Hello, new to the world of forex day trading.
I have the unique opportunity where i have moved to a rural part of Canada and i have time on my hands to see if i can make this a full time job, i understand it may take a couple of years.
I have completed the free fx academy course and read countless articles and threads on strategy.
some of the things i am struggling with are
Knowing where to start ( broker, deposit amount, leverage) i am considering FXCM and avatrade, i have about 50-70k risk free capital ( obviously i dont think its wise to start with all of that in an account ). i am completely aware of what leverage is however i would like to here everyone’s opinion on them.
strategy - i have learn some strategies online and completed some demo trades particularly looking at price action and divergence. i would be keen to hear about everyone’s experience on what worked for them when starting.
forums and streams - are there any live chats or streams that i can watch in real time, as i am completely aware of the bs online who can showing a winning trade on trading view replay.
Apologies for the long winded introduction. I am pretty serious about making this work.
Hey Sherved, Welcome to the BabyPips fam! Here’s some quick, from-the-heart advice about mentioned titles:
Brokers: Don’t just pick the first name you see. Websites like Earnforex or Fxlist have super useful lists. Pick a few that catch your eye and give them a test drive. Remember to look at their trading platform, customer service, fees, and if they offer any education goodies.
Deposit and Leverage: When I started, I jumped in with $500. But hey, don’t rush! Start with a demo account, test out different brokers, and when you’re feeling like a pro, transition to a live account with a small deposit. As for leverage, treat it like fire - super useful but can burn you if not handled right. 10:1 or 20:1 will be okay for the first days
Strategy: Price action and divergence? Yaaas! But remember, keep to your trading plan, watch your risk, and be religious about setting your stop-loss and take-profit levels. And remember, always, always, always review your trades!
Forums and Streams: BabyPips has great chats, and Twitch has some traders who stream live. But hey, don’t believe everything you hear, okay? The internet can be full of BS.
Best of luck with your forex journey, Sherved! Remember, patience, discipline, and staying fab!
Hi and welcome aboard. It’s clear that you are doing your homework and you should be ready to take action.
I’ve managed 100:1 and 200:1 leverage using micro $200 live accounts of lot sizes from 0.03 - 0.08. Though it would be better to consider $500 as a minimum starter.
Risk exposure needs to be carefully managed at all times because as sure as eggs are eggs you’ll sufffer losses and emotional challenges on your journey to success. That’s the ONLY control you have over what the market throws at you. You have plenty of time in the outbacks to develop a ZEN mindset to counter it.
Every trader I know has developed strategies that suits them, and you are no exception. If divergence trading suits you, stick with it.
Brent Donnelly has written The Art of Currency Trading, an expensive book that could make you a better psychological trader - which is key to success. However it is probably only suited for newbies.
I had previously made long term investments ( particularly uso oil fund) during the low point in covid and sold at the high last year - which gave me great return.
I have had nothing live in a day trading capacity
they have the worst worldwide regulatory record of any broker that’s still in existence (though there are some parts of the world where they’re no longer in existence because official regulators have finally kicked them out)
they’re crooks - and that’s the opinion of multiple different government-backed regulatory agencies, worldwide
all the “issues” for which they’ve so repeatedly been fined multi-millions of dollars have arisen over the dishonest ways they’ve treated their customers, according to many independent regulators
don’t even think about opening an account with them … ever …
Please , please , stop manipulating people.
You can’t tell others what to do or not to do. You manipulate them by pretending to give advice. You say they’re the worst, and you discourage working with them. That’s not real advice. It’s just trying to control how people think. You change the way everyone thinks when they talk to you about this topic.
Instead, you can say they don’t have a good, official regulation, and I don’t recommend them. But you shouldn’t tell people not to work with them and force them to stop considering them with your words. I think you’re like a marketing person I’ve seen here before, as a featured memeber.
I asked you about regulations before, Looking for reputable forex brokers - #19 by Emi.s and you didn’t answer. Now I can’t trust you anymore.
This page is what just the NFA listed about FXCM (it only goes up to 2017, of course, when FXCM were finally kicked out of the US - there’s been more, since, internationally, but this page alone is obviously hair-raising enough to make sure that anyone who knows about it won’t choose to open an account with FXCM).
Thanks for the information. I don’t think I would even bother registering with a broker who has been subject to that level of NFA regulatory action. OK, they might have reformed entirely by now, but why should I take the risk? Why should I reward a firm with that kind of background with my hard-earned money?
Welcome to the exciting world of forex day trading! Patience and dedication are key, and it’s great that you’re prepared for a journey that might take a couple of years.
Here’s some quick, from-the-heart advice about mentioned titles:
But remember, keep to your trading plan, watch your risk, and be religious about setting your stop-loss and take-profit levels. And remember, always, always, always review your trades!
do you have any live account earlier?