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Investment Forex Version 21, Foreign Exchange Market Discussion

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sunnyK
post Dec 7 2019, 12:01 PM

On my way
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Senior Member
663 posts

Joined: May 2007
Live by the sword , die by the sword , when the right opportunity comes.
If not ,wait till ver50 also cannot make money.

Disclaimer-

Dont follow me. Follow your own money.

This post has been edited by sunnyK: Dec 7 2019, 12:15 PM
sunnyK
post Jul 16 2020, 09:18 AM

On my way
****
Senior Member
663 posts

Joined: May 2007
QUOTE(Emily Ratajkowski @ Jul 9 2020, 08:33 AM)
For the most accurate answer, plz go call your bank's remittance officer.

I know for a fact if the company is blacklisted in bnm's database, no matter what they won't let you transfer money with that source. If you transfer using other source like bigpay etc, you cannot receive back to our banking system.

But for example if you say you trade with oanda, tdameritrade, interactive broker, no problem.

You must always remember, forex is an inseparable part of the finance system. There cannot be such thing as forex is illegal. Otherwise your banking and financial system will not work. But because of ignorant people, who can't even differentiate what is a pyramid scheme vs real forex trading, bnm has decided to simply blanket ban all "forex" trading.

Trade with a reputable broker. Even if it is more difficult to open an account, or the fees are more expensive, it is ok. Best of all is to trade those multi instrument brokers like tdameritrade and interactive brokers.
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Trading for profit is already difficult for many , why are there still people who wants to be burden with withdrawal uncertainties
Anyone you or other forummers here heard of whoever that have made a reasonably good living from trading forex in this forum entire history.

Some testimonial would be inspiring and helpful.
sunnyK
post Jul 16 2020, 10:52 AM

On my way
****
Senior Member
663 posts

Joined: May 2007
QUOTE(Emily Ratajkowski @ Jul 16 2020, 09:35 AM)
Don't diss on other people's bowl of rice. Just because forex doesn't work out for you dones't mean it is true for other people.

I've traded bonds equity commodity options and forex. I just happen to like forex more than the other instruments. Doesn't mean I solely trade forex only as well.

And obviously there are some who do make a living trading forex. Like me for example. Although I can't say it's purely forex only.

Long story short, there is nothing wrong trading forex. All the issues with withdrawal and banking is caused by bnm who's trying to protect uninformed public. But I dislike it because the longer the public is uninformed, the longer the stigma on forex trading.
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I am saying for the big majority.
You are the few exception.Your statement on happen to like forex is a big added advantage to you.

Ive been observing and trading small for a good number of years. Of course , there are ways to make and lose money from forex as in all other type of investments.

Been considering to launch full time. Would really appreciate if you could share some experience.

This post has been edited by sunnyK: Jul 16 2020, 10:54 AM
sunnyK
post Jul 16 2020, 12:23 PM

On my way
****
Senior Member
663 posts

Joined: May 2007
QUOTE(Emily Ratajkowski @ Jul 16 2020, 11:04 AM)
What is it you would like to know?
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Knowing now that you are already a full time investor and certainly must have faced obstacles before being successful.
What and which sets of skills are required on becoming a good trader and how to develop them , before venturing to full time ?




Thanks in advance.
sunnyK
post Jul 16 2020, 01:13 PM

On my way
****
Senior Member
663 posts

Joined: May 2007
QUOTE(Emily Ratajkowski @ Jul 16 2020, 12:35 PM)
your question is too broad. I cannot answer that properly without typing an essay.
Plz narrow down.

A half assed answer:
You need consistency. And sufficient funds.
If your funds are too small, then it becomes hard to make a decent amount. If your trading strategy is buy and hold for 1 year, you also won't make it - unless you start with 100k usd. Then maybe at the end of the year if you make 20% profit, you can still cover your year expenses.

You must make enough on a consistent enough basis to justify trading full time.
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It is still some answers from you. I am not expecting obligation.
From my knowledge , a trader first need to develop a workable trading method of a consistent correct market analysis and fund/risk management. In that order.

Where to put stop loss is currently a obstacle .
sunnyK
post Jul 16 2020, 01:41 PM

On my way
****
Senior Member
663 posts

Joined: May 2007
QUOTE(Emily Ratajkowski @ Jul 16 2020, 01:21 PM)
You aren't wrong. You need to work towards consistency. Not necessarily every month consistent. But at least every quarter consistent.

What strategy are you trading currently? Indicator based trend following?
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A mix of both fundamental and technical (support and resistance). Sometimes , i mix them up for 30min , 1 hr ,4hr or even weekly. . Want to move away from this and concentrate on S&R.
Prefer to be swing trader or short to medium term , less time monitoring and higher rewards too. Learning to be a contrarian.

sunnyK
post Jul 16 2020, 01:55 PM

On my way
****
Senior Member
663 posts

Joined: May 2007
QUOTE(Emily Ratajkowski @ Jul 16 2020, 01:42 PM)
If you're trading based off s/r how are you having trouble with stoploss?

Just put your stop slightly further than the s/r
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Good on ya to remind me on this.

As per my last post , i have done too much mixing. Trying to be clever and ends up confused. Most of the times , the fear of being wrong overrides the fear of making losses although losses have been factor in. Silly me.
Knew the theories already and market analysis is correct but implementation is rather poor. Or may have not develop full confidence on my own methods.

This post has been edited by sunnyK: Jul 16 2020, 01:57 PM
sunnyK
post Jul 16 2020, 02:08 PM

On my way
****
Senior Member
663 posts

Joined: May 2007
QUOTE(Emily Ratajkowski @ Jul 16 2020, 02:04 PM)
All I can say at this point is good luck.

Bonus advice for you. Hopefully it helps:
1)Buy at support, sell at resistance is a universal rule that works all the time, every time. It is forever true and will never change no matter how much time passes.
2)Your edge only tells you what direction you should be trading in - either buy, sell or do nothing. It has no relation to the above advice.

Example:
If your strategy tells you to sell, but you're about sell into support, don't do it because of rule (1). You should still look for a chance to sell. Just don't sell into support.

Hope that will enlighten you. This took me almost 10 years to figure out.
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I have make those apprentice mistakes too. Now seldom.
I observed that Fibonacci works rather well in forex too.

Thanks for advice.

 

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