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Noob to reading forex charts - is now a decent time to convert KRW to USD?

Have a sizeable amount of Korean Won sitting in cash, been meaning to convert this to USD for a while. Is now a decent time?
Also if anyone has guides to reading forex charts B)
submitted by SexualDemon to korea [link] [comments]

Noob to reading forex charts - is now a decent time to convert KRW to USD?

Have a sizeable amount of Korean Won sitting in cash, been meaning to convert this to USD for a while. Is now a decent time?
Also if anyone has guides to reading forex charts B)
submitted by SexualDemon to travel [link] [comments]

Reading Forex Charts – The Easy Way

Reading Forex Charts – The Easy Way submitted by Rufflenator to 3bitcoins [link] [comments]

Reading Forex Charts – The Easy Way

Reading Forex Charts – The Easy Way submitted by ososru to Bitcoin4free [link] [comments]

How to Read Forex Charts

submitted by abbas73 to Forextrader [link] [comments]

I think I may finally have an understanding of forex and how to read charts, chart patterns for reversals, etc.

I have been studying for a little more than a month nearly 10 hours a day and it wasn’t clicking before but yesterday I had an AH HAAA moment and think it all makes sense. I still have a lot more learning to do but it just feels like a big relief :D
submitted by BootyWarrior8732 to Forex [link] [comments]

I lost 300$ to forex starting what can I do to improve to reading the charts

submitted by Cooler044 to Forex [link] [comments]

@AlphaexCapital : Check out Types of Charts by @alphatsignals. Click here to read: https://t.co/KdbznX6nxj. #forex #trading #tradingsignals #crypto #bitcoin

submitted by AlphaexCapital to AlphaexCapital [link] [comments]

@AlphaexCapital : Check out Chart Patterns by @alphatsignals. Click here to read: https://t.co/Dg1MBBoY4H. #forex #trading #tradingsignals #crypto #bitcoin

submitted by AlphaexCapital to AlphaexCapital [link] [comments]

How To Read a Forex Chart Properly

How To Read a Forex Chart Properly submitted by Rufflenator to 3bitcoins [link] [comments]

How To Read a Forex Chart Properly

How To Read a Forex Chart Properly submitted by ososru to Bitcoin4free [link] [comments]

How To Read a Forex Chart Properly

How To Read a Forex Chart Properly submitted by Hellterskelt to bitcoin_is_dead [link] [comments]

@AlphaexCapital : Read our article on different types of charts - Click here: https://t.co/KdbznX6nxj #forex #forextrading #free

submitted by AlphaexCapital to AlphaexCapital [link] [comments]

How To Read a Forex Chart Properly

How To Read a Forex Chart Properly submitted by Leka213 to CryptocurrencyToday [link] [comments]

@AlphaexCapital : Read our article on chart patterns - Click here: https://t.co/Dg1MBBoY4H #forex #forextrading #investing

@AlphaexCapital : Read our article on chart patterns - Click here: https://t.co/Dg1MBBoY4H #forex #forextrading #investing submitted by AlphaexCapital to AlphaexCapital [link] [comments]

Reading a Forex Chart – How to Do It

Reading a Forex Chart – How to Do It submitted by ososru to Bitcoin4free [link] [comments]

Reading a Forex Chart – How to Do It

Reading a Forex Chart – How to Do It submitted by Rufflenator to 3bitcoins [link] [comments]

I'm getting really deep into theory, I have been reading books, analyzing charts and trading on a demo-account - I want to invest in stocks, gold, and Trade with ETFs and Forex. What Broker can you recommend?

Title-
Sorry if this is a really big rookie question
submitted by Medical_Faggot to askinvesting [link] [comments]

Fairly new to forex, are these some good areas to look for price rejection?

Fairly new to forex, are these some good areas to look for price rejection? submitted by headedglobe to Forex [link] [comments]

The importance of backtesting and sticking to a strategy

Hi all,
I just wanted to share my trading experience with you so far, and maybe help some people who may be in the situation as I am. I started trading about 2-3 months ago. I started with baby pips, opened a demo account, and got cocky a couple weeks into it and made a live account with $100, and every other week or so put $20 extra in. (thank God I didn’t put it more than that). Today, my account stands at around $68, with a total P/L of -$131.76. I have been really uncomfortable losing money, even if it’s not a lot, and that uncomfortableness forced me to realize my mistake.
I thought I could half ass a strategy and be a winner in forex, and the market humbled me extremely quickly. I actually didn’t have a strategy at all. It was a lazy mix of a bunch of different typical strategies I saw on YouTube. I also let my emotions get into trades, after a losing trade I would get back in the market in the opposite direction to try and make up for my loss. All bad, I know. I was too cocky.
Just like anything difficult in life, you cannot half ass forex. I spent all of Friday testing an EXTREMELY simple strategy on 4 major pairs, and out of 93 total trades over the last 6 months, the win rate of my strategy is 73%. From now on, I vow to ONLY make a trade when my strategy presents itself. Moral of the story is, if you think you can half ass forex, you better wake up right now. Find a strategy, backtest it, and only trade said strategy. Have some discipline.
Here is my extremely simple, backtested strategy with a 73% win rate that I got from The Trading Channel on YouTube:
Indicators: 200 EMA
Requirements: 2 wicks IN A ROW that TOUCH the 200 EMA, that have candle bodies that both close above or below the 200 EMA. If both candles close above the 200 EMA, go long. If both candles close below the 200 EMA go short. Stay extremely strict with the rules of the strategy.
Here are the pairs that I have tested this strategy on over the past 6 months, that total a 73% win rate:
-GBP/USD: 18/27 winning trades (67%)
-NZD/USD: 15/27 winning trades (71%)
-EUUSD: 15/20 winning trades (75%)
-EUGBP: 20/25 winning trades (80%)
All backtesting was done on the H1 chart. I tried on the daily and H4 charts but the frequency just wasn’t enough. In the video that I got this strategy from he was trying to highlight the importance of the frequency of your strategy. Even if it may have a really high winning percentage, if it only happens once a year it’s not a good strategy.
Also on a side note, I’ve seen a lot of conflicting opinions on whether or not the US election will effect USD pairs, do you guys think the election will mess with my strategy this upcoming week, or should I just trade my strategy and pay not attention to the results of the election?
Thanks for reading, and happy trading
Sincerely, u/emopatriot
submitted by emopatriot to Forex [link] [comments]

PART I - My 10 Minute/Day Trading Strategy

PART I - My 10 Minute/Day Trading Strategy
Before I start providing details, here's a disclaimer:
- YOU are responsible for how you implement this strategy. This is NOT individualized investment advice.
- There's a difference between spotting the technical setup and then allocating risk to the trading idea. I have several ways of actually putting money behind this strategy. I will discuss the various ways in a different post. There's no 'best' way. A lot of it will come down to personality and risk tolerance. For example, someone might want the very high win rate and be willing to sacrifice profit factor. Someone else might be okay with a lower strike rate if it means a much higher profit factor.
- I teach this strategy to all of my prop traders that are a good fit for this strategy. It seems to work really well for others, not just myself. This is why I am confident in being able to present it to this community.
Here's a bit of background on the strategy:
I wanted to have a very easy strategy that I could run on a manual discretionary basis while travelling around the world. This discovery was made several years ago and it is no longer a strategy I run today. The reason I don't run it any longer is because I have since left the retail and prop worlds of trading and the way I run my portfolio now has simply outgrown the strategy. It is a purely technical strategy and does not take news events into account whatsoever.
It takes 10 minutes roughly each day to look for and execute any suitable trading opportunities. I would guess on average you could end each week with about 3-6 trades taken depending on some discretionary filters (one big one would be which timeframes you want to run the strategy on).
I have historically run the strategy on the following timeframes:
- Monthly charts
- Weekly charts
- Daily charts
- 12 hour charts
- 8 hour charts
- 6 hour charts
Every time a candle/bar closes you have a potential trading opportunity. This means you know EXACTLY when to be scanning your charts for trades. My favourite way of trading this strategy is on an end-of-day (NY end of day) schedule. So at 5pm EST, wherever I was in the world, I would be at my system looking for setups. Depending on your broker, if the EOD is 5pm EST, then you will be able to scan the D1, 12H, 8H, 6H, 4H timeframes (I personally would only look at the D1, 12H, 8H, 6H timeframes at 5pm EST). You can scan the weekly timeframe at the end of the week. The monthly timeframe at the end of the month. Pretty straightforward.
Here are the technical elements/indicators involved:
- Candlestick / Bar chart
- Bollinger Bands (20 period, 2 standard deviations)
- Stochastic Oscillator (14, 3, 3 - standard settings)
- OPTIONAL: fibonacci tools (retracements & extensions)
You should be able to get your chart set up with these indicators no matter what platform you are using. Pretty standard stuff.
Below is a chart with the main elements of the strategy labelled. Note that this is a textbook short trade example. I'm NOT showing how to enter and exit yet, or even explaining what a great setup looks like. Let's get familiar with just the raw ingredients of the recipe before we start baking a cake, okay?
Aaaand that's a wrap. Part 2 will come shortly. Part 2 will explain the thought process behind the strategy, how it works, WHY it works, WHO this will work for. Part 3+ I will get into the actual mechanics of finding entries and exits. The last "Part" will cover how to turn the technical setups into actual trades (aka how do I put money behind this?)
https://preview.redd.it/vbrcp3yl25451.png?width=2846&format=png&auto=webp&s=959868d12c3368355057c7da8cc7c3d5cd588128
submitted by ParallaxFX to Forex [link] [comments]

Read Carefully Experts!

This may appear to be a noob question, but read on carefully and please try and understand the point I'm trying to make! I'm hoping your answers might be helpful to people both learning Forex and looking to get into it, so please don't hate on me for this post.
I am relatively new to FX and have learned about break and retest strategies, MACD crossovers and stop losses below structure and risk to reward ratios (usually going for 1:1 or 2/3:1) and so on. I say this only so you know I've a general (very basic) understanding of charts, price action etc.
I definitely do NOT expect to step into the markets and instantly win a majority of my trades, however, to illustrate my thoughts please note the example below.
If I am winning 2% on a winning trade and losing 1% on a losing trade (2:1 reward risk per trade), a strategy that wins just 50% of the time trading once per trading day would be +10% each month. (10 days of -1%, 10 days of +2%). +10% is a HUGE increase in accounts and if a $1000 account was +10% per month for 12 months the end of year balance would be over $3138.43 or a 213.84% return!
This leads me to a theory that almost NO system can be returning 50% on a 2:1 reward risk, even with careful trade selection (let's say I monitor the 7 major pairs, gold and GBP/JPY as I do and pick one entry a day) Am I wrong? I appreciate it is a hypothetical example designed to make a point, but my thoughts are if you monitored lots of pairs and took only ONE entry a day, we might expect to win 50% of the time.
Let's expand this further. I have seen numerous algos (can't name them but looking like they win at LEAST 50% of the time) which tempt me because they appear to indicate moves I could jump on and where I could pull a bunch of pips out of the market. However, there surely cannot be a holy grail or are people making this type of insane return? It cannot be as easy as buying an algo, signing up to $300,000 worth of FTMO funding and earning 10% per month for an easy $21,000 per month income with profit share. Or maybe it is and I'm just cynical?! I end up getting tempted by courses etc. in the hope that if I spent £400 on a good course it would open the door to what I need to do, but I'm nervous this is just another huge mistake.
I genuinely would love to trade Forex for a living. Really I would. I hope it's possible and I hope to learn a strategy I can wash, rinse and repeat. I love watching videos and live streamers who seem to have a great understanding of what's going on but I wonder if it's really possible. It seems a million miles away but I'm determined to keep learning and trading.
Reading your considered thoughts to this post would be helpful for me and I'm sure others and thank you for reading it.
submitted by mal4291 to Forex [link] [comments]

How To Analyze FOREX Charts  SIMPLE TIPS - YouTube How to Read Forex Charts Overview - YouTube How to Read Forex Charts on MetaTrader 4 - YouTube how to read forex charts  #gbpjpy  gbpjpy forecast - YouTube

How to Read Forex Charts (MT4) Metatrader 4 is one of the most popular trading platforms for retail traders. As more and more forex brokerages offer trading via the Metatrader 4 platform, in this article you will learn about how to customize the charts to your preferences along with giving you a brief overview on some key points on the Metatrader 4 charts. This article is divided into the ... Learning how to read Forex charts is key to success whether you are a technical analysis trader or you mainly use the fundamentals. In this post we look at the important basic principles on how to read the different Forex charts so you can start placing your trades. NOTE: Your How to Read Forex Charts Beginners Guide Free PDF is Below. How to Read Forex Charts: Using Indicators As A Guide. Reading a chart requires that you are able to interpret the data that is being presented. To make that task easier traders use what are called indicators. Indicators act as a type of visual guide of how the currency pair has been moving. Using indicators can determine which way a currency appears to be trending. There are a number of ... Read Forex Charts . To make improved decisions, traders can use three different types of charts, depending on the information they require. Line Chart. The most basic of all four charts is the line chart, because it shows only the closing price over a specified period. The line chart is created by connecting a series of data points together in a line. The right side of the chart shows the ... Forex Charts Explained Types of Forex Charts Indicator Basics However, no matter your trading method, you'll need to know how to read a forex chart - there's no escaping it. Luckily, we created this detailed guide to help you get started. How to read Forex charts. In the trading world of Forex, you must learn the charts first before you can begin trades. It is the basis on which most exchange rates and analysis forecasting is done and that is why it is a trader’s most important tool. On the Forex chart, you will see the differences in currencies and their exchange rates and how the current price alters with time. These prices ... How to read different types of forex charts. Forex traders tend to choose between four main types of chart – candlestick, HLOC, line and mountain – each of which is read in a different way. The type of chart you choose to use will come down to personal preference, though candlestick and HLOC charts are the most popular as they display much more information than line and mountain charts ... How to Read Forex Charts? Trading Brandon Egbert June 20, 2019. Most of the investors these days are attracted to the forex trading world as it helps them to make higher profits in lesser time. But to make money through this channel, it is first essential to understand chart movements of currency pairs in the market. Some experienced traders in the forex trading prefer to develop their ... Forex is the global foreign exchange market where foreign currencies are bought and sold. The market uses currency pairs to evaluate the relative strength of one currency against another. The pairings show how much of the second currency (the quote) you can buy for one unit of the first currency (the base).Forex traders use forex charts to evaluate movement in currency pairs and predict trends. If you're beginning to trade, learning how to read forex charts is integral to your success. We're taking a look at the primary charts you need to know.

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How To Analyze FOREX Charts SIMPLE TIPS - YouTube

how to read forex charts #gbpjpy gbpjpy forecast Website Link: www.myprofitbook.co Twitter Link: https://twitter.com/fxravireply Instagram Link: https://... This video is a brief synopsis on the analyzation of trends within the Forex Market and what they mean #forex #forextrading #forextrader Link to full guide and more details: https://www.forexboat.com/how-to-read-forex-charts/ In this video, Dan explains how to... Everyone analyzes FOREX charts differently. In this video, I reveal the simple and straightforward way that I have been analyzing charts lately which has wor...

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