Month: June 2024

Demo Trading – more harm than good?

There are two opposite points of view: The 1st one is known as: “Don’t waste your time on demo. It will not bring you money. You’ll miss the unique opportunity that market gives you TODAY. It will make you more harm etc.” It usually comes from the parties vitally interested in your start of real trading. And it’s not always a broker (though it’s vividly not beneficial to provide you with the free demo services) but all sorts of money making campaigns (all those ‘profitable’ strategy and/or signal offers) – in most cases they are against any demo testing as it will prove the offered product and/or service insolvency. The 2nd one sounds as: “Don’t start real trading until you are fully confident. Take your time. Spend 2-3-6-month testing your strategy on demo first.” Two contentious points here to keep in mind – Demo trading will not show you the live execution simply because your demo trades cannot be executed at the real market (it’s just a kind of demonstration of the assets & trading conditions provided); Long demo testing may bring the opposite effect, i.e. to decrease your confidence, to give birth to fear of real trading. Besides, it will not answer the main question: Is that really appropriate for me? Demo risks and even losses won’t make your heart beating faster, will they? So, what is better to do? The right answer is somewhere in the middle I believe. If we’re talking about the new knowledge and/or strategy – test first on demo, at least to obtain some understanding, the principle. Only after – try real with the investment amount you’re ready “to pay for knowledge”, i.e. to loose, without a serious negative impact to your life. Cannot find a free DEMO to test on, without any obligation to make a deposit? Check this out – actually all globally regulated Brokers offer this option for free, with the trading platform immediate access granted. submitted by /u/FXgram_ [link] [comments]

How Not To Become A Trader – Part 2 ‘I Have No Money’

Part 1 is here ‘I Have No Money’ When people hear the word “investments,” many mistakenly assume it refers to large sums of money that few can afford. While that can be the case, in reality, whether we’re talking about financial instruments like options or securities in the US, or spread betting or CFDs in the UK, many trading platforms (brokers) offer standard accounts with a minimum deposit of $100-$200. Pepperstone MT5 Can you make any money with such amounts, you ask? Let’s define what “any money” means to you. I have a live example for you – a trading account with balance of $200, and like me, trading CFDs. By trading minimal volumes and following risk management rules, lets say you earn $20 a month. Is that little or a lot? $20 = 10% monthly return = 120% (!) annual return. Which bank or hedge fund offers you that? But there are risks! – you might say. Undoubtedly. But where aren’t there? submitted by /u/FXgram_ [link] [comments]

A Day In The Life Of A Forex Trader

FXgram The Ugly Truth About Trading Related Posts 09 June 2024 Being Born Poor Is Not Your Fault Does it have a ‘slap-in-the-face’ effect on you? Then it’s time to take action and… Read More 02 June 2024 Sky-Tide Marketing SkyTide – the official news publication of Gramatik LTD. SkyTide – the… Read More 28 May 2024 Big Short’s Michael Burry bets against S&P 500 and Nasdaq 100 Michael Burry, the hedge fund manager that inspired Martin Lewis’s book The Big Short,… Read More 20 June 2023 UK billionaire Hamish Harding on board missing Titanic submersible UK billionaire Hamish Harding is one of five people on board a missing tourist submersible… Read More A Day In The Life Of A Forex Trader Hi everyone! Today, I’m excited to take you through a typical day in my life as a Forex trader. If you’re new to trading or have had a rocky experience in the past, I hope my story can shed some light on what it’s really like to trade Forex.   Published by FXgram on June 11, 2024 Open a trading account with a Broker right now OPEN Read the Risk Warning before you register Morning Routine: Success Mindset My name is Matt, I’m a professional trader and I have been living in Bali for almost 8 months. If you are a trader or interested in Forex please read this article until the end.   My day starts early at 6 AM. The first thing I do is grab a cup of coffee and check the latest market news. I follow several financial news websites to get a sense of the market sentiment and any overnight developments that might affect my trading strategy.     For instance, on March 1, 2024, I came across news that geopolitical tensions and ongoing robust central bank purchases provided strong foundational support for the gold rally. Central banks, including India’s Reserve Bank, continued to add to their gold reserves. Knowing this, I immediately pulled up the XAU/USD chart to analyze the potential market movements. The chart from that morning showed a consolidation pattern, indicating that traders were waiting for more information before making any major moves.   By 7 AM, I’m at my desk, reviewing these charts and analyzing trends. Here’s what I saw:   Support and Resistance Levels: The chart showed a strong resistance level at $2,055. The contributing factor was a surge in technical buying. Gold broke through several psychological and technical resistance levels, which spurred additional investment from traders covering short positions and those seeking to capitalize on the upward momentum. Candlestick Patterns: I also noticed a series of doji candles forming near the resistance level in previous days. This often precedes a breakout or a reversal, making it a critical point to watch. Simple Moving Averages: The price remained above 50-day, 100-day, and 200-day averages, thus indicating an uptrend, suggesting bullish sentiment in the market. Volume Indicators: There was an increase in trading volume during the Asian trading session, coinciding with the news of the potential interest rate hike. Higher volume often confirms the strength of a price movement, whether it’s up or down. Economic Calendar: A weak ISM manufacturing report in the U.S. could become a crucial trigger but given the unpredictable nature of such events, it was essential to carefully calculate the associated risks. Based on these signals, I anticipated that the market would experience prevailing bullish sentiment. This analysis helped me prepare my trading strategy for the day. Trading Session: The Heart of the Day By 8 AM, I’m ready to start trading. My focus is on XAU/USD. With the news on the growing geopolitical tensions in mind, I placed a few strategic long positions on gold, anticipating a rise in its price.   Risk management is a crucial part of my trading strategy. Before placing any trade, I ensure that I’m not risking more than 1-2% of my total account balance on a single trade. For this example, let’s say I have an account with $30,000. I decided to risk 1% of my account, which is $300. Given the leverage available, I was able to open a long position on XAU/USD. Open a trading account with a Broker right now OPEN Read the Risk Warning before you register Here are the trades I made throughout the day: 1. • Position size: 10 ounces • Entry price: $2,056 per ounce • Exit price: $2,071 per ounce • Profit per ounce: $15 • Total profit: $150 2. • Position size: 5 ounces • Entry price: $2,055 per ounce • Exit price: $2,053 per ounce • Loss per ounce: $2 • Total loss: $10 3. • Position size: 15 ounces • Entry price: $2,058 per ounce • Exit price: $2,072 per ounce • Profit per ounce: $14 • Total profit: $210 4. • Position size: 10 ounces • Entry price: $2,060 per ounce • Exit price: $2,078 per ounce • Profit per ounce: $18 • Total profit: $180 By the end of the day, my trades had yielded a total profit of $530. Here’s the breakdown of the profits and losses: Trade 1: $150 profit Trade 2: $10 loss Trade 3: $210 profit Trade 4: $180 profit Afternoon Routine: Reflect and Plan Ahead Around 2 PM, I take a break to have lunch and clear my mind. Trading can be intense, so it’s essential to step away and recharge. After lunch, I reviewed the trades I had made. The broker I use provides detailed reports and analytics, which help me understand my performance and areas for improvement. This data is invaluable for refining my strategies and becoming a better trader.By 4 PM, I start winding down my trading activities. I close out any remaining positions and review the day’s performance. This is also the time when I plan for the next day, setting up alerts and preparing for potential market movements. Evening Routine: Balancing Work and Life Evenings are my time to relax and unwind. I usually… Continue reading A Day In The Life Of A Forex Trader

AAPL

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How Not To Become A Trader _Part 1 ‘I have no time’

https://preview.redd.it/0yt3fbbrls5d1.png?width=692&format=png&auto=webp&s=68de7ce6a1e5e1d56d152dcac34f8b455a1d459c There are many excuses we make for ourselves so as not to start doing something. In general, this applies to any business, but let’s use trading as an example. “I Have No Time” Ever feel like there’s just no time to get into trading? Between working your 9-to-5 and juggling family life, finding those precious hours to dive into the markets can seem impossible. But guess what? You’ve got more time than you think. A study from the Bureau of Labor Statistics found that the average American adult watches about two hours of TV every day. Add in another two hours for scrolling through social media. That’s FOUR HOURS that could be spent trading! Still think you don’t have time? Try this: do a personal time-tracking study. Seriously, track what you’re doing in 15- or 30-minute chunks throughout the day. You’ll probably discover some surprising time-sinks. Are you really playing with your kids for hours, or is dinner actually taking that long to cook? And let’s be honest, how many episodes of “Bridgerton” are you binging each night? By tracking your hours, you’ll see where you can squeeze in time for trading. You might realize you’re not as busy as you think. Notice when you have consistent free time. Some weeks might be crazier than others, and that’s okay. Find a trading approach that fits your schedule. If mornings are your only free time, day trading might not be your best bet. But if you have a steady routine, you can find a trading style that meshes well with your life. In the end, it’s all about making the most of your time. submitted by /u/FXgram_ [link] [comments]