Started this journey on October 9th, and here are my results so far! I’ll be updating again soon as things progress.
For anyone interested, I’m in a Discord group that shares free signals with no VIP fees or subscriptions. I don’t get anything from promoting it except a thank you. If you want to join, feel free to check the link in the comments (or DM me) to see the results for yourself
Blair said:
SCAM
Why (just curious)?
Blair said:
SCAM
Yes, a free Discord without any kind of payment indeed is a scam lol.
Blair said:
SCAM
Yes, a free Discord without any kind of payment indeed is a scam lol.
Could always be a scam as in it’s a pump n dump or them trying to get out of shares or something else of that nature. I’m not saying this one is, but it’s a possibility for sure.
@Adi
That could be the case in some servers yes, glad this is Forex and they can’t control that market 
@Adi
I’m pretty sure OP said he/she was trading currencies. I don’t know enough to touch it with a 10’ pole but isn’t pumping and dumping a foreign currency insanely difficult?
Parly said:
@Adi
I’m pretty sure OP said he/she was trading currencies. I don’t know enough to touch it with a 10’ pole but isn’t pumping and dumping a foreign currency insanely difficult?
Same here, I’ve only done a tiny bit of research into currencies. The only thing I can think of that would be scam-like would be uneducated calls or someone trying to escape a very large position asap. I think large positions are tougher to leave in forex?
Blair said:
SCAM
Yes, a free Discord without any kind of payment indeed is a scam lol.
Dude, a free Discord with signals will never ever make you profitable. You are either trying to lure people into a scheme that wants their money somehow or you are too lazy to learn how to trade. Both ways, you are not gonna be successful long-term with that.
Hey man I just made an account and I know absolutely nothing about trading. Is this high-frequency trading? What’s the best way to get started from absolute scratch because I know I can make money daily, there are people around me who trade forex but they’ve been at it for years. Any advice on getting a fresh start and what I’ll need would be greatly appreciated man, thank you.
@Lee
To start with, do not go off signals, it’s a terrible way to learn and they are mostly inaccurate. This is because signals require you to enter and exit the trade at the exact same time as the mentor and this isn’t physically possible.
Take out a demo account, pick 2/3 popular trading pairs (GBP/JPY, EUR/USD, Gold) etc. This allows you to get familiar with these pairs and how they react to news and move in general. Don’t spread far and wide as this just makes you lose focus.
Do some research on strategies, there’s a ton of strategies that work and most people’s mistake is once they pick one they do not stick to it. Pick one then do some backtesting on your selected pairs in TradingView using the strategy.
When you get comfortable spotting trends and setups then you can look for your own in a live market using a demo account. Build up a diary of trades you have taken, why they were successful and why they weren’t depending on the outcome. BUT STICK TO THE STRATEGY! Do not go off course and start trying to do different setups. If you are too uncomfortable try out another one until you find one that suits you. Trading is a game of patience.
Look out for news that affects your pairs, there’s many apps that give a calendar for news and when it will come; news can have a big effect on your trades especially in day trading.
If you are wanting to day trade and make short-term plays, I suggest looking at a higher timeframe first (daily, 4hr) and determine a bias (whether it’s a bull or a bear market) and then drop down timeframes (5min, 15min) and look for setups that align with the higher timeframe bias.
Psychology is everything, remember that this isn’t a get-rich-quick scheme. If you make only 2% a month on your starting balance ($2 profit on $100 account), you will outperform the whole market on average, which only 1-3% of day traders manage.
Compounding is the 8th wonder of the world; if you can make slow and steady profits and keep consistent deposits, in your later years you’ll retire very comfortably, no doubt about it.
If I were you, I’d just put everything into an index fund for now (e.g., S&P 500). Demo for a good year minimum, 2 years ideally so you can see how the time of year can affect market sentiment and then if you’re comfortable enough start trading on a live account.
@Lee
Have you considered algorithmic trading? I’m only a few months in and am seeing 16% returns. I too wanted to get started but was running into so many weird situations that when I found this I decided to try as it is literally hands-off once you deposit funds. Obviously, the risks are still there, but it takes user error and emotion out of it. It feels like a 401K to me, but the return has been pretty awesome!
@Lee
Hey, this channel is quite high frequency sometimes but you can just follow a few signals at a time. As for advice starting out, find yourself a good YouTube channel like ‘Inner Circle Trader’ and start learning from there. But everyone has their own style, so hard to advise you. Just make sure you do demo trading first for a long time, note down your trades, have proper risk management, and don’t revenge trade
Feel free to join: Trademaster