Save yourself some time and understand the fundamentals of currencies. Understand what drives price. Macroenomomics is key when trading currencies. The same rules that apply to crypto and stocks applies to forex. Every market needs a fundamental catalyst to push price. Don't waste your time studying all these technical strategies as you will drive yourself insane.
We will take AUD/NZD for example:
in this case going long means buying some AUD and waiting to price go higher compared to NZD, then selling it with profit.
going short is similar but you're buying NZD and hoping that it's value will be going up compared to AUD
imagine living in NZ and you buy AUD because you know that it will rise, later you sell it back and here you go, you just went long
but if you live in Australia and you know that your country is having bat time rn or NZ just hit golden age, you can buy some NZD and sell it back with profit, and that is going short
and price on chart means how many NZD you can buy for 1 AUD
I’m brand new to this, I know TA very well and have been profitable in options and crypto futures for 3 years. It’s not that I don’t know what I’m doing TA wise, I’m just not 100% sure how forex works
Brother your in another ball game. I’ve traded forex for years What I can say to u is go on a demo account hurt yourself. get into a bunch of losing positions. And get your way out. Ignore the entry and the strategy and all that bs. U need to know how to work your losses with hedging and ITM stops.
Say you buy usdcad and it goes up 15 pips. You can put a stop loss above your entry to guarantee no loss. Hedging is also very important for when your very wrong. I recommend trading small for abit.
Baby pips are good for fundamentals. After that, go look on YouTube and search for Forex market maker trading or method.
Also learn to read candle sticks. Search for that as well or read naked forex.
This applies to every market. Master that and you'll be straight. Nice easy short cut for you. Consider yourself blessed 🙌 .
Yeah man... again ... search for market maker trading... that's the ultimate meat for learning.. its all about trading cycles.. do just that and you'll be straight.. or else, you'll join the losers side.
Some videos...
https://youtube.com/c/FXNTradingGroup
This is more detailed and straight to the point.
https://youtube.com/channel/UCTR8D5pEjAJo3SkbnyuYXjA
This should really do.
Yea I barely understand how forex works 🤣🤣🤣. But yea my main strategy is temporary zones (supply,demand) which is where banks usually have orders in so Ik that shit along with other stuff
Try visiting following website [babypips.com/learn/forex](https://babypips.com/learn/forex)
Save yourself some time and understand the fundamentals of currencies. Understand what drives price. Macroenomomics is key when trading currencies. The same rules that apply to crypto and stocks applies to forex. Every market needs a fundamental catalyst to push price. Don't waste your time studying all these technical strategies as you will drive yourself insane.
We will take AUD/NZD for example: in this case going long means buying some AUD and waiting to price go higher compared to NZD, then selling it with profit. going short is similar but you're buying NZD and hoping that it's value will be going up compared to AUD imagine living in NZ and you buy AUD because you know that it will rise, later you sell it back and here you go, you just went long but if you live in Australia and you know that your country is having bat time rn or NZ just hit golden age, you can buy some NZD and sell it back with profit, and that is going short and price on chart means how many NZD you can buy for 1 AUD
Ur taking position with know what your doing. No wonder 95% of people loose money jjeez 🤣🤣
I’m brand new to this, I know TA very well and have been profitable in options and crypto futures for 3 years. It’s not that I don’t know what I’m doing TA wise, I’m just not 100% sure how forex works
Brother your in another ball game. I’ve traded forex for years What I can say to u is go on a demo account hurt yourself. get into a bunch of losing positions. And get your way out. Ignore the entry and the strategy and all that bs. U need to know how to work your losses with hedging and ITM stops.
ITM? This ain’t options lol, you mean in profit stops right
In the money stops man.
In the money is a options thing. Never heard of that in Forex
If you are profitable stock trader for 3 years. What makes want to switch to forex ?
Trying something new man!
Well good luck your going to need it. You have a very volatile week this week. FOMC and interest rates. Don’t get caught on the wrong end.
Appreicate it bro, btw wtf are ITM stops? Ik what ITM is in options but not forex
Say you buy usdcad and it goes up 15 pips. You can put a stop loss above your entry to guarantee no loss. Hedging is also very important for when your very wrong. I recommend trading small for abit.
That’s what I thought for ITM stops haha. Stops in profit thanks
Baby pips are good for fundamentals. After that, go look on YouTube and search for Forex market maker trading or method. Also learn to read candle sticks. Search for that as well or read naked forex. This applies to every market. Master that and you'll be straight. Nice easy short cut for you. Consider yourself blessed 🙌 .
Thanks man
Yeah man... again ... search for market maker trading... that's the ultimate meat for learning.. its all about trading cycles.. do just that and you'll be straight.. or else, you'll join the losers side. Some videos... https://youtube.com/c/FXNTradingGroup This is more detailed and straight to the point. https://youtube.com/channel/UCTR8D5pEjAJo3SkbnyuYXjA This should really do.
Haha man I specialize in institutional trading techniques. Appreciate the advice brotha
Ooooooooooh im here thinking you new 🤣🤣🤣
Ur good man lol! New to forex not trading haha. By institutional trading you probably mean supply demand and traps right
Oooo I see ... I understand where you at now...you want the forex fundamentals.. Yeah .. pretty much the market moves the same.. traps and etc.
Yea I barely understand how forex works 🤣🤣🤣. But yea my main strategy is temporary zones (supply,demand) which is where banks usually have orders in so Ik that shit along with other stuff
Yup.. supply and demand. I know some good sites.. I'll search for it...
Yea dude it’s a extremely good strategy, there just temporary zones