MT4 Guide for Beginners - How to Trade with MT4? ZFX

Forexnoobs

A community for people new to Forex trading to learn the basics and find answers to the most common questions. Find out about free copy trading at ForexCopy.
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/r/Forex Trading Community

Welcome to FXGears.com's Reddit 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.
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Forex Noob Question

Hi I’m fairly new to forex and have a question which may seem silly. But say for EUUSD, if the USD has bad news will EUUSD go up or down, or if EUR has good news will it go up or down. Basically what affects the price?
submitted by monktonk to Forex [link] [comments]

Naked Forex Noob

TL;DR Just got into Naked Forex trading but I am stuck on backtesting. Can't correctly identify critical zones (supp and res zones) and I haven't found the criteria for my trading system (wammies and moolahs) on the charts that I have back tested. Any advice?

Hi there, I started learning about forex awhile back from a friend and he began to show me the basics while also directing me to babypips for the free course they put you through. Although I got into all of this awhile back, I have been stuck in the stages of finding my own strategy and backtesting it.
At first, I was very much into using the basic indicators (RSI, MACD, SMA/EMA) but then I came across a recommendation in this sub to read 'Naked Forex' and I was hooked. Not in a sense that now I knew exactly what my strategy was and how to implement it, but hooked in the idea of being able to read a chart and make trades based on price action and reversals.
Of course while reading the book, understanding the concepts, and looking at all the examples of the different trading strategies i'm getting hyped in my mind to get to the backtesting stage to see if I can put this knowledge to somewhat of a test. Now here I am, staring at tradingview's daily and 4h charts from 2006 onward.
Here's where I get stuck.
I understand identifying critical support and resistance zones and it all made sense to me in the book, but as I am backtesting I find that the zones are either always changing or I can't figure out which ones are critical. On top of that, my trading system looks something like this (advice is welcome on how this could be improved or if you see any glaring "wtfs" in it)
I trade wammies & moolahs (market touches supp. or res. zone twice, second touch is lowehigher with a bearish/bullish candlestick printed on the 2nd touch) and use either a kangaroo tail or big shadow for confirmation to initiate the trade.
The buy/sell stop is set 8 pips above/below the bearish/bullish candlestick and the stop loss is placed below/above the first touch.
The profit target is the following zone.
There's a bit more criteria for the trade but that's the blueprint of it. I apologize if it either doesn't make sense or confuses you but even after sifting through months/years of backtesting data my eyes never caught any of this action happening in the zones I've identified.
Any help would be appreciated as I am a sponge and will soak in as much criticism and advice as I can.
submitted by VileKyleTM to Forex [link] [comments]

Forex noob trying to trade: Day 4 (24 Feb 2020) My first day trading real bucks - Comments appreciated

Forex noob trying to trade: Day 4 (24 Feb 2020) My first day trading real bucks - Comments appreciated submitted by forex_noob to Daytrading [link] [comments]

Curious Forex Noob

What’s up mates! I’ve been wanting to try out forex for a while but never got around to doing it due to school expenses and life’s lovely way of showing me love (car broke down, etc etc.). But the only thing I wanted to really understand is how do all of you handle tax season? Do you file under a 988? 1256? I’m very curious as to which one you prefer as I’m doing this more as a side hustle, but realistically if I can accrue more knowledge and become really proficient with trading, which route would you guys take?
submitted by S3npaiH3ntai to Forex [link] [comments]

Bitcoin Forex Noob

I'm researching the current best places to start getting in to exchange/trading with BTC. The problem I'm running in to that that either the data is rather stale, it's questionably trustworthy (there are a lot of sharks out there), or it's simply not geared for anyone without a serious level of experience in such things.
Can you offer any opinion and advice on getting started in BTC exchanges? What is the best one currently? Why? Where can I go to learn the basics without getting eaten alive? What are the things I need to know (especially the ones that you won't see coming)? I don't mind collecting a few scars of my own, but I do believe in learning from those that have braved this path ahead of me.
Any help is sincerely appreciated. :)
submitted by ChrisBoden to Bitcoin [link] [comments]

Call me a Forex noob but...

For as long as I've been trading on my own (nothing but observation and risk management), I've never understood one thing about Forex. When you go long, you do so with a set pair of currencies, for example EUUSD. If one currency (the first I presume) earns more value than the other, then you see profit, if not, you see loss. Simple.
My question is: why is the pair set from the get go? Sometimes E/U will be going down but E/JPY will be going up, but I can't go short on the one that's beneficial because I've already married the former. I'm sure there's a perfectly good explanation, which would be...?
submitted by enicot to Forex [link] [comments]

Forex NooB

Hey guys,
I am an ambitious beginner looking for some information, does this sub have a sticky that goes over basics, or is there anywhere online I should look.
What is the best app to use for forex, the one I have atm doesnt do leveraging or have all the pairings.
Ive read a couple of books and fake traded for a while.
What do experienced traders base their decisions on? Like the GBP is going to drop due to the threat of Brexit, is it that simple?
Any feedback would be great
Thanks,
submitted by BernardRea to Forex [link] [comments]

Bitcoin Forex Noob /r/Bitcoin

Bitcoin Forex Noob /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

01-01 07:34 - 'Bitcoin Forex Noob' (self.Bitcoin) by /u/ChrisBoden removed from /r/Bitcoin within 776-781min

'''
I'm researching the current best places to start getting in to exchange/trading with BTC. The problem I'm running in to that that either the data is rather stale, it's questionably trustworthy (there are a lot of sharks out there), or it's simply not geared for anyone without a serious level of experience in such things.
Can you offer any opinion and advice on getting started in BTC exchanges? What is the best one currently? Why? Where can I go to learn the basics without getting eaten alive? What are the things I need to know (especially the ones that you won't see coming)? I don't mind collecting a few scars of my own, but I do believe in learning from those that have braved this path ahead of me.
Any help is sincerely appreciated. :)
'''
Bitcoin Forex Noob
Go1dfish undelete link
unreddit undelete link
Author: ChrisBoden
submitted by removalbot to removalbot [link] [comments]

Forex noobs online

submitted by sam12six to reddit.com [link] [comments]

Please rate my first ever green trade (GBP/JPY)

Please rate my first ever green trade (GBP/JPY)
Hey guys, absolute Forex noob here. Started studying Forex 6 months ago and have begun my demo account period of testing my trading strategy. As you can imagine my confidence is not all that great with this vast and intimidating market. I was hoping to get a few opinions on whether this trade was an absolute fluke, or did I legitimately use technical analysis to correctly predict the market. This was my first ever green trade btw, hence why I am skeptical it went the right way!! Bit of context: I placed this trade on Friday and it managed to hit my demo take profit (to the absolute tee). The reason I took the trade was because GBP/JPY was in an uptrend creating higher highs and higher lows. I scaled down into a 15m time frame and used Fib retracement and saw it bounce off the 0.5 retracement level. I took a long position with my target profit at the 0.27 extension which it eventually rose to before retracing back to a key level (137.500). Any comments would be appreciated.
Trade
submitted by jayrahd04 to Forex [link] [comments]

Noob trying to trade: An honest reflection on my performance after three weeks

So after three weeks trying to trade, I haven't blown my account yet.
On Feb 24 I started trading Forex with an account funded with €30. I know, I do not belong to those who put 10,000 into a forex account, as a noob, but to mee the learning curve and the ride feels the same.
On day one, I lost €4.17, the next days I made profits, so the P/L balance was + €0.8. Ok, I did not blow my account the first days. But then and unfortunately, I began trading just days before the EUUSD was on a jump from 1.09 to ~1.15. I sold EUUSD at 1.09042. With a lot more experience I could have avoided this trade. Even worse I did not realize a loss quickly, but carried the losses to this day.
Reddit experts said I should realize my loss, but I didn't want to. My account needed some more funding, so I added additionally €10, to avoid the liquidation of my position.
My available trading resources went into the red, mayking it impossible to trade. I am trading 1,000 units (EURUSD) with a 33.3% leverage. the margin reguirement is about the same at ~€33.30. I was basically locked out from trading since Feb 28.
Days later, when the uptrend was slowing down, I added another €40 (now total €120), enough to open a second position. The rationale was, I do not want to wait until, and if any maybe my losses disappear, but instead I believed that after such a strong week for the € there has to be some consolidation. I wanted to sell euros again, to work towards a quicker break even.
On March 9, after a week of being incapable to trade because of insufficient funds, I opened a new sell position. just to lose another €2.40 that day. Still, to me the charts looked like the euro would go down.
Fortunately, I did not realize my loss, when reddit experts suggested to do so at the hight of my loss (€-52.18). The last week was great. I made profit every day trading the 1 minute chart. Still I use a number of indicators, support and resistances, ranges and trends. So this week i realised a loss of €-2.40 and made profits of €13.79. Trading only a micro lot in with margin of €33.30, that's a 41,41% profit since Tuesday. So actually I am happy about that.
After three weeks, I did not blow my account. My unrealised loss is, as of now, down from max €-52.18 to €-18.49, (which is my poor man's profit) and I was able to have more profitable trades than losing trades.
I only traded Sell positions with the trend. Although my available trading resources would have allowed 2,000 units to trade since Wednesday, (+ the 1,000 units from Feb 28), I did not feel comfortable to trade the other direction, once I "figured out" how to trade "my pattern".
Date Avail. TR Total Margin Net Equity P/L (unreal.) Cash Realised Financing Funding
before €70 - €26.96 €33.~~ €70 to €59 €0.5 to€-21.17 €70 - €81.27 €-4.17 - €0.8
05.03.20 €17.95 €33,16 €51.11 €-30.27 €81.38 €0.11
06.03.20 €13.96 €33,08 €47.04 €-34.38 €81.42 €0.04
07.03.20 €1396 €33.08 €47.04 €-34.38 €81.42 saturday
08.03.20 €1396 €33.08 €47.04 €-34.38 €81.42 sunday
09.03.20 €-0.05 €66.92 €66.87 €-52.18 €119.05 €-2.40 €0.03 €40.00
10.03.20 €59.75 €32.65 €92.40 €-33.13 €125.53 €6.40 €0.08
11.03.20 €65.43 €33.08 €98.51 €-32.75 €131.26 €5.69 €0.04
12.03.20 €80.34 €33.30 €114.07 €-18.49 €132.56 € 1.70 ~€0.04
Now, when I look at my performance it looks great. However, I want to be honest with myself. At a second look, my trading day performance it's not that great anymore.
If I look at the first trade that turned from an unrealized loss of €-3.47 (from opening to day close) to a profit of €4.00.
Open Date Open Order Market Close P/L Close Order Close Date
09 Mar 15:53 [email protected] 1.14544 €4.00 [email protected] 10 Mar 2020 09:11
The EURUSD was at 1.14544. It's at the time of writing this post ~1.11117. ~304 pips since I traded on March 9. If I had just kept open that one position, I would have made ~€27 (€0.09 / pip). Trading daily, losing my mind and risking my money I made only €13.79.
Say, I feel more comfortable and trade the other direction, whatever that direction might be. I could have made maybe twice as much, which is still below what I could have made if I only kept the first postion in that series open and waited three days.
The conclusion after a week of somehow successful trading to me as a noob is that if i could identify atrend reversal that would last a few days, it really isn't worth trading for hours a day. you can have the same with less risk and less stress.
it may look very different in a range scenario. in a ranging week, i would have outperformed the euusd pair easily.
my net equity is only ~2% in the red (€117 from €120, was €47 from €80 at worst point). which is so much better than a few days ago and if i had realised the loss. what i learned this week is of great valuable too. so i am happy with the result, but i also have to say it was a bit of a useless endavour moneywise compared to the simple performance of the currency pair.
conclusion: mixed feelings about my performance as a forex noob.
submitted by forex_noob to Daytrading [link] [comments]

To the noobs - I'm a seasoned Forex trader. Today I didn't follow my strategy, and got my teeth kicked in for it. Follow your strategy.

Title pretty much explains it. You have to have discipline. Follow your strategy to a t. Cross that t and dot those i's, too.
The "setup" I was looking at looked great, but it's one I never trade; a breakout and retest. "This is a perfect setup - the yadda broke the yadda resistance, and the weekly highs yadda!" I thought to myself. You know the drill. Sure I don't trade that way, but a lot of successful people do! I totally won't get bootyraped on this trade!
Well, I might as well have flushed money down the toilet the second I hit the buy button. It's something I haven't done in years, and feel like a moron for it. So this is me venting, but also some advice - if you don't have discipline, you won't make it in this game.
Discipline, discipline, discipline.
submitted by JoeysTradingAccount to Forex [link] [comments]

Testing forex from crypto....

Well I have my TA down however since the markets are very different as far as volatility percentages. I'm seeing forex has micro percentage rises and drops. .01 percent where i am used to 1% swings in 1 minute charts.
How does a scalper like me transition ? Am I missing something i, s forex more dependant on huge margin trading ?or do you need a ton more capital to profit in forex ? Thanks for helping a forex noob
submitted by thelakesh0w to Forex [link] [comments]

Cannabinoids Write Ups

Hi everyone,

I have been busy working on a couple other subs in another interest areas of mine ForexNoobs and ForexCopy. I do not mean to put you second to Forex ... I promise. However, Forex is the reason I am able to devote all this time to doing what I have done here so far, and all the time for what I will do in the future. So, it has it's value.

I am starting write ups on cannabinoids and terpenes today. So I know if there are ones I should focus on getting first, if you have request, drop them in the comments. Most requested/up-votes ones will take priority and be posted first.
submitted by inweedwetrust to Canna [link] [comments]

Noob friendly indicators

Hello everyone your neighbor Hood Forex noob. So when the market is open I generally trade with just my RSI and the Moving average line using my candle sticks. I read the average line and use the concept of 3s and the M's and W's concept blah blah nlah. But I've seen some interesting indicators and was wondering what you guys are using or what you recommend as a must have.
submitted by nightinjail to Forex [link] [comments]

Want to put $100 in MT4 to have a go at FOREX. Is that doable?

Wanting to throw $100 around in MT4 to have a go at FOREX to get used to the software and try and learn a bit.
Is it even worth it?
Signed,
a massive forex noob
Edit: Just to let everyone know. I've been using the MT4 demo app for the last 2 weeks and made 96K
submitted by acrediblesauce to Forex [link] [comments]

Noob to reading forex charts - is now a decent time to convert KRW to USD?

Have a sizeable amount of Korean Won sitting in cash, been meaning to convert this to USD for a while. Is now a decent time?
Also if anyone has guides to reading forex charts B)
submitted by SexualDemon to korea [link] [comments]

Learning About Forex

Hey guys! Forex noob here. Where would be the best place/resources to use to learn the basics of Forex. I am a high school student in my senior year.
submitted by janspoor to Forex [link] [comments]

Noob to reading forex charts - is now a decent time to convert KRW to USD?

Have a sizeable amount of Korean Won sitting in cash, been meaning to convert this to USD for a while. Is now a decent time?
Also if anyone has guides to reading forex charts B)
submitted by SexualDemon to travel [link] [comments]

First Week of Forex 1k to 10k challenge Complete Noob

First Week of Forex 1k to 10k challenge Complete Noob submitted by imcarlospro to Promote_Your_Channel [link] [comments]

First Week of Forex 1k to 10k challenge Complete Noob

First Week of Forex 1k to 10k challenge Complete Noob submitted by imcarlospro to SmallYoutubers [link] [comments]

How to Find Powerful Support & Resistance Live Session forex4noobs.com - YouTube Master Forex in 2019: 5 Steps to Success The Best Forex Price Action Trading Setups in 2020! - YouTube Placing Support and Resistance - YouTube

Forex for Noobs. admin 15.03.2020 Leave a Comment. Friday, March 25, 2011 How to buy/sell in Forex. From the technical point of view, it depends on the trading platform you use. Every Forex broker will gladly give you the Forex trading Platform manual or will be able to guide you through the steps of setting buy/sell orders, profit targets and exits per you request. As an example, let’s ... Forex noobs are cordially welcomed to the new generation of foreign exchange trading. But there is one thing for sure that makes them different from the rest – they are illiterate to the language of Forex trading.We can’t help but notice how slow they crawl to understand the essence of being a successful trader or how they lack the self-confidence to persevere with the risks associated ... Forex 4 Noobs. Blogs: Forex Blogs: Options. [email protected] https://www.forex4noobs.com . I believe that smart traders, who want to succeed in Forex MUST master price action, and their trading psychology. Price action is the easiest way to learn Forex trading, and trading psychology ensures you trade the right way. Forget using confusing indicators. Forget worrying about every trade ... Forex 4 noobs is a great site for all levels of trading . I have been a member since 2013 and I have a great experience with 4x4N. Nick is a great teacher and is very active in the website, webinars and emails. He has daily analysis and comments on everyone's posts as often as possible. Very logical approach to the market and have only good things to say about this membership. Share Helpful ... Forex Psychology. Zwei gefährlichste Fehler von Forex Noobs. Ich möchte die zwei gefährlichsten Fehler diskutieren, die Noob-Händler gemacht haben: Unterkapitalisierung; Überhandeln; Unterkapitalisierung. Unzureichendes Anfangskapital ist der erste Fehler von Anfängern und führt normalerweise dazu, dass sie getötet werden. Ich habe gesehen, dass Händler, einschließlich meiner selbst ... Forex trading is about more than having a good strategy. You need to learn the basics, you need a solid trading plan, a good broker, a in-depth risk management plan, solid trading psychology and of course a good trading strategy. On forex4noobs.com I teach you everything you need to know to master Forex trading step-by-step. No matter what level you are starting at, you will learn to trade ... The foreign exchange (Forex) market recorded a daily turnover of $6.6 trillion in January 2020, with a 40% growth over the last ten years. ResearchAndMarkets.com anticipates the value of global forex to expand at 6% CAGR between 2020 and 2025.. The FX market has enormous potential to continue generating wealth for investors years into the future, and much of this potential can be attributed to ... © Forex4noobs. All Rights Reserved. Learn Forex. Forex Education; Forex Blog Forex Trading for Noobs. Noob may sound a little bit rude but after all, everyone is a newbie at the beginning of each new chapter in their lives. The first thing you have to do towards overcoming the status of a “newbie” is getting to know the basic principles and the concept of forex trading. A successful trader once started his career by learning the very basics, such as what forex is ... To the noobs - I'm a seasoned Forex trader. Today I didn't follow my strategy, and got my teeth kicked in for it. Follow your strategy. Title pretty much explains it. You have to have discipline. Follow your strategy to a t. Cross that t and dot those i's, too. The "setup" I was looking at looked great, but it's one I never trade; a breakout and retest. "This is a perfect setup - the yadda ...

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How to Find Powerful Support & Resistance Live Session

If you want to become a profitable trader, look no further. Want to know the best price action trade setups for the 2020 trading year? Join me in this live w... In this free live training session, I will be going over how to find powerful support and resistance for price action trading. Increase your profitability, lower your risk, and catch more trades ... How to master Forex in 2019 in 5 simple steps. Check out this post for all the links I refer to in the webinar. https://www.forex4noobs.com/forex-blog/master... I’m Nick Bencino, creator of Forex4noobs, a site dedicated to teaching price action trading to those interested in exploring the Forex market. Placing support and resistance areas on your chart. These areas are used with my price action strategy http://www.forex4noobs.com/forex-trading-strategy/ *CL... Hey everyone! This is a video that I feel like all beginner forex traders to take into account when starting their forex journey. If you would like to join m...

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