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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.
Foreign currency exchange, the best game on the planet with every day exchanging volume of over a trillion and a half dollars (multiple times bigger than the volume of all the UAE value markets consolidated), has a lot of victors and for the most part washouts. Would you like to figure out how to be in the victor's circle? Like any game, it's critical to know the principles so as to win. You don't need to be an expert to enter the game, however, you ought to have a fundamental comprehension of the game and how it's played. A large portion of this can be gained for nothing from the online financier houses who likewise give you free exchanging programming so you can really work on playing the game and addition your certainty and abilities before plunking down your genuine money in the major classes. As in any game, the most significant activity is practice before you really play in the genuine game. I feel compelled to pressure that as much as possible. Practice, practice, careful discipline brings about promising results. The main thing it will cost you is your time. At the point when you think you're prepared to step on the playing field, start little. Most specialists will permit you to begin exchanging smaller than usual records with as meager as 300 dollars. Also, presently for what you've been sitting tight for, the key to succeeding at Forex. You have to have an exchanging procedure. As such you have to comprehend what to search for and how to exchange to bring in cash. Work out a fundamental strategy you hope to follow and never let your feelings impact your exchanges. Rule number one is never to hazard over 2% of your record balance on any one exchange. That way on the off chance that you have a dash of misfortune you won't clear out your record. Decide number two is that in the event that you have a string of five loses straight, quit exchanging genuine cash and return to demo exchanging until you have shown accomplishment for in any event seven days. At exactly that point do you return to exchanging with genuine cash? Rule number three is to utilize exacting exchanging decides that you adhere to regardless and don't exchange uncontrollably. On the off chance that you safeguard your capital from enormous dangers, you will permit it to develop consistently and reliably. Try not to attempt to rake in huge profits in a brief time frame and you can sensibly hope to develop your record by 10% every month or more. Make sure to mess around with it and get familiar with somewhat more every day. This could transform into a long-lasting proficient vocation. Wishing you achievement, #futureacademy
Foreign currencies(Shekels and USD) at forex counters in Cochin International Airport
I am pretty sure that we will be able to exchange USD for INR at the forex counters from Cochin International Airport. What about Shekels? Any idea? I got only few days time to get ready for this travel to IL.
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The worst stop hunting I've ever seen at forex.com
I opened a trade on the USDRUB at $65.749, and it's been trending up nicely ever since. Now it's at $66.557. The problem is that my stop loss at $64.48 was filled at $63.902 earlier today. I talked to their tech support, they stand behind this trade. Right now there's a trade every 5-10 minutes on the USD/RUB and I guess that if you wanted to manipulate the market you could force a trade at $10 below the current price and trigger everyone's stop loss in one trade. Pretty cool eh? Luckily this is a small account, I grew it from $500 to $1000 in the passed three months and I was up $30ish dollars on this trade and just took a $30 loss on it. Robbed $65ish dollars. Pro tip: dont use forex.com's stop losses. https://www.tradingview.com/x/lYuSn092/ Closed friday in $66s and currently trading at $66 on sunday afternoon. Stopped out at $63.9 lol
Avoid Making These 6 Mistakes As A Beginner At Forex Trade!
When you are new at something, some of the most common mistakes are expected from the beginners. If you have been well informed about them, it is possible that you can avoid them easily. To know and avoid making some of the common mistakes that a beginner trader can make read this post till the end. 1. Have No Plan For Trading Many new traders start their trade without having a plan and in most of the cases, it converts into a loss until you are very lucky for that time. Though luck also does not work out always. Having a plan is very important to make your career in forex trade a successful one. If you are using a financial advisor's services then you need not plan as you already are following the plan formed by your advisor. But to be a successful trader you will eventually have to take your own charge and start planning. Thus to formulate a plan keep these key point in your mind. a. Style of trading b. Method of analyzing c. Managing The Risks 2. Stepping In Trade Without Analysis Many new traders who do not have a mentor to guide them usually make this mistake and it eventually turns into a loss. Since the forex market is not a casino, you will have to analyze the market well if you want all your moves to be converted into a win. As a trader, you will have to analyze the following things. a. Factors affecting the value of a currency b. Present values of currencies in the market c. Rate of fluctuation d. For how long you are willing to lock your investment There are various other factors too that need to be learned to be a pro trader. To be thorough with these things you can also join a forex trading course online. 3. Being Overconfident To understand this, we can start with an example of a person who just learned driving. After a couple of days when the new driver has learned a few basics, he or she starts believing that they have learned everything, while they are still at a learning stage. This belief that they know everything makes them overconfident and leads to accidents or unfavorable experiences in situations which they have never experienced. A similar thing happens in the forex trade. After a few wins, the trader believes that they are ready for the trade while there are many other things to learn. Going big without experience and just overconfidence can make you suffer to a large scale. 4. Not Taking A Corrective Action Against The Mistakes It is said that mistakes are the best lessons while you are in the learning process. But to make your mistakes a tool for learning, it is important that you should be taking corrective measures and this is one thing that most of the beginners in forex trading forget to follow. If you have lost in the trade, it is important to still have a cool mind, which should be used to analyze the trading process and find the error. You can fix your error once you have found it ad avoid to repeat it in the future. 5. Borrowing Capital This one mistake can spoil the entire career of a trader. When you have had a loss and even if you have lost all the investment in it, it is not advised to borrow the capital and start trading with it. After a loss, get back your capital through another job, then analyze your mistake, and when you have again earned enough money, then start trading again, but never trade with borrowed capital. If you lose again, you do not just have the pressure of losing the investment, but you also have the pressure of returning the borrowed money. Having a lot of pressure in forex trading is not a good sign of growth. 6. Not Having A Mentor As a beginner at forex trade, it is essential to have a mentor. Though many make this mistake as they believe that reading information on the internet and books will be enough. The information on these sources can be right sometimes and sometimes wrong too. Even when it is right you seriously have very little idea on the right implementation. A Genuine mentor such as Hafizzat Rusli will be able to guide you with right and wrong and also help you analyze the mistake that you have been making in the past.
Tip: If you look at forex charts, use logarithmic scale rather than linear scale, it better represents actual gains/losses.
The logarithmic scale, for those who might now know exactly what it is, will display on the vertical axis numbers [0, 1, 10, 100, 1000, ...] at equal distance, rather than [0, 1, 2, 3, 4, ...]. Why is this better? What matters is not the actual value of a currency in another currency, but the variation of that currency. Most people only care only about the gains or losses, not whether the actual value of a unit of currency is $1 or $1000. Example: Say you invest $1000 in a coin when it's worth $1 then sell when it's worth $2: you made $1000 profit. Now take the same amount but invest when it's worth $5 then sell when it's worth $10: you also made $1000 profit, right? The value of the currency in USD never mattered, only its fluctuation did! Which is what a logarithmic scale shows: variation, rather than actual value. On a linear scale, the jump from $5 to $10 will look like a much higher than $1 to $2 (because the difference of value is +$5 vs +$1), however when you look on a logarithmic scale, you'll see the same jump. Here's a chart I had made a few years ago trying to illustrate this (not a cryptocurrency, just a regular equity stock, but same principle). tldr; Don't get fooled by big or small jumps on a linear scale: use a log scale which will reflect your gains and losses accurately.
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