Currency futures options • Berichte der Käufer

Forex Trading Advice, Tips, & Rumors

A community to discuss your latest forex trades, tips, rumors, and advice.
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Forex currency futures: A brief history and overview

Forex currency futures: A brief history and overview submitted by eladla to Forex [link] [comments]

How can I compare cost of currency futures contracts to forex lot sizes?

submitted by zealousfuck to FuturesTrading [link] [comments]

http://twitter.com/forex_in_world/status/1279919082196918273Japan Currency Symbol ¥ (History, Symbol, Chart, Future) https://t.co/DMx9uo5jw9— FOREX IN WORLD (@forex_in_world) July 5, 2020

http://twitter.com/forex_in_world/status/1279919082196918273Japan Currency Symbol ¥ (History, Symbol, Chart, Future) https://t.co/DMx9uo5jw9— FOREX IN WORLD (@forex_in_world) July 5, 2020 submitted by Red-its to forextweet [link] [comments]

The stability of Currency value is something that can determine how profitable your investments can be in the future. You should be all “ears and eyes” for the latest and futuristic developments in the Forex markets through http://dominion24.esy.es/register-for-webinar/ today.

The stability of Currency value is something that can determine how profitable your investments can be in the future. You should be all “ears and eyes” for the latest and futuristic developments in the Forex markets through http://dominion24.esy.es/register-for-webina today. submitted by edithadhanushya to u/edithadhanushya [link] [comments]

Why would you trade Forex over Currency Futures? Or vice versa?

This has been asked before, but needs a 2020 answer for the new era.
submitted by br0ast to Forex [link] [comments]

http://twitter.com/forex_in_world/status/1168301233913966592#forex #forextrading Japan currency symbol ¥ (history, symbol, chart, future) »» https://t.co/kITppIajCZ pic.twitter.com/ucoNIrQeRJ— FOREX IN WORLD (@forex_in_world) September 1, 2019

http://twitter.com/forex_in_world/status/1168301233913966592#forex #forextrading Japan currency symbol ¥ (history, symbol, chart, future) »» https://t.co/kITppIajCZ pic.twitter.com/ucoNIrQeRJ— FOREX IN WORLD (@forex_in_world) September 1, 2019 submitted by Red-its to forextweet [link] [comments]

http://twitter.com/forex_in_world/status/1161219510671728640#forex #forextrading Japan currency symbol ¥ (history, symbol, chart, future) »» https://t.co/14L0qqmrmb pic.twitter.com/HE5ude2PZ4— FOREX IN WORLD (@forex_in_world) August 13, 2019

submitted by Red-its to forextweet [link] [comments]

http://twitter.com/forex_in_world/status/1155406295333257216#forex #forextrading Japan currency symbol ¥ (history, symbol, chart, future) »» https://t.co/8s5pC6Gs33 pic.twitter.com/eTPgW5ThMA— FOREX IN WORLD (@forex_in_world) July 28, 2019

submitted by Red-its to forextweet [link] [comments]

Alfa Financials is a regulated online broker for Forex, Futures, CFD and Currency Trading. Trade Forex in Dubai with Alfa Financial

Alfa Financials is a regulated online broker for Forex, Futures, CFD and Currency Trading. Trade Forex in Dubai with Alfa Financial submitted by alfafinancials5 to u/alfafinancials5 [link] [comments]

I am a FOREX/FUTURES trader that hasn't blown his account up and makes a living through currency/commodities speculation. AMA.

Lately there has been a rash of AMAs regarding irresponsible forex and stock traders who can't seem to keep a hold on their accounts. I thought it would be good to hear from the other side, from a trader that trades responsibly and follows strict money management principles in his daily trades. So, AMA!
EDIT: How am I supposed to answer questions if I have to wait 9 minutes between posts?
submitted by EuroDollar to IAmA [link] [comments]

[abrownn] The Future of Currency Trading: Japanese Software Company Develops Forex App for the Pepper Humanoid Robot

submitted by raddit-bot to FuturologyRemovals [link] [comments]

The Future of Currency Trading: Japanese Software Company Develops Forex App for the Pepper Humanoid Robot

This is an automatic summary, original reduced by 31%.
Japanese software developer Forex Robotics Corporation has announced it's developing a trading application for Pepper, a 4ft-tall humanoid robot engineered by French robotics firm Aldebaran and SoftBank Group, a Tokyo-based IT conglomerate.
According to today's announcement, the Forex Robotics Corporation trading app will be making use of Pepper's AI capabilities to make trades on the OANDA FxTrade foreign currency trading platform.
The company states that Pepper will be able to execute both demo and real trades thorough the Web API provided by OANDA Japan.
While Forex Robotics is making use of the OANDA foreign exchange trading infrastructure, the company clarified that OANDA is not actively participating in the development of the Pepper trading app.
More recently, the Pepper robots were put to use in Belgian hospitals, where they assist receptionists and guide patients & visitors.
The base Pepper model retails for $1850 in the US. Image credits: 1 2.
Summary Source | FAQ | Theory | Feedback | Top five keywords: trades#1 Pepper#2 Robotics#3 OANDA#4 robot#5
Post found in /Futurology and /pcmasterrace.
NOTICE: This thread is for discussing the submission topic only. Do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

Why do amateurs get into forex instead of equity trading/investing?


Correct me if I am wrong here but Forex is exactly a zero sum game. Every winner has a loser for that exact amount. When you lose 1/6 of the pie, the guy at the other end gains 1/6 of the pie.

With stocks/equities, it is almost the same concept BUT...over time the pie slowly grows.

So why do newbs and amateurs get into forex???
submitted by fccoup02 to investing [link] [comments]

BlueCrownFX - Forex Trading Online,Currency Trading,CFD,futures,options,stocks,bonds, FX / 4X Trade

submitted by bluecrownfx to reddit.com [link] [comments]

Difference between Forex and Future Trading

Hello everyone,
I just wanted to know that the main difference between Forex Trading & Future Trading .. I have good knowledge about both but the thing is i want good point...
thanks in advance
submitted by cagivi to FOREXTRADING [link] [comments]

New to Trading? Here's some tips

So there seems to be a lot of new people on this sub. And makes sense if you have questions a lot of time you'll turn to reddit for the answers (I know I do). Well here are some tips that I think would benefit new traders.
  1. Don't trade ANY Euro pairs. Look I know it's the most traded pair it goes up and down really fast and there's so much potential for you to make money. Turns out there's even more for you to lose money. It's way too volatile specially if you don't know what you're doing. EUUSD is the worst offender.
  2. Trade the Daily. Might think you're cool looking at charts every x amount of times during the day. You get to tell your friends and family that you trade all day and they might be impressed at what you're doing but unless you have some years under you stick to the daily. There's less noise. You can see clearer trends and when you don't stare at the screen all day you're less emotional therefore a more effective trader. I only look at the chart 15 minutes a day to either enter close or manage my trades. Whatever happens when I'm gone is what happens.
  3. There is no holy grail indicator Look for it all you want. It doesn't exist. There are good indicators. There are bad indicators. There are some indicators that are so broken if you do the opposite of what they're intended for you'll actually make a profit. But the fact remains that there's no perfect one. Stop looking. What you should be looking for is an indicator that fits with your strategy.
  4. What currencies to pick. I actually never see this brought up. The notion in forex is that all pairs can be traded equally. To a certain extent that's not false. But until you get the hang of it stick to a strict trading diet. Look for pairs that trend a lot. Duh look for the trend I can hear you say. When I say trend I don't mean a couple of days or weeks. I mean a couple of months. Half a year. Pairs that do that have a higher tendency to stick with one direction for a while. That's where you make your money. An easy way to identify those pairs as well is putting together a volatile currency (USD) with a less volatile one(JPY).
  5. USE YOUR SL Trust me even if not putting a SL has netted you all kinds of gains eventually the market will turn around and bite you. With no safety net you'll lose most if not all your profit. The best offense is a good defense.
  6. How to pick your TP and SL level. Most new traders care so much about that. I put it near the bottom because in my opinion you should know everything listed first. This is my opinion and I use it for my strategy I use the ATR(average true range) indicator. It's a really helpful tool that helps you identify the range at which the candles will either rise or fall. Obviously you want to set your TP inside of that range and your SL slightly outside of it.
  7. Lot sizes. Everyone has a different story about how they pick their lot size. The general consensus is don't risk over 2% of your account. But I'm a simple man and I can't be bothered to figure out what my risk is every single time. So what I do is I put $0.10 for every $100 I have on the account. I then assign $300(minimum) to each pair. That's $0.30 per pair. It's easy to remember. 10 cent for every $100. If you're able to blow $100 with $0.10 then you probably shouldn't trade.
  8. How to avoid reversals. Tbh you can't. There's no way to predict the future so eventually you'll get hit by one. What you can do however is minimize the blow. How I do it is for every pair I take two trades. If you remember in the previous tip is said I do about$0.30 per pair well I divide it 2:1. I take one trade with a TP(2) and one without (1). If my TP is hit I pocket that amount and if the trend keeps going in my direction I make even more. If the trend decides to end or reverses my losses are minimal because at least I kept half.
  9. There is NO right way to trade. Stop listening to people telling the best way to trade is fundamentals or naked charts of to use some specific indicator. There are no right way to do this. It's as flexible and unlimited as your imagination. I personally use indicators but if that's not your thing do YOU! Just remember to manage your trades properly and be level headed when trading. Hell if your trading strategy is flipping a coin with proper trade management you'd probably make some money (don't quote me on that).
  10. Trade money you're willing to lose Don't trade your rent money.
That's all I have for now. If anyone sees this and wants to add more feel free. Hope this helps someone.
submitted by MannyTrade to Forex [link] [comments]

Expat concerned about the US Dollar losing value

Here in Europe, I've been keeping an eye on the USD--the currency that most of my money is in. The USD has been in a steady decline since the pandemic started, and more recently has lost nearly 10% of its value when compared to the Euro since May. The last time it was this low was in June of 2018.
Has anyone else considered transferring all or most of their money from USD to Euro?
What are the odds of a USD collapse? I'm afraid that by keeping my savings in USD that I could really be screwing myself over if it continues on this trend. We are using our savings too live on while we are in school and, if the USD tanks, we will have no way to survive here in Europe.
Thoughts and advice?
submitted by MindfulRain to expats [link] [comments]

The comedy how I lost all my money in two hours

I'm trading for 11 months with pretty good success.
I never traded metals and forex before, just stocks. Today when gold started to consolidate at the last hour, I decided to scalp short it with a large amount, so I opened 100 lots. I haven't realised, in forex 100 (lots) doesn't mean "100 pcs", because I used to stocks and I went full retard without knowledge.
Seconds later, I realised it means 10 million dollars (1 lot = 100.000, and I had 500x leverage).
It moved up a bit and immediately I was down £4000. I scared as fuck and rather than closing the position quickly I hoped maybe I could close break even.
The market closed, and I waited for the Asian session. The gold popped like never before, and I lost all my life savings (£55000) in less than two hours. (including the 1-hour break between sessions).
If I count that I lost all my earnings as well, I lost around £85000.
Here is the margin call
https://imgur.com/a/XY5m4ZA
https://imgur.com/a/VSgmCSs
https://imgur.com/pRWl5g9
IC Markets closed my position partially in every 1-2 minutes until I shut it myself at £35.
You know the rest of the story. I'm depressed, crying and shouting with myself.
Yes, I know I was stupid, thanks. I just wanted to share this with you.



Edit: WOW THANK YOU, GUYS! I haven't expected this, but you help me.
Many of you asked the same questions, I answer it here:
- I live in Europe, and we usually trade CFD's, not futures.
- Currency in GBP.
- As you can see, this account made on IC Markets. They not just allowing you a 500x leverage, it's the default.
- You can ask me why I went against the market. Because gold is way oversold? Because I expected institutions would sell their shares before gold is hitting £2000, leaving retails hanging there. Also, as I said, I wanted to scalp, not riding the gold all the way down. If I had a loss of £100, I would close the position immediately. But when I saw the £4000, my heart is stopped, and my brain just freezes.
- I went for a revenge trade with my last £2k, and I don't have to say what happened. I uninstalled the app, and I give up trading for a while.
- Again, in the past months, I was cautious, I lost a significant sum in March, but I managed to recover. Made consistent gains, always with SL. This is just an example of how easy is to fuck up everything you did.
- I didn't come here for some shiny digital medals. I can't tell about my losses to anyone who I know in real life. I would make a fool of myself.
- Anyone who attacking me that it is a scam. Well, think what you want. I feel terrible and the last thing is to answer all the messages saying "You fucking karma whore". I don't give a shit about karma.

submitted by fail0verflowf9 to wallstreetbets [link] [comments]

How much money do I need to start day trading?

I did some research, and it looks like there's a $25,000 minimum account balance requirement to start stock trading in the USA, but it varies from country to country.
Apparently, if I start trading futures I'd only need a minimum account balance of $1000.
Day traders trade stocks, options, futures, commodities, currencies (forex), or cryptocurrencies. (are these called securities, and are there any other ones I'm missing?)
Apart from stocks and futures, do I need a minimum account balance for the rest of those securities?
Edit: I'm a noob (as you can tell) 😅
submitted by Necessary-Fact to Daytrading [link] [comments]

First post - epic opportunity in USD/JPY calls

First post - epic opportunity in USD/JPY calls
What's up people, this is my first post on Wall Street Bets. I've been trading futures and FX in my PA for about 10 yrs, and when I heard about WSB on podcasts and Financial Times I figured I'd come here to check out what all the fuss is about. I started my PA with $50k USD, started making big and ballzy bets like you all, and managed to survive and multiply my capital hundreds of times over. The vibe in here reminds me of my earlier years when I was gunning it on every trade, learning from stupid mistakes, and making a few brilliant ones here and there. I'll start posting some of my better ideas here and see what happens.
Anyway, on to the trade. Usd/jpy FX is breaking out to the upside, and it's time to get on board this rocket ship:
Daily candle chart
When you look at this move in the context of the last 5 years, the technicals are even more compelling:
This chart has been coiling for 5 years and is finally busting out
What's going on here? Normally the Japanese Yen trades like a safe haven and trades inversely with US yields, so why is usd/jpy breaking higher when yields are going down?
When nobody knows WTF is driving an asset to move the way it's moving, this is called a regime change, and there is a lot of money to be made if you spot it early.
Reason #1: Japanese institutions are selling the hell out of their own currency and seeking safety in foreign bonds, with Treasuries being the #1 destination
https://preview.redd.it/93sps2wdefi41.png?width=1186&format=png&auto=webp&s=a794609d9f79bb151d2caecc3908051f677e6f7c
Reason #2: Japan is crashing into a recession. The weakness started in Q4 and is likely to continue this quarter due to the impact of Covid19 in Asia.
There is nothing pretty about this picture
Reason #3: The Bank of Japan has been the global leader of stimulative monetary policy because of Japan's long history of anemic growth and deflation. They were the first major central bank to reach 0% interest rates, and also the first to do quantitative easing. However, it's clearly not helping the economy right now, so what is Japan to do? The only answer is to increase fiscal spending by issuing more debt, and let the central bank buy the additional debt! There are several names for this - modern monetary theory, monetizing government debt, quantitative easing etc...but they all mean one thing - debasing the Japanese yen. No wonder institutional money is getting out the fuck out of their local currency like rats trying to escape a sinking ship!
You say: "Ok, I'm convinced that usd/jpy is going up, but so is a lot of other shit that I'm trading at. So what?"
Wait, there's more!
Implied volatility is near historical rock bottom lows. When I put this trade on a few days ago, 1 mth vol was even lower at 5. It's perking up but nowhere close to where it could be heading.

https://preview.redd.it/jf75308aifi41.png?width=1144&format=png&auto=webp&s=003aa0691e2176cfda84e7647ec64c2fb8c24cd4
Not only that, but options skew still favors puts over calls, which means the market is still more worried about usd/jpy going down than up! Silly options traders...
Difference between 1mth 25 delta puts and 25 delta calls. You can see that back in 2012 when Japan embarked on its big quantitative easing campaign, this was >0
Because the market is so off sides on this trade and hasn't completely gotten its head around the idea of JPY losing its safe haven status, there is potential for an explosive move both in usdjpy upside AND usdjpy implied vol. How explosive? Think 114.00 in 2-4 weeks, 118 within 3 months (were are at 111.55 today). This trade is best expressed by buying usdjpy calls with strikes 114-118 and expiries 1-3 months out.
How do I put this trade on?
If you have a futures trading account like Interactive Brokers, you can trade JPY futures listed options. The code in IB is JPY, then select Futures Options. Unfortunately the contract trades at an inverse price to how FX is conventionally quoted, so the current price of 111.55 = 0.008964. Pain in the ass, but that's what a calculator is for. Since the Mar contract is close to expiry, your underlying would be the Jun contract, which closed at 0.009014 on Friday. Each tick of 0.000001 is worth $12.5 per contract, and the value of 1 contract is 12.5m JPY worth, or 112k USD. The equivalent of usd/jpy calls are actually JPY contract puts on IB.
I put these trades on three days ago, so they are already in the money as price and implied vol have moved quickly in my favor, but there is a LOT more room for this trade to go. I ended up going with 0.008900 JPY puts expiring Apr 3 and 0.008750 JPY puts expiring May 8.
What it looks like in IB
Another account where I have $80m USD of a 111.50 Mar 19 call and $150m USD of a 114.00 Apr 17 call. These are OTC options and not listed futures options, therefore quoted in conventional terms.
"Oh, what's that position that's up $614k?"
I bought gold calls (GC in IB) two Thursdays ago when it was at 1577 and it's at 1645 today, so that option has gone up 4.5x. Gold has been going up batshit crazy for the past 6 months because the market sees the writing on the wall - that central banks will react to weak growth and inflation by pursuing stimulative and reflationary policies that will debase fiat currency in favor of hard currencies like gold. Gold is a great addition to your portfolio as it is the one of the few safe havens left in the global macro world right now. Having a long gold position allows me to size up my usd/jpy position by a factor of 2-3x because when usdjpy sells off like it did Friday, gold goes up a lot. I'll leave discussion on gold for another post in the future.
submitted by stratospheretrader to wallstreetbets [link] [comments]

There are stocks that trade like bitcoin, so I can buy and sell daily and not be listed as a daytrader? and this includes Futures too?

There are stocks that trade like bitcoin, so I can buy and sell daily and not be listed as a daytrader? and this includes Futures too? submitted by abiech to Winkerpack [link] [comments]

Some trading wisdom, tools and information I picked up along the way that helped me be a better trader. Maybe it can help you too.

Its a bit lengthy and I tried to condense it as much as I can. So take everything at a high level as each subject is has a lot more depth but fundamentally if you distill it down its just taking simple things and applying your experience using them to add nuance and better deploy them.
There are exceptions to everything that you will learn with experience or have already learned. If you know something extra or something to add to it to implement it better or more accurately. Then great! However, my intention of this post is just a high level overview. Trading can be far too nuanced to go into in this post and would take forever to type up every exception (not to mention the traders individual personality). If you take the general information as a starting point, hopefully you will learn the edge cases long the way and learn how to use the more effectively if you end up using them. I apologize in advice for any errors or typos.
Introduction After reflecting on my fun (cough) trading journey that was more akin to rolling around on broken glass and wondering if brown glass will help me predict market direction better than green glass. Buying a $100 indicator at 2 am when I was acting a fool, looking at it and going at and going "This is a piece of lagging crap, I miss out on a large part of the fundamental move and never using it for even one trade". All while struggling with massive over trading and bad habits because I would get bored watching a single well placed trade on fold for the day. Also, I wanted to get rich quick.
On top all of that I had a terminal Stage 4 case of FOMO on every time the price would move up and then down then back up. Just think about all those extra pips I could have trading both directions as it moves across the chart! I can just sell right when it goes down, then buy right before it goes up again. Its so easy right? Well, turns out it was not as easy as I thought and I lost a fair chunk of change and hit my head against the wall a lot until it clicked. Which is how I came up with a mixed bag of things that I now call "Trade the Trade" which helped support how I wanted to trade so I can still trade intra day price action like a rabid money without throwing away all my bananas.
Why Make This Post? - Core Topic of Discussion I wish to share a concept I came up with that helped me become a reliable trader. Support the weakness of how I like to trade. Also, explaining what I do helps reinforce my understanding of the information I share as I have to put words to it and not just use internalized processes. I came up with a method that helped me get my head straight when trading intra day.
I call it "Trade the Trade" as I am making mini trades inside of a trade setup I make from analysis on a higher timeframe that would take multiple days to unfold or longer. I will share information, principles, techniques I used and learned from others I talked to on the internet (mixed bag of folks from armatures to professionals, and random internet people) that helped me form a trading style that worked for me. Even people who are not good at trading can say something that might make it click in your head so I would absorbed all the information I could get.I will share the details of how I approach the methodology and the tools in my trading belt that I picked up by filtering through many tools, indicators strategies and witchcraft. Hopefully you read something that ends up helping you be a better trader. I learned a lot from people who make community posts so I wanted to give back now that I got my ducks in a row.
General Trading Advice If your struggling finding your own trading style, fixing weakness's in it, getting started, being reliably profitable or have no framework to build yourself higher with, hopefully you can use the below advice to help provide some direction or clarity to moving forward to be a better trader.
  1. KEEP IT SIMPLE. Do not throw a million things on your chart from the get go or over analyzing what the market is doing while trying to learn the basics. Tons of stuff on your chart can actually slow your learning by distracting your focus on all your bells and whistles and not the price action.
  2. PRICE ACTION. Learn how to read price action. Not just the common formations, but larger groups of bars that form the market structure. Those formations carry more weight the higher the time frame they form on. If struggle to understand what is going on or what your looking at, move to a higher time frame.
  3. INDICATORS. If you do use them you should try to understand how every indicator you use calculates its values. Many indicators are lagging indicators, understanding how it calculates the values can help you learn how to identify the market structure before the indicator would trigger a signal . This will help you understand why the signal is a lagged signal. If you understand that you can easily learn to look at the price action right before the signal and learn to watch for that price action on top of it almost trigging a signal so you can get in at a better position and assume less downside risk. I recommend using no more than 1-2 indicators for simplicity, but your free to use as many as you think you think you need or works for your strategy/trading style.
  4. PSYCOLOGY. First, FOMO is real, don't feed the beast. When you trade you should always have an entry and exit. If you miss your entry do not chase it, wait for a new entry. At its core trading is gambling and your looking for an edge against the house (the other market participants). With that in mind, treat as such. Do not risk more than you can afford to lose. If you are afraid to lose it will negatively effect your trade decisions. Finally, be honest with your self and bad trading happens. No one is going to play trade cop and keep you in line, that's your job.
  5. TRADE DECISION MARKING: Before you enter any trade you should have an entry and exit area. As you learn price action you will get better entries and better exits. Use a larger zone and stop loss at the start while learning. Then you can tighten it up as you gain experience. If you do not have a area you wish to exit, or you are entering because "the markets looking like its gonna go up". Do not enter the trade. Have a reason for everything you do, if you cannot logically explain why then you probably should not be doing it.
  6. ROBOTS/ALGOS: Loved by some, hated by many who lost it all to one, and surrounded by scams on the internet. If you make your own, find a legit one that works and paid for it or lost it all on a crappy one, more power to ya. I do not use robots because I do not like having a robot in control of my money. There is too many edge cases for me to be ok with it.However, the best piece of advice about algos was that the guy had a algo/robot for each market condition (trending/ranging) and would make personalized versions of each for currency pairs as each one has its own personality and can make the same type of movement along side another currency pair but the price action can look way different or the move can be lagged or leading. So whenever he does his own analysis and he sees a trend, he turns the trend trading robot on. If the trend stops, and it starts to range he turns the range trading robot on. He uses robots to trade the market types that he is bad at trading. For example, I suck at trend trading because I just suck at sitting on my hands and letting my trade do its thing.

Trade the Trade - The Methodology

Base Principles These are the base principles I use behind "Trade the Trade". Its called that because you are technically trading inside your larger high time frame trade as it hopefully goes as you have analyzed with the trade setup. It allows you to scratch that intraday trading itch, while not being blind to the bigger market at play. It can help make sense of why the price respects, rejects or flat out ignores support/resistance/pivots.
  1. Trade Setup: Find a trade setup using high level time frames (daily, 4hr, or 1hr time frames). The trade setup will be used as a base for starting to figure out a bias for the markets direction for that day.
  2. Indicator Data: Check any indicators you use (I use Stochastic RSI and Relative Vigor Index) for any useful information on higher timeframes.
  3. Support Resistance: See if any support/resistance/pivot points are in currently being tested/resisted by the price. Also check for any that are within reach so they might become in play through out the day throughout the day (which can influence your bias at least until the price reaches it if it was already moving that direction from previous days/weeks price action).
  4. Currency Strength/Weakness: I use the TradeVision currency strength/weakness dashboard to see if the strength/weakness supports the narrative of my trade and as an early indicator when to keep a closer eye for signs of the price reversing.Without the tool, the same concept can be someone accomplished with fundamentals and checking for higher level trends and checking cross currency pairs for trends as well to indicate strength/weakness, ranging (and where it is in that range) or try to get some general bias from a higher level chart that may help you out. However, it wont help you intra day unless your monitoring the currency's index or a bunch of charts related to the currency.
  5. Watch For Trading Opportunities: Personally I make a mental short list and alerts on TradingView of currency pairs that are close to key levels and so I get a notification if it reaches there so I can check it out. I am not against trading both directions, I just try to trade my bias before the market tries to commit to a direction. Then if I get out of that trade I will scalp against the trend of the day and hold trades longer that are with it.Then when you see a opportunity assume the directional bias you made up earlier (unless the market solidly confirms with price action the direction while waiting for an entry) by trying to look for additional confirmation via indicators, price action on support/resistances etc on the low level time frame or higher level ones like hourly/4hr as the day goes on when the price reaches key areas or makes new market structures to get a good spot to enter a trade in the direction of your bias.Then enter your trade and use the market structures to determine how much of a stop you need. Once your in the trade just monitor it and watch the price action/indicators/tools you use to see if its at risk of going against you. If you really believe the market wont reach your TP and looks like its going to turn against you, then close the trade. Don't just hold on to it for principle and let it draw down on principle or the hope it does not hit your stop loss.
  6. Trade Duration Hold your trades as long or little as you want that fits your personality and trading style/trade analysis. Personally I do not hold trades past the end of the day (I do in some cases when a strong trend folds) and I do not hold trades over the weekends. My TP targets are always places I think it can reach within the day. Typically I try to be flat before I sleep and trade intra day price movements only. Just depends on the higher level outlook, I have to get in at really good prices for me to want to hold a trade and it has to be going strong. Then I will set a slightly aggressive stop on it before I leave. I do know several people that swing trade and hold trades for a long period of time. That is just not a trading style that works for me.
Enhance Your Success Rate Below is information I picked up over the years that helped me enhance my success rate with not only guessing intra day market bias (even if it has not broken into the trend for the day yet (aka pre London open when the end of Asia likes to act funny sometimes), but also with trading price action intra day.
People always say "When you enter a trade have an entry and exits. I am of the belief that most people do not have problem with the entry, its the exit. They either hold too long, or don't hold long enough. With the below tools, drawings, or instruments, hopefully you can increase your individual probability of a successful trade.
**P.S.*\* Your mileage will vary depending on your ability to correctly draw, implement and interpret the below items. They take time and practice to implement with a high degree of proficiency. If you have any questions about how to do that with anything listed, comment below and I will reply as I can. I don't want to answer the same question a million times in a pm.
Tools and Methods Used This is just a high level overview of what I use. Each one of the actions I could go way more in-depth on but I would be here for a week typing something up of I did that. So take the information as a base level understanding of how I use the method or tool. There is always nuance and edge cases that you learn from experience.
Conclusion
I use the above tools/indicators/resources/philosophy's to trade intra day price action that sometimes ends up as noise in the grand scheme of the markets movement.use that method until the price action for the day proves the bias assumption wrong. Also you can couple that with things like Stoch RSI + Relative Vigor Index to find divergences which can increase the probability of your targeted guesses.

Trade Example from Yesterday This is an example of a trade I took today and why I took it. I used the following core areas to make my trade decision.
It may seem like a lot of stuff to process on the fly while trying to figure out live price action but, for the fundamental bias for a pair should already baked in your mindset for any currency pair you trade. For the currency strength/weakness I stare at the dashboard 12-15 hours a day so I am always trying to keep a pulse on what's going or shifts so that's not really a factor when I want to enter as I would not look to enter if I felt the market was shifting against me. Then the higher timeframe analysis had already happened when I woke up, so it was a game of "Stare at the 5 min chart until the price does something interesting"
Trade Example: Today , I went long EUUSD long bias when I first looked at the chart after waking up around 9-10pm Eastern. Fortunately, the first large drop had already happened so I had a easy baseline price movement to work with. I then used tool for currency strength/weakness monitoring, Pivot Points, and bearish divergence detected using Stochastic RSI and Relative Vigor Index.
I first noticed Bearish Divergence on the 1hr time frame using the Stochastic RSI and got confirmation intra day on the 5 min time frame with the Relative Vigor Index. I ended up buying the second mini dip around midnight Eastern because it was already dancing along the pivot point that the price had been dancing along since the big drop below the pivot point and dipped below it and then shortly closed back above it. I put a stop loss below the first large dip. With a TP goal of the middle point pivot line
Then I waited for confirmation or invalidation of my trade. I ended up getting confirmation with Bearish Divergence from the second large dip so I tightened up my stop to below that smaller drip and waited for the London open. Not only was it not a lower low, I could see the divergence with the Relative Vigor Index.
It then ran into London and kept going with tons of momentum. Blew past my TP target so I let it run to see where the momentum stopped. Ended up TP'ing at the Pivot Point support/resistance above the middle pivot line.
Random Note: The Asian session has its own unique price action characteristics that happen regularly enough that you can easily trade them when they happen with high degrees of success. It takes time to learn them all and confidently trade them as its happening. If you trade Asia you should learn to recognize them as they can fake you out if you do not understand what's going on.

TL;DR At the end of the day there is no magic solution that just works. You have to find out what works for you and then what people say works for them. Test it out and see if it works for you or if you can adapt it to work for you. If it does not work or your just not interested then ignore it.
At the end of the day, you have to use your brain to make correct trading decisions. Blindly following indicators may work sometimes in certain market conditions, but trading with information you don't understand can burn you just as easily as help you. Its like playing with fire. So, get out there and grind it out. It will either click or it wont. Not everyone has the mindset or is capable of changing to be a successful trader. Trading is gambling, you do all this work to get a edge on the house. Trading without the edge or an edge you understand how to use will only leave your broker happy in the end.
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