/biz/ - Business & Finance

[do you trade forex? No.497030]

anyone trade forex?, ive learnt to trade myself over the past two years but not consistent yet..help me get rich like you

[do you trade forex? No.497039]

up

[Anonymous No.497136]

>>497030

>rich like you

lel there's like maybe 3 people on here that have over 1mm

[Anonymous No.497137]

>>497136
There are more than that, but I don't know of any that are forex traders.

[Anonymous No.497149]

>>497030
Work on algos, backtest them over various timespans. If you do good, start running it on a small account. If it doesn't get wiped out, scale up.

You have to be ~2 standard deviations better than "average" to do decently in Forex. Assuming you're not lying to yourself about what your risk-adjusted return is. Good luck.

[Anonymous No.497164]

You arent gonna get rich trading on forex faggot

[Anonymous No.497169]

>>497030

Literally nobody has ever gotten rich trading forex, not even Soros, who was a billionaire many times over before he did the pound thing. Hell, the head of the largest forex hedge fund in the world, FXConcepts, nuked his entire firm and had to declare personal bankruptcy like a year back. It's just a giant casino run by corporate CFO's that laugh at how morons like you will let them edge their enormous currency risk for, essentially, nothing.

[Anonymous No.497206]

Forget forex, just start buying real estate

[Anonymous No.497209]

>>497136
>implying there are any

You're on fucking 4chan you gullible idiot

[Anonymous No.497224]

>>497209
>implying a million dollars is a particularly large amount of money
There are definitely millionaires on 4chan.

[Anonymous No.497236]

>>497224
>swinging your dick on the internet
>actually believing millionaires post on /biz/

[Anonymous No.497283]

>>497136
Nobody here has over 1mm

[Ask a Big 4 Auditor Anything No.497295]

>>497030
Not trying to troll...but trading seens too volatile for the effort, Just invest in index funds and call it a day.

OP, do you really make any risk adjusted returns/Alpha on FX?

[Anonymous No.497480]

price moves up and price moves down...it's all a random walk...it's all a coin toss...and yes OF COURSE SOME PEOPLE DO WELL...statistically some people have to do better than others...but the odds are against you...just start a business...manage it well...put money in long term investments...quick trying to get rich quick and enjoy the ride...in the end you will grow wealthy :)

[Anonymous No.497481]

>>497030
>stancing a ferrari

lool

[Anonymous No.497483]

>not shorting EURO/USD in June

you missed out on thousands bud

[Anonymous No.497487]

>>497295
>Not trying to troll...but trading seens too volatile for the effort, Just invest in index funds and call it a day.
if you think trading has to be more volatile than investing in index funds you are seriously out of your mind. talking about a trader with the proper tools and capitalization, not some asshole with a $5k FX account. trading, done properly has lower risk and lower vol than any index fund.

[Anonymous No.497535]

>>497209
>>497236
>>497283
Wrong. I have more than €1,000,000. That's not that much, and I don't consider myself rich. Just comfortable.

[Anonymous No.497536]

>>497236
They do.
>>497283
That's wrong though.

[Anonymous No.497570]

>>497209

That trip ihaz or whatever has over 10mm and he makes attnetion whore threads about it all the time

lurk moar you gullible idiot

[Anonymous No.497688]

what is this shit about 6 big banks rigging forex,

they're getting fined and dozens got fired from the bank of england/goldman etc

The fuck do they mean they were rigging the forex market....? rigging it against individual traders? or stealing from funds through insider trading?

[Anonymous No.497696]

>>497236
where I live literally 1 in 10 are millionaires, in sterling so thats maybe 1.6m usd

many more are in the 10m+ in sterling.

There are likely to be many on 4chan....but asking them how to get rich is probably stupid since they're trust fund babbies or got it from traditional work and maybe some inheritance.

[Anonymous No.497697]

>>497535
>in the .1%
>not rich

[Anonymous No.497700]

>>497697
Top 1% is around $8MM by net worth, not to get into 0.1%.

[Anonymous No.497704]

>>497030

I've wiped out my account a few times. Never use EA ever.

I'm trading manual, consider myself a daily swing trader. Identify a trend, jump in when price retraces. Just aim for 10% a month and you're gold.

[Anonymous No.497732]

>>497030
Protip: don't trade forex, unless you approach it like pure gambling where you lose money in the long run.
Forex is rigged by the big banks against the retail guy. I work as a Exotic fx structured products engineer at an investment bank so I know that I can never make money trading as an individual. Go for stocks.

[Anonymous No.497746]

>>497704
>Just aim for 10% a month and you're gold.

Is that even possible? I've been looking at some of the top accounts on myfxbook and very few of them make 10%/month, most of them make 5-7%.

[Anonymous No.497762]

>there are people on biz right now who believe you can't make money on forex.

Sucks to be you faggots.

[Anonymous No.497768]

>All of these faggots reading tea leaves.

Sell high, buy low. Ensure your account always has a large degree of "security" to allow your entry a degree of error (be able to absorb -300 pips). View charts weekly/monthly, look for good entries. If a currency is at a 4 year high, theres a fucking good chance it will at some point within the next 1-6 months be well below that point. Absorb roll-over charges with insane profits.

Its baby simple stuff. Instead people prefer to follow dumb shit like planetary cycles trading. Well, whatever works for you.

This is coming from someone who just made £33,000 on a NZD/USD short on a £10k account. Im a fucking idiot for not making £50k+, and going out too early, but hey thats life.

Next: EUR/GBP long (wait till it stabilises on current zone of resistance), followed by USD/CAD short within the next 30 days.

Haters gon hate, but I have always viewed forex as the easiest way to make money

[Anonymous No.497770]

>>497746

Yes it's possible if you manual trade, have great money management and mind of steel.

I know a dude in Singapore who averages 25% per month. Made his first million by forex and writes books. But this kind of stuff don't happen often.

myfxbook filled with automated systems. Like i said, EA's are kill

[Anonymous No.497772]

>>497732

The whole point of forex is to go WITH the big banks.

[Anonymous No.497775]

>>497768

I'm still floating couple of hundred pips on NZD/USD short

But my account is tiny

>start small
>compound and roll
>keep rollin
>profit
>lel

[Anonymous No.497795]

>>497775
Its exponential. Going from 1k to 10k is more fight than going from 10k to 70k.

NZD/USD was a good trade though. The currency has never in its history been above 8900 or so. If you wake up and see that pair at 8700+, you dont even need to think. Just SELL. And make sure you can weather the storm if it by freak chance hits 9000. And thats it, the big "mystery" to forex.

[Anonymous No.497798]

thanks to all the none-trolls for the advice

[Anonymous No.497800]

can you talk to me more about strategy please?

[Anonymous No.497809]

>>497800

Anon above has already given some tips. Sell high, buy low.

Use higher timeframes. People lose money faster than they can fap due to all the whipsaw. So that means mainly D, W and M timeframes.

Stick to D and W first.

Identify major resistance and support
Identify the trend right now. Is it going up or down?
If it's going up, see if price is near any major resistance. If it's at least 100pip distance, then wait till price retraces before entering. Then profit lel. Same goes for selling.

If you have enormous patience just do what anon did above. Wait till price approaches weekly or monthly support and resistance, watch for price action signals then do accordingly. Profit.

[Anonymous No.497831]

thanks, its good advice, the problem is my balance is low and id rather scalp till i got up to a nice sum to trade that way

[Swing Nation No.497868]

>>497809
>swingtrading
>can you clarify something for me? When anon goes and sits at his pc to look at what the market is doing. What are the best times of the day to set up your trades? Would this be restricted to the currency/region? I think I'm digging to deep on this one.

[Anonymous No.497872]

>>497746
>10% a month
For lower account balances, "easy", yeah. Leverage. But once you're "rich", then they won't give you as much leverage/you probably shouldn't be using much leverage anyway because it's kind of dangerous (but necessary for low amounts of money, when starting), and then you won't make as much, percent-wise.

>>497768
I stopped demo-trading a few months back, got discouraged by not finding a good method that I could clearly identify to stick to (also, being a NEET is suprisingly de-motivating, I was doing this forex stuff the first few months, and now it's just depressing).

I'm pretty much just trading using support/resistance, but it doesn't give you any clear signals to go after exactly.

How would you get a good position size going with a stop (or imagined one I guess) of 300 pips? From what I've learned/read/demo-traded, your position size changes according to your imagined stop, to always keep the same level of risk. Could you explain that a bit more in-depth?

Also, weekly/monthly is quite long. 12 bars would be a year.. would daily, or 4h, be too low a time-frame for you? I don't think I can even do week-long swing-trading with just a $1k balance, and end up getting anything out of it.

Meh, back to mindless gaming.

[Anonymous No.497898]

>>497030
For me forex day trading is not something you get into unless you do it professionally or are some kind of autistic savant who lives in his mom's basement and has all day to dedicate to it. Maybe I'm wrong, I've been hitting up babypips.com but I can't imagine myself going further with it.

I believe the most feasible chance for a plebeian amateur such as myself would be to trade at a slower pace, swing trades lasting only a few weeks or months. At this scale you can also trade lower volume derivatives like regular stocks and commodities, you have the time to research a new development and reach a decision before the move is over, and a single company is easier to get to grips with than the currency of an entire country, so you can easily study and monitor dozens of businesses in several sectors, diversifying and increasing the chances of finding opportunities. This is where I have had the most success in investment games and trading paper.

[Anonymous No.497899]

>>497224
>wishful thinking
>or a statistical retard
no rich people would associate themselves in any way, shape or form with - no offence but- scum.

>>497696
>not saying there aren't rich people all over the world
>just rich people don't waste their time on 4chen

>>497535
proof?

>>497570
>ihaz has over 10mm
bullshit. called him out myself mutliple times. not once did he deliver.

>>497775
>>497768
>>497732
it warms my heart to know /biz/ is in abundance of financial keyboard gurus and experts

>>497483
and has a hindsight of 20/20

[Anonymous No.497924]

>>497899
you forgot to scrutinize my comment >>497898

[Anonymous No.497999]

>>497899
Funny stuff is that most of those rich people you talk about are the worst scum you could ever imagine to meet someday. For real.

[Anonymous No.498339]

>>497898
>kind of autistic savant who lives in his mom's basement and has all day to dedicate to it.

sup

Should I build statistical models or just use my pattern seeking brain?

[Anonymous No.498341]

>>497899
>called ihaz out and didn't deliver
because he delivered long, long ago http://archive.moe/biz/thread/301031/

Asking everyone for proof is why no one likes you.

[Anonymous No.498359]

>>497149
>Work on algos, backtest them over various timespans. If you do good, start running it on a small account. If it doesn't get wiped out, scale up.
muh nigga... check out my 12 year backtest...

>>497704
which EA? imo get your own...

>>497898
what is mt4 for android?

[Anonymous No.498368]

>>498359

Backtest ain't got shit. Try it on a live account.

And 90% modelling quality? lel. If you wanna backtest at least go to 99%.

[Anonymous No.498369]

>>497872
>For lower account balances, "easy", yeah. Leverage. But once you're "rich", then they won't give you as much leverage/you probably shouldn't be using much leverage anyway because it's kind of dangerous (but necessary for low amounts of money, when starting), and then you won't make as much, percent-wise.

Yeah. But long way to go before that happens. So I'm not too worried.

[Anonymous No.498372]

>>497868
>swingtrading
>can you clarify something for me? When anon goes and sits at his pc to look at what the market is doing. What are the best times of the day to set up your trades? Would this be restricted to the currency/region? I think I'm digging to deep on this one.

I use a NY close broker. Any broker that offers NY market close is good. It gives better price action signals.

Once a trading day is over, i.e. NY market close Monday, a new candle would form. So you just see which pairs fit your criteria for entering a trade. Which means you only need to look at charts once a day.

Granted, trade opportunities don't come everyday. Sometimes it might take weeks for price to reach your target level. Just have patience and pull the trigger calmly when condition is right.

Daily swing trading doesn't need you to sit at PC all day. I study medicine so ain't got time for that. Just look at the charts once a day and you're gold.

>>497872
>How would you get a good position size going with a stop (or imagined one I guess) of 300 pips? From what I've learned/read/demo-traded, your position size changes according to your imagined stop, to always keep the same level of risk. Could you explain that a bit more in-depth?

Also, weekly/monthly is quite long. 12 bars would be a year.. would daily, or 4h, be too low a time-frame for you? I don't think I can even do week-long swing-trading with just a $1k balance, and end up getting anything out of it.

It's true you'd need larger account sizes if your stops are huge. So i wouldn't recommend this if you don't have at least $1000, which is not too much.

4H would be the max smallest TF you should base your trades off. Anything lower than that you'd just get whipsawed.

[Anonymous No.498376]

>>498359
>Anonymous (ID: uGPWm+6l) 09/29/14(Mon)09:18:57 No.498359▶>>498368

share it

[Anonymous No.498384]

>>498376

eareview.net/tick-data

[Anonymous No.498385]

>>498368
1m candles are good enough when the EA runs on 4h and good luck finding 12 years of free tick data... you only need that hipster 99% shit when you are testing scalping strategies.

>>498376
fuck no... worked too hard and long on it to just pass it over to someone else. i want to eventually sell signals which would be hard todo if everyone has my algo...

[Anonymous No.498386]

>>498385
>1m candles are good enough when the EA runs on 4h and good luck finding 12 years of free tick data... you only need that hipster 99% shit when you are testing scalping strategies.

Right, my bad bruh. Good luck with it.

[Anonymous No.498388]

>>498384
you only need tick data for scalping bots... if your strategy involves 100pip stops or profit targets the tick data does nothing but slow down backrests...

[Anonymous No.498404]

>>498388
and trailing stops... trailing stops are totally shit if you dont have 99% modelling...

[Anonymous No.498409]

>>497898
>lives in his mom's basement and has all day to dedicate to it
nigga pls... you only need to spend 247 basement dwelling if you are a sperge who scalps m1 or something crazy...

[Anonymous No.498410]

take ur attempt of advetizing your ea somewhere else..if it really did work ud be rich not selling signals mudafuka..gtfo here

[Anonymous No.498411]

scamming s.o.b dont lemme find ya

can we get an ip on this guy

[Anonymous No.498416]

MFW not trading crypto ,

you guys are talking about 10% profits ha

[Anonymous No.498417]

>>498410
>>498411
did you stupid niggers not read the thread?

>posts EA
>refuses to share EA
>posts no url or contact info
>"herp derp hes shilling and trying to sell us shit!!!!"

[Anonymous No.498511]

>>498372
How much risk are you taking per trade, anyway? I was asking earlier, about position size and so on, because from what I've learnt/done in demo, you decide which risk percentage you're comfortable with (4% a trade for example), and then every trade will always be a 4% risk trade, since you adjust your position.

With a 1:2 risk/reward-ratio, you always need to make twice your stop to make those 8%, or halfway to break even. So, if your stop was 300, you'd lose 4% at -300, or gain 8% at +600.. however, that doesn't sound like it would work very well with trading that slow. So, how does the risk management and position size aspect work in for example daily trades?

I know that you can trade 4h with $1000, and the broker I intend to use has a 1:200 leverage for "smaller" retail accounts (up to resonably large amounts), so that means my used marigin can be $500 (for a 1.0 lot trade) and I'll still have the other $500 to move into.. that's not very safe, but if you "know" that it's going to turn around, that's the only way I see it making money - risking more than you traditionally should, and really risking losing most of the account.

>>498416
10% compounding is huge. Wait until you see a thread with some stock-fags in it - they'll say that you need $100k to start trading, and that you can expect 10% a year or something retarded.

I'd like to trade crypto, because I could just make it with my graphics card (unless asics came out for the litecoin/doge etc. algorithm yet?) and go from there/I have a friend who could give me some starting coins. Do you have a good guide/can you write down how to get started and what to think of?

[Anonymous No.498515]

>>498511
>halfway to break even
That's wrong, actually. You're at break-even as soon as it moves the 0.7 pips from the commission + spread, but you know, to keep your strategy working you need to hit twice your stop per trade (or more). That way, you can (approximately) lose 2 times and still cover those two times with one win, or the other way around.

[Anonymous No.498519]

>>498511
>could just make it with my graphics card
Not profitable unless you get free electricity.
>unless asics came out for litecoin / doge etc.
There are scrypt asics, yes.

The issue, of course, is risk:reward and the relative illiquidity and unregulation of a lot of the crypto markets.

[Anonymous No.498521]

>>497732

people like this are so fucking stupid jesus. HUR DURR THE HOUSE ALWAYS WINS LITERALLY NO OTHER WINNERS. So you're telling me if the next GDP report for germany, france, italy was at an all time low i wouldn't be able to profit by shorting the euro? Okay buddy XDDDDDD

[Anonymous No.498533]

>>498341
I'd rather see the riches or his gold coins safe-pool. But I guess these days some papers with timestamp are enough.

also
>You are free to ignore, filter, or insult me to your heart's content.
whatever you say, chief.

[Anonymous No.498541]

>>498533
>gold coins safe-pool
Is he a pirate now?

A lot of rich people don't really keep "riches" (e.g. Warren Buffett)

[Anonymous No.498595]

>>498511
>How much risk are you taking per trade, anyway?

I typically use 3%.

>So, how does the risk management and position size aspect work in for example daily trades?

On a 2:1 RR ratio I'd earn at least 6% if the trade was a win. That means just 2 winning trades a month and you're gold at 12%. Granted, not every month is good. Some months the currencies don't move much at all. But for daily charts the risk reward is much, much better than scalping.

But you do have to be very sure which direction the market is heading, and be able to read signals to increase your edge.

>so that means my used marigin can be $500 (for a 1.0 lot trade) and I'll still have the other $500 to move into

Use position sizing. That way your risk stays the same no matter your account is big or small. Leverage is not a big problem unless it's lower than 1:100 which would mean you'd need serious dough to absorb the whipsaw if it happens.

[Anonymous No.498618]

https://hashprofit.com/en/?hp=17333 invest their money (Bitcoins) by 10-30% per month over 2 years. Bitcoin wallet create here https://blockchain.info/.. Bitcoins can be exchanged easily by paypal, Visa, webmoney and other payment systems. with $ 1000 - the day goes for $ 10. Successful earnings!

[Anonymous No.498795]

>>497924
>a plebeian amateur
your words buddy.

>>497999
>For real.
are you black? that would reaaaaaly explain the hate on rich old white dudes.

>rich people are the worst scum you could ever imagine
>jelly.jpg

>>498541
ihaz can't be a pirate - he's white
also, I'm just asking for proof. obviously old geezer wants to be taken seriously. and since he claims to be an oldfag, I don't see why providing proof is such a hard concept to grasp.

[Swing Nation No.498868]

>>498372
Thanks /biz/bro cleared some of the things up for me. Glad to see that this board isn't 100% crap all the time

[Anonymous No.498890]

>>497030
the only way you can consistently make money trading is if you have access to the exchanges order flow. trading is when you make moves based off that information. everything else is gambling.

[Anonymous No.498956]

>>498890

Not true. You can have an edge by analysing candle stick patterns.

The point is not win 100% of the time. Even if you win 50% of the time, with good money management and risk:reward ratio you will still profit.

[Anonymous No.498970]

>>497030
I put $10k into the Oanda trade leaders thing with their top leader and am earning a comfortable passive income.
$4k after 3 months.

I also use 50:1.

[Anonymous No.499128]

>>498890
Speculation is not gambling.

Shorting AUDUSD because China's economy is slowing down and a large subset of Australia's economy is dependent upon China buying its mining output is not gambling. You're making an educated guess based on available information.

Sometimes you're right, sometimes you're not. Risk management lets you come out ahead even if you're wrong most of the time. 3 winning trades can more than offset 7 losing ones.

Gambling is going to the casino and playing roulette or any other game. The odds are fixed and are in favour of the casino.

[Anonymous No.499163]

>>497768
Nice job man, waiting to go long on EUR/GBP at around .776, Currently trading USDJPY with predictable support and resistance lines, I have 1k in my account, how long do you usually wait until you go short? I have a problem with patience.

[Anonymous No.499166]

>>498970
Which trade leaders have you been following?

[Anonymous No.499200]

>>498795
I'm not black and I guess I met more rich fuckers than you have... And don't cut part of my sentences you brat, I told that "most of them" were, not all of them, it's not like they all were but think about it : one has to be messed up somewhere to be willing to get more money than he could spend in a hundred lives. But anyway you'll get it when you'll come to know better more of those super rich and super greedy individuals, I guess.

[Anonymous No.499229]

>>499200
NIGGER ALERT

NIGGER ALERT

REMOVE THE NIGGER NOW

[Anonymous No.499235]

>>499163
long or short usdjpy?

[Anonymous No.499290]

>>497149
this

[Anonymous No.499291]

>>499235
about to go long at about 109.200 then set a stop loss at around 109.680

[Anonymous No.499293]

>>498416
Wait until these people learn about volatility. But I'm sure you've already scored enough to not worry.

[Anonymous No.499294]

>>499291
You mean take profit? It's at 109.2 as I write this.

[Anonymous No.499296]

>>499294
Yea man buy right now and set the stop loss at 109.68

[Anonymous No.499301]

>>499296

[Anonymous No.500011]

long USD