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This website is created to share my life journey as a forex warrior.

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200808: Started forex trading

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(1)Forex, also known as foreign exchange or FX trading, is the conversion of one currency into another.

(2)The foreign exchange (forex or FX) market is a global marketplace for exchanging national currencies.

(3)According to a 2022 triennial report from the Bank for International Settlements (a global bank for national central banks), the daily global volume for forex trading reached $7.5 trillion in 2022.

GENERAL STATEMENT/EXPLANATION:

(1)BUY STOP is order placed above current price.

(2)SELL STOP is order placed below current price.

(3)BUY LIMIT is order placed below current price.

(4)SELL LIMIT is order placed above current price

MY OWN EXPLANATION:

(1)BUY STOP: To stop your pain in buying at even higher price, now you place your order ABOVE current price.

(2)SELL STOP: To stop your pain in selling at even lower price, now you place your order BELOW current price.

(3)BUY LIMIT: The opposite of Buy Stop. (To limit your buy loss, now you place your order BELOW current price).

(4)SELL LIMIT: The opposite of Sell Stop.(To limit your sell loss, now you place your order ABOVE current price).

(1)SCALP TRADING: close trade within the day

(2)DAY TRADING: close trade within few days

(3)SWING TRADING: close trade within few weeks

(4)POSITION TRADING: close trade within few month to year

There are many types of trader in the forex market and below is some examples:

(01)Fundamental: trade based on financial information and economic indicators

(02)Technical: trade based on chart

(03)Noise: trade without support of professional advice or without fundamental or without technical analysis. Basically just trade based on emotion.

(04)Sentiment: trade based on signal about how other investors are feeling about the market (for example using tool named: CBOE Volatility Index or VIX)

(05)SWING: trade and hold for weeks. This is good strategy for currency pair that give positive SWAP interest.

(06)CONTRARION: trade by placing order against the grain of market sentiment

(07)MARKET TIMER: trade by placing advance order (for example: Stop order or limit order)

(08)DAY: trade that hold for days. This is good strategy for currency pair that give positive SWAP interest.

(09)SCALPER: trade that close within second, minute, hour and within same day (for example: high frequency trader)

(10)POSITION: trade that hold for months to year. This is good strategy for currency pair that give positive SWAP interest.

(11)INTRADAY: trade that normally close at end of day

(12)PRICE ACTION: trade that based on the movement of a security's price over time, which forms the basis for a securities price chart and makes technical analysis possible.

(13)ALGORITHMIC: trade or executing orders, using automated pre-programmed trading instructions accounting for variables such as time, price, and volume.

(14)EVENT DRIVEN: trade using hedge fund investment strategy that seeks to exploit pricing inefficiencies that may occur before or after a corporate event, such as an earnings call, bankruptcy, merger, acquisition, or spinoff (for example: receiving news about interest rate going up in the US may cause USD to strengthen against other currency thus buy currency pairs that start with USD or sell currency pair that end with USD)

(15)MOMENTUM: trade using a strategy that aims to capitalize on the continuance of existing trends in the market. 

(16)ABRITAGE: trade by the act of buying a security in one market and simultaneously selling it in another market at a higher price, thereby enabling investors to profit from the temporary difference in cost per share.

(1)It is good to have a stop loss in mind however I do not recommend to place a stop loss at the starting point of the trade.

(2)You may ask, WHY?

(3)I will explain it in my "Member only" website.

(1)There many signal you can use however stick to one that you comfortable with and apply it to all trade

(2)Likewise the legend Bruce Lee once said: "I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times".

(3)I use MA (Moving Average) line, RSI (Relative Strength Index), etc

(1)I trade based on technical analysis (based on chart) because fundamental news is too lag behind.

(2)There is a saying: "A picture is worth a thousand words".