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Forex Trading: A Beginner's Guide
A place for redditors to discuss quantitative trading, statistical methods, econometrics, programming, implementation, automated strategies, and bounce ideas off each other for constructive criticism. Feel free to submit papers/links of things you find interesting.
My friend has some 700 Euro on his Forex Card and wants to know how to redeem it for Indian Rupees
Hi Guys, My friend went to Europe for a short assignment and had his Forex Card loaded with euros. He forgot to take all the money out before coming back and is saying that the card is unusable in India. How does he go about taking out the money from it and converting it into Indian rupees?
I’m at work currently doing my fundamental prep for the day, analysing charts etc for the trading day. A guy in my workplace comes past and goes “hey you trade, awesome! Me too”. Surprised I strike up a conversation about strategy and how it’s going for him. And then he divulged some worrying stuff. He deposited £5000 into a trading account and bought signals from your generic “Guru”. Obviously I was alarmed by this but I continued the conversation. He then goes “yeah... got a trade on gold at the moment. Not going my way right now but I’ll go back up!” Turns out the Guru told him to long XAUUSD at 1958 the other day. Obviously we’re aware how much it’s dropped. This wouldn’t be so bad if the GURU told him to apply a SL for risk mitigation. But he didn’t. My man is still in the trade, he’s over £1000 down. And the worst part is the signals guy to try and protect his shitty integrity is telling him “don’t worry, it’ll go back up. Hang in there”. I’ve tried explaining to him USD is rallying and that gold will continue to go down while so and the risk isn’t worth it. But he’s adamant his forex signal guy is right. Anyway, moral of the story. Don’t use signals. Learn yourself.
So I’m into investing and I came across one of my friends constantly posting on social media his forex (Foreign Exchange Currency Trading) trades. I struck up a conversation about what he does and got roped into an hour long pitch call about an MLM (They didn’t even tell me what their company was called) That involved a 250$ start fee and 180$ Monthly fee, thats waived if you recruit people each month. If anybody knows what its called, please let me know. I’m also confused as to how a forex teading MLM works, it just seemed like they called trades over a zoom call and didn’t sell any product.
Hi Forexers’ I’ve been playing game daily for about 10 months and I’m wonder about this strategy: Open 2 accounts - open one long and one short position on the same instrument with stop losses on both and wait for volatility... If the volatility covers your stop loss (and spread) you’re up. What am I missing?
What options do I have having passed my Series 3, 34, and 30 exams.
I took all 3 of these exams to work for a financial advisor as a portfolio manager / analyst type deal. I would trade and manage his forex side of the business and also help him with the securities side with choosing what stocks to purchase or sell. After 3 months of working with him I quit because the guy has serious anger issues. At this point I’m not sure I’ll find another position that will give me the same responsibilities I had there. I’m not afraid of having to prove myself all over again but, the last thing I want is a fucking intern job wiping asses where I feel no personal growth. I get everyone has to start somewhere but, I feel theres a difference between having pride and knowing your worth. I’m not sure how to target specific firms or how to figure out what they exactly do besides straight up calling each one.
Should I pay off my $3000 40% loan or buy more silver?
I took out a loan of $7500 back in February because I was getting tricked by some scammer who was promising a return if I invested in his Forex company. He pressured me in taking out a loan from a loan shark and He said he made returns on my "account" and all I had to do was to pay off a minimum. I didn't give him the money and paid back $4000 on the loan instead but then i lost the other $2500 in the playing the Forex market. I worked hard this past 2 weeks and probably will get a check of about $2000 next Friday. I can pay off my loan completely in the next week in full but because of the situation that's happening in the world where people are getting laid off and the Fed is pumping cash into EVERYTHING, should I even bother paying back this loan or should I buy silver and gold? It seams like inflation is right around the corner. Also a lot of people got into Credit card debt to buy silver when the stock market crash. Right now I have about 100 ounces of silver. But my goal of reaching a thousand is so far away. If I buy silver with this money, I could have around 150 - 200 ounces of silver. What are your thoughts guys? EDIT: Okay guys, I will pay off my debt. Thanks for the answers
which I can get the chance to help me in my exchanging. In any case, one day I arrived on a site which sell a Forex instructional class bundle, this site asserted that the its technique brings about a benefit rate around 80% in all cases, I read more on this course enough to be inspired to get it, particularly its cost was truly reasonable to me ($99 aggregate for the 5 eBooks). When I got the eBooks, forex scams I started perusing each and every word in them with unquenchability, and - for trustworthiness - it was the first run through for me to peruse in quite a while about Forex cash the board and hazard the executives and their essential standard in Forex exchanging, yet this was all I had gotten from this course, not much. I attempted to contact the creator of the Forex course to inquiry him around a few focuses with respect to his preparation program, and learn to expect the unexpected. I didn't get any reaction from him, I reached him up to multiple times, anyway I didn't hear single word.This was the exercise #1 I learned: It isn't about the preparation program, it's about the AUTHOR of this program, would he say he is alive man? is he a genuine Forex dealer OR: he's only an educator of hypothetical talks in Forex exchanging! The exercise #2 I learnt was: What is level of the specialized help given in the wake of buying his Forex preparing program? will I discover him when I need him? Following an entire year, I would have left nearly Forex exchanging and engrossed by different organizations, however one day while surfing on the web, I found unintentionally the Forex Mentor site, and once arrived on the primary page, at the principal sight I skeptically snickered and said to myself: "Another Scam!!" In any case, I began perusing all the data on his preparation program and the primary thought behind it: Pivot Points. I started by and by deduction genuinely to come back to Forex exchanging, and chose to buy this program of Peter Bain, however for the main look, I was baffled at its significant expense ($495 for a printed version on CDs, or $349 of the computerized duplicate). A little while later of profound thought and attempting to choose whether I'll purchase or not, I said to myself, I lost in the Forex exchanging the previous a few thousand of dollars, let them be a few thousand PLUS $495!! I read each word on the Forex Mentor Website, I gathered each data accessible about the Author (Peter Bain) and his history in the Forex and stocks showcase, I read numerous free surveys about this course. In spite of that, The most significant factores urged me to purchase Forex tutor course were as the follows:
Hi everyone, 20 year old from Alberta here (canadian citizen). I was a victim of fraud via scam online and this happened in December of 2019. It was my fault totally - just admitting it from the start but I was really hoping someone could provide me with legal advice so that I could reduce my losses or find a better path to resolving this issue. It was via instagram, I got a message from someone claiming to be a forex trader in America and he apparently had a surplus/overflow of funds on his forex account which he needed to place in other places (sorry for the lack of technical terms and knowledge). He would do this when I provided him my information (access info so log in information to my ATB account - this wasn't my main account and had no funds so I thought it wouldnt be as much of a risk because there wouldnt be money in the account that he could take). He would deposit cheques via mobile deposit (he had access to my account) and then I would withdraw the money from the ATB atm machine, and there 5 deposits of 1500 overall and I would get to keep like 200 dollars (the deposits were in 20 dollar bills) and I would send the rest to him via whatsapp through STEAM gift cards. Basically I, the idiot, fell for this and sent him this money. A few days after ATB called me and told me that the cheques were withdrawn and that I had to return all the money ASAP. (I almost had a heart attack when I heard this). Anyways I went into the branch and they were quite helpful but explained that I was responsible for the total amount since I withdrew the money - they told me to file a police report against him which would ensure that the blame was not placed on me (since these are fraudlent cheques which were stolen from a company called lennex or something - by that guy). Now they are proposing that I sign a restitution agreement in which I would be 100% responsbile for paying $7534 in installments of 100 dollars. I know I was incredibly stupid for falling for this but I was wondering if there is such a mechanism to forgiveness or reducing of this amount? The only thing which I have been able to convince them of is to reduce my monthly payments (installments) because originally I said I could pay 400 dollars a month. I am a student and I work a part time minimum wage job - not making excuses for stupidity or lack of sense but it is quite crushing financially to have to pay this much on top of student debt. It would mean a lot to me if someone could help me and explain what my options are, i any. Every dollar counts and makes a difference and I did not want to sign the actual restitution agreement until I was aware of all my options. It would take an entire summer's work of full time work to pay this, or in other words, an entire year's worth of tuition fees. Thank you so very much.
After calling out his friend for turning $10k into $36k in two weeks. I got a DM from this “professional”. Then I checked the mega thread and saw Forex is usually an MLM. I didn't say anything about anyone's mom.
Title says it all. I’m curious if anyone has any interesting regulatory solutions or legal frameworks that would be able to limit the destructive impact of MLM’s? Personally, I support changing our federal (legal) definition of fraud to include a more broad non exhaustive illustrative list of multi-level marketing companies and deceptive recruitment practices. For example, I saw recently on social media website a man arguing with a recent college graduate about how his new mortgage was a bad investment as (presumably) he should be investing in his “forex” scheme (basically a pay to play subscription). This very same individual that was criticizing the new home owner had a stereo typical profile showing “wealth” and encouraging others to “join his team”. I’m not sure about the exact phraseology of a statute that limits an individuals ability to make broad, vague statements about future wealth projections with the necessary intent of recruiting others (ie victims) but may be someone on here has an idea. In all honesty I think these cases are pretty easily prosecutable (speaking as an individual in the legal community) and would love to hear other ideas or cons to further enforced prosecution. Open to state and federal solutions. Edit possible solution; Testers - so fair housing testers have been around for a while now and have shown to be relatively effective at stopping discrimination in housing (it’s not perfect and I get that). For those that don’t know what I’m talking about, “Testing refers to the use of individuals who, without any bona fide intent to rent or purchase a home, apartment, or other dwelling, pose as prospective buyers or renters of real estate for the purpose of gathering information” - i.e. they wait for the landlord to essentially out his or her self as acting discriminatory towards a protected class through the application process for housing. What if the federal trade commission likewise created the same functional program whereby individuals / lawyers are monetarily incentivized to probe the independent distributors for fraud while posing as bona fide interested investors. If you make the act of fraud in the MLM space financially untenable, with realistic consequences for the individuals attempting to attract victims it could realistically do some good. Granted there are plenty of externalities in play here. Another issue / possible solution I would have is in registration for these companies. In terms of governance, I think it’s hard to define what separates Karen’s claims of financial freedom from a commercial advertising for wealth management (of course we can see the difference, the hard part is writing a law that reflects the deference). So another possible additional road block is creating harsher regulations / licensing for multi level marketing companies. One example would be requiring approval from the Secretary of State, or Federal Trade Commission before these companies can be operational ensuring their business plans don’t rely on recruiting. Now there will always be those that will disregard the rules, but it’s way easier to shut down an operation without a license than determine the legitimacy of that businesses operations.
Hi, has anyone used the Ichimoku indicator with forex? If so, have you been profitable with it? I'm currently using it and I had mixed results (I would have good wins followed by losses) Basically just break even all the time. TIA
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