Forex Education - Trading Tips, Video Lessons and Webinars
Forex Education - Trading Tips, Video Lessons and Webinars
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Hey everyone. A while back I made the decision to moderate this subreddit because I was once in your shoes. I honestly did not know where to begin. I would type in “daytrading” in google and come up with so many companies trying to sell me the dream. “Make $$$ while you sleep!” “Look at how much I made today!!” etc. I wanted to make this post to first give new people a place where to start and to even offer some resources that can get you started in the right direction. If I have anything else to add I will add it here.
Open up a papertrading account with Think or Swim. It is free and you can get live data just by requesting it from support. All you have to do is ask them to add live data to your papertrading account. Do not pay monthly for any papertrading account. There are a lot of free videos out there that can help you get started with Think or Swim. The program looks complicated at first but it is very powerful. I spent a few days with the program and at the end of the week I was fairly comfortable with understanding where everything was. I have never had a 60-day limit with my papertrading account by the way. https://www.thinkorswim.com/t/pm-registration.html Start here and start taking trades! It is all fake money and will give you some insight into how the program works as well as how the markets move.
One other tip for setting up your papertrading account is to only set it up with a reasonable amount of money. I know a lot of papertrading accounts give you 100k right off the bat but realistically, how many of us are going to have that much money to start out with? Set it to something more reasonable like 10-20k if you are trading forex (or even less if all you have is 1-5k to trade with) or 25k+ if you are going to daytrade stocks only because the regulations require you to have at least 25k in your account at all times to daytrade (In this case, I would probably give yourself 30k just to be safe). If you are looking for a stock screener, ThinkorSwim has a pretty good one. A personal favorite of mine is www.FINVIZ.com which has an awesome screener for finding different chart patterns and conditions (such as prices crossing above 20 bar EMA, trending up, etc) Think or Swim has stocks, forex, futures, and options. Options are an entirely different beast all together but stocks, forex, and futures are all "yes-no" type of trading while options give you a little more leeway with your mistakes. If you are interested in learning about options, message me and I can help guide you with the right direction and best resources I used to learn options. EDIT: Due to the amount of PM's I was getting, I have decided to post the options course I started with here https://www.udemy.com/learn-options-trading-courses/ You shouldn't pay more than 10 bucks for it as Udemy does a ton of sales throughout the year. You can also just do a "Udemy coupon" search on google and see what you pull up. Its about 10 hours worth of content and in my opinion it is worth every penny if you are wanting to learn more about options. There are a ton of other great classes on Udemy as well for learning just about anything. Just make sure to read the reviews! Stocks is kind of the well known market for new comers but I would argue that Forex can also just as easily be traded by a newcomer. Also the benefit of trading Forex is that there is no commission off the bat. Most brokers will charge what is called a spread of some number of pips that you are essentially paying back. Futures trade in ticks and each tick nets you a gain of some amount or a loss of some amount so I do not suggest any new person to jump into futures until you understand the way markets work. Futures charge commission on each contract you buy or sell. It can be sort of related to Forex since a tick and a pip are essentially the same. The huge benefit to trading Futures and Forex is that there is NO pattern day trading rule. This means you can buy and sell as many times as you want without being flagged for not having 25k in your account.
Tradimo is a great resource for getting your feet wet with technical analysis. It is free and shows you the ropes with how you can start looking at prices and charts: https://learn.tradimo.com/courses
If there is ever a company you want to pay to help you learn, please do your research first. Type in the company’s name along with “review” at the end of your search and make your educated decision off of that. A lot of these companies have amazing advertising but will never teach you the right way to trade. A lot of them are scams too. I read that there was one trading system which the guy had the secrets of the “code of trading” and only he knew the code but would sell it to you for hundreds of dollars. So many people come into trading with high expectations that if I just pay this company to teach me, I can be like them when in reality that may never happen. Always look at their testimonials with a grain of salt. Read the reviews just like you would on amazon for buying a product. I also like to type in the company's name and add "scam" at the end to see if I get any hits on that. Read the good reviews but also the bad to understand the bigger picture here. Very few will actually teach you how to trade. Also, Reddit is a great place to read up on things like this too. Just add "Reddit" at the end of your search and read up on other users reviews.
Investimonials is also a good place to use as well (but do not use it as your only review source!!! Fake reviews are everywhere) http://www.investimonials.com So before you drop that 1-2k on a course, make sure you do your homework. Don't be fooled by smooth advertising.
A high probability indicator or a holy grail strategy is not out there. If it was, everyone would be using it and making money. And if there does happen to be one, do you really think anyone will want to share it? The only way to get good at trading is to be able to read the charts and read where prices are going. This is through support and resistance and understanding channels. I cannot recommend Mack’s price action YouTube channel enough. https://www.youtube.com/usePATsTrading I am a firm believer that price action is the basis for understanding price movement. Reading an indicator may help but you should not rely on solely indicators to guide you with trading as they may give you a signal to buy when you are at a major resistance level or sell when you are at a major support, both of which could burn you.
My only other advice is to look into markets that let you maximize profits. For some, it is not possible to buy 1000 shares of Apple. While trading low priced stocks lets you buy hundreds and maybe even thousands of shares at once, those stocks are too unpredictable because they can be influenced by individuals who do what is called a "pump and dump" schemes. Plus they can be difficult to read as far as what they are going to be doing next (going up or going down). My recommendation (and it is only my recommendation so only use this as guidance to make your own decision) would be to look into trading forex if you do not have a lot to start out with as some brokers (like FXCM) allow you to buy "micro" lots which let you invest as little as 100 dollars in some cases and have a much better chance of working in your favor due to the amount of people trading the same instrument. Note: There are some discussions about forex market makers adjusting the markets so you get stopped out prematurely. While I have not experienced this, it could theoretically happen? So if you do decide to trade Forex make sure you pick your broker carefully and again read the reviews!
EDIT: I have read that what I mentioned above about Forex is outdated and the brokers are under stricter regulations. Do your own investigation and do not let what I said steer you away from trading forex if you really want to. The big Forex brokers you are able to open an account with in the US are FXCM, Oanda, and Forex.com. You have a lot more options if you are in another country. EDIT 2: Well it looks like FXCM may get banned from having clients in the US. Apparently they took some trades against their clients to profit on their end and have been using clients accounts to fund their extra expenses. Tread on your own risk.
Above all, do not invest money that you are not willing to lose. I cannot emphasize this enough. Work on a simulator until you feel that your strategy works. This means putting in the time to sit down and analyze every trade you took which worked as well as the ones that didn't work. You need to go back over your mistakes and review why your trade did not work the way you thought it would. Was it because you bought at a high and sold at a low? Was it because you bought at a major resistance level thinking the stock would still go up? Was it because you were impulsive and entered in too early? Was it because you were too slow and entered in too late? This is the most important part about learning how to trade. Putting in the time and work to analyze what you did right and what you did wrong. You will never get better if you do not do this.
Consider subscribing to a free daily financial newsletter such as The Morning Brew. It’s a free subscription that is delivered Monday through Friday to your email before the markets open around 5-6 am central time. It summarizes the big financial topics of the morning in short easy to read sections that you can read over a cup of brew.
I wouldn’t say this is essential for daytrading but it’s nice to read if you are wanting to stay up to date on the financial markets as they will write about companies and stocks to look out for. It’s also not spammy or filled with ads though there are one or two that are listed as “sponsored”. They don’t typically put out a weekend read but instead send it M-F. https://www.morningbrew.com/?kid=08944ba0 I want to make this subreddit not only as a resource for newcomers but also for those who wish to improve their skills with learning how to day trade. I do not want this subreddit to become spam and companies trying to sell dreams. We all need to keep a realistic vision on what learning the market entails because this is a journey. No one becomes a doctor in a day or even a week and you should expect the same becoming a trader. Making consistent money in the markets can be very challenging and most wont ever make it, but it can be very satisfying once things start to click and you can live a very different life if this ever happens.
To summarize my experience with the "product." It is 99.9% stalling and wasting your time with shit like this https://www.youtube.com/watch?v=za3tUUoj2iQ and hyping their own products. Dudes acting like "whaaaaaaaa" and showing phone screens with profits. Facebook is flooded with these people showing off how their boy "[insert name here]" is selling money and yada yada. Most of the content they post and host is just recruitment hype videos to bring more people in. Seriously... Like all day every day it felt like. Most the videos feature some hipsters and text screenshots of them being like: "OMG I gots some mad pips brah, 100 million pipz lulz #winning [intense sarcasm]." Do yourself a favor and unfriend anyone who tries to sell you this shit. Because they are not your friend, and they view you as a $35 a month paycheck if you sign up. Most the common stuff you see in groups is people touting the wins, but don't fool yourself... Everyone is keeping their losses quiet because no one wants to make a fool out of themselves. I mean who makes videos of them watching someone else in video chat? Someone who doesn't know what the hell their doing or how to work technology... Which they happen to have some miracle program that will "change" your life. Oh, and the haters, HA you should just ignore them because they all don't like grape koolaide. TL:DR Oh, look ma some YOLO saying swag fags are saying they can teach me to make mad bread. But it is just a job selling a job selling jobs to other people who in turn will be selling said jobs to others who will do the same. 4/24/16 EDIT This is the kind of shit that constantly keeps popping up in my feeds and spamming my cell phone in texts. I just got started with Global Visionariez and iMarketsLive, What is next?! First off, Welcome to our family! My name is[removed name of person] Founder of GV, an organization that is changing lives and lifestyles around the globe. It's an honor to have you apart of the revolutionary team where our visions align towards a common cause. We have some of the best leadership hand to hand with the greatest opportunity in the game right now, which makes it a complete power house! The goal is the be able take the average person and have them take the road less travelled towards becoming an entrepreneur and attaining true freedom! The skills you will learn working along side with GV and IML are long lasting skills that you can pass down for generations to come and will help you develop and craft yourself into becoming the best version of yourself. We live by the Triple T's; TRADE. TRAVEL. TRANSFORM. Lifestyle by design. As we believe these are some of the main 3 keys towards freedom and happiness! 📈.✈.🚧. Let's get started, you just bought your new car, now let's adjust the seats it to how you like it and what you want. The first thing you want to do is be able to get activated on your services and plugged into the sessions. 🔌 STAY PLUGGED IN AROUND THE CAMPFIRE 🔸 Subscribe To GV Updates [removed link] 📡Want to EARN before you LEARN and get connected to the Automatic Mirror Trader? [link removed] (1) FIRST create your broker account (Trading Funds Account) Choose the broker of your choice, we suggest Tradersway or FXCM 🔸 Tradersway ($8/month on FxSignalsLive - Better Leverage) INCLUDING PROMOTION (Less Deposit Fees, 18+, Deposit Bonus) [link removed] 🔸 FXCM (FREE on FxSignalsLive): [link removed] (2) How To Set Up Your Mirror-Trader? [more yolo swag links removed...] 📈📉 Want to start trading yourself? It's CRUCIAL to LEARN before you try to EARN trading yourself! Practice, practice, practice before you go LIVE. RULE #1, Don't EVER EVER EVER try to PREDICT the markets yourself, Don't have a gambling mindset! Be smart, Be strategic. Start with a DEMO account until you feel comfortable enough to trade with REAL money (30-90+ DAYS). If you want to start trading your real money deposit and connect with an MIRROR-TRADER [link removed] and trade with Chris Terry during LONDON / NY Sessions! Keep in mind, TRADING is 80% Mental (Psychology) and 20% Fundamental (Skillset) 📚(1) EDUCATE YOURSELF (STUDY more than you TRADE): 🔸 IML EDUCATION: Log into imarketslive.com -> TRADING -> TRADING LIBRARY 🔸 BEGINNERS KNOWLEDGE A-Z: [link removed] ; ⚠COMPLETE Pre-School before trading live 🔸 GVWSA COURSE: [link removed] ($50 one time) 🐾GV WALLSTREET (GVWSA): Train with Quillan Black through his legendary discounted course for IML members ONLY for $50 one time, completely up to you if you would like access, feel free to ask anyone around GV if it was worth it. If you plan to go to the next level trading and marking up charts you want to plug in ASAP! (2) SET UP MT4 (Trading Platform) + IML HARMONIC SCANNER 🔸 Download "MetaTrader 4" through App Store 🔸 Download MT4 / Scanner (Windows) [link removed] 🔸 Download MT4 /Scanner (MAC) [link removed] ⚠ Make sure you go through the Harmonic Scanner Course in IML Backoffice before you start using it. The Harmonic Scanner is primarily a confirmation tool to combine with your own analysis do NOT take trades off of it based of its entry calls, it is not 100% right neither would any software ever be. Use this in the right way and you will rock your world! (3) TRADE and LEARN with C. Terry 🔸 LONDON SESSION (Tues, Wed, Thurs) ⏰ 2am EST - 3am EST [more links removed] 🔸 NEW YORK SESSION (Mon - Fri) FOREX + FUTURES ⏰ 8am EST - 12pm EST [link removed] FULL RISK DISCLOSURE: Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. 🗣 Paid sharing a retail service that is teaching you a financially independent skillset and helping you generate wealth in the worst economy? The FACT that you can potentially earn RESIDUAL income by sharing (marketing) a service that you would share for free anyways! The average MILLIONAIRE has 7 streams of income and never puts all of their eggs in one basket, especially throughout your journey of becoming a trader, the comfort of knowing you have a weekly residual income while you are trading in the markets truly powerful! YOUR FIRST GOAL ASAP........PERFECT STORM BONUS IN YOUR FIRST 14 DAYS. How to SHARE: What is Forex?: [link removed] What is IML (Overview): [link removed] Compensation Plan PDF: [link removed] Compensation Plan Video: [link removed] **TAG THE NEWEST MEMBER TO HAVE THEM START OFF THE RIGHT FOOT👇👇👇 edit 2 Removed links from post, I apologize I didn't notice the rule for this subreddit and fixed it before an admin got onto me. =) Edit/update 3* 5-21-16 Been a while now, still end up getting spam texts and other crap in my inbox on social media and email.
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