Market Trading Hours. Forex Trading Session ... - Forex Broker

Started from the bottom and I finally made it! My tips for new traders starting.

A little background, 23 year old dude from Singapore with IT background (Ethical hacker), friend introduced me to Forex which he eventually quit but I didn't. I love challenges and now I plan on taking up Forex trading as a career apart from my passive income jobs.
When I first started trading, I was frustrated! I had so many unanswered questions, why do I keep getting stopped out? Why are my profits so low? Why was my trades always going opposite only once I opened. Is my broker trading against me? So I paused and walked away from the charts for a few weeks, in that break I took it upon myself to understand more about Forex before opening the charts again and here is what I learned. Mind you, I did not buy any course or Indicators! All I did was read articles on the internet, watch a ton of YouTube videos and tried almost all indicators .

Here we go, my tips. These are based on my views
  1. UNDERSTAND BANKS AND BIG FINANCIALS INSTITUTIONS MOVES THE MARKET - No retail traders will be able to move the market like how the Big Banks move the market. You need to understand how banks move smart money and dumb money.(Will explain more later in the post)
  2. STOP SEARCHING FOR THE HOLY GRAIL - No indicators is going to tell you where is the best entry or best exit. They often lag and are behind time so by the time you enter a trade, the trend has already moved a certain percentage causing you to lose precious pips that you could have gotten as profits. Instead look at the charts to search for "low risk, high probability trades" (Will explain more later in the post)
  3. LOOK OUT FOR NEWS (fundamentals) - Big impact news move the markets with big moves, don't get stopped out because you entered at the wrong time without knowing that there is a high impact news in a few minutes/hours. It might hurt your account badly even through you have a stop-loss. Understand the nature of the news and how it will impact the currency.
  4. DO NOT CHASE PROFITS - Chasing profits will be the number one reason you blow your account because no amount of money will satisfy you, you will always want more. Trust me, I've been there and done that . Instead start looking at percentage earned and loss, because in Forex you need money to make money. Lets say you have a target of 5% a month, with a $1000 account that is only $50 and doesn't seem significant but do that with a $100,000 account and you will get $5000 every month. I think you will get it by now. You can't just open a $1000 account and expect to be a millionaire in 1 month. Greed will take over you and you will blow every account you open.
  5. DO NOT OVER LEVERAGE YOU ACCOUNT - By over leveraging you will be able to open larger lot sizes and you will feel good that you can use less money to earn more profit! Then you will start trading, say you profited your first trade and you feel good about yourself. Profited your second trade and feel even better. So you go bigger in the third trade, and guess what? You lost this trade. And this one loss is enough to wipe out your whole $1000 account.
  6. MORE TRADES DOES NOT GIVE YOU MORE PROFITS - As a trader you should understand not every trade will turn out positive, there will always be negative trades. And at times you can have more negative trade than positive but still end up with profits at the end of the week? This is where quality over quantity trades comes in play. Lets say for example you had 4 losing trades and 2 winning trades, your losing trades are 2% each and your winning trades are 8% each, add them up and you will still have 8% profit. This is also a very important part called risk management. YOU MUST UNDERSTAND RISK MANAGEMENT ELSE YOU WILL ALWAYS FAIL IN FOREX.
  7. NEVER CHASE THE MARKET - Markets move 24/7 from Monday 5 AM to Saturday 5 AM (Singapore time, GMT+8). There will be plenty of opportunity to enter the market. You don't always need to have an open position during this time to feel like a trader. Smart traders look for the best opportunity to enter the market at certain levels. Missed an opportunity, don't worry! There will always be another opportunity, trust me! By chasing the market and always trying to open a position, it will only cause you to blow out your account faster.
  8. PATIENCE PATIENCE PATIENCE - I can't place more emphasis on this point. Once you have analysed the market and placed your trade, be patient and let the market work for you. By you sitting at the screen 24/7, the trade is not going to go by your way magically. Remember Bulls will Profit, Bears will profit, only Pigs will get slaughtered! Don't let greed eat you alive.

Now lets talk about the "low risk, high probability" trades and how I trade. Trading is easy, if you take some time to understand it.

How I trade? That's a simple question. I use supply and demand together with fundamentals. I keep my charts clean off indicators. I know I know as soon as I say supply and demand, some of you are going to be like supply and demand doesn't exist in the currency market. But I hope you understand this are my views.
Supply and Demand
Supply and demand levels are zones that tend to be tested again and again till its broken creating another level for supply and demand. You are basically trading against the trend and I know people will be scared and think I'm dumb for saying. But once I learned this theory and started practicing it, I kicked myself in the bum for being so dumb all this while. This zones are also known for when banks throw large amount of money into the market. Bank traders do not have their screen cluttered with tons of indicators like retail trades who is just in search for the holy grail. They practice supply and demand. Let me put it in a easier context, It is basically buying a currency at wholesale and selling it at a retail price. People always practice this everyday in life like buying more of a certain item just because it is on discount at a supermarket but I don't understand why they neglect it when it comes to Forex. It is no different here in the markets. I am not going to say no more, as I want you to google more about it and understand it yourself, that is the best way you will learn better. Watch YouTube videos, read articles, see how bankers trade, understand why they place the trade.
Also understand that there is no supply and demand in lower time frame like M1 or M5, its just noise. For myself, I use H1/H4/D1.
I make 100-200 pips per week and that is enough for me currently, Remember don't be greedy.
However when there is news events, supply and demand may be ignored due to the nature of how fundamentals affect the market differently. Understand the difference and with that I have came to the end.
Remember to treat yourself once in awhile when you do good each month, You will enjoy trading better. Let me tell you the best part about trading, is that you can work from anywhere in the world, be your own boss and never be pressured by anyone.
If you have made it this far, I thank you for taking your time to read this thread. This may be your first step to success.

HAVE A GREAT WEEKEND AND HAPPY TRADING

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some helphul common terms for forex traders

Common terms:

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Best Forex Trading Hours GMT, EST AEST 2 How to Set Your Time Zone in MetaTrader - YouTube Forex Broker Killer Story Time  Who is Kgopotso Mmutlane ... What's the Best Time to Trade Forex?  3 Major Market ... Forex Market Hours : Best Time To Trade In Forex The Reality Of Trading Forex Full-Time - YouTube How to Find your MT4 Broker server time or timezone used ...

As the Forex market employs a lot of countries from different time zones, Forex is considered to work according to universal time. At present instead of GMT standard, which is rendered obsolete, it's widely accepted to use UTC - Coordinated Universal Time. RoboForex server time differs from UTC by 2 hours (UTC +2), and in summer, with a switch ... GMT+2 (or +3 during European Summer DST): Forex brokers whose servers are based off GMT+2 (or +3) server time usually tend to offer 5 candlesticks during a week, representing 5 days of trading sessions in the week. Typically, GMT+2(+3) brokers follow the GMT timings of 5PM EST as the open and close of a new day’s trading session. The time in the market watch window will now be set at GMT + 2, depending on your time zone you may also notice the market open one hour later on Monday. The charts will still show an opening time of 00:00 platform time. Some EAs using a GMT offset may also be affected by this change, you should make the necessary adjustments to the GMT offset in your EA settings prior to the 4th of November ... What Is a Forex Broker? 10/23/2017 7:59 PM. On November 5th MT4 Server Time Switches to GMT+2. On November 5th, 2017 FXOpen will switch its trading servers from GMT +3 to GMT +2. The GMT offset in the company’s MetaTrader platform will be set to GMT+2 starting with the market opening on Monday (November 6th, 2017). The change will affect all types of FXOpen trading accounts. The changing of ... 10/24/2018 1:29 PM. On November 4th MT4 Server Time Switches to GMT+2. On November 4th, 2018 FXOpen will switch its trading servers from GMT +3 to GMT +2.The GMT offset in the company’s MetaTrader platform will be set to GMT+2 starting with the market opening on Monday (November 5th, 2018).. The change will affect all types of FXOpen trading accounts. FXDD is GMT +2. Wouldn't it be great if MT4 let the user adjust the timezone, instead of having it locked to the server? You know, how every other charting package works. FWIW, all MT4 brokers should be set to GMT +2, because that way the daily candle closes at the correct time (17:00 EST). MT4 closes the daily candle 24 hours from whatever time the broker sets, so brokers who use other GMT ... when it is 7 oclock at night in london, it is 2 oclock in the afternoon in new york. as you go towards the dateline( just east of new zealand, it is gmt - something bigger. new zealand is gmt plus 12, a day ahead. oanda uses new york time as far as i know. i had a look at a calendar and counted days excluding sat and sun and the gmt + 2 brokers match up. surprising oanda doesnt even though ...

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Best Forex Trading Hours GMT, EST AEST 2

In this video I discuss the reality of being a full-time Forex trader and my experiences from the past 4 years to give you advice on how you should approach ... Forex Market Hours - Best Time To Trade While it is true that the Forex currency market is open 24 hours a day , that does not mean that you have the same activity throughout the day . NetPicks shows you how to set your time zone and make it accurate. We show you how to sync your broker time with NY time in MetaTrader. If playback doesn't begin shortly, try restarting your device. Up Next. Cancel. Autoplay is paused. You're signed out. Videos you watch may be added to the TV's watch history and influence TV ... Best Forex Trading Hours GMT, EST AEST 2 How to Find your MT4 Broker server time or timezone used on your MT4 Forex trading platform NEWEST VIDEO MUST WATCH: "+1000 Forex traders prove that directio... Thank you for choosing this video. In this video,Kgopotso Mmutlane who is well known as #forex broker killer gives us a story about how he grew up. Who is Kg...

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