Forex and Gold/Silver bullion Trading

[UP]

I trade on Forex every day via IG Index (I am on it now!). Mainly GBP/USD, and USD/JPY, have been for past 15 years. There's a a lot to explain, but I use forex to hedge my assets elsewhere. For example, I know my USD denominated assets will rise if the GBP falls, so I go Long GBP/USD. This is just one example. Also given the FX market is the one true 24/7 market, there are many strategies you can use. Ranging from scalping (profiting a few pips then closing your position), to long term (Futures/Options contracts).


Here's my advice :

• Trade with money you can afford to lose.
• Have a budget per month. (My budget is £500/month)
• Avoid leverage and trade using fixed risk. (It's better to know how much you stand to lose compared with how much you could possibly lose).
• Start following the news. Politics and Economics affect FX more than anything else.
• Don't think you will become rich, treat the trading as a supplement income, not your primary income.
• Find a strategy that suits you, and only trade in FX pairs you understand. (I use DFBs and buy PUT/LONG options).
• Read the Forex For Dummies book.

There's so much more to go through, but remember what works for me, may not work for you. Best to start with a demo account so you get a feel. IG Index is the platform - assuming you live in the UK.

You should be trading with eyes closed by now. A 15 year experience is a lot. How much money have you made in 15 years?

 

[UP]

I recently became interested in forex trading and I bought 3 Udemy courses. I am liking it so far.

Any forex trader here? If yes, are you making good money?

I started Forex in March/2019 by accidentally getting introduced into it. I didn't took Forex seriously for the first 8 months and lost $3000. I stopped and checked what was going wrong and started YouTubing videos. Out of all forex channels, I would highly, highly recommend Urban Forex. Follow that guy and watch his videos. This is a skill like any other profession, you have to learn and master it. It will take time but it is worth it. Forex is not that hard.

Patience is THE key in this game. Wait for your turn.

95% of the people lose money in this because they don't know what the heck they are doing. I want to be in that 5% one day who make serious money.

My broker is BDSwiss.

 

[UP]

Dibbled and dabbeled.

There is lots of money to be made from it, but only by selling courses on how to do it.

Don't spread fake rumors. 5% of the traders make killing money doing Forex because they know their game. They invested their time and learned the skill.

You probably never learned the skill like 95% of the average traders.

 

[sweep_shot]

I started Forex in March/2019 by accidentally getting introduced into it. I didn't took Forex seriously for the first 8 months and lost $3000. I stopped and checked what was going wrong and started YouTubing videos. Out of all forex channels, I would highly, highly recommend Urban Forex. Follow that guy and watch his videos. This is a skill like any other profession, you have to learn and master it. It will take time but it is worth it. Forex is not that hard.

Patience is THE key in this game. Wait for your turn.

95% of the people lose money in this because they don't know what the heck they are doing. I want to be in that 5% one day who make serious money.

My broker is BDSwiss.

Thanks. I would love to check out Urban Forex.

I am currently learning from CEO of Montreal Trading Group. He has a bunch of courses on Udemy and also some YouTube videos. I am using Oanda as my trading platform.

Based on what I have experienced, it is quite possible to make good money from forex. You just need to know what you are doing and you need to be patient.

I made some profits recently with my virtual account. I am now planning to try real trading. Let's see how it goes.

 

[UP]

Thanks. I would love to check out Urban Forex.

I am currently learning from CEO of Montreal Trading Group. He has a bunch of courses on Udemy and also some YouTube videos. I am using Oanda as my trading platform.

Based on what I have experienced, it is quite possible to make good money from forex. You just need to know what you are doing and you need to be patient.

I made some profits recently with my virtual account. I am now planning to try real trading. Let's see how it goes.

Don’t pay for courses. Everything is available on Urban Forex’s YouTube channel. Follow that guy only and watch his videos. His videos are long but well worth it. Watch each of his videos 2–4 times to really understand what he is saying.

 

[Gabbar Singh]

We don’t hear a lot about Gold these days? Have the speculators all moved to Bitcoin etc?

 

[Gabbar Singh]

<a href="https://ibb.co/PzM0WZJ"><img src="https://i.ibb.co/PzM0WZJ/69-E77-A9-B-C21-A-443-E-A2-B1-E0885-B4-A2-CC8.jpg" alt="69-E77-A9-B-C21-A-443-E-A2-B1-E0885-B4-A2-CC8" border="0"></a> <a href="https://ibb.co/SrmHSnQ"><img src="https://i.ibb.co/SrmHSnQ/689-F4958-17-D5-40-B5-B6-DE-12-F311-D7-B5-B0.jpg" alt="689-F4958-17-D5-40-B5-B6-DE-12-F311-D7-B5-B0" border="0"></a>

 

[DeadlyVenom]

This thread is a trip down memory lane. I still trade forex/indices occasionally - more so for fun and as a bit of a test to see if my theories are correct.

Small scale trades and over short time frames, using a very controlled strategy centred primarily on the dax and us30, and some jpy pairs.

Gold is something that I cannot seem to master. I think most of my major losses are on failed gold trades and sadly I don't have psychological control, always end up sorta martingaling with gold and getting rekkd.

The simple thing for me is to stay away from Gold.

PP is a bit of a treasure trove for financial advice. This thread is a goldmine and s28 and jaspa helped me learn a lot about shares.

Any of the regular posters in here still trading?

 

[Technics 1210]

Yup still trading Precious Metals. 2020 was a super year after markets collapsed with worldwide Covid lockdown.

This year Precious Metals are in a bull run thanks to inflation and Ukraine. Palladium went bezerk!

 

[DeadlyVenom]

Yup still trading Precious Metals. 2020 was a super year after markets collapsed with worldwide Covid lockdown.

This year Precious Metals are in a bull run thanks to inflation and Ukraine. Palladium went bezerk!

I think you trade the longer timeframes don't you? Thats soemthing that I am unable to do, I get the itchy and take profits too early or nervous if I don't close over the weekend.

Currently I am having some success with a quick sniper method based on my own entries that I have researched for a while. Trades at around 1:2.5 RR.

Today for instance I was in and out of the market in 30 mins at US open.

Are you trading full time or more of a hobbyist/side income?

My aim is to get myself to a level where I can perhaps trade full time. Will be a long and bumpy road but even if I don't get there I will have some fun along the way.

 

[Technics 1210]

I think you trade the longer timeframes don't you? Thats soemthing that I am unable to do, I get the itchy and take profits too early or nervous if I don't close over the weekend.

Currently I am having some success with a quick sniper method based on my own entries that I have researched for a while. Trades at around 1:2.5 RR.

Today for instance I was in and out of the market in 30 mins at US open.

Are you trading full time or more of a hobbyist/side income?

My aim is to get myself to a level where I can perhaps trade full time. Will be a long and bumpy road but even if I don't get there I will have some fun along the way.

I trade various time frames, daily, weekly, monthly, sometimes quarterly with Options. But thing is I just focus on precious metals and FX.

I am more part-time/hobby trader. 1 major reason being is that as a second income, earnings are tax free (using Spreads/ISA) account.

You can go full time but be warned if trading is your primary source of income, you will pay tax on it. Financial platforms are linked to HMRC.

 

[daytrader]

GOLD PRICE IN PAKISTAN REACHES ALL-TIME HIGH

KARACHI: Gold continues to shine in Pakistan, as its price hit an all-time high of Rs170,200 per tola in local market, ARY News reported on Monday.

According to details, the price of 24-karat one-tola gold went up by Rs2,900 to reach Rs170,200 per tola. This is the highest price of pure gold 24-karat in the history of Pakistan’s gold market.

However, in the international market, gold rates decreased by $3 to $1,797 per ounce.

Silver rates remained unchanged at Rs1,890 per tola. The price of 10-gram silver also stood the same at Rs1,620.37.

ARY

 

[daytrader]

With a gain of 41pc, gold outplays all other assets in 2022

Gold outperformed all major invest*ment avenues by a significant margin in 2022, a research note issued by Topline Securities showed on Tuesday.

It was followed by one-year (dollar-based) Naya Pakistan Certificates and the US currency as the best-performing assets in the outgoing year.

These three asset classes provided returns that were higher than the estimated average inflation of around 20 per cent in 2022.

...
https://www.dawn.com/news/1728653/gold-outplays-all-other-assets-in-2022

 

[daytrader]

One tola of gold scales new peak of Rs202,500

As the rupee depreciated by 13.7 per cent against the US dollar in the last two days, the one-tola gold rate for the first time crossed the Rs200,000 mark despite a $6 drop on world markets to $1,936 per ounce on Friday.

According to the All Sindh Saraf Jewellers Association (ASSJA), the one-tola rate surged by Rs7,000 to Rs202,500 while the 10-gram saw a rise of Rs6,000 to Rs173,610.

All Pakistan Jewellers Manufacturers Asso*ciation chairman Mohammad Arshad told Dawn that there was no panic buying, which had been rampant in the last few months, and neither investors were selling their bars to gain any profit.

The meteoric rise in precious metal rates has made jewellery sets out of reach of many people, he said, adding that a 0.4 gram of gold nose pin carries a price of Rs7,000-8,000 which is certainly unaffordable for many cash-starved consumers.

When asked at what dollar rate the local gold prices are being fixed, he said if one dollar rate is taken at Rs275 then the price of one-tola comes to slightly less than Rs200,000.

...
https://www.dawn.com/news/1734009/one-tola-of-gold-scales-new-peak-of-rs202500