/biz/ - Business & Finance

[Anonymous No.4019272]

Where to start with Forex?

[Anonymous No.4019319]

Don't.

[Anonymous No.4019333]

>>4019272
babypips.com

[Anonymous No.4019338]

>>4019319
Why?

[Anonymous No.4019381]

>>4019272
You should have 2 years trading expierice before starting with the forex, aka the hardest thing to trade

[Anonymous No.4019986]

>>4019381
Why is it harder?

[Anonymous No.4020595]

>>4019272
https://www.youtube.com/watch?v=pjasSI3iU7w

This is probably the first thing you should watch - scalping FX is a grade A meme and the money is only really in swing trading, any of the few successful traders on this market will tell you the same.

This guy tends to make pretty good calls and he gives a good base for understanding what tools and resources are most relevant and useful in the forex market.

https://www.dailyfx.com/sentiment - overall market sentiments on most major currency pairs

http://www.cftc.gov/dea/futures/financial_lf.htm - Shows net positions held by each class of investor - institutions, retail and so on. Following movements on this chart is quite similar to following whales in crypto, except these guys don't move the market, they just know where things will head before the majority of traders.

The biggest elements of trading FX profitably are risk and money management. Tight, but calculated stop losses (beware of stop loss hunting) in conjunction with risk:reward ratios something along the lines of 1:5 or greater, used in predicting mid-long term market swings across weeks or months, will turn you a strong profit in FX if you keep your potential downside on each trade to a small portion of your portfolio (5% should be the upper limit of a loss you are able to take, and thats EXTREMELY generous).

Be ready to get your ass kicked, be fluid in your strategy, don't trade the fucking news or fall for indicator memes, and good luck.