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.
Trading Forex doesn't have to be complicated. In fact, it's best to keep things as simple as possible. That's why price action trading was a great fit for me and is becoming more popular every day. This community exists to discuss Forex price action trading to include, price action strategies, key market levels, trade setups or anything else related to price action trading. Feel free to join the conversation!
I've been experiencing a "now what" feeling with my trading/life. I worked so hard to get where I am and achieve the level of calm that I've achieved with my trading, and now that I've achieved it I'm a little lost. I don't really know what else I should focus on. So that brings me to my question. What do you guys do outside of trading to keep busy and build your character? School, work, work out? I'm looking for ideas on how to keep my mind busy. I'm in university, but admittedly it's hard to stay on task at times. I'm essentially paying thousands to teach myself online.
Law of Forex - What "Law" do you believe in the Forex Market?
The "law" i mean here is a pattern, phenomenon or a rules that the Forex Market / or a certain currency pair always obey , or something that always happen. Some silly example like "EURUSD will never be lower than xx value" , or "A certain economic news with positive result will guarantee a certain currency to go bull" , or "a certain pattern followed by a certain pattern, then this will happen" , a certain time/day of the week has the most volume , "RSI always works when pair with another indicator" , "MACD doesn't work unless xxx" ,"a mixture of indicators plus another price action is a sign of something happen" etc.. Tell us what do you believe and and your opinion on it, let us know!
Throughout the world, all currencies are not created equal. Based on the principle of supply and demand, the value of each one is in a constant state of flux that is influenced by multiple factors such as gold prices, political unrest, economic booms, depressions and natural disasters. The trick is finding pairings that provide the best profit range when one is exchanged for the other. Currency has its own market that is quite similar to the ones used to buy and sell stocks, bonds, and other products. Though there are hundreds of individual currencies, there are only eight with which traders are primarily concerned, as they constitute the bulk of activity. These major economies include Japan, The United Kingdom, New Zealand, Switzerland, Australia, Canada, The United States, and The Eurozone, which encompasses Spain, Germany, Italy and France. To understand how these economies relate to each other in terms of value, it will be necessary for a person to take the time to study market trends. Contrary to what many people think, this does not mean one must quit their regular job and spend hours on end sitting at the computer and watching the charts change. With a bit of training, an individual will need to invest merely sixty minutes daily, to the cause.
Hello all, I've been forex trading on a practice account on 212 while I've been watching some YouTube videos and reading various little bits of information on forex trading. I've managed in two days to turn a 54k profit off the practice account and I have 6 trades I'm waiting to turnover, and all the purchases are limited units so they're usually around £300-£1000 gbp and I make a fair profit from these trades. Now my main question is because I can afford to risk roughly that amount, and I've always managed to absorb my losses comfortably with my wins is it worth taking the plunge. I wanted to know if anyone else had seen this type of success on a practice account in such a small time, and if so did they carry this onto real money and trades. I have a skeleton strategy I'm refining, and I'm looking at trends and variables at various time frames for the particular currencies I trade. But I'm getting to the point mentally where its like maybe it's worth the risk, and even if I buy at a bad time and it down sloaps, I know the market will eventually bounce back I don't mind riding a trade out till it turnsover. Any input would be appreciated, and if you're going to be negative that's fine but at least be constructive about it. Ps. No my strategy isn't from the YouTube video.
Has anyone been paying attention to the amount of Forex pyramid schemes that have been circling around lately ? I live in Canada and so many people I used to know are trying to recruit people into their scam.
Can traders who don’t scam help me understand the appeal of Forex?
Soon to be college freshman, and I’ve seen a large rise in Forex traders amongst high schoolers and college students around my age. Enough that it’s not surprising how easy it is to convince someone to start. They all say “ Get rich quick”, “Make a second income from your phone”, “I’ve been using Forex for “time period under a year”, and have been making more than your parents”. Literally everyone pushes a “ I’m making a shit ton of money and I just started image”, which is obscene to me. One thing about them is that they never show actual profit, or explain Forex enough so I can understand the appeal. Almost everyone say to join a class or group or something similar, then I found out there’s a fee to get in, and that apparently it’s some type of scam where those new traders try to enlist under people and get fees(200$+). None of the traders ever talk about failures in the process of achieving positives, or negatives/setbacks. Pretty much they make it sound like a perfect money maker For one, I can’t really believe this is a get rich quick scheme, especially for freshman college students I know who can barely save or handle their finances/allowance money. And if it was, then it would be way more popular, because then everyone would be rich as long as they joined the group. I haven’t met anyone who told me they studied on their own, but that they joined a group. I see pictures of seminars and group meetings, and advertisements to “join my Forex group”, with a older college student in front of a car wearing a nice outfit. Plus, if you’re actually skeptical, a lot of them get defensive or showcase a “ I’m smarter and you’ll wish you started this” type rant. Some say, “this is my only income, I don’t have even a part time job “ I’m not saying I doubt Forex value, but I doubt the narratives pushed , but I assume these teenagers don’t research as much as you guys regardless, so honestly were you guys really making extreme profit starting off? If not, when did you guys see extreme profit? If yes, how much research and time did you put in? Are the groups needed? Can you use this as a single income? I’ve just started getting into investing with a, make money for the long road instead of get rich quick. Is Forex more in that side?
I think I may finally have an understanding of forex and how to read charts, chart patterns for reversals, etc.
I have been studying for a little more than a month nearly 10 hours a day and it wasn’t clicking before but yesterday I had an AH HAAA moment and think it all makes sense. I still have a lot more learning to do but it just feels like a big relief :D
Currencies are traded on the Foreign Exchange market, also known as Forex. This is a decentralized market that spans the globe and is considered the largest by trading volume and the most liquid worldwide. Exchange rates fluctuate continuously due to the ever changing market forces of supply and demand. Forex (FX) is the market where currencies are traded and the term is the shortened form of foreign exchange. Forex is the largest financial marketplace in the world. With no central location, it ... Forex is a portmanteau of foreign currency and exchange. Foreign exchange is the process of changing one currency into another currency for a variety of reasons, usually for commerce, trading, or ... Forex is the foreign exchange market, traded 24 hours a day, 5 days a week by banks, institutions, and individual traders. Learn more about the world’s most traded market with a turnover of $5.1* trillion per day. Trading foreign exchange on the currency market, also called trading forex, can be a thrilling hobby and a great source of income. To put it into perspective, the securities market trades about $22.4 billion per day; the forex market...
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