Forex trading for beginners

Yahya

VIP
2020 GRANDMASTER
Anyone actually made money using this? say i had £500. How much can i get back in returns?
 
Anyone actually made money using this? say i had £500. How much can i get back in returns?

me and my brother trad forex ,

but we use algorithm, we know what we are doing, being an economist helps and i am a certified former forex trader

we back test our trades and back test them regularly agents moving big data news days like Non farm payrolls or interests decisions by the fed, BOE Eu central bank etc,



be careful on trading with margins, and do not hold positions past 10pm as they will charge you interest/riba,

DOT NOT hold positions over night or your money will become riba as you will pay riba,



do not trade everything under the sun, keep it simple and focus on one asset, forex is good because you buy and sell, but avoid CFDs and derivative forex as they are haraam since you will not own it,

also pay cash, not margin as in islamic its haram to mix a sell with a debt instrument at the same transactions ( if you are using margin like 999.99% of traders, you will be given a loan by your broker called margin, this mix is not allowed in islam since its a sale mixed with a loan/margin)


my brother can make around 30% return,

but nowa days dont even bother trading with out algorithm, your competition will be entering and closing positions before you blink,


make sure you stick to your risk to reward ration

if you risk 1 make sure your reward is always higher, maybe 1.5 or 2 or 3, so if you trade and you lose 1 dollar but you make 3 dollars when you win is good,

remember never ever go in with out a strategy to calculate how much you will risk per trade and your closing strategy

trade on fundamentals ( economic data) never on rumours,

always go in with a strategy, if you lose money, cool it off and stop trading,

always remember your ego is your biggest enemy,
 
ADAM KHOO IS THE BEST TEACHER IN MY HUMBLE OPINION,

i taught my brother deep economic fundamentals that move markets,

fed balance sheet, money supply, fractional reserve banking, repo over night rates etc

Libor rates, i ignore almost everything for in the short term it doesn't matter like trump getting angry at turkey, i do not trade exotics like Turkish lira anyways but stable 8 top currencies,

so i focus on what the central bank does, i am the geek who reads the deep ugly boring numbers of central bank policy and watch their 2 hour boring news updates interviews,

learn economics,

either trade on fundamental like economics or technical like charts, but you still need a good foundation cilmi in economics, monetary economics, fiscal policy,
 
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