There’s a lot of info on forex and there’s a variety of topics I won’t get into, how is it that I see members post graphs and comments about forex market like it’s easy to understand but as I’m reading books and articles about it I find it overwhelming as if it is a hard skill to master. I know that time effort and hardwork pays off but am I not smart enough for this lol
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Bloomberg Says Key Indicator Bullish on Bitcoin, XRP Hits Forex Exchange, and Tron Imposter Exposed: Crypto Update https://goo.gl/XAete3 - Crypto Dynamic Info - Whales's
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Double Supertrend Strategy Backtest (8500+ Trades on 28 Pairs)
Hi everyone, so a few months ago I discovered this post by u/AHoomanBeanz which is a strategy I've never heard of before. Basically, you have 2 Supertrends, a short-term one, and a long-term one and when both Supertrends go in the same direction you take a trade. I took the liberty of modifying the strategy by setting fixed TPs instead of trailing SL with the short-term Supertrend. Check out his post for more info about entries, SL, etc. In order to determine what way is the most efficient, I backtested this exact strategy on all 28 Majors and Minors and took five different approaches to TPs and moving of SL: - 1:1 RRR, No Breakeven SL - 1:1.5 RRR, No BE SL - 1:2 RRR, No BE SL - 1:1.5 RRR, Move SL to BE at 1:1 RRR - 1:2 RRR, Move SL to BE at 1:1RRR There would be many other ways to handle the TPs and SLs but it already took me months to backtest this but if anyone wants to extend this backtest, feel free. The Results Using all 5 ways there were 8 out of 28 pairs that weren't profitable at all. (EURGBP, EURCAD, GBPAUD, GBPNZD, AUDCHF, NZDJPY, CADCHF, CHFJPY) The remaining 20 pairs were profitable with at least one of the 5 ways. So I combined all 20 pairs and their most profitable TP/SL management methods and it turns out that the strategy isn't even that bad considering that you really just have to understand how Supertrends work. Now here are some quick stats: Backtest Period: Jan 2017 - Aug 2020 - Risk Per Trade: 1% - Winrate: 44.66% - Profit Factor: 1.65 - Average Monthly Return: 5.81% - Max Drawdown: 18.4% Notice that the drawdown is pretty high so if you're trading with a prop firm like FTMO you could just risk half as much (0.5% per trade) and your max DD would be 9.2%. Keep in mind that the return would also get cut in half. If you want to get a more detailed view, here's the backtesting spreadsheet (Before anyone asks: I spent 2-4h per day for around 6 weeks backtesting and tracking this stuff.)
Consistently Profitable Trader in Less Than a Year
I just recently got into this subreddit to browse and pretty sure this post will get roasted but here goes. I started learning forex using babypips around November 2019. Didn’t really take it seriously until I bought a few courses when COVID hit in March and really grinded and studied every day. On this subreddit, I see a lot of advice to not pay for a course because “you can learn it for free” or you can “YouTube” it. And while that may be true, there’s SO much information online, and a lot of it isn’t good. As a newbie or even long time trader, you can get overwhelmed with BS and the endless amount of indicators and strategies. To each their own, but I believe you’re gonna pay the markets your tuition for learning somehow: either through a mentocourse or just losing all your $$$ to the markets. I did babypips, and while that info was useful, I would say it’s definitely NOT enough to become profitable. In these past 6 months, I’ve lost and earned a lot. I can proudly say I consistently made 10k+ each month from July-Sept and it’s only going up from here. (I didn’t start with a 10k account either.) Im definitely in the green overall, passed and verified on an FTMO account, and been making around 3k+ each day these past few days (thank you volatility!). Psychology is the hardest to overcome, but it’s doable. To all the newbies and traders struggling out there, it’s possible to become consistently profitable, don’t let anyone else tell you otherwise. and F the people who don’t believe in you. But to be fair, you have to have a passion for trading and put in the work. You can’t go into this just for the money. I love analyzing the charts and trading now. It’s changed my life. If anyone has any questions, feel free to hit me up.
Interactive Brokers: Brexit account migration = insurance drops from 500k USD to 20k EUR
Is anyone else concerned about this? They are migrating from UK to Hungary, Ireland or Luxembourg: https://ibkr.info/node/3515 Main reason I used IB was safety/regulation. After this migration we lose FSCS & SIPC protection, compensation will be the same as e.g. DeGiro or Trading 212 (20k EUR), for me there is no point to stay on IB any longer as I much prefer Trading 212's modern platform. What are your thoughts?
In 2018 IBKR established Interactive Brokers Luxembourg SARL (“IBLUX”) which received regulatory authorization in November 2019. In addition, we are in the process of creating two additional brokers based in the European Union: Interactive Brokers Ireland Limited (“IBIE”) and Interactive Brokers Central Europe Befektetési ZRt (“IBCE”). We expect the majority of the clients based in Western Europe will be migrated to IBIE, those in Central and Eastern Europe to IBCE and a select group of clients to IBLUX. Currently, provided they meet eligibility requirements, IBUK clients may be protected in relation to investment services under the UK Financial Services Compensation Scheme (“UK FSCS”) at an amount of up to £50,000. As IBUK clients are carried by our US broker, IBL, the securities segment of their account may be eligible for insurance by the Securities Investor Protection Corporation (“SIPC”) at an amount of up to USD 500,000. Under the EU Brokers IBLUX, IBIE and IBCE eligible claimants may be entitled to claim compensation up to a maximum of EUR 20,000.
Later update - currently for IBUK, the protection amount depends on what you are trading with:
If you trade with forex, CFDs, non-US stock index options or futures, you are protected by the FSCS, up to £85,000.
If you trade with stocks, bonds, funds or US stock index options, you are protected by the US investor protection, i.e. $500,000, with a cash limit of $250,000.
Recently Goldman came out with info that they are betting against the dollar in anticipation of a blue wave win. In this case that would be the DXY index. CNBC Article: https://www.cnbc.com/2020/10/12/goldman-sachs-bets-against-the-dollar-on-blue-wave-prospects-and-vaccine-outlook.html Here's the thing. Unless you're mind numbingly autistic, you know that the #1 firm in the world didn't decide to go short AFTER a 10% decline in value. They need liquidity. They need forex plebs to short the dollar and fill their positions before they ramp DXY into the elecshun. No I know what tards are thinking, "Why DXY up when money brinter go brrr?" Here's the thing, during WWII the allied nations agreed on the Bretton Woods agreement which basically cemented the US dollar as the world's reserve currency. Meaning that was the currency to be bought during global economic uncertainty. (Google it) Now retards like Robert Kiyosaki or Peter Schiff will tell you that's over. That's not the case, take a look at the DXY pump during the March crash. They just want you to buy their books. The point is that DXY is going to pump into this alleged "blue wave" to protect the uncertainty behind the event. The pump we have seen in metals like gold and silver are directly related to DXY. This is because gold and silver's only purpose is a hedge against inflation. Yes silver can be used for solar and jewelery blah blah idgaf I'm here for tendies not cope. But as far as prices trending upwards, for inflationary hedged assets, this can only happen with the weakening of the dollar. BUT THIS IS WHERE IT GETS FUCKED You would think that with all the central bank printing inflation would be through the roof. But 3 weeks ago you saw JPOW struggle to answer how the FED will reach it's 2% inflation target. Today the bank of korea came out and stated inflation will remain low this year. There are too many things in line for metals not to pump into the end of the year. Long term (mid 2021-2022) I think it's very possible to see actual inflation and see Gold climb to 2300 and Silver around 35. But in the meantime I think these metals are in for a rocky end to 2020. POSITIONS: 01/15/21 SLV 20P 01/15/21 GLD 185P Tl;dr Goldman liars. Money printer brrr no work with elecshun. GLD / SLV down soon.
Hello. I'm looking to upgrade my system for trading and wanted some advice on components. I've read a fair amount with general recommendations but would like to know the relative importance of the components in determining the greatest speed and stability, as I do not actually have unlimited money. What might make the most substantive difference? The CPU? (If it matters: Intel or AMD?) The SSD? Is 16GB of RAM strictly necessary? Any advice is greatly appreciated. For sake of clarity my preference seems to be on the scalpier side (stocks, not forex), I place a high importance on the book and prints and seeing all info quickly and responsively, I use TWS (for now at least) and don't see myself using more than two (or at most three) monitors any time soon.
Ive (31f) been with my bf (32m) for 4 years. Overall I think it is a pretty healthy relationship. We both have the same background (Was with ex for 10 years with 2 kids) He treats me well, and respectable. He makes sure that every birthday is special for me. (3-4 day celebration). He texts me Good morning/ Good night every single day. He always sends me a gift on the holidays, that sort of stuff. He co-signed my apartment for me. He’s generally always there if I have a problem, he helps me solve it. I have no doubt that he loves and cares for me and even has rescued me financially a few times before (I’ve always paid him back and I buy him things as well). He also taught me how to produce my own extra stream of income. I don’t depend on him financially but he easily makes 3-4x more than I do. He works from home. He’s a forex tradesports better which requires a lot of research and generally has always made him unavailable throughout the day/week. Before covid we would get together every other weekend on Saturday to Sunday when we were both free from the kids. Although this has always been our norm and I’ve always had a problem with it but I never thought he was lying about anything and I’m an understanding person so I didn’t want to stress him out. The plan we always talk about is that he’s doing all of this to buy us a house then we’ll get married and move in together. He unequivocally believes it will all go very smoothly and I just need to be patient until it happens. Here Is where it gets tricky ... I always wanted some more normalcy like stay some nights at each other’s house/ talking on the phone at night, building a relationship etc , but we’ve never really had that. We’ve been together 3 years. I’ve never met his mothefamily/kids or anyone from his life besides 1 mutual friend. I’ve never been to his house, he’s never openly shared his address but never necessarily hid it either. He says he feels weird about having me at a place he used to share with another woman (his kids mother) .. His excuse is about meeting his family is that it’s not a big deal for him to bring someone home to his family because they aren’t super close and their opinion is not a huge factor, which I can understand because I’m not super close with my family either. But his mom has been living with him since the covid. He has also had his kids full time (1 or 2 days with their mom a month) due to covid because he has the safer living/school environment for them, so needless to say since covid started, we’ve seen each other maybe 1 time monthly. His excuse now is that he doesn’t want to danger his mom and kids which I understand. His stance is that he is dealing with the cards he was dealt (he has to do home schooling with the kids daily , he has to do his research, he has about 4 business partners who depend on him for forex/betting info, he literally has no time and the time he does have he spends it with me, a few hours a month) My stance is that when we truly want something, we make it happen. I’ve expressed this multiple times but he said it isn’t that easy. & He says that he doesn’t want to force things and would rather everything happens organically, which I too understand . I guess my problem is that I used to be excited about a life with him but overtime I’ve gotten so used to how our relationship is that the time apart doesn’t bother me anymore. I don’t care if we talk on the phone or not. He is easily one of the most attractive people I’ve ever seen, but the not seeing each other doesn’t bother me anymore. Ive never been crazy about sex but that isn’t exciting either. I do love him but Essentially I don’t get excited about us anymore. & I feel like a bad person for it. I’m worried that I’m making a mistake being immature by thinking that way. And I should focus on staying together because we already both talked about it being that way. Is this feeling of being out of love temporary? I have no doubt that he’s a good person, I just don’t if I’m setting my standards too low or if I’m just being spoiled and immature. I don’t know if I’m being a brat about it all or if my feelings are legit. I would love a fresh perspective, I’m very private about my life so I’ve never expressed this out loud before. Edit: Some things I left out. No one was ever married. The side piece thing isn’t logical to me because every time we’ve been away for more than 2 days , his ex sends me a message on fb trying to reach him ‘about where are the kids if he’s with me’ No doubt that his ex is not over the relationship (5 years later) and she keeps the kids with him because she knows it’ll tie his time up. Since he doesn’t work a regular job and is the sole financial provider he can’t say no. She tells him she works 6- 7 days a week at a hospital (guilt tripping him that she has to take care of herself now) so she has no time plus covid dangers, and he has to do it. If he says no, he’s afraid she’s going to move across country with the kids, So he does it.
For Canadian Clients of VantageFX (or Canadian Forex Traders in General)
As you likely already know, VantageFX will no longer service Canadians residents as of Nov 30th. This is unfortunate, since VantageFX has done an excellent job serving Canadian clients with higher leverage account options from a well regulated and trusted broker. Through contacts in the industry, we've been made aware of a new retail account offering at Pacific Union. Pacific Union has a good history of servicing institutional accounts and has only just started taking on retail clients, but they are positioned to service the Canadian clients in the space that VantageFX has left behind. Further, we were made aware of Pacific Union first by contacts at VantageFX, and then this recommendation was backed up by a trusted source who works closely with both companies. Again, to be very clear, this post isn't to give undue attention to some random broker.. we are providing this info because Pacific Union is a proper alternative for Canadian based traders that will no longer be serviced by VantageFX. On that note, I've updated the wiki to include Pacific Union Prime - https://puprime.com: Subreddit's Canadian Brokers Wiki Page The only major difference I have noticed so far is lacking MT5, but the word is that Pacific Union will be reviewing MT5 and other enhancements to their offing next quarter after they get past the launch of their retail offering. Key highlights from my perspective:
Up to 500:1 leverage available for Canadians, and while that much leverage may not be needed, even just 100:1 is decent compared to ~33:1 leverage set by IIROC with onshore brokers.
Client funds are segregated at an Australian bank, so you're getting some overlap of Aussie banking / regulatory rules and that's a huge plus when it comes to safety of funds and the finance side of things
No fee on credit card deposits / withdrawals, and no fee on Visa Debit and MasterCard Debit deposit / withdrawals. Transactions are completed within 30 minutes.
No fee on Interac e-Transfer deposits.
Remember, going offshore means you lose CIPF protection on funds, so a well vetted and properly regulated broker is a must! UPDATE #1: Oct 6th: Took this post off sticky and redacted some info as the connection between VantageFX and Pacific Union Prime was not "official". Pacific Union is still a great alternative / replacement for Canadian clients seeing higher leverage accounts and who are no longer serviced after VantageFX left Canada. UPDATE #2, Oct 8th: Adjusted this thread again to best reflect where Pacific Union Prime fits with VantageFX and former Canadian VantageFX cleints.
ATO Australian tax treatment for options trades 🇦🇺
I am posting this as I hope it will help other Australian options traders trading in US options with their tax treatment for ATO (Australian Tax Office) purposes. The ATO provides very little guidance on tax treatment for options trading and I had to do a lot of digging to get to this point. I welcome any feedback on this post.
The Deloitte Report from 2011
My initial research led me to this comprehensive Deloitte report from 2011 which is hosted on the ASX website. I've been through this document about 20 times and although it's a great report to understand how different scenarios apply, it's still really hard to find out what's changed since 2011. I am mainly relating myself to the scenario of being an individual and non-sole trader (no business set up) for my trading. I think this will apply to many others here too. According to that document, there isn't much guidance on what happens when you're an options premium seller and close positions before they expire. Note that the ATO sometimes uses the term "ETO" (Exchange Traded Option) to discuss what we're talking about here with options trading. Also note: The ATO discusses the separate Capital Gains Tax ("CGT") events that occur in each scenario in some of their documents. A CGT event will then determine what tax treatment gets applied if you don't know much about capital gains in Australia.
ATO Request for Advice
Since the Deloitte report didn't answer my questions, I eventually ended up contacting the ATO with a request for advice and tried to explain my scenario: I'm an Australian resident for tax purposes,I'm trading with tastyworks in $USD, I'm primarily a premium seller and I don't have it set up with any business/company/trust etc. In effect, I have a rough idea that I'm looking at capital gains tax but I wanted to fully understand how it worked. Initially the ATO respondent didn't understand what I was talking about when I said that I was selling a position first and buying it to close. According to the laws, there is no example of this given anywhere because it is always assumed in ATO examples that you buy a position and sell it. Why? I have no idea. I sent a follow up request with even more detail to the ATO. I think (hope) they understood what I meant now after explaining what an options premium seller is!
First, I have to consider translating my $USD to Australian dollars. How do we treat that? FX Translation If the premium from selling the options contract is received in $USD, do I convert it to $AUD on that day it is received? ATO response:
Subsection 960-50(6), Item 5 of the Income Tax Assessment Act 1997 (ITAA 1997) states the amount should be translated at the time of the transaction or event for the purposes of the Capital Gains Tax provisions. For the purpose of granting an option to an entity, the time of the event is when you grant the option (subsection 104-20(2) ITAA 1997).
This is a very detailed response which even refers to the level of which section in the law it is coming from. I now know that I need to translate my trades from $USD to $AUD according to the RBA's translation rates for every single trade. But what about gains or losses on translation? There is one major rule that overrides FX gains and losses after digging deeper. The ATO has a "$250k balance election". This will probably apply to a lot of people trading in balances below $250k a lot of the FX rules don't apply. It states:
However, the $250,000 balance election broadly enables you to disregard certain foreign currency gains and losses on certain foreign currency denominated bank accounts and credit card accounts (called qualifying forex accounts) with balances below a specified limit.
Therefore, I'm all good disregarding FX gains and losses! I just need to ensure I translate my trades on the day they occurred. It's a bit of extra admin to do unfortunately, but it is what it is.
This is the scenario where we SELL a position first, collect premium, and close the position by making an opposite BUY order. Selling a naked PUT, for example. What happens when you open the position? ATO Response:
The option is grantedCGT event D2 happens when a taxpayer grants an option. The time of the event is when the option is granted. The capital gain or loss arising is the difference between the capital proceeds and the expenditure incurred to grant the option.
This seems straight forward. We collect premium and record a capital gain. What happens when you close the position? ATO Response:
Closing out an optionThe establishment of an ETO contract is referred to as opening a position (ASX Explanatory Booklet 'Understanding Options Trading'). A person who writes (sells) a call or put option may close out their position by taking (buying) an identical call or put option in the same series. This is referred to as the close-out of an option or the closing-out of an opening position. CGT event C2 happens when a taxpayer's ownership of an intangible CGT asset ends. Paragraph 104-25(1)(a) of the ITAA 1997 provides that ownership of an intangible CGT asset ends by cancellation, surrender, or release or similar means. CGT event C2 therefore happens to a taxpayer when their position under an ETO is closed out where the close-out results in the cancellation, release or discharge of the ETO. Under subsection 104-25(3) of the ITAA 1997 you make a capital gain from CGT event C2 if the capital proceeds from the ending are more than the assets cost base. You make a capital loss if those capital proceeds are less than the assets reduced cost base. Both CGT events (being D2 upon granting the option and C2 upon adopting the close out position) must be accounted for if applicable to a situation.
My take on this is that the BUY position that cancels out your SELL position will most often simply realise a capital loss (the entire portion of your BUY position). In effect, it 'cancels out' your original premium sold, but it's not recorded that way, it's recorded as two separate CGT events - your capital gain from CGT event D2 (SELL position), then, your capital loss from CGT event C2 (BUY position) is also recorded.In effect, they net each other out, but you don't record them as a 'netted out' number-you record them separately. From what I understand, if you were trading as a sole tradecompany then you would record them as a netted out capital gain or loss, because the trades would be classified as trading stock but not in our case here as an individual person trading options. The example I've written below should hopefully make that clearer. EXAMPLE: Trade on 1 July 2020: Open position
SELL -1 SPY 85 PUT, exp 30 August 2020
Collect Premium USD$1 per unit, and brokerage USD$5
= USD$100 premium collected, minus USD$5
= Net amount of USD$95 collected
FX Translation rate on the date of the trade: AUD $1.00 = $USD 0.70
Net Premium Collected in $AUD
= USD$95 x (1/.7)
CGT Event D2 triggered and a capital gain of $135.71 is recorded
Trade on 15 July 2020: Close position
BUY 1 SPY 85 PUT, exp 30 August 2020
Pay Premium $0.50 per unit, and brokerage $5
= $50 premium paid, plus $5
= Net amount of USD$55 paid
FX Translation rate on the date of the trade: AUD $1.00 = $USD 0.60
Net Premium Collected in $AUD
= USD$55 x (1/.6)
CGT Event C2 triggered and a capital loss of $91.66 is recorded
We can see from this simple example that even though you made a gain on those trades, you still have to record the transactions separately, as first a gain, then as a loss. Note that it is not just a matter of netting off the value of the net profit collected and converting the profit to $AUD because the exchange rate will be different on the date of the opening trade and on the date of the closing trade we have to record them separately. What if you don't close the position and the options are exercised? ATO Response:
The option is granted and then the option is exercisedUnder subsection 104-40(5) of the Income Tax Assessment Act 1997 (ITAA 1997) the capital gain or loss from the CGT event D2 is disregarded if the option is exercised. Subsection 134-1(1), item 1, of the ITAA 1997 refers to the consequences for the grantor of the exercise of the option. Where the option binds the grantor to dispose of a CGT asset section 116-65 of the ITAA 1997 applies to the transaction. Subsection 116-65(2) of the ITAA 1997 provides that the capital proceeds from the grant or disposal of the shares (CGT asset) include any payment received for granting the option. The disposal of the shares is a CGT event A1 which occurs under subsection 104-10(3) of the ITAA 1997 when the contract for disposal is entered into. You would still make a capital gain at the happening of the CGT event D2 in the year the event occurs (the time the option is granted). That capital gain is disregarded when the option is exercised. Where the option is exercised in the subsequent tax year, the CGT event D2 gain is disregarded at that point. An amendment may be necessary to remove the gain previously included in taxable income for the year in which the CGT event D2 occurred.
This scenario is pretty unlikely - for me personally I never hold positions to expiration, but it is nice to know what happens with the tax treatment if it ultimately does come to that.
What about the scenario when you want to BUY some options first, then SELL that position and close it later? Buying a CALL, for example. This case is what the ATO originally thought my request was about before I clarified with them. They stated:
When you buy an ETO, you acquire an asset (the ETO) for the amount paid for it (that is, the premium) plus any additional costs such as brokerage fees and the Australian Clearing House (ACH) fee. These costs together form the cost base of the ETO (section 109-5 of the ITAA 1997). On the close out of the position, you make a capital gain or loss equal to the difference between the cost base of the ETO and the amount received on its expiry or termination (subsection 104-25(3) of the ITAA 1997). The capital gain or loss is calculated on each parcel of options.
So it seems it is far easier to record debit trades for tax purposes. It is easier for the tax office to see that you open a position by buying it, and close it by selling it. And in that case you net off the total after selling it. This is very similar to a trading shares and the CGT treatment is in effect very similar (the main difference is that it is not coming under CGT event A1 because there is no asset to dispose of, like in a shares or property trade).
Other ATO Info (FYI)
The ATO also referred me to the following documents. They relate to some 'decisions' that they made from super funds but the same principles apply to individuals they said.
The ATO’s Interpretative Decision in relation to the tax treatment of premiums payable and receivable for exchange traded options can be found on the links below. Please note that the interpretative decisions below are in relation to self-managed superannuation funds but the same principles would apply in your situation [as an individual taxpayer, not as a super fund].
Key quote from this decision: CGT Event D2will apply on the writing of an ETO by the Fund. The Fund as grantor of the option will make a capital gain (or loss) of the difference between the capital proceeds (that is, the premium receivable) and the cost of granting the option (for example, brokerage fees) at the time the option is granted
My take on this is that you will realise a capital gain on issuing of the selling position. I don't see how you could realise a capital loss in that scenario? Or maybe if you sell a position and the brokerage is so high that it outweighs the premium received (a dumb trade) then that would be a capital loss (a rare scenario).
Key quote from decision: When the Fund opens a position by buying an ETO, no immediate taxation consequences arise.CGT Event C2will happen to the Fund when its position under an ETO is closed out where the close-out results in the cancellation, release or discharge of the ETO
Don't forget to declare your trades on your tax return and keep a nice spreadsheet
Keep track of the exchange rates for each day you make a trade. You could do as you go and check the RBA exchange rates website for the daily number, or just do it all at once at the end of the financial year
Finally - I recommend ensuring that you save a portion of your income to pay the capital gains tax at the end of the year so you don't have to withdraw it from your portfolio and pay exchange rate fees to convert it back to Australian dollars. It will depend on your marginal tax rate what that percentage will work out to be in the end.
No Agent Taobao Direct Buying Guide! Let's view all baby and determine
Taobao Direct Guide for users familiar with 3rd party agents and navigating taobao (with chrome google translate on, hence the title)
Taobao direct consolidation and shipping is available in the following countries: USA, Canada, Australia, New Zealand, Japan, Malaysia, Singapore, Hong Kong, Macau, Taiwan. This review is primarily geared towards the US as that’s where I live.
What is Taobao direct? Basically instead of copying and pasting the item URL into the agent website, you add items to your cart like a regular ecommerce site, check out, wait for items to arrive in the warehouse (similar to what happens when you use an agent) and then when all your items from various sellers are in, you request the logistics company to send everything to you. Disclaimer: I have no Chinese fluency written or otherwise. I did everything through Google translate and my experience with how tb works through agents. If something goes wrong I will probably write off the item 🤣 if you communicate a lot with the ts who use translators it also helps get your point across. If you type in English in tb live chat they will redirect you to the HK/tw help staff who have medium English. Also I bought items I purchased previously with an agent or vouched for here on RL or had crazy high reviews/ratings. Pros:
Duck the agent fees and exchange rate bs
Shipping is cheaper but EMS is the only option right now
If you are overcharged for shipping you can get a refund
It’s also easier to collect the discounts and coupons from stores (ymmv with agent)
Not good for reps or mainstream branded rep items as they can be marked as contraband by taobao and then you have to get a refund and return to the seller
You pay 5% sales tax (see note at the end) and 3% on the total payment through alipay with a foreign cc (regardless if your cc does not charge forex)
No qc pics and can't really control the declared value if that matters
Other categories of items like make up brushes, liquids, powders, sharps, etc. are not eligible
20 day hold limit apparently every day after that is charged 1 yuan per item per day
I think the ideal usage for taobao direct would be light items like innerwear, jewelry, soft/non fragile goods, generally clothing and shoes although I don’t know if they will include the box by default. Please see here for the image guide for ordering Sorry in advance if my descriptions are wonky, I'm not great at following OR writing instructions but hopefully the screenshots make it easier to follow along.
Create an account (there are various guides out there for overseas members) and go into your account and add your home address (or the superbuy warehouse address)
Find your items and change the delivery location to "overseas", add to cart
When you're ready to check out hit check out, enter your cc info on the alipay (remember to use a card that doesn't charge foreign transaction fees) and confirm it goes through.
Wait for all your stuff to come in. When its in the tb warehouse it will show up in the "consolidated delivery" section tagged with a weight (usually volumetric or actual). The 20 day countdown will start once its available for international shipping.
After all your items are in, or you can batch up by selecting items on the consolidated delivery page, submit for delivery. Pay again through alipay.
Use the check logistics option to get the tracking info and wait for your haul!
After receiving but before you open, take photos of it on a scale and the lxwxh with a ruler as well. This is because they will overestimate your shipping but there isn't rehearsal shipping like with agents. You can request a refund after the fact with the "refund/complaint" option on the consolidated delivery page (mine says check refund because I've already gone through it)
Getting a refund: select the "only refund" option, "goods received" and "shipping cost does not match" and leave the full shipping amount in. Upload your measurement and weight photos (make sure the file size is not too big). Within 72hr they will reply and ask you to modify your application with the real amount owed (if any). It will go back to your cc through alipay (may take a few days).
Cost comparison: Even after the 5% sales tax and 3% alipay, it cost me $6.20 total from my credit card statement. A 39 yuan top up for sb is $6.53 as of today (if using paypal). For some the qc pictures and the longer storage period are well worth the difference. However a good compromise is the parcel forwarding option in sb. Instead of shipping to your house you can set up superbuy’s warehouse address and pay in taobao and wait for your items to show up in sb. You also have to submit the item link and the tracking # in superbuy so they can find your stuff. There's no sales tax and usually no shipping and you can select the coupons you want. I had a pair of pants make it to the sb warehouse almost 24hr after ordering, and another 24hr after entering my shipping info and item link in sb, it showed up in my account with free (non hd) pictures of the item. Then I cried putting together the shipping parcel lol. This is a good way to dodge the sales tax and hold items for longer. However then you're at the mercy of the shipping costs (but you do have more options for delivery lines and you can customize how you want your items packaged too). The taobao warehouse will really throw everything in there, probably in a poly envelope. The taobao shipping rates are 90yuan for the first .5kg and 48 yuan per every .5 after which is very competitive even after accounting for volumetric weight. Sb ems starts at 186 for the first .5kg and 61y every .5kg after. Of course rates and terms are subject to change with the times. I had a package that came in at 277g when I measured it at home but I was charged for 1.6kg. After sending in the package images they refunded 144yuan (the true volumetric weight was about .97kg.) Taobao volumetric calculation is lxwxh (cm)/6000. Timeline wise I submitted 8/16 and received 8/28 although I think because it was so light they used epacket/china post because it was not an EMS tracking # big sigh. Still less than 10 days can't complain. Hope this helps! I'm sure I missed something on this guide so feel free to leave any questions and I will update the post accordingly. Apologies this is very us-centric, I also cannot comment on getting a refund or exchange from sellers before you ship out but there is now english support (albeit a bit wonky) through chat and aliwangwang+google translate can get you pretty far. Ps: highly recommend using the app too as its easier to get chat messages from the seller. You can screenshot and upload images to Google translate to read the text.
My(21m) sister (27f) joined an mlm/ pyramid scheme cult called imarkets live academy and Im worried about her.
So my sister a month or two ago called me, as she occasionally will. We have a very good relationship, but Ill be honest in saying shes not the sharpest knife in the drawer. Not that shes necessarily stupid, but extremely gullible and easy to take advantage of. Shes into astrology, shit like The Secret, and easily gets sucked in by 'guru' like people. So onto the call, she calls and tells me about a new opportunity she thinks ill be into. She starts talking to me about Forex (foreign exchange trading) and how its the key to financial freedom and I could make a lot of money without really working. Now I know about forex and know that like stocks, it can be a viable way to invest and make money. However, the profits she was saying its possible to make just didnt pass the sniff test. And then she tells me I can learn how to do all of this by joining a class that, get this, is almost 300 dollars to enroll, and around 250 a month. She gets me on the phone with one of her friends telling me Ill be learning from the best and ill be making enough that the fees will look like nothing. I am skeptical throughout this whole thing, mind you. She then tells me that if I join i can also get people to join under me and get paid monthly for referrals. This is when my BS meter shot through the roof. Immediately i said " this sounds like a multi level marketing scam and Im not interested. If i want to learn to trade forex Ill learn from people who dont charge for the info and dont require me to recruit people". My sis was initially very pushy about it and told me shit like poor stands for passing over opportunities repeatedly. I told her that if something sounds too good to be true. Fast forward to now, and its almost the only thing my sister posts about on social media. Shes constantly advertising about and does these intsagram live things talking about it. I decide to listen to some of it. Despite being around trading forex, barely any of it is talking about trading. Its all motivational nonsense, about being your own boss and manifesting wealth, gaining financial independence. Worse, a lot of it talks about this being a "family". I find out the class is called imarkets live academy and is known on the internet as a pyramid scheme and as cult like. Everyone whos in it flaunts fake luxury lifestyles and pushes fake motivational crap. Im afraid for my sister, Im afraid that she'll get sucked in and spend all of her time recruiting for a bullshit company that doesnt give a fuck except for squeezing money out of vulnerable people, and that she'll end up losing all her money. They do copy paste trading and she doesnt know dick about the market, and one day shes gonna go all in and lose what little she has. The problem is once shes in something she wont listen to other people, and worse shes very charasmatic and socially abled and knows enough stupid people that she probably has recruited enough people that shes probably breaking even on the fees. And shes gonna keep going until it blows up in her face and it consumes her entire life. She was even going to come to my state for my 21st and didnt because she got invited to one of these conferences. I dont know how to convince her what shes doing is immoral and will blow up in her face, but i dont want her to feel like Im talking down to her or calling her stupid. Im just at a loss.
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.
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.
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.
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.
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.
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.
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.
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.
Indicator Data: Check any indicators you use (I use Stochastic RSI and Relative Vigor Index) for any useful information on higher timeframes.
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).
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.
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.
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.
I keep a general high level Macro outlook for currencies. I dont get too deep into Fundamentals and just keep an eye out for news. If I am already in a trade I will hold it if its far enough away from my entry. However, I wont enter right before/during news as it can invalidate your setup.
I started with the basics of learning the standard price action formations/patterns and candles. You can find tons of free info on that online, google is your friend. Then I stared at charts and said "why did the price do that or do this etc" then after a while I started to understand what's happening without having to think about it and I can see the market structure without having to look as closely as I did in the past.
After many many hours of staring at 5 min charts for 15 hours a day 5 days a week I learned how to look at 5 min charts and be like "Oh that's a hammer on the 15 min etc. If you keep track of time you can do the same for hourly candles as well and you will start to see market structure naturally. However I typically trade in a two chart panel window so I have a 15 min and 5 min chart up when trading intra day so I dont have to think too hard about it.
Draw support resistance lines on Daily/4hr timeframes. I prefer to use body of the candle instead of the wick for support/resistance.
You can find support/resistance liquidity levels through out the day as well and trade those if the price retraces back through levels its already been through that same day.
It would be a bit length to explain exactly the best place to draw them. If your unsure there is plenty of free resources on the internet. Just try to use your head and look for price levels where the price was "Supported" or it "Resisted" that price level then slap a line on it. Draw as few or as many lines as you feel helps you and your style. I tend to lean on the side of fewer. I typically do about 6 lines main support/resistances (3 of each).
Draw two Fibonacci Extensions. One on the daily timeframe, and then one on the 4hr time frame. Then you can trade the Fibonacci levels and use them for TP targets or entry zones if price action respects the level. Also you can use it along with support/resistance and pivots if they happen to line up or are very close.
I cannot really figure out how to put it into words how to draw a Fib if you dont know how. I will have to make a picture to demonstrate it. If your interested post below and I will draw one up and post a link. Probably the easiest way to understand. Just keep in mind the Fib you draw on the 4hr time frame will be inside the daily timeframe one.
The TradeVision2020 dashboard that I use just helps me keep a tab on the current market post plus any swing strength/momentum a currency might have on higher time frames. Helps me look for shifts in the market or confirmation that the bias it already has in momentum is continuing. I have found that often currencies when they get really/weak or strong might continue for several days or even longer like a full week or more. We recently had what felt like 1 week or so of flat out Yen weakness which was making some things wonky. All it does is allow me to look at the dashboard instead of a million other charts.
I use two that work well for my intra day style. The Stochastic RSI is just like a RSI but its faster. The second is the Relative Vigor Index which I use to detect swings in momentum and divergences in bullish/bearish momentum. I have used many others in the past, but as I have grown and got better as a trader I have found making my analysis simpler has improved my trading.I dont like the whole idea of have 43 different indicators on 32 different time frames light up a dashboard to be green for me to enter a trade. With how I do it now, I have a clear understanding of what I expect to happen and why. That way when it does happen I understand the move and dont get freaked out if the market moves funny after I am in the trade.
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.
Fundamental Bias: I already had a bullish fundamental outlook on EUUSD with expecting the markets to price in future similes due a higher an higher chance of Biden winning on paper as the election closed in and a "Blue wave" coming which would lead to a weaker dollar. Also, the Euro Zone is getting hammered with COVID pretty hard plus Brexit drama so I had a strong Euro bias.NOTE: As frame of reference, all the other pairs I trade I traded as if they were ranging and trade a range. Markets are messed up right now.
Currency Strength/Weakness: I use a tool that gives me a currency strength/weakness dashboard called TradeVision2020. Helps me track individual currency strength/weakness intra day. Took me about a month to get used to it, but helps me keep track of intra day strength/weakness that can add a bias to trade direction as the day unfolds. Like "Will this run have a 2nd or 3rd push higher" or "I should look to TP at the first sign of weakness in the push" type bias data. You still got to use your brain and figure out the best decision. It wont make choices for you, its only a guide.NOTE: I am not trying to adverse the tool (if providing the code is against sub rules let me know), its just a tool I use every day that helps me with directional bias calls. I am sharing the coupon code that was given to me when I found out about the tool in the TradingView forex chatroom and the guy gave me the code to use when I signed up. I dont want someone to read the name and want to try it out then overpay for no reason. The coupon will give you 40% off. Coupon Code: 3F7A0T5T
Higher Timeframe Analysis: Detected some early signs of Bearish Divergence on the 1hr chart using a on a higher time frame using a Stochastic RSI. Then I saw more confirmation on 5 min charts using Relative Vigor Index to help time my entry mid session.
Pivot Points: I treat pivot points like support/resistance and trade them as such using price action to give me some idea how its being treated by the market. Pretty straight forward.
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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More Info on Fake Forex Traders on Iphones - YouTube
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