.
Definitions
–
The foreign exchange (also known as FX or forex) market is a global marketplace for exchanging national currencies against one another. Because of the worldwide reach of trade, commerce, and finance, forex markets tend to be the largest and most liquid asset markets in the world. The daily trade volume of the New York Stock Exchange (NYSE) is $22.4 billion, compared to the $6.6 TRILLION daily trade volume of the foreign exchange market. Click here to learn more.
–
A trader is a crazy person that risks their own money in exchange for freedom, rather than exchanging their freedom for money – Alistair Crooks
–
A forex trader, also known as a foreign exchange trader or foreign currency trader, is someone who trades currencies through the foreign exchange market. Forex traders might be professionals working for a group of clients or a financial firm or amateur traders who profit directly from their own trades. Career Advice: How To Become a Forex Trader in 8 Steps.
–
Mentorship
–
10 Secrets to Achieve Financial Success | Anton Kreil (VIDEO)
Respect Money and be Indifferent towards it (20:59) | Rent to Own – Define Assets and Liabilities Properly (42:33) | Build and Own your own Infrastructure (50:16) | Go Travelling, Get Perspective, Get your Dream Life (1:01:00) | Know that Risk is Subjective not Two Dimensional (1:07:33) | Seek out Alternative Education (1:17:45) | Learn to Value your Time Properly (1:24:30) | Ditch the Smart Phone (1:33:12) | Mainstream Media is Useless. Don’t consume it (1:40:51) | Choose Role Models that suit Your Objective (1:45:09)
–
Professional Traders Giving Amazing Advice! (VIDEO)
This fly on the wall documentary is an epic journey into the minds of some of the world’s best traders of the last 25 years and their philosophies on Trading and Investing in Financial Markets. Their advice is truly priceless and useful to all Retail Traders who want to achieve success in Trading over the Long Term.
–
Building Outrageous Wealth Through Your Trader Skill Set (VIDEO)
Abby Joseph gives key advice (3 tips) to day traders looking to become wealthy and/or build generational wealth through their trading skill set.
–
YouTube
–
Trading Nut: Forex Trader Podcast | YouTube Channel
It’s a place where you can immerse yourself in trading. Learn from people who make a living trading the markets. Finding out the education they sought, the tools they use, and even some of their strategies. Very informative and inspiring.
–
My Favorite Forex YouTube Channels | Trader Interviews | Trading Education
I’ve spent a lot of time on a lot of Forex YouTube channels. Here is a list of those I remain subscribed to or would recommend to Forex traders who’re just getting started.
–
Psychology
–
Why Trading Systems Don’t Work
Search Google/YouTube for “best forex trading systems” and receive thousands of results. All trading systems can profit or not; depending on how they fit your own lifestyle, personality, and mindset. A trading system (with a slight edge) + proper mindset (probability thinking) = profit. A trading system (with a slight edge) + faulty mindset (random/fearful) = loss. So instead, search Google/Youtube for “trader psychology” and learn/practice that. Must-watch: Trade Like a Casino | Must-listen/read: Trading In The Zone.
–
Trade Like a Casino for Consistent Profits (VIDEO)
There are ‘gamblers’ and there are ‘casinos’. Gamblers depend on luck to make money and would eventually lose it all, because the game is rigged against them. ‘Casinos’ know how to rig the system to generate consistent profits from random outcomes of chance. Learn how to trade like a casino!
–
The Psychology of Trading & Investing | Dr. David Paul (VIDEO)
How to go about putting together the mental framework to be able to take money out of markets consistently, and to get yourself to a point where you can rely on that income in the same you can rely on your salary or income you draw from your business.
–
Trading Mindset Expert Steve Ward | How to Master Trading Psychology (VIDEO)
Steve Ward is a world-renowned trading psychology and performance coach with over 15 years of experience in training traders, fund managers, and banking professionals, as well as elite athletes and teams, and professional poker players | His work is focused on delivering evidence-based practical strategies and tactics, drawn from the worlds of performance, psychology, neuroscience and physiology.
–
Education
–
Free Online School For Newbies
Babypips.com is at the top for providing systematic (K-12), easy to understand, knowledge of forex in general. This is where you start; with an overall understanding of the forex marketplace and buying and selling in it.
–
How To Find The Perfect Buy/Sell Trendlines (VIDEO)
A trendline helps technical analysts determine the current direction of market prices. Technical analysts believe the trend is your friend, and identifying this trend is the first step in the process of making a good trade.
–
How To Trade Multiple Timeframe Analysis (VIDEO)
Moneyball Austin shares how he analyzes multiple timeframes using technical analysis, and his supply and demand strategy. Multiple timeframe analysis helps when it comes to understanding trends and higher probability trade setups. Full Course 2023 (VIDEO)
–
The Only Technical Analysis Video You Will Ever Need (VIDEO)
In finance, technical analysis is an analysis methodology for forecasting the direction of prices through the study of past market data, primarily price and volume.
–
The Only Chart Pattern Trading Video You Will Ever Need (VIDEO)
A chart pattern or price pattern is a pattern within a chart when prices are plotted. When prices are plotted there is usually a pattern that naturally occurs and repeats. Chart patterns can give you an objective way to spot trend reversals or trend continuation.
–
Top Reasons Forex Traders Fail
Certain mistakes can keep traders from achieving their investment goals. The article makes us aware of common pitfalls that can plague forex traders | Not Maintaining Trading Discipline | Trading Without a Plan | Failing to Adapt to the Market | Learning Through Trial and Error | Having Unrealistic Expectations | Poor Risk and Money Management.
–
GoForex | A Leading Forex “Learn To Trade” App/Game For Beginners
Helps you master Forex trading fundamentals the fun and easy way. Rich with illustrations, expert advice, fun real-time Forex Trading Game simulator, and dynamic trading hour timer included. Free, No Sign-ups, No Ads!
–
FOREX PROP FIRMS, FOREX BROKERS, AND TAXES
_____
What Is A Prop Firm? VIDEO ▶️ This video is a quick intro to prop firms. The industry has evolved since then. Ignore company names and recommendations | Prop Firm Reviews (Subscribe): Website | Youtube | Prop Firm Match (Shop/Compare): VIDEO | Website | How To Find Your Perfect Prop Firm: VIDEO | Website | Prop Firms That Allow US Traders: VIDEO
–
Prop Firms vs Trading Self-Funded Accounts: Do you prefer trading on your own personal account that you opened through a broker, or are prop firms the way to go? | VIDEO 1 | VIDEO 2
____________________
New To Forex? First, open a forex broker’s demo account to get familiar with the MT4 trading platform (open/close/SL/TP) and to practice your trading skills | Forex broker I use: Eagle FX (Demo Account) | Forex Brokers For US Traders 2024: VIDEOS | NOTE: Most forex brokers and prop-firms now accept Bitcoin deposits and withdrawals.
–
Offshore Forex Brokers: To view a list of vetted offshore forex brokers click here | These brokers will open new accounts for U.S. residents | Definition — Offshore Forex Broker: A retail forex broker domiciled in a jurisdiction outside the U.S., not subject to the regulations of the U.S. CFTC and/or NFA.
–
Aren’t Offshore Accounts Illegal? No, but hiding them is. At tax time U.S. residents must report all foreign financial accounts (buying, selling, holding, or trading stock or other securities) that have an aggregate value over $10,000.
–
International Tax Matters: U.S. residents with a foreign bank/brokerage account | U.S. resident traders living abroad | Click here.
–
Trader Taxes: Prop firm traders don’t trade with their own money. They are independent contractors trading prop firm’s money. Prop firm traders from the U.S. are issued tax form 1099 at the end of each tax year. Tax treatment for forex traders, who trade their own money, is different | For more U.S. trader tax information click here.
–
Tax Disclaimer: The tax links provided above are not intended to be tax or legal advice. Please consult your tax advisor regarding your particular tax situation and consult a lawyer to discuss any legal advice.
–
Risk Disclaimer: Forex trading involves the risk of losing some or all of your money, so don’t risk more than you cannot afford to lose. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on information shared on this website.
–