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Former investment bank FX trader: Risk management part II

Former investment bank FX trader: Risk management part II
Firstly, thanks for the overwhelming comments and feedback. Genuinely really appreciated. I am pleased 500+ of you find it useful.
If you didn't read the first post you can do so here: risk management part I. You'll need to do so in order to make sense of the topic.
As ever please comment/reply below with questions or feedback and I'll do my best to get back to you.
Part II
  • Letting stops breathe
  • When to change a stop
  • Entering and exiting winning positions
  • Risk:reward ratios
  • Risk-adjusted returns

Letting stops breathe

We talked earlier about giving a position enough room to breathe so it is not stopped out in day-to-day noise.
Let’s consider the chart below and imagine you had a trailing stop. It would be super painful to miss out on the wider move just because you left a stop that was too tight.

Imagine being long and stopped out on a meaningless retracement ... ouch!
One simple technique is simply to look at your chosen chart - let’s say daily bars. And then look at previous trends and use the measuring tool. Those generally look something like this and then you just click and drag to measure.
For example if we wanted to bet on a downtrend on the chart above we might look at the biggest retracement on the previous uptrend. That max drawdown was about 100 pips or just under 1%. So you’d want your stop to be able to withstand at least that.
If market conditions have changed - for example if CVIX has risen - and daily ranges are now higher you should incorporate that. If you know a big event is coming up you might think about that, too. The human brain is a remarkable tool and the power of the eye-ball method is not to be dismissed. This is how most discretionary traders do it.
There are also more analytical approaches.
Some look at the Average True Range (ATR). This attempts to capture the volatility of a pair, typically averaged over a number of sessions. It looks at three separate measures and takes the largest reading. Think of this as a moving average of how much a pair moves.
For example, below shows the daily move in EURUSD was around 60 pips before spiking to 140 pips in March. Conditions were clearly far more volatile in March. Accordingly, you would need to leave your stop further away in March and take a correspondingly smaller position size.

ATR is available on pretty much all charting systems
Professional traders tend to use standard deviation as a measure of volatility instead of ATR. There are advantages and disadvantages to both. Averages are useful but can be misleading when regimes switch (see above chart).
Once you have chosen a measure of volatility, stop distance can then be back-tested and optimised. For example does 2x ATR work best or 5x ATR for a given style and time horizon?
Discretionary traders may still eye-ball the ATR or standard deviation to get a feeling for how it has changed over time and what ‘normal’ feels like for a chosen study period - daily, weekly, monthly etc.

Reasons to change a stop

As a general rule you should be disciplined and not change your stops. Remember - losers average losers. This is really hard at first and we’re going to look at that in more detail later.
There are some good reasons to modify stops but they are rare.
One reason is if another risk management process demands you stop trading and close positions. We’ll look at this later. In that case just close out your positions at market and take the loss/gains as they are.
Another is event risk. If you have some big upcoming data like Non Farm Payrolls that you know can move the market +/- 150 pips and you have no edge going into the release then many traders will take off or scale down their positions. They’ll go back into the positions when the data is out and the market has quietened down after fifteen minutes or so. This is a matter of some debate - many traders consider it a coin toss and argue you win some and lose some and it all averages out.
Trailing stops can also be used to ‘lock in’ profits. We looked at those before. As the trade moves in your favour (say up if you are long) the stop loss ratchets with it. This means you may well end up ‘stopping out’ at a profit - as per the below example.

The mighty trailing stop loss order
It is perfectly reasonable to have your stop loss move in the direction of PNL. This is not exposing you to more risk than you originally were comfortable with. It is taking less and less risk as the trade moves in your favour. Trend-followers in particular love trailing stops.
One final question traders ask is what they should do if they get stopped out but still like the trade. Should they try the same trade again a day later for the same reasons? Nope. Look for a different trade rather than getting emotionally wed to the original idea.
Let’s say a particular stock looked cheap based on valuation metrics yesterday, you bought, it went down and you got stopped out. Well, it is going to look even better on those same metrics today. Maybe the market just doesn’t respect value at the moment and is driven by momentum. Wait it out.
Otherwise, why even have a stop in the first place?

Entering and exiting winning positions

Take profits are the opposite of stop losses. They are also resting orders, left with the broker, to automatically close your position if it reaches a certain price.
Imagine I’m long EURUSD at 1.1250. If it hits a previous high of 1.1400 (150 pips higher) I will leave a sell order to take profit and close the position.
The rookie mistake on take profits is to take profit too early. One should start from the assumption that you will win on no more than half of your trades. Therefore you will need to ensure that you win more on the ones that work than you lose on those that don’t.

Sad to say but incredibly common: retail traders often take profits way too early
This is going to be the exact opposite of what your emotions want you to do. We are going to look at that in the Psychology of Trading chapter.
Remember: let winners run. Just like stops you need to know in advance the level where you will close out at a profit. Then let the trade happen. Don’t override yourself and let emotions force you to take a small profit. A classic mistake to avoid.
The trader puts on a trade and it almost stops out before rebounding. As soon as it is slightly in the money they spook and cut out, instead of letting it run to their original take profit. Do not do this.

Entering positions with limit orders

That covers exiting a position but how about getting into one?
Take profits can also be left speculatively to enter a position. Sometimes referred to as “bids” (buy orders) or “offers” (sell orders). Imagine the price is 1.1250 and the recent low is 1.1205.
You might wish to leave a bid around 1.2010 to enter a long position, if the market reaches that price. This way you don’t need to sit at the computer and wait.
Again, typically traders will use tech analysis to identify attractive levels. Again - other traders will cluster with your orders. Just like the stop loss we need to bake that in.
So this time if we know everyone is going to buy around the recent low of 1.1205 we might leave the take profit bit a little bit above there at 1.1210 to ensure it gets done. Sure it costs 5 more pips but how mad would you be if the low was 1.1207 and then it rallied a hundred points and you didn’t have the trade on?!
There are two more methods that traders often use for entering a position.
Scaling in is one such technique. Let’s imagine that you think we are in a long-term bulltrend for AUDUSD but experiencing a brief retracement. You want to take a total position of 500,000 AUD and don’t have a strong view on the current price action.
You might therefore leave a series of five bids of 100,000. As the price moves lower each one gets hit. The nice thing about scaling in is it reduces pressure on you to pick the perfect level. Of course the risk is that not all your orders get hit before the price moves higher and you have to trade at-market.
Pyramiding is the second technique. Pyramiding is for take profits what a trailing stop loss is to regular stops. It is especially common for momentum traders.

Pyramiding into a position means buying more as it goes in your favour
Again let’s imagine we’re bullish AUDUSD and want to take a position of 500,000 AUD.
Here we add 100,000 when our first signal is reached. Then we add subsequent clips of 100,000 when the trade moves in our favour. We are waiting for confirmation that the move is correct.
Obviously this is quite nice as we humans love trading when it goes in our direction. However, the drawback is obvious: we haven’t had the full amount of risk on from the start of the trend.
You can see the attractions and drawbacks of both approaches. It is best to experiment and choose techniques that work for your own personal psychology as these will be the easiest for you to stick with and build a disciplined process around.

Risk:reward and win ratios

Be extremely skeptical of people who claim to win on 80% of trades. Most traders will win on roughly 50% of trades and lose on 50% of trades. This is why risk management is so important!
Once you start keeping a trading journal you’ll be able to see how the win/loss ratio looks for you. Until then, assume you’re typical and that every other trade will lose money.
If that is the case then you need to be sure you make more on the wins than you lose on the losses. You can see the effect of this below.

A combination of win % and risk:reward ratio determine if you are profitable
A typical rule of thumb is that a ratio of 1:3 works well for most traders.
That is, if you are prepared to risk 100 pips on your stop you should be setting a take profit at a level that would return you 300 pips.
One needn’t be religious about these numbers - 11 pips and 28 pips would be perfectly fine - but they are a guideline.
Again - you should still use technical analysis to find meaningful chart levels for both the stop and take profit. Don’t just blindly take your stop distance and do 3x the pips on the other side as your take profit. Use the ratio to set approximate targets and then look for a relevant resistance or support level in that kind of region.

Risk-adjusted returns

Not all returns are equal. Suppose you are examining the track record of two traders. Now, both have produced a return of 14% over the year. Not bad!
The first trader, however, made hundreds of small bets throughout the year and his cumulative PNL looked like the left image below.
The second trader made just one bet — he sold CADJPY at the start of the year — and his PNL looked like the right image below with lots of large drawdowns and volatility.
Would you rather have the first trading record or the second?
If you were investing money and betting on who would do well next year which would you choose? Of course all sensible people would choose the first trader. Yet if you look only at returns one cannot distinguish between the two. Both are up 14% at that point in time. This is where the Sharpe ratio helps .
A high Sharpe ratio indicates that a portfolio has better risk-adjusted performance. One cannot sensibly compare returns without considering the risk taken to earn that return.
If I can earn 80% of the return of another investor at only 50% of the risk then a rational investor should simply leverage me at 2x and enjoy 160% of the return at the same level of risk.
This is very important in the context of Execution Advisor algorithms (EAs) that are popular in the retail community. You must evaluate historic performance by its risk-adjusted return — not just the nominal return. Incidentally look at the Sharpe ratio of ones that have been live for a year or more ...
Otherwise an EA developer could produce two EAs: the first simply buys at 1000:1 leverage on January 1st ; and the second sells in the same manner. At the end of the year, one of them will be discarded and the other will look incredible. Its risk-adjusted return, however, would be abysmal and the odds of repeated success are similarly poor.

Sharpe ratio

The Sharpe ratio works like this:
  • It takes the average returns of your strategy;
  • It deducts from these the risk-free rate of return i.e. the rate anyone could have got by investing in US government bonds with very little risk;
  • It then divides this total return by its own volatility - the more smooth the return the higher and better the Sharpe, the more volatile the lower and worse the Sharpe.
For example, say the return last year was 15% with a volatility of 10% and US bonds are trading at 2%. That gives (15-2)/10 or a Sharpe ratio of 1.3. As a rule of thumb a Sharpe ratio of above 0.5 would be considered decent for a discretionary retail trader. Above 1 is excellent.
You don’t really need to know how to calculate Sharpe ratios. Good trading software will do this for you. It will either be available in the system by default or you can add a plug-in.

VAR

VAR is another useful measure to help with drawdowns. It stands for Value at Risk. Normally people will use 99% VAR (conservative) or 95% VAR (aggressive). Let’s say you’re long EURUSD and using 95% VAR. The system will look at the historic movement of EURUSD. It might spit out a number of -1.2%.

A 5% VAR of -1.2% tells you you should expect to lose 1.2% on 5% of days, whilst 95% of days should be better than that
This means it is expected that on 5 days out of 100 (hence the 95%) the portfolio will lose 1.2% or more. This can help you manage your capital by taking appropriately sized positions. Typically you would look at VAR across your portfolio of trades rather than trade by trade.
Sharpe ratios and VAR don’t give you the whole picture, though. Legendary fund manager, Howard Marks of Oaktree, notes that, while tools like VAR and Sharpe ratios are helpful and absolutely necessary, the best investors will also overlay their own judgment.
Investors can calculate risk metrics like VaR and Sharpe ratios (we use them at Oaktree; they’re the best tools we have), but they shouldn’t put too much faith in them. The bottom line for me is that risk management should be the responsibility of every participant in the investment process, applying experience, judgment and knowledge of the underlying investments.Howard Marks of Oaktree Capital
What he’s saying is don’t misplace your common sense. Do use these tools as they are helpful. However, you cannot fully rely on them. Both assume a normal distribution of returns. Whereas in real life you get “black swans” - events that should supposedly happen only once every thousand years but which actually seem to happen fairly often.
These outlier events are often referred to as “tail risk”. Don’t make the mistake of saying “well, the model said…” - overlay what the model is telling you with your own common sense and good judgment.

Coming up in part III

Available here
Squeezes and other risks
Market positioning
Bet correlation
Crap trades, timeouts and monthly limits

***
Disclaimer:This content is not investment advice and you should not place any reliance on it. The views expressed are the author's own and should not be attributed to any other person, including their employer.
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Thoughts on FairForex Broker

Hey guys/gals. I’ve kinda got two questions in here, the main one is about FairForex though. Anybody have any experience dealing with them? I know they’re offshore/unregulated and that can be sketchy/has potential to be fucked. But the group I’m with all use them and have good things to say. 1:400 leverage, only a minimum of $100, and decent spreads. Not heard too many gripes about customer service or fucky withdrawal methods. I’m only looking to start with about 200 bucks on my live account (doing DEMO right now). I’ve got a TD Ameritrade account and would like to use them but I can’t get approved for margins with that little initial capital.
And for part two
So I’m about two months in to this forex game. I was brought in by two of my buddies from HS and they got me signed up with their team on IML Academy ( I know I know). I’ve found that they’re 46 video academy has been just OK. Honestly I find that these “gurus” or leaders are pretty awful at actually teaching and explaining things, though it has done a good job of pointing me in the right direction in being able to research further about certain topics. The team I’m on seems to be very supportive, they don’t push me to do recruiting or anything. Zoom chats at least every day, though 3/4 are about the “winning mentality” with the other 1 being about trading. But even when I tap in for that one those guys are honestly terrible teachers, pretty bad at explaining thought processes and reasoning behind taking certain trades. They’ve got me in two signal chats that usually put up at least 400-1000 pips a week depending on if they’re just doing pairs or if they throw some Indices in there too.
Should I stick around and use the signal chat to at leastbreak even while I learn my way, or just cut my losses and figure all this shit out and be my own self made man? Anyone been in my shoes before, shitty pyramid scheme but has a good team?
Also anyone have thoughts on the harmonic scanner? That’s the tool they have us laying for
TL;DR Anyone have thoughts on FairForex as a broker? Also I’m in IML Academy, find that the videos are pretty bogus but my team is good. Should I stick around?
submitted by guywholikesplants to Forex [link] [comments]

Forex Trading - Getting Started

Forex Trading: a Beginner's Guide
The forex market is the world's largest international currency trading market operating non-stop during the working week. Most forex trading is done by professionals such as bankers. Generally forex trading is done through a forex broker - but there is nothing to stop anyone trading currencies. Forex currency trading allows buyers and sellers to buy the currency they need for their business and sellers who have earned currency to exchange what they have for a more convenient currency. The world's largest banks dominate forex and according to a survey in The Wall Street Journal Europe, the ten most active traders who are engaged in forex trading account for almost 73% of trading volume.
However, a sizeable proportion of the remainder of forex trading is speculative with traders building up an investment which they wish to liquidate at some stage for profit. While a currency may increase or decrease in value relative to a wide range of currencies, all forex trading transactions are based upon currency pairs. So, although the Euro may be 'strong' against a basket of currencies, traders will be trading in just one currency pair and may simply concern themselves with the Euro/US Dollar ( EUUSD) ratio. Changes in relative values of currencies may be gradual or triggered by specific events such as are unfolding at the time of writing this - the toxic debt crisis.
Because the markets for currencies are global, the volumes traded every day are vast. For the large corporate investors, the great benefits of trading on Forex are:

From the point of view of the smaller trader there's lots of benefits too, such as:

How the forex Market Works
As forex is all about foreign exchange, all transactions are made up from a currency pair - say, for instance, the Euro and the US Dollar. The basic tool for trading forex is the exchange rate which is expressed as a ratio between the values of the two currencies such as EUUSD = 1.4086. This value, which is referred to as the 'forex rate' means that, at that particular time, one Euro would be worth 1.4086 US Dollars. This ratio is always expressed to 4 decimal places which means that you could see a forex rate of EUUSD = 1.4086 or EUUSD = 1.4087 but never EUUSD = 1.40865. The rightmost digit of this ratio is referred to as a 'pip'. So, a change from EUUSD = 1.4086 to EUUSD = 1.4088 would be referred to as a change of 2 pips. One pip, therefore is the smallest unit of trade.
With the forex rate at EUUSD = 1.4086, an investor purchasing 1000 Euros using dollars would pay $1,408.60. If the forex rate then changed to EUUSD = 1.5020, the investor could sell their 1000 Euros for $1,502.00 and bank the $93.40 as profit. If this doesn't seem to be large amount to you, you have to put the sum into context. With a rising or falling market, the forex rate does not simply change in a uniform way but oscillates and profits can be taken many times per day as a rate oscillates around a trend.
When you're expecting the value EUUSD to fall, you might trade the other way by selling Euros for dollars and buying then back when the forex rate has changed to your advantage.
Is forex Risky?
When you trade on forex as in any form of currency trading, you're in the business of currency speculation and it is just that - speculation. This means that there is some risk involved in forex currency trading as in any business but you might and should, take steps to minimise this. You can always set a limit to the downside of any trade, that means to define the maximum loss that you are prepared to accept if the market goes against you - and it will on occasions.
The best insurance against losing your shirt on the forex market is to set out to understand what you're doing totally. Search the internet for a good forex trading tutorial and study it in detail- a bit of good forex education can go a long way!. When there's bits you don't understand, look for a good forex trading forum and ask lots and lots of questions. Many of the people who habitually answer your queries on this will have a good forex trading blog and this will probably not only give you answers to your questions but also provide lots of links to good sites. Be vigilant, however, watch out for forex trading scams. Don't be too quick to part with your money and investigate anything very well before you shell out any hard-earned!
The forex Trading Systems
While you may be right in being cautious about any forex trading system that's advertised, there are some good ones around. Most of them either utilise forex charts and by means of these, identify forex trading signals which tell the trader when to buy or sell. These signals will be made up of a particular change in a forex rate or a trend and these will have been devised by a forex trader who has studied long-term trends in the market so as to identify valid signals when they occur. Many of the systems will use forex trading software which identifies such signals from data inputs which are gathered automatically from market information sources. Some utilise automated forex trading software which can trigger trades automatically when the signals tell it to do so. If these sound too good to be true to you, look around for online forex trading systems which will allow you undertake some dummy trading to test them out. by doing this you can get some forex trading training by giving them a spin before you put real money on the table.
How Much do you Need to Start off with?
This is a bit of a 'How long is a piece of string?' question but there are ways for to be beginner to dip a toe into the water without needing a fortune to start with. The minimum trading size for most trades on forex is usually 100,000 units of any currency and this volume is referred to as a standard "lot". However, there are many firms which offer the facility to purchase in dramatically-smaller lots than this and a bit of internet searching will soon locate these. There's many adverts quoting only a couple of hundred dollars to get going! You will often see the term acciones trading forex and this is just a general term which covers the small guy trading forex. Small-scale trading facilities such as these are often called as forex mini trading.
Where do You Start?
The single most obvious answer is of course - on the internet! Online forex trading gives you direct access to the forex market and there's lots and lots of companies out there who are in business just to deal with you online. Be vigilant, do spend the time to get some good forex trading education, again this can be provided online and set up your dummy account to trade before you attempt to go live. If you take care and take your time, there's no reason why you shouldn't be successful in forex trading so, have patience and stick at it!
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Beginners start here

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.
  1. 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.
  1. 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
  2. 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.
  1. 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.
  2. 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.
  1. 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.
  2. 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.
submitted by KingPrudien to Daytrading [link] [comments]

Forex Beginner - after assistance/advice

Hi,
I'm 20 years old and looking at getting into Forex Trading as i have always been interested in things like the Stock Markets. Maths and Statistics have always been my strong point. I work full time so don't have the chance to be constantly on the graphs. I am a very driven, hard working guy and I am constantly wanting to learn and further improve myself
The only thing is, I have no idea where to start with Forex and opening my own positions. I'm wondering if there are any decent books or other tools on the internet that yous could recommend thatd give me a greater, more in depth in sight into Forex.
I've been doing loads of research recently on youtube/google, and understand things like lots, pips, leverage, candle stick charts and things like that, but i have no idea what to look for when opening a position.
I don't have a spare £1000 laying around (wish i did) to pay for a course right at this time, however if things progress with trading then I may look at this.
I have an account at the moment on MT4 (opened with 100£, i know its not loads, but just while i get to grips with things, then i may deposit more). However i have been using a free week trial with some people who provide signals, but i am down 20£ at the moment (i know you cant win them all). But i have been reading and people strongly advise against using Signal Providers as its a 'scam', and in turn encourage learning to trade yourself, and this is what i would love to do (sod working for someone until I'm 60) .
Any help would be greatly appreciated, and apologies for lengthy essay.
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