/Forex General/ - "We fucking need one" Edition F

OFFER SUGGESTIONS FOR THE OP

POST TECHNICAL ANALYSIS CHARTS

DON'T BE A FAGGOT

>>1562772
why would you want to trade on forex in stead of crypto? What's the benefits?

I read a post yesterday I believe stating that exchange rates only affect trades between countries. Is this true or do they eventually have an affect on domestic prices?


Also currently reading "Currency Forecasting" by Michael Rosenberg. Pretty good

>>1562814

How can you not know that? Of course is the answer. (well, it's at least supposed to).

>>1562804

It's just different markets. Forex does have wayyyyy more liquidity since its the biggest market to trade in with 5 billion dollars volume a day with all markets.

Forex also isn't just waiting for Pumps and dumps, its trading at its finest.

do you guys trade with maximum leverage? Is it wise? or just another way to get your ass destroyed?

>>1562815
That is what I figured it was but the post said otherwise. I know I shouldn't change my opinions based on one post with no proof, but I am not very familiar with the subject. I recalled reading about PPP and whatnot so I assumed, but I've seen crazier things so I figured I should ask. Thank you

>>1562835
I would assume you'd get raped faster but if you know what you're doing then it's not a bad idea

>>1562835

Really only good when you have you're using seriously small amounts to trade with.

This thread is going to take a while to catch on as did /CCG/. Just a heads up.

how legit is the youtube channel astro fx?
currently going through the pip school then looking to trade a demo account until i get the hang of it.

best books on technical analysis?

>>1563334
>how legit is the youtube channel astro fx?

If a Forex "trader" is showing off their cars and lifestyle for the purpose of getting you to pay for their courses or trading indicators, etc, then that should be a huge red flag.

Notice how their videos are all superficial bullshit, "Write down your goals", "Trading on mobile", "What is forex", "7 days in hongkong" "Is THIS The Best TRADERS CAR?" etc, etc. They are obviously trying to target noobs who don't even know what Forex is and pitching it as a way to get rich quick.

They are probably just selling courses that they put together from info you could easily get for free online. I can guarantee you these guys aren't real traders. They might have money, but they didn't make it from actually trading.

>>1563382
Hmm I watched a few and was pretty pleased. I am a noob though. I've read a few books but they taught nothing for technical analysis so the ones I watched were pretty helpful for me. It was beginner stuff like support resistance but I enjoyed them. I agree that I wouldn't pay any youtuber or probably anyone to help me though .

I didn't read TA and don't know how much I really want to delve into it. I am partly doing forex to learn but I also plan to study economics in school and have an interest in the global/international and forex reading I've done imo has increased my knowledge in that area greatly. TA seems worth it for the short-medium term traded though. If anyone has any good fundamental books, I'd love them

>>1562772
I'm interested in Forex but Ive mainly been studying the 6B/M6B and 6E/M6E contracts though because its obvious that the futures regulators' goal is to stomp out their main competition, cash/spot forex.

>>1564376

I'm relatively new to forex and just started this thread to get /biz/ input on it. Please, if you can explain more on the subject, that'd be lovely.

>>1565135
I'm new to forex and futures as well and have been studying the foreign exchange futures contracts for GBP (6B) and EUR (6E) because isnt it obvious that the government wants to shut down retail forex, which is unregulated and difficult to regulated because its so international, and shuffle people into the centralized regulated futures market. US recently shut down Interactive Brokers which was the last remaining ECN in the US, and I think Belgium recently banned its citizens from trading forex, and I heard rumors that France is working on banning forex as well.

>>1565173

I'm gonna start looking into that. Thanks, man.

>>1565173

Wouldn't trading forex with Bitcoin as your supplies currency just defeat all of that?

>>1566107
HOLY FUCK, I SEE A BULLISH SHITTING AUTISM DUCK PATTERN, BUY BUY BUY

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>>1567209

>>1565173
>because its so international, and shuffle people into the centralized regulated futures market.
This is why i fucking hate newfags and the "forex educators" indulging this bullshit. They are going to let "regulators" fuck a legitimate market because they were dumb and greedy enough to get scammed and then going broke. Fuck you dumb newfags, i aint telling you jackshit and i'm personally reporting every single piece of shit offering "forex courses" to the authorities or publicly calling them out on twitter or wherever i can have people shaming these pieces of shit

There are no legit "forex educators" for the elementary reason you can't make money without having a quantifiable edge. Why giving it away for 400$ when you can make millions with your strat alone?
Please kids, don't be silly. Don't pay for shit, if you are so curious about these educators just torrent their shit and see for yourself how useless they are. Sure they might tell you some general stuff about candlestick or supports and resistances, but it's all fucking useless unless you can't type it in a spreadsheet and quantify everything.
Protip: ICT is an infamous scammer, he can't trade for shit and his few attempts at trading live with verified results were abysmal failures. He got some autistic cult on twitter, but none of his followers is profitable, not a single one. Now he sells courses. There is not one single profitable trader on the websites posted in the sticky, except for TheRealThing, Peter Crowns and Pipeasy, they are all 3 from forexfactory. They all use longer term systems, it's all for free. I've taken a lot of stuff from them. Another system i stumbled into was the Vegas Tunnel. Never traded it, but sounded solid, freely available online and easy to test.
The mindset part is immense bullshit btw. Being anxious or stressed about your trading is a way your subconscious tells you don't have an edge and there is something to adjust in your trading

>>1568176
Also Davit's thread, also on forexfactory. I don't like his method because it's too discretionary but the guy is a beast

>>1562772

Is it a safe bet to short GBP or is there a possibility it bumps up?

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>>1568176
>Why giving it away for 400$ when you can make millions with your strat alone?

>>1562772
FUCK OFF OP YOUR PASTEBIN LINKS ARE SHIT

HERE LET ME HELP YOU, DON'T FUCKING USE PASTEBIN LINKS

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USDJPY daily chart.

We could be seeing a W pattern forming with a bullish push for the dollar to atleast 107.

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ez

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Pic related, Bateman would love this template.

Tip EURGBP

>>1569336
>We could be seeing a W pattern
How do you define a W pattern?Why other people should give importance to it? How do you quantify it? What's your expectancy in trading a breakout of a W pattern? Your hit rate?
If you can't answer you're full of shit
>>1569717
Your sl is exactly where millions of others more are, you can bet it's going to get busted. Aside from buying countertrend without any reason for doing so, your trade makes no sense. Get out.

>>1569724
>Your sl is exactly where millions of others more are,
That's not a stop-loss, it's another buy-limit.

>>1569740
>averaging down against a daily trend
Jesus christ dude i hope you are on demo

>>1569724
W stands for win, therefore it must go up.

>>1569744
Lmao, it's platinum.

>>1569747
It can be anything, it doesn't matter. There are 2 rate hikes behind the corner, why are you buying that shit?Cuz you've read something on Zerohedge?

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>>1562772
https://discord.gg/rCQJA62

https://discord.gg/rCQJA62

https://discord.gg/rCQJA62

>>1568176
This really bothers me we can't have nice things because we need regulations to fit to the lowest common denominator.

>ICT is an infamous scammer
I have seen a lot of his videos and in them he says "I dont need your money, I'm not selling you anything" and then recently I heard that he tried to take a shot at selling something.
I actually liked a lot of ICTs stuff when I discovered it when looking for more information about order flow and stop hunting. But after watching it my mind started noticing lots and lots of contradictions I couldn't reconcile.

Thanks for all the recommendations.


Take a look at this. The thread's premise was basically "lets plot random levels on our charts and watch the price action around these imaginary support/resistance levels" and they where suppised that price action actually did seem to interact with these random lines. The key takeaway was examining your strategy and technique and the tools you're using and to get into your head the idea that how do you really know for sure that what you're doing is really useful? Would what you're using really be any better or worse than random? What if the indicators you are using where really no better than random number generators?
https://futures.io/traders-hideout/7364-random-line-theory.html

>>1570003
Do you have the link for the BTC room?

>>1570027
>What if the indicators you are using where really no better than random number generators?
In fact they aren't on their own. They just give me an environment on which i apply other price based strategies, nothing more.
And comparing random price curves and actual price curves was the first thing i did and it was a massive eye opener. If you apply a trend filter (ex. a moving average) you get a random series of consecutive highs/lows on a random chart, not so much on a real price based chart. Same if i applied my algos, they had an edge on real charts, no edge on random charts

Trend exists, and people are making a shitload of money from them, it's not even that hard. But it's psychologically devastating, especially since you have to deal with a low winrate which means drawdown.
What ICT is pretending to do is trying to decode the intraday orderflow, which is possible and not so hard but you can't do it on spot fx. You need futures, you need real volumes, price ladders and market profiling

>>1570334

What do you think?

>>1570038
crypto room?

https://discord.gg/MHaGKZn


https://discord.gg/MHaGKZn


https://discord.gg/MHaGKZn

>>1569724
Im not going to bother answering you mate because it'd be a waste of my time. I trade for myself alone.

>>1566107
People confusing technical analysis with seeing ducks hahahahahaha

>>1568176
>Being anxious or stressed about your trading is a way your subconscious tells you don't have an edge and there is something to adjust in your trading

Your post was very legit util this part honestly

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Double top on USDCHF

>>1571186
thanks a lot man

You will not die on me.

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>>1571186
The tp has almost hit, monitoring for a reversal and re-entry. Adjusted stop

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>>1573178
Took profit, re-entered upon recognizing the morning star pattern.

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>>1573302
Closed at break even. This is a really good opportunity for me to look into my decision making of not taking profits at a clearly important zone. .98900

>>1573323
But doesn't a morning star pattern indicate an up coming upswing? So buying in is the right decision at that point, right?

>>1573368
Price did attempt the swing but it was rejected. Currently the swing towards the neck of what you could call a M. I have a sell stop set for a reversal breakout as the pair has been completing a bullish wave within its consolidation zone.

Are there any good YouTube channels or streams to watch or anything for someone kinda new? I've read around a lot and I feel like I know a little, but the videos I see are just a little too high level.

>>1573302
What kind of important patterns are there?

>>1573629
Just trying to play smart with demo money.

>>1571186
>USDCHF
Look where it's at now...The US dollar has and still is strengthening against all other currencies right now...Don't try and play technicals against fundamentals that are this strong right now..You will get burned

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>>1573629
You will find the patterns important to you as you continue to trade and learn. The most important thing with patterns is your belief in them. I spotted that pattern and placed a trade but because I don't believe heavily in patterns I didn't have the confidence to hold it through the retracement where it finally hit my tp of. 99 during London.

>>1573984
Yes I've noticed this fundamental push for the dollar. I need to be more conscientious when placing trades, although I did profit from that one.

>>1574352
>>1574352
With that being said there is a ton of free resources that you can find patterns.

Babypips
Storm Lewis
Quillian Black
UK spread betting
FX daily
My nigga Walter Peters

There's also tons of online forums and communities that are helpful just be wary of such things.

Books I've read and enjoyed.

Reminiscences of a Stock Operator
Market Wizards
Naked Forex
The three Ms
Step into my trading room
Think and Grow rich
The wealthy investor
How to win friends and influence people (if you're serious about this you must surround yourself with your peer group, find local day trader groups etc)

These are just a few of the resources you can access for free.

I'd also recommend you read as much about economics and investing.

Investopedia is a great resource

>>1574369
Thanks. I've been reading a lot of investopedia and trying to separate shit from advice elsewhere. I want to get into this seriously so I will look into your recommendations.

Thank you and may many pips bless you.

>>1573178

Yo, man. Thanks, you're starting off what this thread needs to be.

>>1574369
https://www.youtube.com/watch?v=bv2SXYneNrc

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>needing indicators and not just figuring out who's moving money and why

I found that the best return is simply equity options. I've made 1500% for a couple hundred bucks in one day. You're not getting that return ever in the forex unless you're holding for years or there's a floor drop.

>>1575218
Hey man

You've got some really great results, I'm proud of you.

This is Forex general though and I think you missed the mark with your post a bit because it could derail any fruitful discussion and cause an argument.

Once again, really good job but please make a new post or find a different thread!

Currently reading "Currency Forecasting" by Michael Rosenberg

https://www.amazon.com/Currency-Forecasting-Fundamental-Technical-Determination/dp/1557389187

Am I just wasting my time in regards to improving my forex skills with this? It seems to be better for longer term trades but interesting at the same time. I plan to finish babypips soon. Should I trade mostly based off technical or did a youtuber lie to me?

>>1576259
>>1576259
Nothing you do pursuing an interest is a waste of time in my opinion.

I haven't read the book but it was written over a decade ago so its hard to determine whether or not there are better sources for similar information.

Just keep learning and studying brother, do not waste valuable attention on your worries. Focus, you've got this

>>1576259

>>1576316
>Nothing you do pursuing an interest is a waste of time in my opinion.
This.

I haven't seen that book so can't comment on it.
>Am I just wasting my time in regards to improving my forex skills with this? It seems to be better for longer term trades but interesting at the same time.
I'm fairly new to the markets and what something that got me really interested in trading is something that I'm not even sure if most people are aware of or think about. And that is thinking about the market microstructure and the orderflow. I have been spending a lot of time reading and studying that because it's interesting to me. I find it interesting enough that I would rather study this than say for example waste time watching TV. It's not surprising that I find something like that interesting, as in programming I found assembly language programming interesting too and I'm not sure very many people look in depth into it .
Also, it seems to me, that long term directional bias is very powerful, so continue on this journey
>>1563393
>I am partly doing forex to learn but I also plan to study economics in school and have an interest in the global/international and forex reading I've done imo has increased my knowledge in that area greatly. TA seems worth it for the short-medium term traded though. If anyone has any good fundamental books, I'd love them

>>1575222
>but dis is a forex bread!!!

That's the point, it shouldn't be. Expected value of every dollar places comes back negative. It's literally gambling.

>>1576963
But the people in this thread like myself don't care about your opinion.

If I can make an example its like walking into a different sports club and school and trying to convince them to give it up.

Try to ignore it.

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>>1576974
Forex is very dangerous

>>1576978
Proper risk management is important.

Do you know much about what happened in this instance you provided?

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Forex can be your worst nightmare.

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>>1577029

>>1576974
>opinion

There are studies showing the facts: every dollar put into a forex position is expected to return less than the dollar you put in.

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Just kill me already

>>1579404
funktioniert die Auszahlung ?

>>1579506

Äh ja warum?

>>1579525
Wirkt ein wenig unseriös auf mich

>>1562829
Sounds like I should do both. I hear stories about people losing everything in Forex but it's probably because of greed, if you don't put all your money in you can't lose it.

>>1579527

Die deutsche Übersetzung ist schlecht aber ansonsten ist die App ziemlich seriös. Der support spricht auch gutes deutsch, deswegen versteh ich nicht warum dieses google translator deutsch in der Appp ist.

>>1579311
Proof

>>1579404
>>1579506
I'm curious how do people get by with trading in an environment like Germany, or any of the countries in Europe which taxes you at like 50% or more? You put up your risk capital and lets say for example you put on a trade risking €50 with a target to win €100 and your take profit order is hit. Oh nope government takes half as tax so you really only won €50 which changes your risk/reward ratios.

>1579311
Then why are the institutions, banks, and hedgefunds doing it? They are motivated by profit too so why would they put up their risk capital only to lose it?

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>>1562829
While all that's very true, pic related is an interesting one I saved.

>>1580017
>>1580017
This is very interesting.

Do you know what book it's from?

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>>1570027
I think I recognize you. Are you the guy who was posting all those book excerpts about the founder of price action?

Are you this threads op?

Figured you wouldn't still be around this board since it seems like a waste of time.

Are you live trading yet?

>>1562775
>OFFER SUGGESTIONS FOR THE OP
>POST TECHNICAL ANALYSIS CHARTS

serious suggestion - this sort of thing is what the majority of amateur traders try and almost none of them have any sustained success

frankly if you developed a legit edge in fx that doesn't revolve around liquidity provision/electronic market making you could become incredibly wealthy

fact is almost no one has and following the same tutorials as everyone else isn't likely to help

>>1562866
why not work through it yourself - do you buy things that have been made overseas? Does your country/the manufacturers in your country?

then what do you think happens when prices of that stuff change?

>>1563393
>I also plan to study economics in school

take some econometrics modules, learn how to analyse time series data a bit more rigorously than the stick a few magic lines on the chart - TA approach

see also stats, signal processing/filtering (from Engineering) and machine learning (which borrows a lot from stats, signal processing and other areas)


alternatively forget all that hard work, put your faith in the easy method, listen to chumps on forums and watch youtube videos and pretend that trading is easy - when you lose don't blame your obvious lack of any form of edge but instead blame 'psychology' and deposit more into your 'broker' account for another spin....

>>1576675
>something that got me really interested in trading is something that I'm not even sure if most people are aware of or think about. And that is thinking about the market microstructure and the orderflow. I have been spending a lot of time reading and studying that because it's interesting to me.


the firms that make markets in FX, futures, equities etc.. are very much aware of and spend a lot of time using their knowledge of it to model execution algos etc..etc..

most retail traders are completely abstracted from it as they'll trade via some bucket shop providing a simple two way quote or some small retail broker owned 'ECN' where the marketstructure is a bit opaque and things like last look are in place for the liquidity providers

if the typical retail trader spent any time thinking about market microstructure then they'd not be trading as the venues they currently trade at in the first place

>>1577029
'risk management' isn't going to help you much if you're on the wrong side of a move like that

>>1580017
bit of a dangerous game if someone did try showing 200m across multiple ECNs like that

suppose you're a big trend following hedge fund and you want to execute a large FX order... well FX aggregators aren't exactly uncommon - depending on the last look provisions on the relevant ECNs you could hit them at every exchange

>>1580452
A proper stop loss can mitigate large movements like that. Id like your opinion on Taylor, Peel and Sarno 2001

>>1580496
retail brokers don't guarantee fills, so your stop loss means jack shit

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>>1580543
>stop loss means jack shit
this

>>1580650
>mfw not OP

>>1580686
are you trying to say op isn't a retard? because if op is anything, op is a complete fucking retard. op is also probably some kind of sexual deviant, if i'm not mistaken.

>>1562829
billion?

forex is five TRILLION per day

it makes every other market look like a bitch

>>1580650
There's a thing called slippage. When the price moves very fast your order can be filled 10s or 100s of pips away from where you set it.

>>1580458
>>1580448
What exactly are you talking about with this last look and micro structure?

>>1580752

I meant to say trillion I swear.