For me it is a welcome - and a minor profitable - hobby that keeps my brain ticking over. Enough to buy me a free lunch every so often - because I am saving from income expenditure.
My current exposure is trading on a LUX Trading firm, now $ 209 profit - which is on a demo account that pays me back my initial cost when I have reached a $1,500 profit. As my T/P & S/L is now c. $50 a trade on the weekly platform with a 55% win ratio I will look forward to a profitable result by the end of this year…
you know what @ProfesorPips, just listen to your story it’s already giving me strength… i wish i could learn about algo trading from you… is it possible that I can get that opportunity?
I share my general knowledge and experience about algo trading on the forum for free. On my profile you will find all my posts and categories Profile - ProfesorPips - BabyPips.com Forum
I used to be only money motivated but after quite some time and a couple breaks from losses, I took a step back and had a different approach. I saw it as a knowledge that could be turned into profit and after that I just tend to learn more rather than trade more. So now it’s just for the knowledge sake.
I am a FX currency trend trader following the Weekly Time frame money movement backed up by assuring the 4hr T/F is in line. At least there is a positive probability that the trend could continue for that day.
It is more difficult to trade Range markets which are more common, and in my opinion more suitable for swing trading Indexes on the lower TFs.
I think what you’re trying to say is that there are a lot of idiots touting some sort of “secret strategy” to fast riches in the FOREX market. But, I have news for you. There are just as many in in the stock market as well.
It doesn’t matter what you trade, there are always going to be hucksters.
Here are my reaons for trading FOREX exclusively. Others here may have more to add:
FOREX charts have few gaps, even on the lowest timframes. Contrast that with individual stock charts, which are often gappy and fragmented. I personally hate that.
FOREX price action is mostly range-bound. I am a scalper, so this environment is ideal for me personally.
The tiny positions sizes I can order on each trade make high frequency trading possible, all while being able to fine-tune risk parameters.
We all have our favorite pairs. Mine is the EUR/USD. Once you get familiar with the “personality” of a pair, it becomes easier to trade over time. That’s harder to do with other instruments. The exception might be some indicies.
I can easily set up my favorite platform-- Trading View – with almost any FOREX broker. Other instruments, I am stuck with garbage, such as Ninja Trader.
Before the rise of online brokers, currency trading was mostly for the rich and powerful since you had to have a lot of money to invest. But now, with specialty MM brokers, you can trade with high leverage using a very small account. In fact, you can call most accounts today “micro-accounts” since they are so small.
This phenomenon attracted younger and younger traders over the years. Instead of only middle-aged millionaires using FOREX to hedge their riskier equity bets, you now have a legion of twenty-somethings living in their mom’s basement trying to get rich quick instead of going out and trying to find a real job.
At the same time, YouTube was just coming into it’s own, featuring these same idiots making FOREX videos from the same basement where they recenly blew their account.
So, is it any wonder that FOREX has gotten a bad name?
But fret not. It is still a great instrument to trade, as long as you ditch the gurus that tell you trading is easy, and learn price action trading.
thank you @Phonix, now thats new approach in seing forex to me would you share what most interesting in forex for you that keep you want to learn more?
yeah i guess you’re right, i could agree with that
now this is interesting, i personally never try to scalp, because dont know the skill and it seem very intense and need sharp strategy but if you would be kind to me, i want to learn it from you. Would you mind to share it?
i never trade in tradingview before, i used MT4 most of the time, would you mind to share your thought about tradingview compare to MT4?
Actually, Forex is different from other freelancing jobs because in other freelancing jobs a person has to pay his mental and physical effort but in forex once you make a good entry, it will make you profitable without any tension. It’s relaxing actually!
Well, I find motivation in the potential for financial independence and wealth creation. Some may be driven by the challenge and excitement of the market, enjoying the intellectual stimulation it provides. But I see forex trading as a means to diversify my income streams and achieve long term financial goals.
My main currency pairs are taken from AUS & EUR as key currencies, utilising other currencies like USD CAD and occasionally CHF as partners. I do not trade GBP, although many traders favour GBP/USD because similar patterns follow price action and movement depending on their economic strengths…
thats very kind of you, thank you…
