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Forex Trading: A Beginner's Guide
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/r/Forex Trading Community
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.
I suppose it's been asked before, but unfortunately couldn't see it on reddit if it had ever been asked. Anyways, I'm new to Forex trading, and started grasping some few concepts from here and there. Getting straight to the point, the position size formula is as follows: Account at Risk = Pip(s) at Risk x Pip's Value x Position size Based on the formula above I guess everyone only works on to find the position size rather than account at risk. So, for instance if I have $300 account, risking 1 percent ($3) with a pip value of $10/pip with pips at risk at 49 pips and plugged every value in the formula above; my position size would be 613.244898 units or 0.006 lot size. That is if we were finding the position size. So, my point is, what if I wanted to find the pips at risk instead of position size? The reason is I want it to be a perfect unit or lot, like 600 units instead of 613 units we got from the calculation above. I did the calculations and got 5 pips?? (I got that by dividing 0.0005 divided by 0.0001) does it indicate that the position size would include a pipette? Based on the 49 pips we set on the first example?? And if we did the same thing with 49 pips we'd be getting 4.9...so does that mean 4 is a pip and 9 is a pipette? Or am i missing something? Sorry for any vocabulary or grammatical errors in advance, english isn't my first language:)
Traveling to SL with Family from India : Itinerary and Forex Help Required
As the title says, I'm planning a trip to Sri Lanka with my family of four, from India. We'll mostly be spending our time in the Southern beaches of Dikwella and alongside areas. Here are the things I could use some help with:
What would be a good time of the year to visit?
If the trip is of about 1 week, what kind of expenses I would incur?
What are some cool local places to see? Especially, any chances of snorkelling, boating etc. in the sea?
What type of food should I try out? We are non-vegeterian.
What transport would be better to use? Is public transport good?
What's the mode of using Forex? I can always carry LKR, but was hoping some international credit card or travel card would work.
I'm definitely looking at trip advisor and travel stackexchange, but any tips / info would be highly appreciated :) If I should visit Colombo or Galle, please let me know.
Hey guys. So a friend has been showing me that he's been making a fair amount of money doing Forex trading. I had no clue whatsoever what Forex was, so I did some research. Made a demo account, played with it and stuff but basically I have no idea what I'm doing as I'm currently an Electrical and Computer Engineering student with no business background whatsoever. He has an active subscription with IML and is part of a gigantic group of individuals who trade and help each other out and also try recruiting new people due to the compensation packages IML offers for recruitment. Now, Reddit was the first place I searched for the legitimacy of IML and everything I have found so far has been negative. I attended a conference with a group of these people trying to market IML and there was a fairly large turnout and due to the amount of individuals involved, I found it difficult to believe this is a scam considering that they only make money if the people they recruit actually STAY and pay monthly subscriptions, and obviously a person will not stay paying a $150USD subscription if they're not making money. They have weekly seminars and classes on trading and stuff as a group and seem to be very serious about not letting the people they recruit be fish out of water. I trust the person who told me about it a fair amount but it's still a hefty investment and I want more reassurance before I get into it. I'm a student and really could use the extra money, can anyone give me some advice about if this would be a good idea, please? And if in fact IML is legitimate and their signals and scanners do work.
Is there an iOS app that can let you trade forex easily like robinhood for stocks? Also, is there a news aggregator like stocktwits where you can follow people and receive alerts from them on which forex to invest in at the moment? Something where people can make money together?
Right now my best option is to use a service called goremit that adds a couple yen to the exchange rate. Is there a cheaper way to do currency exchange by utilizing forex? It's a damn shame I didn't know about this last September when I could have gotten 78 dollayen.
forex help! need to convert prior euro exchange to usd
I need to convert some revenue from 1991 (Franc, Marcs, etc) to current USD rates. I'm not sure if I should convert the revenue to euros when they split then convert to 2011 USD? Or go from 1991 Franc to 2011 USD? Any insight would be greatly appreciated!
Seeking Help From More Experienced Forex Traders Please
Hi, Apologies if these are obvious questions, but as I get started I'd like a few pointers from more experienced traders please. I hope other new traders will benefit from some good answers to these questions. Thanks in advance.
How many pairs do you recommend I review on an ongoing basis? I have currently got 12 which are the four majors plus a few more - GBP/JPY, GBP/USD, USD/CHF, EUUSD, EUNZD, GBP/NZD, USD/JPY, EGBP, USD/CAD, AUS/USD, NZD/USD and EUAUD. Would you recommend more, or less?
How many trades (as a VERY general rule because I know there is no hard and fast answer here) would you expect to make per week in general. I just don't want to over or under trade.
I like to build a trade that has a 2:1 or 3:1 reward to risk ratio but I like to risk only 1% - 1/5% of my account (currently only a demo one but I'm taking it seriously). I saw a broker where I can put in S/L and T/P levels and that I want to risk 'x'% of my account on the trade and it will work out lot size for me. That seems really important to get trades on quickly and accurately. Do you know any ECN brokers (I heard these are best) that offer this feature?
Tradingview seems to be the best to view the charts. Would you recommend I use Tradingview for charts, drawing lines etc and then trade elsewhere? Is the Tradingview free version sufficient?
Thanks in advance for answers to the above and for any general tips you can give. I am watching a few of the well-known streamers and really enjoying their content. I'm keen to learn but want these things set up correctly from the off so I can get on with it.
Hi, Im at the stressful point in my life where I have to choose a uni course. I'm learning a lot about FOREX through free information on the internet but I would also like to seek formal education as a backup. Would economics or commerce be a better degree that helps with working with FOREX in the future?
So my dad has joined this “‘mentality” group. It’s related to FOREX investments, anyone can help me out?
He’s been acting weird and secretive lately about these ZOOM meetings that he is attending; he locks himself in a room and nobody can disturb him no matter what. I checked his computer while he was away and I found that what he has joined is something called “Freedom Alquimia: mentality and Forex”. It’s all in Spanish (we’re in Spain and are Spanish). From what he has told me the people there are making 5K a month just by trading very little and he wants that. I know that’s already fishy, but he says that he hasn’t put any money at all. So.... I’m confused. His behavior has been changing since he started this and he claims that my mum is “sabotaging” his success; and I’m just scared they’re brainwashing him or something. Maybe it’s legit but... I need to confirm somehow and google didn’t help at all.. Thank you everyone!!!
I have just started learning about trading in forex market and it would be great if someone with experience could help me to come up with a trading plan
I just finished reading Currency Trading for Dummies and I now have some very basic idea of trading however I understand that I’m only starting and I’m going to stick with demo account for now. Now I want to start working on my trading plan and as I have learned there is no easy formula to make a trading plan however I think someone with experience could explain to me some flaws of my trading plan if there are any. For now I only have a very basic trading plan. I have decided to trade in 1h and 4h charts. First, I will look at a general trend because as I learned in the book it is better to not trade against trend and then look at resistance and support in daily charts. Then I will look at where prices are likely to break resistance or support and there I am going to enter the market. I plan to close my positions at some key resistance or support levels or when I learn how to use it maybe I will also use Fibonacci retracement. Hoping to hear andvice from someone who is familiar with such type of trading Thanks!
Hi, I will soon be traveling to Ireland for my master's and I am very new to Forex card and was wondering if you could help me select a good one as there are so many options available. If you are using one then which is it? Which one should I go for? Please suggest. I am looking for single currency forex card for EUR. Thanks in advance.
I have been trading on the practice account on the trading 212 app. It has got me interested and I was wondering how taxing would work I haven’t found a real answer yet. I would only be trading on the forex as I have found it to have the best turn around.
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