For beginners, maybe you can watch Chris Pottorff's videos on Youtube...
He has a Playlist titled, "Learn how to trade forex"
There are 10 videos in the playlist.
The videos are actually quite good for beginners,
provided that you can put up with the boring, monotonous, robotic voice...
Focus predominantly on the chart analysis videos. That is the foundation of forex trading.


If you are really interested in reading up further, then babypips is the place to go to.
They have the complete "forex syllabus" there. It is called the "school of pipsology"
The lessons are thorough and you can track your progress.




This post has been edited by Alan Andrews: Apr 8 2018, 08:28 PM

Very nice MACD convergence pattern forming in the EU and GU H4 chart.

(MACD convergence pattern = Price making lower lows while the MACD is making higher lows)

It is indicative that downward momentum is waning and a short-term trend reversal is just around the corner.
Hence, it might be a good time to book profits/secure short positions that are currently open.
More aggressive traders may consider scaling-in long positions with each dip.

For those who might want to read up more on the MACD, this link is quite good indeed:
https://www.luckscout.com/how-to-use-macd/

Cheers..!!



(Disclaimer: Please note that the content of this post is not intended as investment advice.



This post has been edited by Alan Andrews: May 21 2018, 11:44 AM

I am using XM too. So far so good. No complains.

Actually, most of the traders who declare their forex income don't specifically mention that the money was derived from Fx trading. They usually set up a small company (enterprise) for some generic online business and channel the funds into their company account. The main reason they do this is to make themselves eligible for bank loans, etc.

However, if you already have a fixed income (salary), there is no need to declare your fx earnings unless the amount is huge and supersedes your monthly salary by a significant margin.

Basically, as long as you can prove that the initial funds that were used to deposit into your Fx account (a foreign investment) has already been taxed, you are safe (unless you are investing more than 1 million Ringgit).

I have attached a few screenshots that I have taken from Bank Negara's website:









Useful links:
http://www.bnm.gov.my/files/notices/Notice_3.pdf
http://www.bnm.gov.my/microsite/fxadmin/ne...ents%202019.pdf


Additionally, HSBC has summarised everything clearly in a manner that can be easily understood
https://sp.hsbc.com.my/liquid/6399.html

Happy reading

Cheers..!

Counter-trend / reversal traders might be interested in the beautiful MACD triple convergence pattern forming in the GBPCHF daily chart. I don't usually post trade ideas here but this is a rare opportunity that shouldn't be missed. Please note that this is a counter-trend trade suggestion. Hence, it would be wise to scale-in your buy orders with each dip. Less is more. Good Luck..!!

"The trend is your friend except at the end where it bends"

Yes..!

Pending buys between 1.225x-1.230x were triggered. If we are fortunate enough to get a new low, I will look to scale-in additional buy orders.

My GBPCHF longs (ranging from 1.223x to 1.230x) just reached their TP at 1.2360. This is indeed a very modest target but I have decided to close all long positions here. Imo, we should see further upside pressure in GBPCHF until it hits the daily EMA60. However, there is bearish divergence in the smaller timeframe charts (H1), we have reached the fibo 161.8 retracement level (H1/H4 charts) and the daily EMA20 is acting as immediate resistance. Those who are holding longs might want to secure at least partial profits here. GL

That's a nice entry..!

Btw, I have just closed my GBPCHF longs (details in above comment).
(I am always very impatient and tend to close early )

Imo, after a triple MACD convergence/divergence setup, the pullback/reversal will usually reach the EMA60 (in the same timeframe chart). Hence, it is not a bad idea to continue holding strategic long positions. However, to be safe, I will place the SL in profit. Just my views. GL. )

I am starting to scale-in longs in GBPCHF again. (Those who are still holding longs in this region or from above should not add more here. It’s better to wait for a new low.) Just my views. GL.

Btw, I am keeping an eye on GBPCAD too. Hopefully we get a new low with a nice convergence pattern.

Yes. Nice convergence pattern forming in GBPCAD daily chart with this latest dip. Imo, it’s a good opportunity to scale-in tiny long orders.

Great opportunity to scale-in longs in GBPCHF.

SL triggered for GBPCHF longs (ranging from 1.18xx-1.20xx)...

Didn't expect the pound to drop so sharply without at least a small pullback.
Need to thoroughly reanalyse GBP pairs next week. Hope others here had a more profitable week.

Nice MACD convergence pattern forming in EU (both in the hourly chart as well as the long-term, weekly chart).

Additionally, we are very close to the fibo 76.4/78.6 retracement level in the weekly chart. I have just opened a tiny long (at 1.093x) and I plan to scale-in my positions with each dip. (I have placed my SL slightly below 1.07)

Please note that these are just my personal views. It is not meant as investment advice. GL and Happy Trading..!

I have closed both long positions (from 1.093x) here at 1.0976 (just shy of the H1 Ema60). Will look to re-enter and start scaling-in longs again if/when we get a dip into the 1.08xx range.

Yup

Pending longs in EurUsd have just been triggered. I plan to scale-in my long positions if we get a nice dip.

Just closed all my long positions (from 1.088x - 1.089x) here at 1.0990 (daily EMA20).
It is quite a modest target but I am always impatient to exit.
Those who are still holding long positions can consider securing profits if/when we reach the daily EMA60 (approx 1.107x).

Main reason for entering longs on 30/09: Very nice MACD convergence in the H4 and daily timeframe charts.

Currently, EU is very close to the fibo 76.4/78.6 retracement level (on the weekly chart).
I will re-enter longs IF we get a new low (around 1.082x - 1.086x) and scale-in my positions accordingly.
Btw, there is prominent MACD convergence in the weekly chart too. Hopefully, we get a good entry.

GL and Happy Trading..!!

I have replied in the above comment.