Welcome FXGears' Forex Trading Community! Here you can converse about trading ideas, strategies, trading psychology, and nearly everything in between! ---- We also have one of the largest forex chatrooms online! ---- /Forex is the official subreddit of FXGears.com, a trading forum run by professional traders. FXGears.com hosts and moderates our chatroom, and has developed such tools as the chart bot you'll find available in chat.
Although most traders think it is difficult to draw support and resistance levels in forex, you may be surprised to know that it is actually quite easy and you may be able it learn perfectly after a few practice sessions. One thing that you need to remember is that you should avoid drawing too many levels on the charts. You may make the entire process of reading a chart complicated when you draw too many levels. When you learn how to draw support and resistance levels in real time charts, you may be able to plan for the day or week easily. This can help you take important investment decisions in such a way that you may be able to maximize your profits and minimize your risks. Basic concepts of support and resistance levels Remember that is not necessary to draw every level that you find on the charts. Most traders tend to draw at every price level and this can take a lot of time and effort. It is advisable to draw only the significant levels on the chart instead of messing up the entire chart. The other thing that you need to remember is that you do not have to draw the level exactly at the high or low of the bar. It is also not necessary that you really go back in time to draw these levels on the chart. It is best to focus on a three-month period and draw the support and resistance levels instead of trying to go back several months. You may be able to determine the best time to enter and exit the market when you make use of technical analysis for trading. This can help you minimize the risks of trading and you may be able to make regular returns on your investments. Trading with support and resistance levels can help identify price reversals in the forex market before you place a trade.
Does anyone actually end up positive in Forex trading? (With EA’s)
I’m fairly new to forex trading and was wondering does anyone actually end positive and withdraw or is the “96% traders fail” thing true. I have started to trade with an EA I’ve coded so if any could talk about their experience it would be helpful.
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Can I do Forex trading with my bank account? How is it taxed? And is it worth it?
I currently have Canadian and US bank accounts that let me convert money back and forth easily. The exchange rate between the two seems to fluctuate a fraction of a percent daily. I'm wondering if it's worth the time to continually flip money back and forth when the exchange rate is favorable on each side. Is this even legal to do without a proper Forex broker? Would my bank block me from doing this? How would this be taxed? I'm thinking if I just had a 10k emergency fund in cash, I could flip it back and forth occasionally to make some profit, and I might get a higher yield than putting it in a savings account with a 0.5-1% rate.
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