hello.My name is Ilgar. I am from Azerbaijan. i have a few knowledge about forex trading. I saw in internet there are many brokers that offers promotions - deposit bonuses , rebate programs, cashback programs and so on. I have a 10000 usd capital in my electronic wallet. I want to start to trade with these promotions .After reading terms of these promotions i understand that to earn additional money from these promotions i must to trade a lot of time and in worst case trade to breakeven. Is there any breakeven forex strategy that opens many positions in a day and that i can use to trade with these promotions ? Or it is not worth to participate in those promotions ? Please give me advice.Thanks.
breakeven strategy
- Thread starter ilqar200
- Start date
In the field of forex-trading, it pays to avoid counterparty brokerages who advertise "promotions", but your question about seeking a breakeven strategy predicates that you probably shouldn't be trading with $10,000 until you've first developed a reliable system and proven its reliability (yourself, not as second-hand "information"!) on a demonstration ("play-money") account.
I wouldn't pay $10,000 over to any forex broker without first doing a lot of research and understanding both the terms and conditions of service and the policies and procedures.
This is a far better idea (after learning, and practising on demo, of course).
The advantage of Forex is you can trade any size you want. Provided the person has a good Forex broker they should be better off with Forex because of this. I trade futures as well. I like the added variety on the spot Fx and the greater liquidity - it also gives access to more currencies.
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Undeniable, but in this instance the OP's available capital of $10,000 perhaps makes that less of a consideration than it would otherwise be?
That's an enormously heavy-duty proviso, and in practice very rarely fulfilled by the inexperienced; most are market-makers, not genuine brokers.
Forex does allow us the freedom to trade anytime anywhere without any restrictions however even if we find a good broker, earning money is only possible if we have the required skills necessary for making money from this trading business imo.
Peter Brandt is considered on of the best futures traders spanning the last 4 decades. He also trades Forex. I use a pass through U.S. regulated brokers and have less issues with Forex fills than I do with futures & stocks thanks to the HFTs front running orders. Like Brandt, I am also a primary futures trader and hate to pass on opportunities - that is why I trade Forex along with futures and stocks.
Peter Brandt Talks on the Forex Market, pros and cons - YouTube
Peter Brandt Talks on the Forex Market, pros and cons - YouTube
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$10k makes that less of a consideration? $10k is deeply under capitalized for trading futures currencies, at least as a sustainable business with sound risk mgmt. With a small account of $10k the trader can size down with Forex and have a far better chance of making it. Novice traders trade way to big, that is why most blow up so fast.
I do agree you have to be careful with the broker you choose with Forex , same applies to futures brokers although lately it's been the seedy Forex broker making the news. Years ago it was the futures brokers that were going bankrupt and causing traders to lose a large portion of their accounts. With Forex you want a U.S. regulated pass through broker - nothing worse than your own broker trading against you.
As far as market making that also applies to stocks and futures - predatory front runners are found in all the markets.
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I agree completely.
But I'm fed up with saying so, in this forum: there are too many people insistent that $10k is "enough to trade one contract carefully" and I grow weary of disputing it with them.
Most spot forex "brokers" aren't really brokers at all: they're holding the other side of their own clients' positions and are well motivated to attract losers, which they're also very good at doing, with competitions, bonuses, and all the other tricks of the counterparty market-making trade.
Had a guy who PM'ed me week ago, he had 401k with half million in it, read 3 "good" books and started with 5 lot on ES for day trading, his 401k sits at 75k, cause he kept switching markets, systems, risk etc etc etc. He asked what he should do now, I asked him did he paper trade first and he said NO cause others on this forum said paper trading was waste of time, so he lost $425k of the advise of morons from this forum, it was no worse than just taking a match to money.
People(men) generally dream they are smarter than most people, but being smart, especially when trading something you have little clue how to do and going up against programming and those very experienced is like a minnow and piranha.
If you very experienced, you can start with a few thousand, but no one does as if you experienced, you have made much much more. And if you lack 10,000 hours of screen time and well back tested Trading Plan, few million is not going to be enough to trade one contract of anything. Do demo account of $25k and triple it three separate times, and use it as an aid to fine tune your next step.
People just don't understand that what you think you see on charts, are often complete opposite of what is going on in order to trade it.
It is old saying "Buy low, Sell high", but it is one of two great old sayings, the other has to be about "taking quick loss", Buy low means to buy on support, sell high means to sell at resistance, risk as little as you can and leave the stops in case market has other direction to go.
People(men) generally dream they are smarter than most people, but being smart, especially when trading something you have little clue how to do and going up against programming and those very experienced is like a minnow and piranha.
If you very experienced, you can start with a few thousand, but no one does as if you experienced, you have made much much more. And if you lack 10,000 hours of screen time and well back tested Trading Plan, few million is not going to be enough to trade one contract of anything. Do demo account of $25k and triple it three separate times, and use it as an aid to fine tune your next step.
People just don't understand that what you think you see on charts, are often complete opposite of what is going on in order to trade it.
It is old saying "Buy low, Sell high", but it is one of two great old sayings, the other has to be about "taking quick loss", Buy low means to buy on support, sell high means to sell at resistance, risk as little as you can and leave the stops in case market has other direction to go.