What is A book vs B book in Forex trading? Forex Factory

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TreeTrimmingGroup
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How true is the A Book and the B book of Forex?

I only read it on the internet and I was told that there is such a thing.
I wonder on how which category I do belong?
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Forex Trading in Kenya.

Someone posted on here a few days ago asking about forex and forex trading in Kenya, I have gone through the responses and clearly, most people don’t have an idea. It is 3am in the morning and am in a good mood so let me make this post. This will be a comprehensive and lengthy post so grab a pen and paper and sit down. We’ll be here a while.
FIRST OF ALL, who am I..?
I am a forex trader, in Nairobi, Kenya..i have been actively involved in forex since I found out about it in Feb 2016 when I somehow ended up in a wealth creation seminar (lol) in pride inn Westlands, the one close to Mpaka Rd. Luckily for me, it was not one of those AIM global meetings or I’d be on Facebook selling God knows what those guys sell. I did not take it seriously till August of the same year and I have been active ever since.
I don’t teach, mentor or sell a course or signals, I trade my own money. I am also posting from a throwaway account because I don’t want KRA on my ass.
What the fuck is forex and forex trading.
In simple plain English, forex is like the stock market but for currencies. Stock Market = Shares, forex = currencies. If you want more in-depth explanation, google is your friend.
These currencies are pegged on specific countries, united states- dollar, UK- pound, euro zone- euro, Switzerland- Swiss franc, Kenya- Kenya shilling.. you get the point. Now, there are specific events and happenings between these economies that affect the movement and values of the currencies, driving their value (purchasing power up and down). Forex trading exploits these movements to make money. When the value is going up, we buy and vice versa (down –sell)
Is forex trading illegal in Kenya? Is it a scam?
Illegal, no. scam, no. All the banks in the world do it (KCB made about 4 billion from trading forex in 2019)
Have there been scams involving forex in Kenya?
Yes. Here is one that happened recently. This one is the most infamous one yet. Best believe that this is not the end of these type of scams because the stupidity, greed and gullibility of human beings is unfathomable.
However, by the end of this post, I hope you won’t fall for such silliness.
What next how do I make it work..?
Am glad you asked. Generally, there are two ways to go about it. One, you teach yourself. This is the equivalent of stealing our dad’s car and hoping that the pedal you hit is the brake and not the accelerator. It is the route I took, it is the most rewarding and a huge ego boost when you finally make it on your own. Typically, this involves scouring the internet for hours upon hours going down rabbit holes, thinking you have made it telling all your friends how you will be a millionaire then losing all your money. Some people do not have the stomach for that.
The second route is more practical, structured and smarter.
First Learn the basics. There is a free online forex course at www.babypips.com/learn/forex this is merely an introductory course. Basically it is learning the parts of a car before they let you inside the car.
Second, start building your strategy. By the time you are done with the babypips, you will have a feel of what the forex market is, what interests you, etc. Tip..Babypips has a lot of garbage. It is good for introductory purposes but not good for much else, pick whatever stick to you or jumps at you the first time. Nonsense like indicators should be ignored.
The next step is now the most important. Developing the skill and building your strategy. As a beginner, you want to exhaust your naivety before jumping into the more advanced stuff. Eg can you identify a trend, what is a pair, what is position sizing, what is metatrader 4 and how to operate it, what news is good for a currency, when can I trade, what are the different trading sessions, what is technical analysis, what is market sentiment, what are bullish conditions what is emotion management, how does my psychology affect my trading (more on this later) an I a swing, scalper or day trader etc
Mentors and forex courses.. you have probably seen people advertising how they can teach and mentor you on how to trade forex and charging so much money for it. Somehow it seems that these people are focused on the teaching than the trading. Weird, right..? Truth is trading is hard, teaching not quite. A common saying in the industry is “Those who can’t trade, teach” you want to avoid all these gurus on Facebook and Instagram, some are legit but most are not. Sifting the wheat from the chaff is hard but I did that for you. The info is available online on YouTube, telegram channels etc. am not saying not to spend money on a course, if you find a mentor whose style resonates with you and the course is reasonably priced, please, go ahead and buy..it will cut your learning curve in half. People are different. What worked for me might not work for you.
Here are some nice YouTube channels to watch. These guys are legit..
  1. Sam sieden
  2. Cuebanks
  3. TheCoinFx
  4. The trading channel
  5. Astro
  6. Forex family
  7. Wicksdontlie
Advanced stuff
  1. ICT
After a short period of time, you will be able to sniff out bs teachers with relative ease. You will also discover some of your own and expand the list. Two tips, start with the oldest videos first and whichever of these resonates with you, stick with till the wheels fall off.
How long will it take until things start making sense
Give yourself time to grow and learn. This is all new to you and you are allowed to make mistakes, to fail and discover yourself. Realistically, depending on the effort you put in, you will not start seeing results until after 6 months. Could take longeshorter so there is no guarantee.
Social media, Mentality, Psychology and Books
Online, forex trading might not have the best reputation online because it takes hard work and scammers and gurus give it a bad name. However, try to not get sucked into the Instagram trader lifestyle as it is nowhere close to what the reality is. You will not make millions tomorrow or the day after, you might never even make it in this market. But that is the reality of life. Nothing is promised, nothing is guaranteed.
Your mentality, beliefs and ego will be challenged in this market. You will learn things that will make you blood boil, you will ask yourself daily, how is this possible, why don’t they teach this in school..bla bla bla..it will be hard but growth is painful, if it wasn’t we’d all be billionaires. Take a break, take a walk, drink a glass of whatever you like or roll one..detox. Chill with your girl (or man) Gradually you will develop mental toughness that will set you up for life. Personally, I sorta ditched religion and picked up stoicism. Whatever works for you.
Psychology, this is unfortunately one of the most neglected aspects of your personal development in this journey. Do you believe in yourself? Can you stand by your convictions when everyone is against you? Can you get up every day uncertain of the future? There will be moments where you will question yourself, am I even doing the right thing? the right way? It is normal and essential for your growth. People who played competitive sports have a natural advantage here. Remember the game is first won in your head then on the pitch.
Books: ironically, books that helped me the most were the mindset books, Think and grow rich, trading for a living, 4 hour work week, the monk who sold his Ferrari..just google mindset and psychology books, most trading books are garbage. Watch and listen to people who have made it in the investing business. Ray Dalio, warren, Bill Ackman and Carl Icahn.
This is turning out to be lengthier than I anticipated so I’ll try to be brief for the remaining parts.
Brokers
You will need to open up an account with a broker. Get a broker who is regulated. Australian ones (IC Market and Pepperstone) are both legit, reliable and regulated. Do your research. I’d avoid local ones because I’ve heard stories of wide spreads and liquidity problems. International brokers have never failed me. There are plenty brokers, there is no one size fits all recommendation. If it ain’t broke..don’t fix it.
Money transfer.
All brokers accept wire transfers, you might need to call your bank to authorize that, avoid Equity bank. Stanchart and Stanbic are alright. Large withdrawals $10k+ you will have to call them prior. Get Skrill and Neteller if you don’t like banks like me, set up a Bitcoin wallet for faster withdrawals, (Payoneer and Paypal are accepted by some brokers, just check with them.)
How much money can I make..?
I hate this question because people have perceived ceilings of income in their minds, eg 1 million ksh is too much to make per month or 10,000ksh is too little. Instead, work backwards. What % return did I make this month/ on this trade. Safaricom made 19.5% last year, if you make 20% you have outperformed them. If you reach of consistency where you can make x% per month on whatever money you have, then there are no limits to how much you can make.
How much money do I need to start with..?
Zero. You have all the resources above, go forth. There are brokers who provide free bonuses and withdraw-able profits. However, to make a fulltime income you will need some serious cash. Generally, 50,000 kes. You can start lower or higher but if you need say 20k to live comfortably and that is a 10% return per month, then you can do the math on how big your account should be. Of course things like compound interest come into play but that is dependent on your skill level. I have seen people do spectacular things with very little funds.
Taxes..?
Talk to a lawyer or an accountant. I am neither.
Family? Friends?
Unfortunately, people will not understand why you spend hundreds of hours watching strangers on the internet so it is best to keep it from them. Eventually you will make it work and they will come to your corner talking about how they always knew you’d make it.
The journey will be lonely, make some trading buddies along the way. You’d be surprised at how easy it is when people are united by their circumstances (and stupidity) I have guys who are my bros from South Africa and Lebanon who I have never met but we came up together and are now homies. Join forums, ask questions and grow. That is the only way to learn. Ideally, a group of 5-10 friends committed to learning and growth is the best model. Pushing each other to grow and discovering together.
Forex is real and you can do amazing things with it. It is not a get rich quick scheme. If you want a quick guaranteed income, get a job.
And now it is 5am, fuck.
This is oversimplified and leaves out many many aspects.
Happy to answer any questions.
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AFR: Best books/courses on Forex for newbie

I am planning to write a forex trading bot from scratch. Since I have zero knowledge on forex, I am looking to first get some basics done, then do some hands on myself for sometime and auto mate the process afterwards.
What are some good books om Forex that you would recommend?
Please fee free to correct my approach altogether, I might just not be on the right track. But the intent is to create a bot in future.
submitted by vikas-sharma to algotrading [link] [comments]

Backtesting

Hi all,I recently read in the book,Naked Forex, that you shouldn't backtest your strategies automated and then use them for manual backtesting and you should rather backtest manually or with manual software eg.Forex Tester and backtest automated and use the strategy automated.What are your opinions and also what are some good preferably free manual backtesting software?
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I got a question about the news coming up

I was reading a amazon book on forex and it says consumer price index is high volatility news and I saw on my forex app Swiss forex on June 17 at 1 am there is news says retail price index for gdp they are similar words and it’s defined almost same. Can somebody confirm this for me? Also maybe point out some refit groups on forex to check out and be more social don’t wanna post my questions here if They can be out of ordinary.
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Is “Book My Forex” (www.bookmyforex.com) a trusted Forex partner?

Is “Book My Forex” (www.bookmyforex.com) a trusted Forex partner for selling Forex currency in India via home delivery services? Do they offer better rates than other forex firms like UAE Exchange and Thomas Cook?
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Send Money Abroad

The world has become more connected; more people or corporates need to send money abroad for many reasons. If you live and working away from the home, time will definitely come when you have to make transfer to abroad to support your loved ones and other reasons.
Outward Remittance is basically the same as an international money transfer. Many of the sender /customers live overseas and send their hard money to support their loved ones. For example, Parents do a wire transfer to University or their son/daughter’s account for the purpose of their education.
To help them, please visit your nearest branch of Orient exchange or go to the website www.orientexchange.in
Some of the tips to be followed for good convenience:
The right place to Approach
· Telegraphic transfers or process of sending money are made through ADII RBI license holders or banks or money changers.
· Customers should remember that you just can not trust any individuals with the responsibility of sending money.
· Experts recommend choosing a better exchange house /bank that has the international footprint which makes your money transfer easier and secure.
Mode of transfer
You need to choose the option to send money. One is Wire transfer and another is Demand draft. Wire transfer is done via SWIFT i.e. Society for Worldwide Interbank Financial Telecommunications.
A swift transfer is the most secure and standard system which can be done by banks to their correspondents with each other. A demand draft can be sent abroad physically and takes a little bit of time to get cleared. In most of the time remittance will be received by the beneficiary bank in 48 hrs.
Process of application
Primarily, the customer has to send their documents /upload either online or visit the office or request for home verification of KYC and other relevant documents. The requirement of documents may slightly vary with the purpose behind sending the money. There is a limit set by RBI to individuals who remitting money abroad. RBI has placed an annual cap of $ 250000 to the individuals
· Rate fixing: Customer can book their forex rate by paying 2% of the transaction value or they may pay after verification of documents.
· Fees/charges: Many banks are involved in a single outward remittance through the SWIFT network. The customer is liable to pay extra fees. Two to three intermediary banks may handle the transfers so they can add their own charges. In addition to that own bank & receipt bank charges are also included in what you pay.
Duration: Remitter to receiver ‘s account
A swift transfer is transferring money between multiple banks before the funds credited to the seller’s /beneficiary account. This process will be completed from 1 to 5 working days depending on the countries where you transfer.
What details are must for outward remittance transfer?
*Beneficiary Details :
Name of the beneficiary &
Address of the Beneficiary
*Payee Bank details :
1) SWIFT CODE: Swift code is known as Bank ID /SWIFT CODE/Identifier code.
Each financial institution is having its own unique swift code. Swift code usually has 8 to 11 digit or characters.
For Ex: BANK OF AMERICA transfer, SWIFT CODE is “ BOFAUS3N”
2) Beneficiary bank name
3) Beneficiary Bank Address and branch name
4) Beneficiary Bank Account Number
5) Currency wise bank details are additionally required:
i) AED – IBAN
ii) GBP – IBAN, Sort Code
iii) CAD – Transit Number
iv) AUD – BSB Code
v) EUNZD/THB/SEK/SGD – IBAN
Attention on the exchange rate:
Customers always think about the best way to send Wire transfer at a cheap cost.
In the current market scenario, customers should know that most of the banks or money exchangers don’t use the real exchange rate. Instead of that, add more margin on top of live rates. So, customers pay more or beneficiary to receive less. To avoid these hidden charges try using online services that provide you the live /real exchange rates on all wire transfers, Currency Exchange, forex card etc….
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Swing trading recommendations?>

Your best books about forex swing trading?
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BabyPips Training Update (October)

BabyPips Training Update (October)
So this month i have started the babypips learning path, actually i'm reading also few books about forex and psicology. The main idea it's to create a plan for grow the capital (i will start from 300$ with doing simple intra-day trading, due the low capital) 2% profit day during the main LONDON/NEW YORK session (it's the lowest spread zone). Actually i learn the base of forex like terminology and supports. 3-6 month demo it's the main target but i will see how fast can i learn.
Belowe there's a screenshot that i made while trying to understand canals and resistence while reading about it on babypips. Let me know if i'm doing it right or if you can give me some tips



Easier to find picks and lows
Candle stick version for see how market try to break the resistence,
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Why is it a Good Idea to Exchange Canadian Dollar Online?

The Canadian dollar is the official currency of Canada and is represented as CAD. The currency notes of the Canadian dollar are available in denominations of 5, 10, 20, 50, and 100. Travelers who are traveling from India to Canada have to get their INR converted to CAD. The best way to do this would be to visit BookMyForex. You can get the best Canadian dollar rate on BookMyForex.
The convenience of exchanging foreign currency online
Although there are several ways in which you can get your INR converted to CAD, the currency exchange rates vary from one source to another. Out of all the available sources for currency exchange, the best forex rate is offered online by BookMyForex.
BookMyForex is the largest and the first portal which offers foreign currency exchange online. You can check the live Canadian exchange rates here which are the same as what you would see on sites like Google, CNBC, etc.
What BookMyForex does is, it compares the Canadian dollar rate today across several banks and financial centers and then displays the best Canadian exchange rate to you. The online conversion process makes currency exchange a simpler process without any hassle. All you have to do is buy the Canadian dollar at the best rate and we will deliver it to you within the minimum amount of time.
The facility of freezing a forex rate online
The Canadian dollar rate that is displayed on BookMyForex is transparent and live. These rates are almost 5% less than that of the forex rates offered by banks and money changers. BookMyForex gives you the facility of freezing rates online as well. This means that when you see a forex rate that seems suitable for you, you can freeze that particular rate and exchange currency at that rate within the next three days.
Also, there are no hidden fees for exchanging currency via BookMyForex. If you want to get notified about the best dollar rate today, you can opt for the “Rate Alert” feature. This will notify you via email every time a good Canadian dollar rate is available.
Wide range of product offering
BookMyForex is undoubtedly the best source for exchanging currency online and it also provides multiple options for Canadian dollar products. When you use BookMyForex to exchange foreign currency, you can choose from a selected range of products like Canadian cash currency, Canadian traveler’s cheque, Canadian prepaid forex card, etc. These products can be greatly beneficial when you are traveling to Canada.
Canadian forex cards are a much better option than carrying around cash as it is not only safer but it also provides other benefits as well. Apart from these products, BookMyForex also offers the service of money transfer of foreign currency. This can be done by either opting for a Canadian dollar demand draft or through Canadian dollar wire transfer. When you opt for this, the money transaction is carried out directly from an Indian bank to the bank in Canada.
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Send Money To Canada At Best Canadian Dollar Rates On BookMyForex

Are you looking for a good forex company or a bank for money transfer to Canada from India? Sending money from India to Canada is easy and simple with BookMyForex and you can check the live Canadian dollar rate on BookMyForex by just doing it all online from the comforts of your home.
Sending money to another Country basically overseas or Abroad is called remittance and Remittance can be counted as two types.
Outward Remittance: When You Send Money From India to A Foreign Country
Inward Remittance: When You Send Money To India from a Foreign Country
Methods of Sending Money To Canada:
You can send money to Canada from India through following two methods:
Wire Transfer:
Wire transfers are direct bank to bank transfers where money from an Indian bank account is directly transferred to your beneficiary's bank account abroad. Popular opinion is that Wire transfers from India are the best and most convenient way to transfer money abroad
-Money exchangers:
They are fast but very expensive and not entirely reliable or secure. You don't need an account but the process is time-consuming and you need proof of residence and identity to send money from India. Money changers may want you to register and verify the recipient or the beneficiary. This is to protect the security of your fund, to prevent fraud, and to make future remittances more streamlined.
-Online Forex Companies like BookMyForex-
It provides you Fast, safe, reliable, and secure. Zero charges, no hidden costs, and better rates than anyone else.
There are several aspects in which BookMyForex far outweighs other money changers and banks when you need to send money from India to Canada or any other country.
We will tell you how...
Company Like BookMyForex Vs Banks
The exchange rates offered by banks are up to 5% higher than those as compared by BookMyForex. Also, banks follow the practice of offering one card rates or daily rates that work out to far more expensive than live and real-time rates offered by BookMyForex (the first and only currency exchange in India to do so) for money transfer to Canada from India.
On the other hand, since BookMyForex is an online platform for forex transactions, you can book your order online anytime and from anywhere as per your convenience. You get guaranteed best rates when you send money to Canada from India.
Online Exchangers VS Offline Exchangers
Many forex players are not sure about the documentation required for money remittance and can make you go back and forth unnecessarily, which can be quite a pain! Just like banks, other currency exchangers also operate at 'daily rates' which are not comparable to the live rates offered by BookMyForex for money transfer to Canada from India.
Some local money changers offer very lucrative exchange rates provided you don't take a bill for your transaction to send money from India to Canada. Doing so means buying currency from the black market, and if caught, both, the dealer and the customer, are punishable by law and can land you behind bars. Would you really want to take that risk?
Being an online Company, BookMyForex provides customers the convenience of ordering online and the guaranteed best rates to send money from India to Canada because there are no infrastructure costs involved.
Now, get the currency Exchange services from cities like Mohali, Patiala, Dehradun and other big cities like Hyderabad, Mumbai, Delhi, Chennai
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Easily Convert Riyal to INR Currency Online

Easily Convert Riyal to INR Currency Online
If you need to convert SAR to INR, then there are many options available. Converting Riyal to INR is cheaper and you can do it through BookMyForex. We offers you the best deals for currency exchange at the best rates. To know the best rates for Converting Riyal to INR Online visit website link.

https://preview.redd.it/2kmer82xry641.png?width=800&format=png&auto=webp&s=921c284b96614c9f2d61bd12a8f6456e6adfd668
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Get the Ideal Dollar Rate at BookMyForex

Description: The US dollar is the official currency of the United States of America or the USA. The USA is known to have maintained plenty of trade agreements with the other foreign currencies of the world and this makes the US dollar pretty popular in many countries. It depicts the business currency used frequently across different nations. Several countries apart from the USA also consider the US dollar as their official currency. Since the US dollar is one of the most exchanged currencies in the world, it is used by the foreign currency exchange market as a benchmark. You can get the best dollar rate on BookMyForex
Currency exchange rates
Currency rate or exchange rate or forex rate is the standard currency value’s representation. Forex rate is useful for getting your currency exchanged. For instance, if you need to convert your INR to the US dollar, there is a specific rate you need to pay for the same. This rate is known as the foreign exchange rate or forex rate.
The forex rate keeps fluctuating and is never really the same at any given point of time. This variation is based on the ongoing market trends. BookMyForex ensures that the forex rates are up to date at all times. This is done in order to ensure a feasible currency exchange for the customers.
Buying forex online at the best rate
If you wish to exchange currency and want to know the US dollar rate today on BookMyforex, There are options for money exchange as well like through banks, kiosks at the airport or through moneychangers. But, if you want to access the best deals on the exchange of currency, online sites like BookMyForex is the best option.
The traditional ways of exchanging currency may involve a few additional charges. However, with BookMyForex, there are absolutely no hidden charges for providing the currency exchange service.
The best part about BookMyForex is that you can check the US dollar rate from the comfort of your home and order forex online. Once this is done, the forex will be delivered to you within the minimum amount of time.
Locking in an ideal exchange rate
If you are looking to buy currency online at the best dollar rate, BookMyForex is the perfect option. As most of you must be knowing, the currency rate keeps fluctuating several times throughout any given day. You may have checked an ideal currency rate at some point in time but it may change during the time of your forex purchase.
Such a situation can be easily avoided by opting to purchase forex from BookMyForex. Here, when you feel a particular currency exchange rate is ideal, you can lock in the rate and exchange currency at this rate anytime within the next three days. Also, you will not be charged anything extra for the currency exchange service which is not the case when you approach the local banks and institutions for currency exchange.
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Convert SAR to INR With The Best Exchange Rates

Convert SAR to INR With The Best Exchange Rates
If you are travelling to Saudi Riyal for personal or professional reasons, please do not go for last-minute conversions at the airport. Take your time to plan the trip in advance including the budget of your stay and other leisure-based expenditures. It is very much possible that planning beforehand might help you save a lot of money on INR to SAR or SAR to INR on BookMyForex conversions. To know more visit website link.
https://preview.redd.it/qan19ejn8y741.png?width=800&format=png&auto=webp&s=b9e6e5d80b005b2acf6e1aed794079df13d15705
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How to correctly draw support and resistance levels

How to correctly draw support and resistance levels
(This post is mainly for beginners in Forex that are struggling in support and resistance levels, although you more experienced guys might also learn a thing or two, this also doesn't go over how to use them to enter trades, although I could make a post about it if it is requested)

How to correctly mark support & resistance in most markets

First thing to realise is that s&r levels are not really levels, they are zones, sometimes the price just misses the level and other times it goes just over, but it still reverses/breaks out off the general level. You will rarely find the exact level of where the price will reverse. There is no exact criteria on what makes a level significant levels, but you will eventually get better as you pipe in more experience into the market.

What even is a support/resistance zone?
Simply put a support or resistance zone is a price the market has had experience with before. In the book "Naked Forex" Alex Nekritin puts perfectly that s/r zones are just market scars. Market scars that the price has visited before and will try to stay away from as best as it can (but sometimes breakouts occur, more on that later).
Do zones expire?
This is very subjective, some say the older the level the less valid it may be, and others vice versa. I personally believe they don't expire and significant zones stay valid unless disapproved by appropriate price action. Your answer may be completely different, everyone's experience with the market is different
What are these "breakouts"?
Breakouts are when the price doesn't respect the level. Most of the time the price respects a level and reverses off it, however that can only happen for some time, (if this happens for a period of time where the price is bouncing off a support and resistance it is known as consolidation). Of course it can't keep trading in a range forever, breakouts have to happen. Breakouts mostly happen within high volatility, either from news or just the time the market is open, however the price can also just wonder through the zone, creating a less volatile breakout. You may also experience the price going over a zone and then returning into it;

On chart 1 below you can see a bland chart, just load up any trading software and you should see something like this. We can see the price recently has been on a decline on the last four candles.
EURUSD H1 (Chart 1)
To the untrained trader, this looks like guess work to place a good significant level. Wicks flying everywhere, this is where tip #1 comes in.

Tip #1: Change your candlestick chart into a line graph
EURUSD H1 (Chart 2)
This very simple tool removes all of the wick clutter and just gives a nice line of how the price has been moving (Keep in mind this only shows the close of the time frame and doesn't include wicks). Thus it makes marking s/r lines way way easier. Just off this you can place lines where the price has reversed, don't add too many as that could also be too bad for you (check tip #2)
Another thing to keep in mind is that if a price curves and reverses, this usually shows a stall on the zone and is an important level to manage. (Check Chart 3)
On Chart 3 you can see some levels I've added in that respond to the recent price on the line chart:
EURUSD H1 With S/R (Chart 3)
After you've added your s/r you can switch back to normal candle sticks to further evaluate your zones.
EURUSD H1 With S/R Candlesticks (Chart 4)

Tip #2: Don't over-add unnecessary levels
This mostly occurs if you don't have patience with the market and want to rush into a trade. Don't try and scavenge for any little s/r zone as they could easily end up failing if they haven't been tested and confirmed. It will also prevent you from finding any valuable trades.
You don't want your chart looking like this, where would you even start looking for an entry?
Jumble of messy lines
Tip #3: Draw major zones on higher time frames
Say you enter your trades mostly on H4, draw your major zones on the D1 chart. As well as this you can draw minor zones in time frames smaller than your usual one, like from H4 to H1.
Just a little tip you could keep in mind.

Those are just three tips that really help me out when drawing my s&r zones (they might not work out for you but it's worth giving them a shot) and I have tried making this post as beginner friendly as possible, so I really hope you all learned something from this post.

This post was heavily inspired by Naked Forex, you can find a PDF of it here
Edit: Typos
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Want To Know Money Exchange Near Me ?

There can be different reasons why you would need to exchange money. It could be for an abroad trip or for educational fees you have to pay. It could be for an emergency cash settlement to a relative who are living in an abroad.
Many Banks offers you to exchange your money but with added costs and charges. So you can go to online Forex sites for best deals in currency exchange.
If you are thinking where is money exchange near me, then don’t worry online forex sites offer you the best deals on currency exchange.An online site like Bookmyforex.com offers you the best features for Forex exchange.
Get The Best Deals And Rates
When you exchange your currency from forex sites like BookMyForex.com , you will get the live & best forex rates . As the live rates which is present on our websites updates after every three seconds and you can lock a rate that is feasible for three days.
But you need to pay an upfront charge of 2% on the exchange. It likewise lets you set a notification for the exchange rate. If it match to your desired rate that you have set , then you will receive a notification email from our site.
The Market Rate Fluctuations
Forex rates and exchange rates are never be a constant. These rates changes according to economic situations. Banks and moneychangers charge extra for currency exchange. But, a site like Bookmyforex.com offers you a rate that is updated.
Likewise, most banks and Forex dealers offer a high rate of margin for the exchange to maintain a strategic distance from any misfortune they bring about in the worldwide market. By picking a reasonable rate, make payment and get your currency exchanged at no additional cost. The site delivers the exchanged currency at your doorstep.
The best decision for Money Exchange
With digital transformation, everything can be done online today. From the booking of air tickets to making bill payments, digitalization has made life easier. So, why do you rely on traditional ways like Banks and Moneychangers for the exchange of currency?
With advanced change, everything should be possible online today. From the booking of air passes to make bill payments, digitalization has made life simpler. Things being what they are, the reason do you depend on conventional ways like Banks and Moneychangers for the exchange of currency?
Online Forex destinations offer you the best arrangements on trade with a reasonable rate advantage.
An online website like Bookmyforex.com offers you complete expediency in terms of exchange and rates. You can also save a lot on other travel-related items like travel insurance and calling cards.
With access to more than 650+ locations across over India, you can get your exchange delivered.. The procedure is simple and you'll get your money exchange home conveyed in 24 hours.
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Exchanging Malaysian ringgit to INR - The Deets you must know!

Malaysian ringgit is the official currency of Malaysia. Earlier the currency was denoted in Dollars. Do you need to convert MYR to INR? Then you can do it in various ways. The purpose could be emergency remittance, trip to Malaysia or paying educational fees.
The exchange process through banks and moneychangers is a bit traditional. Banks don't offer you Malaysia currency at a flexible rate. You'll get it according to day option, unlike forex sites.
Also, moneychangers charge extra on MYR to INR so it can indeed cost you more. Online forex sites offer great deals on the exchange of RM to INR.
Online Forex site
Online forex site like Bookmyforex.com offers you the best rates on exchange. MYR to INR on BookMyForex can help to save your money and effort both. As the rates are updated after every three seconds, you'll get to freeze the rates for three days.
By paying an upfront charge of 2%, you'll be able to use the same rate for your transaction. The site also offers a unique rate alert feature which notifies you when your desired rate matches the rate on the site. Getting a fair rate will help you get the best deal on ringgit to INR.
The rate advantage
Bookmyforex.com is the most popular online marketplace for currency exchange. The site lets you compare the rates and also use a converter. The site has partnered with more than 100 banks and moneychangers to give you a fair rate advantage.
It offers a home delivery option in more than 650+ locations in India. Ringgit to INR exchange is easy when you enter a location and amount. You need to set your rate for exchange and make payment.
It also offers a facility of same-day delivery in emergencies. If you book your order before 12 in the noon, you'll get same-day delivery on exchange.
MYR Forex cards
Applications in smartphones have surely changed the way you work. Everything can be done in seconds with the use of apps. In the same way, you can opt for a smart currency option if you are traveling to Malaysia.
Buy an MYR Forex card from Bookmyforex.com and have a great time on your trip. You can preload Malaysia currency in the card and use it to make purchases including the ones on online websites.
The site also offers traveler's cheque and MYR money transfer. Traveler's cheque can be encashed in an emergency and money transfer takes about twenty-four hours.
Get the best deal,
Who doesn't wish to get the best deal on the exchange? Exchanging ringgit to INR is easy with Bookmyforex.com. There is no hidden charge or fee that you have to pay on exchange.
The process is simple, you just need to log on to the site. Choose MYR to INR exchange option. Enter the amount and rate and get your payment done. The order will be delivered at your home.
The exchange process has never been this simple. With Bookmyforex.com you can expect complete transparency and expediency. You'll also get the benefit of loyalty programs and customer service from the site. MYR to INR on BookMyForex is the best way to exchange.
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Exchange USD to INR Online at Best Selling Rate

Find the best USD to INR selling rate at Bookmyforex.com and convert USD to INR in very easy steps via USD to INR Currency Converter. Get Live and Best USD to INR Exchange rates at BookMyForex and Pay 0 Charges ☎ 9212219191.
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PhD Interested in Finance Career

Hello. I've been reading through the posts on this sub for a few days now and have soaked in a bit of info. I'm from Africa and currently doing a PhD in Germany in geophysics. After playing around a bit with books on Forex, I developed a sudden interest in the financial services industry and I would really like to work in investment banking or management consulting. I know that consulting firms have no problem with PhD applicants but the general impression I get from this sub and other places is that investment banks often want candidates with finance backgrounds, internships, ivy leagues etc. I have come up with a plan and would like your insight on this. Here is the plan: my PhD comes to an end in mid 2022. From now on, I will start to study the financial market, learn financial modeling in excel, create a few models of my own and once I'm comfortable enough with all the valuation, M&A and modeling concepts, I reach out to bankers in Germany and London towards the end of the PhD to discuss with them and show them how far I have come all by myself. My hope is that this would be enough to convince people that I'm really interested in this field and perhaps land me interviews.
Is this a reasonable approach? Could you advise me on how best to go about this? Thanks
submitted by plateauatheist to FinancialCareers [link] [comments]

why do i see more people trading stocks successfully than forex?

Title says it all, honest question here. I have posted this to the forex sub as well, want to see your opinion. Whenever someone gets asked if there is anyone making consistent money off of trading the person most of the time is trading stocks instead of forex. why? if stocks are more likely to trend, then just buying a stock and then holding onto it is not really trading, is investing isnt it? im curious how actual trading stocks is different?
i have read a bunch of books on forex trading, any tips what to get my hands on to see how stock trading is different?
input appreciated
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"Naked" Price Action

Resources OTHER THAN the book Naked Forex, which I have downloaded and will be reading very soon. I'm curious to read up on other approaches and resources that may have helped you along your Forex journey.
submitted by mysteriousmud to Forex [link] [comments]

Get the Best Thai Baht to INR Selling Rate | Bookmyforex.com

Get the best Thai Baht to INR selling rate at Bookmyforex.com. All the Thai Baht to INR rates displayed on BookMyForex are updated every 3 seconds. Compare Thai baht to INR rates on other sites; you will find the best Thai Baht rates here. Contact us to know Thai Baht to INR rates or to convert THB to INR at best rates.
THb to INR
INR to Baht
Thai Baht to INR
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What are A-book and B-book Models of FX Brokers? - YouTube The Difference Between A Book and B Book Brokers  Tani Forex STP and Market Maker broker tutorial How Forex Brokers Make Money - Episode 1: A-Book vs B-Book ... The BEST Forex Books For Success  Highly Recommend - YouTube

Why do Forex brokers B book? A B book business model is a very profitable one. Statistics says that 90% of traders lose their deposits within 6 months. The statistics favour the broker significantly. So what are the pros and cons of trading with a b book broker? Well, if your Forex broker purely B books you, without giving you slippage, then it is actually good for you! You can deploy ... ALL regulated forex brokers possess what’s known as a “market maker license”. Whether the broker is regulated by ASIC, FCA or the NFA, it’s the same. They have the OPTION to fill the trades internally (B-Book) or pass them through to the market (A-Book). As a client, you’ll likely never know which book you’re on. The B Book - used by Market Maker brokers. Forex brokers that use a B Book keep their clients' orders internally. They take the other side of their clients' trades, which means that the brokers' profits are often equal to their clients' losses. Brokerage firms are able to manage the risks associated with the holding of a B Book by using certain risk management strategies: internal hedging ... Spot Forex differs from many other financial instruments as it is possible for the brokerage to take the other side of customer trades. This is where the distinction between the A and B book comes in, with many hybrid brokerages operating both an A and B book. The A-book When a customers trade is passed […] What is A book vs B book in Forex trading? Last Post ; 1 Page 2; 1 Page 2 ; Post # 21; Quote; Nov 11, 7:19am (42 hr ago) Nov 11, 7:19am (42 hr ago) ambenneesham Joined Jul 2020 Status: Member 7 Posts. I never prefer to open my trading account with a bucket shop broker. It doesn’t do any good, rather gives you stress. Post # 22; Quote; Last Post: Nov 11, 7:59am (41 hr ago) Nov 11, 7 ... B book forex brokers typically charge a fixed spread which you pay for every time you open or close a position. This again has some advantages and drawbacks. For one, having fixed spreads makes it ... What is A Book vs B book in Forex trading? Forex is different from equities or futures trading because your broker can choose to trade against you. This is known as B booking. When your broker sends all your trades to the real market or their liquidity providers, this is known as A Booking. In futures or equities trading, all your trades are sent to the exchange and matched with other buyers ...

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What are A-book and B-book Models of FX Brokers? - YouTube

B Book brokers market maker, not transfer trades to liquidity providers. always work A Book best Forex brokers. all information in this basics Forex trading tutorial in Hindi and Urdu by Tani Forex. The Difference Between A Book and B Book Brokers ☝ http://www.financial-spread-betting.com/ Check Mark's Premium Course: https://price-action-trading.tea... Ever wondered about how Forex and CFD brokers make money? Expand your brain as Global Prime veterans Angus Walker (General Manager) and Jeremy Kinstlinger (C... Although reading forex trading books isn't the holy grail to becoming a successful forex trader, it is important to constantly be working on your psychology ...

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