@Fife
There’s a number of different people who live trade forex on YouTube. I would check them all out and stick to whoever’s trading style you prefer. Look at their past streams and trading journal if they have one. Also, I would stay away from ICT/SMC. They swear by it like a cult yet they never show PnL.
Hi, you only need knowledge about Liquidity, Order blocks, and Fair value gaps. That’s it. Try to focus on these things only. Rest all are bullshit & horseshit, ignore them.
Jeffrey said:
Hi, you only need knowledge about Liquidity, Order blocks, and Fair value gaps. That’s it. Try to focus on these things only. Rest all are bullshit & horseshit, ignore them.
I think Support and Resistance is absolute bullshit. But trading chart patterns is the most bullshit of all.
I hope that all traders realize that the market only seeks 2 things to rebalance Price: Liquidity and areas of imbalance (FVG).
@Emory
Exactly. Liquidity and FVG that’s all you need. Consider OB for entry confirmation that’s it.
You are a full-time trader who is not profitable? Where is all your money coming in then?
Bran said:
You are a full-time trader who is not profitable? Where is all your money coming in then?
Heheeh… I’m profitable in a different market. I’m new to FX.
Bran said:
You are a full-time trader who is not profitable? Where is all your money coming in then?
Heheeh… I’m profitable in a different market. I’m new to FX.
Please explain how you’re profitable in a different market?
@Lior
The Indian market is driven by options… So, more than charts and prices we have to focus on open interest data and Greeks. Also, you could lose money even being right with options. Suppose you sold a call and the market fell, but volatility goes up your call would hit another high and take you out before going down with the market. But since forex isn’t a centralized market I cannot get the data of all participants hence that renders me helpless in forex. Also, since we sell options, if the market just stays above the strike we’re still making money with theta decay… and with open interest data we can clearly see the short squeeze which I can’t in forex. I have to let go of multiple tools in my arsenal when I’m trading forex just looking at the charts.
Lior said:
@Fife
I won’t argue so all I’m saying is; I’m not buying it. good luck.
I’m not selling you or anyone a thing here mate… this is just to give you a background of mine for the people who will help.
First thing to be aware of, retail trading in Forex hasn’t been around that long. Foreign exchange has been around forever, but retail trading as we know it today didn’t start until the 1970s. Despite the fact it’s 50 years old for us retail folks, it’s still a bit of the wild west on the retail side.
Also, Forex has a “scam” reputation. And for a good reason, there are a TON of scammers going on and on about it. It happens in the stock market too, don’t get me wrong. But it feels like the stock market is grown up and the Forex peeps are the kiddos on the block. Granted, people lose money in both.
That’s the bad side. Now, here’s the good side. Despite the fact the retail side is only 50 years old, Forex is still the most liquid market on the planet. You can do things in Forex that stock traders can only dream of… everyone wants cash and international banks have to trade to keep prices of their own currency working.
So, things that are a big deal in stocks, like slippage and shorting, are no big deal in Forex. It’s almost non-existent. In stocks, you need special brokers that will short your XYZ stock and it may or may not happen or you may be charged more. Not in Forex, it’s just currency you’re borrowing - which everyone wants.
As far as strategy, depends on your style. Do you wanna scalp, swing, or position trade? Do you like charts or don’t like them? Or, are you brand new and don’t know? While you’re figuring this out, here’s at least what to avoid: people that go on and on about indicators while understanding none of it. People that quote buzzwords while sounding like a tool themselves. That’s all garbage.
You’d be better off learning market theory and only listen to either institutional traders (they have to make a profit to keep their job) or someone who can prove they’re profitable. Outside of that, they’re probably full of it.
@Isan
Thank you so much for your brief reply I really appreciate the time you took. Do you know someone I can learn from? Or any resource you can recommend?
Fife said:
@Isan
Thank you so much for your brief reply I really appreciate the time you took. Do you know someone I can learn from? Or any resource you can recommend?
Baby Pips is a great resource to start with. Learn the basics first so you can speak the language. Then get a demo account with a broker (it’s free) so you can tinker. Choose your platform. And then find a tutor. Nick Shawn is pretty good on YouTube.
As far as platform (the software you use to trade with), if you’re a programmer you’d probably like MetaTrader 4 or 5. Otherwise, TradingView is really good and web-based. Then there are broker-specific platforms. Also, if you get into futures you may third party ones like Ninja Trader. But, don’t do futures to start with, stick with spot for now.
So the action plan is:
- Baby Pips 2. Get a demo account with a broker. 3. Select your platform and learn it like the back of your hand. 4. Find a tutor.
Also, don’t be afraid to pay for a tutor. The biggest mistake newbies make is being so afraid to spend money on their education. And then they never learn anything of value while losing that money anyway in the market.
@Isan
It’s tough to find a good tutor and know they are profitable in FX. So do you have a recommendation?
Indians can’t trade forex legally right?