Forex trading

Anyone experienced with Forex trading?

I am trying to do some trading in Forex market and need help if anyone doing Forex trading or know a bit about the platform.

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are you using MT4?

Yes, I am using MT4 Platform.

Original post by ANM775

are you using MT4?

Reply 3

ANM775

Original post by Roment

Yes, I am using MT4 Platform.

what's your question

Reply 4

Roment

Now, how to learn some good tricks or should I use any forex signal service to start my trading?

Reply 5

ANM775

Good tricks?

Forex is no get rich scheme. You should be at least prepared to put in the amount of time it would take you to study a university degree.

Probably best you start off on the Babypips website and then once you're intermediate level move onto Forex Factory. Also you might want to purchase some learning materials also, but I suggest you do your own research on those first.

As for signal services i've never used them, but there are probably profitable ones out there ...but a lot are not.......

Reply 6

Franzcisca

Hi! For a beginner it is important that you know some of the background in trading. There are so many brokers out there that could help you get a profit but I think you should start with learning some of the trading strategies. It is quite tricky but worth learning.

Reply 7

ForexStudent

Original post by Roment

Anyone experienced with Forex trading?

I am trying to do some trading in Forex market and need help if anyone doing Forex trading or know a bit about the platform.

STUDY STUDY STUDY!
Pick a good broker(I use JAFX)
STUDY some more.
Use a demo account first!

hi, anything?

Original post by leon12138

hi, anything?

Anything on what?

Reply 10

f_spanish

hey I am a 15 year old trader. just finished my GCSE's I studied for 2 months and I have gone through 2 different courses. To learn I used the free babypips.com If you want more specific education look at ukspreadbetting on youtube and go to the forex playlist. This is not a get rich quick scheme. I saved up 1k for education, broker and trading. Never use instagram signals except for billionsfx. His signals are effective, detailed and help u make ur own decision. His have given me a 60% success.

(edited 5 years ago)

Reply 11

f_spanish

I mean I studied for 2months before I put in my first trade

Reply 12

leon12138

Original post by ForexStudent

Anything on what?

wat u want to know about the platform or forex?

Reply 13

ForexStudent

Original post by leon12138

wat u want to know about the platform or forex?

Are you a full time trader then?

Reply 14

ANM775

They've changed the leverage now for forex in the EU

1:30 on the major pairs
1:20 on the minor pairs
and just 1:2 on crypto

..., before this you could get as high as 1:500 with many brokers

long are the days where you could open a small account with a few hundred pounds and possibly make good amounts of money quite quickly [if you were skilled enough or lucky]

You will now need to deposit a significant amount of cash with your broker if you hope to start making decent amounts of money.

If you are careless trader who doesn't know what the f he is doing, then this is probably a good thing as it will make you go bust a heck of a lot slower, simply because your broker won't allow you to make sizable trades [in relation to your capital]

If you are a more experienced trader however, then this is a bad thing ....as it requires you now deposit much larger amounts of money to trade at the same lot size you were using before. I'm going to have to deposit at least another 2 grand now. tbh probably more is needed, but i don't have that extra amount "spare" to put in.

very pissed off at this new ruling, which has been caused by masses of careless inexperienced traders being greedy trying to make thousands or delusional amounts of money in one trade [relative to capital] and then the trade going against them which results in their account getting butt-raped, and then they go and ring up official bodies and start complaining about it.

I only got my ass raped once by the market, back when I first started due to inexperience. [lost about 60% of my account on one trade]
Did I start ringing up people to complain? ....NO
I took responsibility for my actions and didn't look for others to "blame", I learned from my mistakes, and took measures to make sure something like that never happened again.

Reply 15

f_spanish

Original post by ANM775

Erm...or you join IcMarkets which is Asia's top broker

Reply 16

ANM775

Original post by f_spanish

Erm...or you join IcMarkets which is Asia's top broker

Just looked into this and it does seem like this could be a viable alternative.

do you know what ID they require?
I seem to get my monthly bank statements like every 3 months now ..so am not sure if i am going to have to wait for a new one to show them or if i can use the old one [if i can find it]

what are their spreads like?

Reply 17

ANM775

just seen their spreads, overall not bad ...but eur/cad is a bit high and i'm not sure i was paying as much for eur/nzd either

Reply 18

f_spanish

IcMarkets is secure. I trade in my parents name and they use statements from the start of the year and a passport/license. They dont **** around and the spreads are high, but they hardly make a difference when starting out

Reply 19

ANM775

Original post by f_spanish

I've set up an account there and it is now active and fully working [there were some niggles originally]

they gave me 1:500 leverage .....which tbh is too much lol. So I changed it to 1:100 which is plenty imo

1:500 leverage is dangerous imo, ...if someone were unlucky enough to be caught in a Black Swan with that kind of leverage and on the wrong side of it, not only would they loose all the money in their account, ...but potentially end up having to sell their home too.

No offence, but your parents are being a bit foolish letting you mess around with an account in their name on 1:500 leverage

As for the EU leverage changes, unfortunately european based brokers will end up loosing a lot of business as a result ..as people jump ship to offshore brokers

I just hope they don't start to try stopping people from using offshore brokers.. like what happened with the US when leverage changes happened there