Anyone Trading Forex?

[Stephen Hunter 7]

I picked up Zack's book and curious if anyone is trading Forex in here.

[Alastair 114]

Yep have been trading FX for 13 yrs moving to equities / options now.

[Stephen Hunter 7]

Awesome!

I became BBT Lifetime Member and would love to trade equities but I work a full time job so for the time being, I cannot trade equities. I have been weighing Forex vs Futures and I am not sure which one to trade. I can trade both after I get off work, but just not sure which one would be easier and more profitable. I do not plan on trading real money for a while, just SIM to get expereince and to be consistant. 

You have any suggestions or advice? Thanks in advance...

[Alastair 114]

FX is more cost effective to get into and train with a demo acct.  It costs zero. Demo accts last as long as u use them.

Download MT4 or MT5 is free. Use a good broker, I use FXCM owned by same group as IB.

At FXCM u can trade FX and Futures on MT4 or MT5.

Basic principles r the same. Levels, S/R, Time of Day, Candles, News, Interest rates at Central banks

No L2 and no central volume

Only prob good training is hard to find in FX........alot of junk on YouTube.

If u work u can use swing/position trading strategies so u do not have to sit in front of computer. Check candles 2-3 times a day.

 

 

[Stephen Hunter 7]

Thanks for the info. I did some research on FX Brokers and found IG that just came to the US not long ago from the UK I believe it was: https://www.ig.com/us/forex . I have not transfered any funds yet, so I will check out FXCM.

I just downloaded MT4 today after work because Zach in his book recommended downloading it: https://www.amazon.com/gp/product/1980450722/

I just read that Brokers actually bet against your trades which is mind blowing.  Thank you so much for the information.

[Alastair 114]

11 hours ago, Stephen Hunter said:

 

I just read that Brokers actually bet against your trades which is mind blowing.  Thank you so much for the information.

Yes, they do esp new traders. Cuz they make money off noobs.  If ur a good trader tht wins often they will not bet against u. coz they will lose.

Better to swing/position trade in FX.

Market makers in US equities generally will bet against u also (taking the other side of a trade), just more regulation. In FX the broker can be the market maker, i.e. taking the other side of the trade.

 

Edited May 23, 2020 by Alastair

[Stephen Hunter 7]

@Alastair So I have been live trading for a month now and I am only down $30. I should be up because I have not stuck to my plan of letting my winning trades hit my take profit. So I am working on that.

[Fernando Samora 11]

I know this post is really old but im trying to get into some positions on TWS and get the following error:

 

"Order increases leveraged FX position."

 

I've tried multiple sizes but cant seem to get through. Any ideas?

 

 

[Bailey Nevener 83]

On 5/9/2022 at 10:19 AM, Fernando Samora said:

I know this post is really old but im trying to get into some positions on TWS and get the following error:

"Order increases leveraged FX position."

I've tried multiple sizes but cant seem to get through. Any ideas?

I'm not sure if this is a legit site lol, but I googled it and it this answer seems pointed enough. 

For Non USA traders who receive the rejection notice: Insufficient margin (Order increases leveraged FX position), you can log into Account Management and request cash forex (leveraged forex) permissions.

[Stephen Hunter 7]

On 5/9/2022 at 12:19 PM, Fernando Samora said:

I know this post is really old but im trying to get into some positions on TWS and get the following error:

 

"Order increases leveraged FX position."

 

I've tried multiple sizes but cant seem to get through. Any ideas?

 

 

I have never used TWS. I was using IG for my broker, using TradingView to analyze the charts and using MetaTrader 4 to place my trades. 

I want to say I traded a LIVE Account actively for about 6 months while learning FOREX. I learned a lot along the way. I lost in the beginning but won it all back towards the end when I needed to step away. Now I am about to get back into it and I am curious if anyone in BBT today is trading FX.

[vchandra11 8]

Hello Stephen

Yes I still look at FX trading. Are you looking for any info in particular. 

[Stephen Hunter 7]

Just wondering how many are actively trading Forex in BBT. 

[cezar.crintea 0]

I am interested in starting trading Forex alongside stocks because of my time zone. 
I have read the Zack Zarr book and some others, and I am currently looking for some quality Forex-specific education and an active community. 
I think I can apply a lot from BBT to Forex, and I need to learn the specifics.

[Stephen Hunter 7]

Welcome to BBT, I trade Forex and have been for some time. I did take a short break a while back but back at it now. I went through all of BBT Stocks education and learned a lot.
I couldn't trade stocks due to working full time, so I trade Forex.

If you have any questions, just ask. If you are a BBT member, check out the Discord of theirs and ask your questions in the Forex channel.

 

[cezar.crintea 0]

Thank you! I am a BBT member, but I forgot about the Discord server. I just posted a general question there, and I will follow up with more if I find active Forex/crypto traders.

I have seen that the typical setup for Forex trading is MT4/5 and a dedicated Forex broker. Interactive Brokers does not offer MT4/5 but is it as good as the other brokers in Forex? I am in the EU with all our specific regulations. Can I use DAS for Forex? Or better to stick to MT4/5?

I am new in Forex and just started the babypips.com course to learn the specifics. How did you start in Forex? Can you share your journey or at least some pointers?