0595012078 In both cases Ive just downloaded the pdfs and im reading mostly because I am interested and find I learn well with books.... The only thing Im confused about yoru comment is after "its all bollocks" (which is perfectly clear about EVERYTHING haha) are you saying babypips is 100% bad or are you saying the bulk of that and all the stuff on the interent is bad... I ask because it seems like some of the stuff on babypips is really necessary in order to start doing this such as explaining forex position calculations etc... even with calculators I need to know what Im doing, and so yeah right now is me sifting through the good and the absolute bollocks! haha ;)

I use this free app by Teletrader https://play.google.com/store/apps/details?id=com.teletrader.android

They report news very fast and you get a notification on your phone when they publish a new article. Most of the time, only the headline and a minute later the body of the article.

Well I need 5 years to understand how it works, I put my knowledge to my app https://play.google.com/store/apps/details?id=com.sqlitecrypt.DataFeed The reason is I have problems controlling emotion while trading, so I decided to rely on computer brain to solve emotion problems.

Afraid not. I am definitely not an expert in vol trading. I've been surrounded by it but never focused on it myself and I cannot imagine it is a good idea for retail traders in general. A great (highly practical) book is: https://www.amazon.co.uk/Volatility-Practical-Options-Theory-Finance/dp/111950161X. I would think that the tools and spreads you could get outside the institutional market would make it near impossible in an OTC product like FX. I appreciate it's different in equities where a lot is on exchange.

Hi download an app called forex calculator(It is a picture with a calculator on that display FX).It helps out a lot it works out your lot size you can open with your leverage and balance(Margine) and it also works out the pip value i highly recommend it. https://play.google.com/store/apps/details?id=com.edge11.app.forexcalculators.beta

1) It's a self fulfiling prophecy

2) It's proved well in history so it's got a good chance of repeating its self, not concrete (SR is the same)

3) Fibonacci is found in the wild https://www.amazon.com/Wild-Fibonacci-Natures-Secret-Revealed/dp/1582463247

:)

Yeah. It's a start. He meanders a lot, especially in first few chapters, and so, so many repetitions and just bad or no editing at all. But it does take the first steps to point you in the right direction, get you used to on how to think and test your strategies properly, or at least assure you that indeed there are established scientific methods for trading, even if most of the community is unaware or unwilling.

For a real, more rigorous understanding of TA, try any book on statistics or forecasting, like one by Makridakis.

Here you go:

https://www.amazon.com/Evidence-Based-Technical-Analysis-Scientific-Statistical/dp/0470008741/ref=sr_1_1?ie=UTF8&qid=1541847126&sr=8-1&keywords=Evidence-Based+Technical+Analysis%3A+Applying+the+Scientific+Method+and+Statistical+Inference+to+Trading+Signals

​

​

​

​

​

Anyone have any idea how far do institutional traders set their SLs around Support/Resistances? Is it a measure of daily ATR? I was reading this book, Forex Patterns and Probabilities by Ponsi, and at one point he says that big traders focus on Daily and Weekly charts for trading. So I was wondering what SLs they place?

Yes. The first iteration of this has centered around HFT (high frequency trading). Multiple regulatory bodies are concerned with its effects, I think that the most significant study was done by the CFTC that found that HFT "erodes liquidity and increases volatility".

The regulations in question concern the tactics known as "spoofing", "layering", and "quote stuffing", all of which center around market manipulation that requires Algos to rapidly transmit (>10,000 orders per sec) orders to manipulate price.

https://en.m.wikipedia.org/wiki/High-frequency_trading

Esoterically, I foresee a future where CFTC/NFA, ESMA, etc regulators begin to limit/throttle/ban activities by true AIs when those entities begin to create an unfair marketplace. Likely this will center around predation on human behavior by these machines, or unequal environments where human traders have no chance of success. Be aware that its the actions of the AI that are being curved, and that's based on preexisting laws against manipulation of the markets. I'm not sure if the possession of the AI, or its participation, will be regulated.

A good read is Dark Pools by Scott Patterson

https://www.amazon.com/Price-Action-Breakdown-Exclusive-Financial-ebook/dp/B01C222NR6/ref=sr_1_1?ie=UTF8&qid=1531332959&sr=8-1&keywords=price+action+breakdown%22+by+laurentiu+damir

There you go. For me the book is short and concise, to the point.

I believe I understand what he's trying to say, and I think you're interpreting it as he intended as well.

However, if people have already entered the market because of insider information, that means that the news is priced in before it is even released. If that is the case, then price action should reflect major news announcements before you even hear about them.

At least, that was my interpretation of the theory. Check out this book:

https://www.amazon.com/Technical-Analysis-Complete-Financial-Technicians/dp/0137059442

The first few chapters have a history of Dow theory, an explanation of how TA developed over the years, and what advantages it's supposed to give.

It's also not the most boring read ever, which is pretty common for finance books.

> I am just asking for your favourites book/blogs that are not listed there.

Anna Coulling's Books:

https://www.amazon.com.au/Forex-Beginners-Anna-Coulling-ebook/dp/B00GBHQXZC

https://www.amazon.com.au/Complete-Guide-Price-Analysis-ebook/dp/B00DGA8LZC

They are not without their problems, but everything in 'forex education' is flawed in one way or another.

I bought this:

Elliott Wave Principle: A Key to Market Behavior https://www.amazon.com/dp/1616040815/ref=cm_sw_r_cp_apa_Jt7BAbW9S6VEE

But only after extensive internet searching. Once you have exhausted the interwebz, then spend money.

Yeah I've learned through 2 decades of internet to filter peoples opinions before absorbing them. You seem fine haha thanks again.

Yeah, I know its a huge topic. I have been considering buying a book on economics. I've heard good things about 'Economics in One Lesson', but that is more about the free market, so IDK how much it would get into fed or government manipulation tactics. I'll check out the guides thanks!

Here is my top list (including a couple not yet mentioned):

• Pit Bull Lessons from Wall Street’s Champion Day Trader: just an awesome book about the life of one of the best traders ever - Marty Schwartz
• Thinking, Fast and Slow: this is all about cognitive science, potential biases we have and how they influence our life - and trading.
• Market Wizards: well, no explanation needed. So much wisdom in one book.
• Trading in the Zone: THE book on trading psychology. If you think you have a solid edge but are still losing money, read this.
• Reminiscences of a Stock Operator: A classic.

There are other great books well, such as the Van K Tharp books (Trade your way to financial freedom). I have reviewed a couple more here http://smartforexlearning.com/best-forex-books-every-forex-trader-read/

Hedge Fund Market Wizards...hands down!

It won't teach you a strategy, but it teaches you how the big boys approach trading...and also that failure is a learning process, which is a key lesson imo and something that helps you keep going as you learn and develop your strategy.

You need to learn how to view money. Read books on the subject:

1. The Richest Man in Babylon
2. Rich Dad, Poor Dad
3. The Art of War
4. Atlas Shrugged

Without a sound philosophy on money, you'll be attached to it.

I think they are excellent. And yes, they are very easy for new traders to follow.

Found it on Amazon. $17 for the audiobook.

https://www.amazon.com/Market-Wizards-Interviews-Top-Traders/dp/B00BYKKJPQ/ref=sr_1_1?s=books&ie=UTF8&qid=1508433696&sr=1-1&keywords=Market+Wizards

Not the quantity but quality is important.

Read from practitioners and not book sellers.

Mental game is most important: https://www.amazon.com/Trade-Mindfully-Performance-Mindfulness-Psychology/dp/1118445619

If you're sure you're done with trading for the time being, I recommend these two books:

What Color Is Your Parachute? 2018: A Practical Manual for Job-Hunters and Career-Changers by Richard N. Bolles: https://www.amazon.com/What-Color-Your-Parachute-2018/dp/039957963X/

I Could Do Anything If I Only Knew What It Was: How to Discover What You Really Want and How to Get It by Barbara Sher and Barbara Smith https://www.amazon.com/Could-Anything-Only-Knew-What/dp/0440505003

They may give you some clarity about your next direction, and how to use the skills, knowledge, experience and qualifications you have.

Trading experience can be useful and marketable, but it depends on what you've actually been doing, and what other skills you can combine it with.

I would compare betting to forex .. maybe live betting has some similarity due to need to decide quickly according to unfolding events .. but generally I would start with some literature to avoid basic mistakes. Try this book for example. Regarding the currency pairs I would go with most liquid, so EURUSD is the primary choice.

I am a big fan of Anna Coulling's book too.

The kindle version of VPA costs less than a visit to Starbuck's: https://www.amazon.com/Complete-Guide-Price-Analysis-ebook/dp/B00DGA8LZC/

/u/capital55 is not a fan of Anna Coulling, and will have at least two other recommendations for you.

(see here, that discussion was more about Wyckoff/VSA, but that is ultimately where the price @ volume discussion leads. The volume @ price discussion leads elsewhere, Jigsaw Trading's material is a good entry point).