Evaluating High-Risk Day Trading Entries! 💥💰
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- Опубліковано 18 вер 2024
- ⭐ RECOMMENDED PROP FIRM⭐
✔️Blue Guardian: bit.ly/3Z38vO8
✔️Traders with Edge: bit.ly/3STGFCN
TradingBox YT: / tradingbox
TradingBox MT4/5: www.mql5.com/e...
Navigating Forex Trading: Strategies for Success in Day Trading and Prop Firm Strategies
Forex trading, also known as foreign exchange trading, is a dynamic financial market where traders engage in the buying and selling of currencies. W will delve into various Forex trading strategies, including those employed by day traders and traders associated with proprietary trading firms, commonly known as prop firms.
Understanding Forex Trading:
Forex trading involves the exchange of currencies in a decentralized market, making it the largest and most liquid financial market globally. Traders aim to profit from fluctuations in currency values, and to do so successfully, they often employ specific Forex trading strategies.
*Forex Trading Strategies:*
1. *Day Trading Strategies:*
Day trading in the Forex market is a popular approach where traders open and close positions within the same trading day. Successful day trading requires a solid understanding of market trends, and day traders often use technical analysis and chart patterns to make quick decisions.
2. *Proprietary Firm (Prop Firm) Strategies:*
Proprietary trading firms, or prop firms, often have unique strategies designed to capitalize on market inefficiencies. These strategies may involve algorithmic trading using Forex bots, proprietary indicators, and advanced quantitative models. Traders associated with prop firms aim to generate profits not only for themselves but also for the firm.
*Day Trading Explained:*
Day trading is a form of short-term trading where positions are opened and closed within a single trading day. Day traders closely monitor market movements, utilizing technical analysis and day trading strategies to capitalize on intraday price fluctuations.
*Trading for Beginners:*
For beginners entering the world of Forex trading, it's essential to start with a solid foundation. Understanding the basics of trading, including risk management and market analysis, is crucial. Engaging in a day trading course tailored for beginners can provide valuable insights into the intricacies of the Forex market.
*Trading Psychology:*
Successful trading goes beyond strategies and analysis; it involves mastering trading psychology. Emotions can play a significant role in decision-making, impacting trading outcomes. Traders need to develop discipline, patience, and emotional resilience to navigate the challenges of the Forex market successfully.
*Hedge Fund Strategies:*
While hedge funds are not exclusive to Forex, they often employ diverse strategies to achieve returns. In the context of Forex, hedge fund strategies may involve currency speculation, carry trading, or using macroeconomic analysis to identify trends and opportunities.
*Prop Firm Withdrawal and Forex Bot:*
Traders associated with prop firms may use Forex bots, automated trading systems, to execute strategies efficiently. Understanding prop firm withdrawal policies is crucial for traders looking to access their profits and rewards earned through successful trading.
Forex trading offers a world of opportunities for traders, from day trading strategies to prop firm involvement. Whether you're a day trader exploring intraday price movements or part of a prop firm employing advanced strategies, success requires a combination of skill, knowledge, and a disciplined approach. Trading for beginners should involve continuous learning, and mastering trading psychology is essential for sustained success in the dynamic world of Forex trading.
I like when you record fast forward price movement :) very great idea to show how you trade in few seconds.
Thanks Igor. Trading Box is the best trade mgt tool I've come across. Keep up the good work.
As unbiased as possible. What are the top 3 prop firms you recommend please?
About half a dozen props have left the US market. If that doesn't apply to you, then I'd start with FTMO. 2 firms that I'm currently doing challenges with are: Blue Guardian: bit.ly/3Z38vO8
Traders with Edge: bit.ly/3STGFCN I'm satisfied with both so far.
Did NZDJPY stoploss hit the Ask price?
Try to set higher value for TBOM input "SL hount protection in pip"
I won one NZDJPY and lost all the others. Good tip.
I see, it was AUDJPY where ask hit your SL... Sometimes minor fx pairs have big spread on high volatility. Some traders use this with fixed spread broker.@@kevincortese7751
I've definitely seen some wide spread - as large at 50 pips during rollover.
@@kevincortese7751 then is better to close all and reentry after rollover
For sure. Now I close before 5 NY and don't mess with Asia. I'm not usually up for London so I'm moving my strategy towards lower time frames.
What’s the best most reliable trading copy tool you recommend please? Social Trader Tools or Traders Connect? Cheers
I've heard good things about both. There's also FX Blue which I believe is free but it's more of an EA that's hosted on your computer. For risk mgt, I typically take different trades on my accounts.
*1 question I would like to ask but that is related to FTMO because I am confused with the details you have provided in one of your previous videos about their hidden agenda, I would like to ask when you have a funded account of SWING, not AGGRESSIVE one because they offer 2 types to select, so if we get a SWING funded account, can we close and open trades during news specially when we are trading with EURUSD or GOLD pair only, no other pairs. Appreciate your reply.*
With the swing account you would be safe with EURUSD and Gold. You can trade news and wouldn't violate. However, with the aggressive you would lose your account if you trade the news with EURUSD. Gold doesn't fall under the USD news either way.
@@kevincortese7751 *Ooh brother love you so much, you have took away my tension as I was worried so much. I have just cleared almost 60% of the Swing 1st stage challenge and since I have seen your previous video, I was thinking that my robots sometimes close orders or open orders during news so in this case all my struggle would be ruined. Thanks a lot for the reply. Have a wonderful week ahead.* 🥰😍😘
During phase 1 and 2 you can basically do whatever you want - trade news, hold over the weekend, etc. It's only when you get funded that if you don't switch to the swing account you'll be in trouble. Once you get funded, remember to email them and request it.
@@kevincortese7751 *Thanks bro for the reply. Yes I already have the swing account and I have crossed 50% of the stage however keeping 5 percent everyday is very hard so I am trading with the lowest lot size and keeping DD under 2% and that is the reason it took almost 2 months now but at least I am safe.*
Risk up to 0.5% per trade. Don't see a good reason to lose 10 trades in a row and be in danger of the 5%. Use an EA that automatically calculates lot size for you.
Hi Kevin! Hey I was wondering if you could make a video about how to start up a forex account for example i see so many brokers and I’m scared to try them I’m in the u.s and I know a lot has changed since then after they took away Hugo’s way I was wondering it’s been awhile and I want to start again trading but I don’t know where to begin can you do a video on that? And how to deposit or withdraw I’ve been using meta trader 4 my whole life thanks!
The broker I hear about the most in the US is Oanda but I only trade prop accounts. Unless you have a large amount of capital, it's going to be hard to make much in your own personal account. 2% in a month is a good return but if you're only trading $1,000, you made $20. 2% a month on 1MM funded is 20k. You can use this money to eventually fund a personal account.
@@kevincortese7751 thank you so much brother Again you really are one of the best teachers I’ve came across on UA-cam for forex 🙏🏻