SCAUAE Forex Brokers - Trading Requirements & Restrictions ...

Trading in Forex below the age requirements.

I recently started trading in Forex, and I started my journey by registering a demo account with a broker. Weeks after I registered the account, I got a call from them, offering me to open a live account; they've also sent me an e-mail, clearing up the stuff, and letting me know that they will contact me in a few days. However, as the title suggests, I am below the age requirements for trading and my account is not on any of my parents. My account manager (the person who contacted me) has probably found out about this, but they did not say a word during the phone call.
Anyways, now I am writing him an e-mail but I am not sure how to proceed as I am not at 18 years of age. I searched around, and I understand that I should have initially set up the account on one of my guardian's/parent's name but I did not think of that. So what should I do now ? Should I ask him to cancel my demo account, and register one on my parent's name ? Or should I just ignore him and close the account (if that is possible) ?
Thank you in advance.
P.S: I do not feel confident enough to start a live account and trade real money. I feel like I need more trading practice, and I should learn forex (from babypips.com) before trading non-virtual money. Also, my broker is Oanda.
submitted by insighT_SC to Forex [link] [comments]

Reaching any goal in trading requires specific domain knowledge to become a successful forex trader #forex #forextrading #forextradingtips #mvr

Reaching any goal in trading requires specific domain knowledge to become a successful forex trader #forex #forextrading #forextradingtips #mvr submitted by MoneyValueReaserch to u/MoneyValueReaserch [link] [comments]

Interested in FOREX trading. Is it still possible to make a living? If so what kind of capital is required.

I've been poking around this forum for a while and I'm wondering if generally speaking its possible to make forex trading a full-time gig. If it is- what kind of capital would be required to give it a go.
submitted by marc44 to Forex [link] [comments]

Is Geithner Planning a Stealth Attack on the Wall Street Reform Bill? | It looks like Geithner is considering exploiting language in the law that allows him to exempt the $24 trillion forex market from the clearing and transparency requirements, throwing these trades back into the shadows.

Is Geithner Planning a Stealth Attack on the Wall Street Reform Bill? | It looks like Geithner is considering exploiting language in the law that allows him to exempt the $24 trillion forex market from the clearing and transparency requirements, throwing these trades back into the shadows. submitted by dave723 to politics [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]

Sucess Story

Started my journey in June when I turned 18, the legal age required to trade in Canada. Ever since I dedicated myself to the craft of trading I can say it has made me more disciplined in many aspects in my life. I had to come up with strategies to remove overtrading and that 9-5 mentality of trading everyday. It took me some time to realize that trading everyday exposes your equity to a high amount of risk no matter how good the setup looks. Fast forward to November life is great I am making 15,000 per month and I am a funded FTMO trader. This is a manifestation of my efforts and energy going into the trading career that I have birthed. I love my life soo much I am financially free and I can consistently generate profits from the forex market. I started trading live in September, September and October were net negative months but the month of October was the month when I made over 1000 dollars in a day, This post is mainly to inspire others to never give up. My future is going to be amazing by the time. Always stay focused and never quit on something that you cant go 3 hours without thinking about it.
submitted by Centual223 to Forex [link] [comments]

How much money do I need to start day trading?

I did some research, and it looks like there's a $25,000 minimum account balance requirement to start stock trading in the USA, but it varies from country to country.
Apparently, if I start trading futures I'd only need a minimum account balance of $1000.
Day traders trade stocks, options, futures, commodities, currencies (forex), or cryptocurrencies. (are these called securities, and are there any other ones I'm missing?)
Apart from stocks and futures, do I need a minimum account balance for the rest of those securities?
Edit: I'm a noob (as you can tell) 😅
submitted by Necessary-Fact to Daytrading [link] [comments]

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:
As a side note, in their article they state £50,000 FSCS protection, but that's just outdated. It's been increased to £85,000 since April 2019 - fscs.org.uk/media/press/2019/aphigher-protection-limits.
submitted by _amc_ to eupersonalfinance [link] [comments]

The FCA bans on Bitcoin and other crypto assets are too harsh and hypocritical.

I as a British citizen and Im concerned about the recent Bitcoin ban.
Reasons why:
  1. You can be scammed out on Forex trading due to high leverage, online con artists and platforms shutting down forex trading altogether.
Plus 500 stopped trading the USA/CNH trading pair after the trade war was declared by trump.
  1. Gambling has no regulations, I can spend as much money as possible on any game or sport and no questions are asked.
A uni student committed suicide last year after being groomed by gambling companies to spend over 20k in one week. No action was taken.
  1. Platforms such as plus 500 offer options that have high spreads, hidden leverage, doesn't track the asset price and can be shut down and can be manupliated by the platform at will.
Plus 500 regulary increase the spread of options such as gold, oil, stocks during trading days and also shut down trading on a daily basis.
Plus 500 shut down Natural gas options for 12hrs due to a 6% slump.
  1. The UK is one of the biggest money laundering and predatory finance trading countries in the world.
The requirements to be a pro trader are insane: ( you need 2/3)
  1. you need experience working in finance.
  2. 500k trading captail
  3. Or make 12+ large trades in the past year.
Ironically using Binance and Coinbase for trading has been safer for me compared to uk stock/forex trading apps.
In summary the reasons above HAPPEN ALL THE TIME AND NOTHING IS BEING DONE TO STOP THESE THINGS FROM HAPPENING.
But Bitcoin and cryptocurrencey as a whole are seen as evil even though they have been profitable for the majority of their existence.
submitted by Vegas-Ranger to Bitcoin [link] [comments]

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submitted by ViralMedia007 to FREECoursesEveryday [link] [comments]

THROW YOUR FD's in FDS

Factset: How You can Invest in Hedge Funds’ Biggest Investment
Tl;dr FactSet is the most undervalued widespread SaaS/IT solution stock that exists
If any of you have relevant experience or are friends with people in Investment Banking/other high finance, you know that Factset is the lifeblood of their financial analysis toolkit if and when it’s not Bloomberg, which isn’t even publicly traded. Factset has been around since 1978 and it’s considered a staple like Bloomberg in many wealth management firms, and it offers some of the easiest to access and understandable financial data so many newer firms focused less on trading are switching to Factset because it has a lot of the same data Bloomberg offers for half the cost. When it comes to modern financial data, Factset outcompetes Reuters and arguably Bloomberg as well due to their API services which makes Factset much more preferable for quantitative divisions of banks/hedge funds as API integration with Python/R is the most important factor for vast data lakes of financial data, this suggests Factset will be much more prepared for programming making its way into traditional finance fields. According to Factset, their mission for data delivery is to: “Integrate the data you need with your applications, web portals, and statistical packages. Whether you need market, company, or alternative data, FactSet flexible data delivery services give you normalized data through APIs and a direct delivery of local copies of standard data feeds. Our unique symbology links and aggregates a variety of content sources to ensure consistency, transparency, and data integrity across your business. Build financial models and power customized applications with FactSet APIs in our developer portal”. Their technical focus for their data delivery system alone should make it stand out compared to Bloomberg, whose UI is far more outdated and complex on top of not being as technically developed as Factset’s. Factset is the key provider of buy-side portfolio analysis for IBs, Hedge funds, and Private Equity firms, and it’s making its way into non-quantitative hedge funds as well because quantitative portfolio management makes automation of risk management and the application of portfolio theory so much easier, and to top it off, Factset’s scenario analysis and simulation is unique in its class. Factset also is able to automate trades based on individual manager risk tolerance and ML optimization for Forex trading as well. Not only does Factset provide solutions for financial companies, they are branching out to all corporations now and providing quantitative analytics for them in the areas of “corporate development, M&A, strategy, treasury, financial planning and analysis, and investor relations workflows”. Factset will eventually in my opinion reach out to Insurance Risk Management a lot more in the future as that’s a huge industry which has yet to see much automation of risk management yet, and with the field wide open, Factset will be the first to take advantage without a shadow of a doubt. So let’s dig into the company’s financials now:
Their latest 8k filing reported the following:
Revenue increased 2.6%, or $9.6 million, to $374.1 million compared with $364.5 million for the same period in fiscal 2019. The increase is primarily due to higher sales of analytics, content and technology solutions (CTS) and wealth management solutions.
Annual Subscription Value (ASV) plus professional services was $1.52 billion at May 31, 2020, compared with $1.45 billion at May 31, 2019. The organic growth rate, which excludes the effects of acquisitions, dispositions, and foreign currency movements, was 5.0%. The primary contributors to this growth rate were higher sales in FactSet's wealth and research workflow solutions and a price increase in the Company's international region
Adjusted operating margin improved to 35.5% compared with 34.0% in the prior year period primarily as a result of reduced employee-related operating expenses due to the coronavirus pandemic.
Diluted earnings per share (EPS) increased 11.0% to $2.63 compared with $2.37 for the same period in fiscal 2019.
Adjusted diluted EPS rose 9.2% to $2.86 compared with $2.62 in the prior year period primarily driven by an improvement in operating results.
The Company’s effective tax rate for the third quarter decreased to 15.0% compared with 18.6% a year ago, primarily due to an income tax expense in the prior year related to finalizing the Company's tax returns with no similar event for the three months ended May 31, 2020.
FactSet increased its quarterly dividend by $0.05 per share or 7% to $0.77 marking the fifteenth consecutive year the Company has increased dividends, highlighting its continued commitment to returning value to shareholders.
As you can see, there’s not much of a negative sign in sight here.
It makes sense considering how FactSet’s FCF has never slowed down:
https://preview.redd.it/frmtdk8e9hk51.png?width=276&format=png&auto=webp&s=1c0ff12539e0b2f9dbfda13d0565c5ce2b6f8f1a

https://preview.redd.it/6axdb6lh9hk51.png?width=593&format=png&auto=webp&s=9af1673272a5a2d8df28f60f4707e948a00e5ff1
FactSet’s annual subscriptions and professional services have made its way to foreign and developing markets, and many of them are opting for FactSet’s cheaper services to reduce costs and still get copious amounts of data and models to work with.
Here’s what FactSet had to say regarding its competitive position within the market of providing financial data in its last 10k: “Despite competing products and services, we enjoy high barriers to entry and believe it would be difficult for another vendor to quickly replicate the extensive databases we currently offer. Through our in-depth analytics and client service, we believe we can offer clients a more comprehensive solution with one of the broadest sets of functionalities, through a desktop or mobile user interface or through a standardized or bespoke data feed.” And FactSet is confident that their ML services cannot be replaced by anybody else in the industry either: “In addition, our applications, including our client support and service offerings, are entrenched in the workflow of many financial professionals given the downloading functions and portfolio analysis/screening capabilities offered. We are entrusted with significant amounts of our clients' own proprietary data, including portfolio holdings. As a result, our products have become central to our clients’ investment analysis and decision-making.” (https://last10k.com/sec-filings/fds#link_fullReport), if you read the full report and compare it to the most recent 8K, you’ll find that the real expenses this quarter were far lower than expected by the last 10k as there was a lower than expected tax rate and a 3% increase in expected operating margin from the expected figure as well. The company also reports a 90% customer retention rate over 15 years, so you know that they’re not lying when they say the clients need them for all sorts of financial data whether it’s for M&A or wealth management and Equity analysis:
https://www.investopedia.com/terms/f/factset.asp
https://preview.redd.it/yo71y6qj9hk51.png?width=355&format=png&auto=webp&s=a9414bdaa03c06114ca052304a26fae2773c3e45

FactSet also has remarkably good cash conversion considering it’s a subscription based company, a company structure which usually takes on too much leverage. Speaking of leverage, FDS had taken on a lot of leverage in 2015:

https://preview.redd.it/oxaa1wel9hk51.png?width=443&format=png&auto=webp&s=13d60d2518980360c403364f7150392ab83d07d7
So what’s that about? Why were FactSet’s long term debts at 0 and all of a sudden why’d the spike up? Well usually for a company that’s non-cyclical and has a well-established product (like FactSet) leverage can actually be good at amplifying returns, so FDS used this to their advantage and this was able to help the share’s price during 2015. Also, as you can see debt/ebitda is beginning a rapid decline anyway. This only adds to my theory that FactSet is trying to expand into new playing fields. FactSet obviously didn’t need the leverage to cover their normal costs, because they have always had consistently growing margins and revenue so the debt financing was only for the sake of financing growth. And this debt can be considered covered and paid off, considering the net income growth of 32% between 2018 and 2019 alone and the EPS growth of 33%
https://preview.redd.it/e4trju3p9hk51.png?width=387&format=png&auto=webp&s=6f6bee15f836c47e73121054ec60459f147d353e

EBITDA has virtually been exponential for FactSet for a while because of the bang-for-buck for their well-known product, but now as FactSet ventures into algorithmic trading and corporate development the scope for growth is broadly expanded.
https://preview.redd.it/yl7f58tr9hk51.png?width=489&format=png&auto=webp&s=68906b9ecbcf6d886393c4ff40f81bdecab9e9fd

P/E has declined in the past 2 years, making it a great time to buy.

https://preview.redd.it/4mqw3t4t9hk51.png?width=445&format=png&auto=webp&s=e8d719f4913883b044c4150f11b8732e14797b6d
Increasing ROE despite lowering of leverage post 2016
https://preview.redd.it/lt34avzu9hk51.png?width=441&format=png&auto=webp&s=f3742ed87cd1c2ccb7a3d3ee71ae8c7007313b2b

Mountains of cash have been piling up in the coffers increasing chances of increased dividends for shareholders (imo dividend is too low right now, but increasing it will tempt more investors into it), and on top of that in the last 10k a large buyback expansion program was implemented for $210m worth of shares, which shows how confident they are in the company itself.
https://preview.redd.it/fliirmpx9hk51.png?width=370&format=png&auto=webp&s=1216eddeadb4f84c8f4f48692a2f962ba2f1e848

SGA expense/Gross profit has been declining despite expansion of offices
I’m a bit concerned about the skin in the game leadership has in this company, since very few executives/board members have significant holdings in the company, but the CEO himself is a FactSet veteran, and knows his way around the company. On top of that, Bloomberg remains king for trading and the fixed income security market, and Reuters beats out FactSet here as well. If FactSet really wants to increase cash flow sources, the expansion into insurance and corp dev has to be successful.
Summary: FactSet has a lot of growth still left in its industry which is already fast-growing in and of itself, and it only has more potential at its current valuation. Earnings September 24th should be a massive beat due to investment banking demand and growth plus Hedge fund requirements for data and portfolio management hasn’t gone anywhere and has likely increased due to more market opportunities to buy-in.
Calls have shitty greeks, but if you're ballsy October 450s LOL, I'm holding shares
I’d say it’s a great long term investment, and it should at least be on your watchlist.
submitted by WannabeStonks69 to wallstreetbets [link] [comments]

Non Strategies for Success

TL;DR The why as to why you trade is as important as the strategy you use to trade.
I am new to Forex. However prior to COVID I was a professional card player but when the casinos closed shop I needed to find another source of income. Over the past few months I have been doing a lot of research into different strategies to use however, the one area of information that is rarely ever discussed is the why of why you are doing this. In any setting risk management is a major component to determine success but, what determines your level of risk tolerance is independent of each person's goals. Before I ever sent a dime to a brokerage or opened a demo account I asked myself these questions.
1.) What is my reason to do this? Determining whether this was something I wanted to do full time, part time, as passive income or as a challenge to beat.
2.) What is my short term and long term goal with this? Was I looking to make money right away? Was I looking to reinvest? Have a plan as to what you are going to do with your money beforehand and stick to it.
3.) How much time am I willing to invest into this? Practice makes perfect in any endeavor and to become good at something requires time.
4.) How much am I willing to lose before I call it quits? Just because you have 20k doesn't mean you have 20k to lose. Knowing when to walk away from a losing session is even more important than basic strategy as it will allow you to come back to the table to try again so to speak.
Each of these questions lead to more questions until I had a defined plan of action as to how I wanted to move forward. These questions also gave insight as to the style and type of trading strategies I would be looking for as they fit my goals. The strategy I have been using is successful for me because of my style of risk tolerance and risk management but may not work for others. Ken Jennings and James Holzhauer are two of the most successful competitors on Jeopardy. However the strategy each used were different but worked for them. Same applies to professional poker players, athletes and almost any task imaginable. So I see many people asking for strategy advice. The advice I would give is for them to ask themselves not "How should I be trading?" but "Why am I trading?". This is just my two cents. Good luck to you all.
submitted by TheTrueVisionary to Forex [link] [comments]

10 Ways to Make Money Online in South Africa

There are a lot of opportunities online for anyone that wants to make a little extra money. From a part-time hustle to an all-out digital career, there are loads of ways that you can make money with an electronic device, and a connection to the internet.

  1. Paid Surveys - Did you know that thousands of South Africans earn extra income by simply participating in online surveys to help local companies improve their products? Finally, now you have an opportunity to do this as well! You can find a list of the top survey sites for South Africa HERE
  2. Selling Your Photos Online - Selling photos is a wonderful way to make money online if you have an aptitude for photography. Two popular platforms that you can try are Shutterlock and Unsplash. Every platform will have different requirements, but they will all pay you in hard cash. Though the photography market is quite hectic, it’s still a good method of gaining a passive income if you’re persistent and professional. Plus, the opportunity for additional sales is higher when your photos become popular. Many companies need photos of landscapes, and we all know that South Africa has some of the most amazing scenery in the world. In some cases, a smartphone is enough to get started, depending on the stock photo site you choose.
  3. Be a Freelance Content Writer - Freelance writing is a serious online business. The internet enters most areas of our life, and the need for blog articles and various types of content is exploding. There are many kinds of online writing work, and many people need things like product descriptions or simple reviews. Before going further in this direction, you first need to set up a blog or website. This will be an amazing portfolio where you can demonstrate to potential clients or businesses that you can deliver great work. A LinkedIn profile can be created to function as an online portfolio as well. Don’t forget that many writing clients will want to see specialized work, so be sure to consider what area you would like to specialize in. The pay for online writing varies, but with some practice, you should be able to make a decent part-time income.
  4. Sell Unwanted Goods - You can sell your unwanted stuff to people who want it and make your side business a real money maker. There’s plenty of options to use for sales such as Gumtree or Amazon. Don’t forget to do some research and see what assets have recently been sold so you have a target price. If you a business, you can sell other people’s goods as well. Many people don’t have the time or patience to sell goods online, and you can do it for them. If you charge a reasonable percentage of the sales, you can make a solid business out of selling used goods online.
  5. Build a Personal blog/website - Not only can you write for companies to gain income but you’re also able to run your own blog to raise money as well. Set your expectations at a reasonable level because this job requires consistent practice and lots of patience. Bloggers make a profit, often through press coverage, advertising products, and writing sponsored guest posts. You will need to run the blog for a while before you can expect to see any profits, but it is very simple to get started. Check out some of the other ideas on this list for ways to leverage a blog for greater income, like selling drop shipped items.
  6. Legitimate Remote Jobs can Pay Real Money - Many companies are heading to a work-from-home style of business since this type of model helps save money, and eliminates the risk of illnesses. People are completely flexible while working for a company and selecting where they decide to spend their time.CrowdSource, for example, hires remote writers, editors, and other jobs that can be done easily from anywhere. Companies like Fast Chart offer work-from-home options for medical transcriptionists. You can also try seeking opportunities at LiveOps, a call center staff. You might be surprised at how much time and money you save when you work at home. There is no transit, and you can cook for yourself. Think about it!
  7. Become a Dropshipper - Dropshipping is not a strange term, especially when eCommerce is booming. Anyone can be a drop shipper since the work requires low investment at the beginning and also guarantees minimal risk. The system operates by purchasing the stock (goods) from a third party supplier or manufacturer, who then fulfills the customer’s request. You don’t have to shop or handle goods in advance because the product comes directly from the vendors whenever an order is placed by a customer. There are many dropshipping platforms out there, and some are basically free to use. You will need to figure out how to market the goods, which is where a blog or website comes in very handy.
  8. Affiliate Marketing - Affiliate marketing is a popular method of making money online in South Africa and across the world. You can sell into a variety of markets with this business model, and make money almost anywhere. You can generate revenue from product sales. In other words, affiliate marketers will refer readers to a lot of products and get a small cut from them. Once a customereader buys products, you will earn a commission. A widely known approach is to start creating your own blog in a specific niche and to establish a trustworthy community that can purchase your promotions. Unlike dropshipping, you simply get a commission and have no other responsibilities. So easy! Check out SA’s leading affiliate network – https://www.affiliate.co.za/
  9. Online Business with Etsy - Try selling DIY designs and crafts on Etsy if you’re a skilled maker. An Etsy shop is basically free to operate, and you can make real money with the platform. Once your registration is complete, you can start posting photos of your works, and people can purchase your products. There is really no limit to what can be sold on Etsy, but make sure that you are able to send your goods to other countries, as many buyers are likely to be in the EU or North America. A PayPal account is important to have and also a popular payment choice so that customers can pay you quickly. Take nice pictures of the items to help draw purchasers into a sale. Make sure that you have good customer service as well, or you won’t be selling on the platform for very long!
  10. Forex Trading - You might have heard about trading FOREX or Contract For Difference (CFD) trading. The basics of this online money-making are simple. You will choose a currency pair, and bet on the direction of one currency vs. the other. For example, you could speculate that the EURO will appreciate vs. the RAND (or just about any currency). If you are correct, and then sell the contract, you will make profits. While this might sound easy, most people who do this lose money. In addition to currency, most retail FOREX brokers will allow you to trade in other markets, such as commodities, or shares. If you are looking for a reliable income, this probably isn’t right for you. On the other hand, if you don’t mind taking on risks, trading FOREX can be extremely profitable.
submitted by MrPassiveIncome to beermoneysouthafrican [link] [comments]

Need to hire fx profile builder

Need to hire fx profile builder
Forex and Crypto Trader are welcome.
Skill set requirement: - Trading & analysis skills - Able to explain your knowledge in words/ speak
Level 1: We need constant posting on: - Trading view - Twitter - Medium - Instagram - Facebook - Youtube
Level 2 / Phase 2 (Future): - Live Stream education video ( $$$) - Asia Forex Conference ($$$)
submitted by tommyhawkins63 to ForexTraders [link] [comments]

Strategy:SPX Meium - High Risk Copy Trading - Intraday.

Strategy Results - http://www.myfxbook.com/members/DeanBlack/client-copy-medhigh/7422920
All results are tracked on real client accounts to show the net results after fees. The brokers with the highest spreads are use, to give a reflection of the worst expected results.

Who is This Strategy For?
This strategy is for you if you have a higher risk tolerance and are looking for an investmen tment with higher liquidity. This is an intraday strategy that will close all trades by the end of the US trading session making all equity available to investors at the end of each trading day.
Brokerage Requirements: This strategy trades CFDs and is not suitable for US / Canada residents. Brokers offering CFDs on indices (Specifically the S&P500) is a requirement.

Tested Brokers: The strategy is confirmed to work on the following brokers;
: IC Markets (Best results). RoboForex
Minimum Investment: $650 minimum is optimal for these risk settings. Anything under $500 will be higher risk. Anything under $400 failed all tests on this and is strongly discouraged.
Leverage Required: This strategy requires 1:50 leverage (With a minimum $650 investment).
Average Duration of trades: Trades will be held usually 2 - 12 hours and close on the same day they are opened.
The strategy will risk a maximum of 5% over all positions at any one time. If the strategy has been losing the maximum risk per position will be decreased. If over 30% drawdown the maximum risk will be 2.5%. If over 40% drawdown the maximum risk will be 1.5%.
Note, this refers to the parent strategy. Not individual copiers. If you connect a new account while the strategy is 10% down you will start on reduced risk although your account is not down. This measure is in place to protect the accounts of all investors and make the strategy stable to support long term compounding of gains.
Maximum Loss: This strategy will stop trading if a loss of 65% (From high water mark) is hit. It will stop trading for at least three days to give the investors time to decide if they want to continue and the trading team time to check if adjustments to the strategy;s copier settings need to be made.
Automatic Stop on Loss: This strategy has an automated stop loss on trading at 65%. At 35% the copying software will shut down, all trades will be closed and no new trades opened for a period of at least 3 days.

Strategy Results -http://www.myfxbook.com/members/DeanBlack/client-copy-medhigh/7422920
All results are tracked on real client accounts to show the net results after fees. The brokers with the highest spreads are use, to give a reflection of the worst expected results.
submitted by 2020sbear to u/2020sbear [link] [comments]

Forex trading - deciding on a forex broker

The foreign currency market is the largest of all of the trading markets with an almost unbelievable 5 trillion dollars changing hands each day. Until recently Forex trading was consigned to heavy weight traders and brokers who could afford the high minimum trading amounts required.
However, the recent appeal of trading online has prompted a further development in the foreign exchange boom. Increased leverages are now not just available for the big scale traders but also for the starter and lower volume speculators. Whereas minimum deposits were at one time in the thousands of dollars range now they are in the hundreds. Nowadays, a trader can enter the foreign exchange with little more than a credit card, a Forex trading account and a laptop or PC. The boom has led to a number of brokers entering the market to meet the demand in online trading, but getting a suitable broker out of so many options can be difficult.
Deciding on a Forex broker
Take a look at this list of fundamentals to think about when making your selection of a suitable Forex broker:
Foreign currencies
All Forex brokers provide the "majors" as pairs to trade upon. These principal moneys include the US dollar (USD), the Japanese Yen (JPY) and the British pound (GBP). Further brokerages host platforms that have the alternative to exchange lesser known moneys. The more sluggish Forex currencies or"exotics" encounter even more volatility as opposed to the "majors" which can provide intriguing trading options. If you are planning on trading on one of the weaker, "exotic" currencies make sure that it on the list of currencies to invest with on your broker of choice's platform. In short make sure that you work with currencies that you have an interest in.
Trades
A lot of currency brokerages have reduced their minimum deposits to as low as $100. Higher leverage sums which were formerly only made accessible for expert traders are currently on hand for the lower end traders. The good thing about this is that with a 50:1 leverage, on a trading account of $1,000 the user can now sustain a place of $50,000. Be careful to remember, however, that leverage is a sort of financial loan, whilst the strength of your account is markedly increased the potential sum to be lost is also boosted.
Regulation
Each one of the leading Forex firms will have made sure that they are listed by one or more of the main regulatory authorities. For a user to observe that a company is fully regulated shows that the brokerage service is a serious operation devoted to fair market procedures. Signing up for membership with an unregulated broker is not advised, even more so with such a wide choice of regulated brokers out there..
Minimum amounts for deposit
Every broker will designate a minimum deposit amount prior to the start of trading. Smaller deposit amounts can be put down using beginner or low volume trading accounts whereas the high roller accounts require higher minimums to begin. As there are such larger numbers of brokers operating the initial deposit amounts can play a significant role as each company pushes for your custom by trying to out compete rival companies with more tempting welcome offers. You will notice that it can be to your gain if you browse a little.
Commissions and Spreads
Forex brokerages profit though commissions and spreads. The broker's commission can either be set on a per transaction basis or over a set of transactions. The spread refers to the amount between the actual and the bidding prices of a currency or currency pair. Usually the spread is comes in at around 3-5 pips.
Margins
It is not unconventional for a broker to require that you fund your account with an advanced amount of capital to counter balance any potential losses that may be experienced. This advanced amount is known as a margin or margin requirement. Be sure that the conditions of the margin requirement are suited to your degree of trading.
Trading Platforms
The most widespread platform in the online Forex market is the Meta trading platform. It is very reliable and can be accessed both on your computer and your mobile device. Some brokers use their own proprietary trading platform as well so it is advisable to take the time to find out how trusted it is and whether there are any interruptions between messaging between their platform and the actual foreign exchange.
Support
See if you can get as much information as possible about the level of support available with a broker. Good indicators of a broker's level of service can include the trading education materials they have and if there is a live chat option. Together with this, many top companies display documentation, tutorials and eBooks to educate you on how to improve your chances of achieving profitable returns and cutting down minimising the risks.
Forex trading involves risks. You can minimise the risks by researching your broker and testing out your trading strategy thoroughly.
submitted by cfdstraded to FOREXTRADING [link] [comments]

[Strategies] Here is My Trading Approach, Thought Process and Execution

Hello everyone. I've noticed a lot of us here are quite secretive about how we trade, especially when we comment on a fellow trader's post. We're quick to tell them what they're doing isn't the "right way" and they should go to babypips or YouTube. There's plenty of strategies we say but never really tell them what is working for us. There's a few others that are open to share their experience and thought processes when considering a valid trade. I have been quite open myself. But I'm always met with the same "well I see what you did is quite solid but what lead you to deem this trade valid for you? "
The answer is quite simple, I have a few things that I consider which are easy rules to follow. I realized that the simpler you make it, the easier it is for you to trade and move on with your day.
I highlight a few "valid" zones and go about my day. I've got an app that alerts me when price enters the zone on my watchlist. This is because I don't just rely on forex trading money, I doubt it would be wise to unless you're trading a 80% win rate strategy. Sometimes opportunities are there and we exploit them accordingly but sometimes we are either distracted by life issues and decide to not go into the markets stressed out or opportunities just aren't there or they are but your golden rules aren't quite met.
My rules are pretty simple, one of the prime golden rules is, "the risk is supposed to be very minimal to the reward I want to yield from that specific trade". i.e I can risk -50 pips for a +150 and more pips gain. My usual target starts at 1:2 but my most satisfying trade would be a 1:3 and above. This way I can lose 6/10 trades and still be profitable.
I make sure to keep my charts clean and simple so to understand what price does without the interference of indicators all over my charts. Not to say if you use indicators for confluence is a complete no-no. Each trader has their own style and I would be a narcissistic asshole if I assumed my way is superior than anybody else's.
NB: I'm doing this for anybody who has a vague or no idea of supply and demand. Everything here has made me profitable or at least break even but doesn't guarantee the same for you. This is just a scratch on the surface so do all you can for due diligence when it comes to understanding this topic with more depth and clear comprehension.
Supply and Demand valid zones properties; what to me makes me think "oh this zone has the potential to make me money, let me put it on my watchlist"? Mind when I say watchlist, not trade it. These are different in this sense.
👉With any zone, you're supposed to watch how price enters the zone, if there's a strong push in the opposite direction or whatever price action you're observing...only then does the zone becomes valid. YOU TRADE THE REACTION, NOT THE EXPECTATION Some setups just fail and that's okay because you didn't gamble. ✍
!!!IMPORTANT SUBJECT TO LEARN BEFORE YOU START SUPPLY AND DEMAND!!!
FTR. Failure to Return.(Please read on these if you haven't. They are extremely important in SnD). Mostly occur after an impulse move from a turning point. See attached examples: RBR(rally base rally)/DBD(drop base drop). They comprise of an initial move to a certain direction, a single candle in the opposite direction and followed by 2 or more strong candles in the initial direction. The opposite candle is your FTR(This is your zone) The first time price comes back(FTB) to a zone with an FTR has high possibilities to be a strong zone.
How to identify high quality zones according to my approach:
  1. Engulfing zones; This is a personal favorite. For less errors I identify the best opportunities using the daily and 4H chart.
On the example given, I chose the GBPNZD trade idea I shared here a month ago I believe. A double bottom is easily identified, with the final push well defined Bullish Engulfing candle. To further solidify it are the strong wicks to show strong rejection and failure to close lower than the left shoulder. How we draw our zone is highlight the whole candle just before the Engulfing Candle. That's your zone. After drawing it, you also pay attention to the price that is right where the engulfing starts. You then set a price alert on your preferred app because usually price won't get there immediately. This is the second most important part of trading, PATIENCE. If you can be disciplined enough to not leave a limit order, or place a market order just because you trust your analysis...you've won half the battle because we're not market predictors, we're students. And we trade the reaction.
On the given example, price had already reached the zone of interest. Price action observed was, there was a rejection that drove it out of the zone, this is the reaction we want. Soon as price returns(retests)...this is your time to fill or kill moment, going to a 4H or 1H to make minimum risk trades. (See GBPNZD Example 1&2)
  1. Liquidity Run; This approach looks very similar to the Engulfing zones. The difference is, price makes a few rejections on a higher timeframe level(Resistance or support). This gives the novice trader an idea that we've established a strong support or resistance, leading to them either selling or buying given the opportunity. Price then breaks that level trapping the support and resistance trader. At this point, breakout traders have stop orders below or above these levels to anticipate a breakout at major levels with stops just below the levels. Now that the market has enough traders trapped, it goes for the stop losses above or below support and resistance levels after taking them out, price comes back into the level to take out breakout traders' stop losses. This is where it has gathered enough liquidity to move it's desired direction.
The given example on the NZDJPY shows a strong level established twice. With the Bearish Engulfing movement, price leaves a supply zone...that's where we come in. We go to smaller timeframes for a well defined entry with our stops above the recent High targeting the next demand zone.
The second screenshot illustrates how high the reward of this approach is as well. Due diligence is required for this kind of approach because it's not uncommon but usually easily misinterpreted, which is why it's important it's on higher timeframes.
You can back test and establish your own rules on this but the RSI in this case was used for confluence. It showed a strong divergence which made it an even easier trade to take.
...and last but definitely not least,
  1. Double Bottom/Top. (I've used double bottoms on examples because these are the only trades I shared here so we'll talk about double bottoms. Same but opposite rules apply on double tops).
The first most important rule here is when you look to your left, price should have made a Low, High and a Lower Low. This way, the last leg(shoulder) should be lower than the first. Some call this "Hidden Zones". When drawing the zones, the top border of the zone is supposed to be on the tip of the Low and covering the Lower Low. **The top border is usually the entry point.
On the first given example I shared this week, NZDCAD. After identifying the structure, you start to look for zones that could further verify the structure for confluence. Since this was identified on the 4H, when you zoom out to the daily chart...there's a very well defined demand zone (RBR). By now you should know how strong these kind of zones are especially if found on higher timeframes. That will now be your kill zone. You'll draw another zone within the bigger zone, if price doesn't close below it...you've got a trade. You'll put your stop losses outside the initial zone to avoid wicks(liquidity runs/stop hunts)
On the second image you'll see how price closed within the zone and rallied upwards towards your targets.
The second example is CHFJPY; although looking lower, there isn't a rally base rally that further solidifies our bias...price still respected the zone. Sometimes we just aren't going to get perfect setups but it is up to us to make calculated risks. In this case, risk is very minimal considering the potential profit.
The third example (EURNZD) was featured because sometimes you just can't always get perfect price action within your desired zone. Which is why it's important to wait for price to close before actually taking a trade. Even if you entered prematurely and were taken out of the trade, the rules are still respected hence a re entry would still yield you more than what you would have lost although revenge trading is wrong.
I hope you guys learnt something new and understand the thought process that leads to deciding which setups to trade from prepared supply and demand trade ideas. It's important to do your own research and back testing that matches your own trading style. I'm more of a swing trader hence I find my zones using the Daily and 4H chart. Keeping it simple and trading the reaction to your watched zone is the most important part about trading any strategy.
Important Note: The trade ideas on this post are trades shared on this sub ever since my being active only because I don't want to share ideas that I may have carefully picked to make my trading approach a blind pick from the millions on the internet. All these were shared here.
Here's a link to the trade ideas analyzed for this post specifically
Questions are welcome on the comments section. Thank you for reading till here.
submitted by SupplyAndDemandGuy to Forex [link] [comments]

How To Start Trading Forex Reddit

How To Start Trading Forex Reddit

How to trade Forex and be profitable

Hello and thank you for being here again!
In this article I want to show you how I structure my operations by trading in the currency market. If it can give you ideas or help you in your process, the objective of this post will be more than fulfilled. I will try to be as clear and direct as possible. I'll go point by point:
Index
  • 1. How to trade
  • 2. Intraday or swing trading in Forex?
  • 3. Automatic or Manual Forex Trading
  • 4. Is analysis the key to Forex trading?
  • 5. Learn to create robust trading strategies
  • 6. Best Forex Trading Strategies
    • 6.1. Trading strategies with very simple entry and exit criteria
    • 6.2. Systems with a not very high number of operations or trades
    • 6.3. Strategies with a controlled return/risk
  • 7. Establish connection and disconnection rules for your systems
  • 8. Diversify in Forex
  • 9. What currencies to trade on Forex
  • 10. Why invest (only) in Forex
  • 11. Steps to trade
  • 12. How to start as a professional trader (without knowing how to program)
>>>Start trading with Plus500: open a free account

1. How to trade the Forex Market

Focusing on the basics and keeping it simple. Let me explain, you don't have to rely on hyper-complex strategies, use the software that PETA it and put it on the server next to your broker ... you don't have to be the best programmer, much less get dirty on the graphics of your platform to win money in Forex.
You need systems. The systems work. Results-oriented companies and work methods are systems-based. You should start applying and creating systems because they will allow you:
  • Know what you can expect (return and risk) in results.
  • Measure what you do .
  • Know when what you are applying is stopping working.
Yes, that sitting in front of the computer, looking and saying "I think EUR / USD is going to rise" is the most common thing, but the normal thing here is to lose money. You need winning strategies to start the fight.

2. Intraday or swing trading in Forex?

This question is an interesting question and I make a small indent if you are just starting out. Swing trading are operations that usually last several days and when we talk about intraday or day trading we refer to operations that are closed on the same day.
Well, which one then? Like everything in life, it depends (we are). You have to learn that there is no “best for all”. In my case I combine both operations because I dedicate myself full time to this, but if you are just starting out or are one of the people who get stressed out with trading, I recommend that you focus on swing trading.
As you consolidate here you can start to scale and seek to diversify by doing intraday. But again, this is just something that I recommend based on my own experience and from people I have known over the years.

3. Automatic or Manual Forex Trading

Not all automated Forex trading systems are a panacea, nor are all discretionary or manual systems bad. Stop looking at it like that, we're only talking about execution. This is precisely why I am opting for automated execution. We could talk at length about this and if you find it interesting I can dedicate an article just to it. But think that automation is just how strategy is carried out. Whether this is a winner or a loser is the basis of everything.
Automating a losing strategy does not make it a winner, it is only about applying strategies that are profitable and ensuring that they are executed in the best way (in manual we always cheat alone).

4. Is analysis the key to Forex trading?

Many people think that technical analysis is the key to beating the market and defend it to the last consequences. The same happens with those who think that the only way to make money in the foreign exchange market is through fundamental analysis.
So what really works? What really works and you can check. What good is it if you tell me that this or the other is the best method if you haven't even sat down to draw numbers. Many times it is not with what, but how. That is, they can be different valid methods if they are done well. But for this you need statistics of what you are doing.
>>>Recommended Forex Broker: Plus500 - Visit official website<<<

5. Learn to create robust trading strategies

Let's first see what a robust trading strategy is all about. As traders, we know what has happened in the past, but we don't know what will happen in the market tomorrow. That is why we need systems that are well adapted to changing market circumstances.
How can we know systems adapt well to alterations in the spread, prices ...? Simulating those alterations, something like simulating those conditions and seeing how they behave. There are different tests for this such as: Walk Forward test, Montecarlo, and Multimarket.
These tests give us an idea of ​​how robust our created trading system is and give us a reference. Be careful, I said reference, not absolute truth. Then we will test them, our goal is to leave as little space as possible to chance.

6. Best Forex Trading Strategies

You may be wondering how you are going to manage to create profitable strategies and start with all this. Calm down, there are tools for this, but the important thing here is that you know that the strategies that tend to be more stable over time and give better results are:

6.1. Trading strategies with very simple entry and exit criteria

The opposite of what you may have been told. The simpler our Forex trading systems are, the more likely they will continue to work overtime. I have seen this myself and I know it first hand.
Also, which is more likely to stop working, a system based on six indicators or a system based on one or two? That six indicators continue to give results for years and years is not easy. Instead, only one or two are more so. Still, trading systems should always be supervised.

6.2. Systems with a not very high number of operations or trades

Sometimes when we become obsessed with being in the market constantly making gazillions of trades, we are giving our broker money and taking it out of our pocket. More is not better in trading, better is better. This is about getting the most money with the least risk, not giving it to your broker.

6.3. Strategies with a controlled return/risk

You see a strategy, you look at its profit in the last months and years and you are already thinking about connecting it. Error, always look at the return associated with the drawdown. The drawdown of your system is, in short, the maximum consecutive drop it has had. Because it is important? Because if that fall has occurred in the past, it can happen again (and bigger, believe me). Now you may be thinking, what if this happens to me?
Next, I will explain it to you, but first an example of a system that meets all these characteristics (so you can see that it is simpler than it seems:
https://preview.redd.it/cozy880jl9v51.jpg?width=1024&format=pjpg&auto=webp&s=8e14a68538372be8e7ae109d86cd7d132d60fa07
Here more statistics:
https://preview.redd.it/hh5m7saml9v51.jpg?width=997&format=pjpg&auto=webp&s=f1597e3b05350d6fca1ea68ef18004f4340e6a1a

7. Establish connection and disconnection rules for your systems

All methods of trading sound great. The problem is when they start to lose. Some tell you that you have to continue, that the system is the system… But what if the system is stopping working? After all, we live in a changing world and our money is not infinite.
The reality is that many people do not know how to determine when the system is failing or when this happens because they are applying it incorrectly. If you execute the strategies in an automated way you are already saving this, then what you need is a rule to deactivate your strategies at a certain point. To do this, it is enough to monitor them with platforms such as Bluefox or Myfxbook to know what the performance of each is.

8. Diversify in Forex

If we deactivate a Rubén strategy, we stop trading. Not if you activate another that has been doing it well. It is not about you running a Forex trading system or two, it is about having different systems: the best in real and a demo base created that you can include in your real account when you deactivate one because their performance has dropped.
You can diversify by you I frame (temporality time) on assets (currencies) or types of systems (trend, mean reversion ...).
The objective of diversifying is to seek a more stable return, many people do for this is to introduce many systems without more, if you do this you will achieve the opposite, you will be increasing the risk.

9. What currencies to trade on Forex

I recommend that you focus on the majors or major currency pairs, especially if your broker has a high spread, as it is usually lower on these. One of the advantages of automating is that you can scale your trading and do it in different currencies, diversifying as I said before. These are the assets that I have traded in recent months:
https://preview.redd.it/4myzmwlxl9v51.png?width=800&format=png&auto=webp&s=7635d085d2b434e3d3da0420937c245b6cd21339
It starts with being profitable with a few (one or three assets) and as you evolve you can grow your portfolio.

10. Why invest (only) in Forex

I will not be the one to tell you that you should invest in Forex and not in another market. Each one belongs to his father and mother and has its good and not so good things. Of course, one thing is clear, wherever you do it, remember the power of specialization. There are traders who focus on one or two assets and they are profitable. In the end, that's what it's all about, isn't it?
This operation can be extrapolated to different assets such as raw materials, indices and cryptocurrencies. Yes, cryptocurrencies too. In fact, my operations are mainly based on currencies and cryptocurrencies (85% in the first group and 15% in the second). But I have to say that cryptocurrency trading has given me a pleasant surprise this year.
Again, if you are starting, do not do it with many assets or you will saturate yourself. Start step by step and diversify as you evolve. Jack of all trades, master of none.

11. Steps to trade Forex Reddit

If you've gotten this far, it may not be entirely clear to you how the hell I trade, then I'm going to summarize it in steps:
  1. I create statistically profitable trading strategies and verify through tests that they are robust.
  2. I put them on a demo account to make sure they work perfectly.
  3. Once they meet the requirements that I demand of them, I pass them to real.
  4. In real account, I manage my systems connecting and disconnecting them according to their performance (always under objective criteria).

12. How to start trading Forex Reddit as a professional trader (without knowing how to program)

But Rubén, I haven't studied computer science and I'm not particularly good at math. Don't worry if you don't know how to program, it is possible to do all this using tools that will do it for you. For years I have programmed my own systems myself and that's fine, but now I'm concentrating on managing them and getting the most out of them. Do not think that this is the robot that will make you earn millions of euros while you drink the gin and tonic on the beach.
We will read soon with new posts about trading, Forex, cryptocurrencies, platforms ...
Good luck!
To start trading, open an account on Plus500, one of the leading Forex brokers: Click Here
submitted by kayakero to makemoneyforexreddit [link] [comments]

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.
submitted by wolfshortman to antiMLM [link] [comments]

Daily Lesson for My Parents

The scene: I receive an email from my father. He sent me this link:
https://cayarekylajules.gitlab.io/julescayarek/?placement=silverprice.org&creative=476738494285&campid=11533504265&gclid=EAIaIQobChMIu-_F-aH27AIV8QFoCB3HOQY8EAEYASAAEgKq6fD_BwE
This was my response:
---
If it seems too good to be true, it probably is. If your "investment" strategy seems akin to placing a bet in a casino, then you're not really investing. You're gambling.
The significance of seeing a world government backing a cryptocurrency is high. Presumably it would be a cryptocurrency designed and supported by that country's central bank. Many countries (including Canada) are currently working on such projects.
The catch though is that governments are not interested in careless speculation. They want stability in their national currencies. There are already several cryptocurrencies out there that are designed as "stablecoins," ie. they are designed to try to be pegged to the USD or Euro. So obviously a cryptocurrency that is designed to be pegged to fiat will not see any significant appreciation, save for marching in lockstep with the pegged national currency.
There are still a lot of good uses for digital stable-coins, as opposed to traditional fiat. They would work very similar to current fiat currencies, and their stability would be an asset to certain classes of investors. Currently, they are used when investors/speculators think that other cryptocurrencies such as bitcoin are about to drop in price. The traders move their funds out of bitcoin and into the stablecoin, so the value is preserved, and then if the cryptocurrency actually drops in price, they can sell their stablecoin and buy the cryptocurrency again, ending up with a greater quantity of the cryptocurrency than they had when they started.
The thing about cryptocurrencies that concerns me the most is that so few people understand how they work, and for those people, there is a serious risk of losing funds. Does anyone think that it's a good idea for someone with a grade 8 education to have access to a trading account where they can trade margined forex or leveraged derivatives? No. And for a lot of people, a true understanding of the characteristics and value of cryptocurrencies requires a good deal of financial and banking acumen, plus a solid grounding in economics. And perhaps it would help to have some mathematics and coding experience on the side.
Edit: And to be clear, that site is also a scam.
submitted by CanadianCryptoGuy to CryptoCurrency [link] [comments]

My(21 m) sister (27 f) joined a mlm scam/ cult and I dont know how to approach her about it.

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.
submitted by wolfshortman to relationship_advice [link] [comments]

New graduate and need advice

Hello, I am a 21 year old who had recently graduated an engineering course last April. I had planned to take the board exams this coming month but a few weeks ago, PRC had announced that all exams that aren't medical related be moved to 2021.
Some of my classmates had decided to get a job (and are planning to quit it a few months before the boards), and this got me pressured into thinking that I must get one too. Though my intentions are more into providing for the family since this quarantine really did hit us bad.
Just a bit of background, I live with my parents and 2 siblings. Only my father works for the family and earns ~28k a month. My mother is a full-time housewife and one of my siblings is a PWD, and is not in the mental capacity to work. My other sibling is starting college this year. With the quarantine, my father earned less than the usual. Really just enough to pay our bills.
Before quarantine, I had 40k saved into my bank account from living frugally for the past 5 years of college and it has been reduced to 10k because I had to pay for the review center, books, and even covered some holes in our finances (debts).
Honestly, when I finished passing all my requirements in March, I had scoured the internet for jobs and listings and was about to jump ship into one of those virtual assistant jobs when my family and friends stopped me. They say that money can wait and I should just focus on my license.
So taking their advice, I continued my studies but also joined financial literacy webinars like stocks and forex trading (all of them are only showing the tip of the iceberg and baiting you to pay for a full course though). I had also tried my hand at game dev since I program as a hobby.
But alas, the exam is moved and we desperately need money and it got me into thinking again.
So my questions now are: 1) Should I continue what I'm doing right now? Focus on my studies and hobbies while learning about financial literacy? Our finances are draining and I do not know how long we can hold. 2) I have zero formal work experience but I love programming. I am quite adept in several programming languages like python, javascript, html, java, c, c++, etc. Is it possible to formally put these skills to the test and also improving them by working remotely? If so, how? I am not 100% confident on my skills yet but I am always willing to learn. 3) What can I do to the 10k in my savings account? I am still unsure on what the future may bring. This could be the only thing that we can classify as an emergency fund. 4) I am at the age where I want to have finances of my own but also want to help my family. In the case that I start working but still want to support my family, is there any financial advice that I must follow if I do this?
Thank you so much for taking your time to read. I am not sure if this is the correct tag but please do tell of I'm wrong and I will correct it. I also apologize if my grammar and tense are off, I am doing my best but please do tell me if something is wrong, it will help me improve.
TL;DR: New graduate, board exams moved to 2021, whole family struggling financially because of quarantine. Should I start working or continue investing in my self first?
Edit: Thank you so much for your words guys! I had decided to start applying for jobs, while still working on expanding my knowledge and skillset through tutorials and courses online! I do still plan to take the boards though just in case I might need it.
I would also like to invite other fresh grads who are unsure of their next steps to read through the comments. The people here really give good advice and their words might help you reach a decision like it did for me.
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Day Trading Computer Requirements - YouTube

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