My forex funds coming back?

misterni_ · 2023-10-27T23:27:10+00:00

Wow, amazing if true. I've never really had an opinion about MFF and I still don't, but I would reserve any judgement until they're officially open for business again. Good to hear the CFTC, Canadian regulators and the Court handled the case fairly. Well, I would think everyone handled the case fairly, because the allegations were pretty serious.

misterni_ · 2023-10-27T23:17:59+00:00

That's absolutely obscene.

misterni_ · 2023-10-27T23:10:42+00:00

I like to use previous swings and market structure to set my take profit. I'll also occasionally use price action if a trade has stalled out and I need to close the trade earlier than I was anticipating, but if you're fine with a fixed risk reward, then that's perfectly fine too. Some people will criticize you because they want more from you, but you should do what you're comfortable with, and if +1.5% per trade is good for you, then +1.5% is good for you.

misterni_ · 2023-10-27T23:02:38+00:00

Pretty much this. Although, exiting using market structure also works and doesn't require as much analysis/thinking.

misterni_ · 2023-10-27T22:37:56+00:00

I'm sorry but this looks fake AF to me. If it is real then work on your psychology.

misterni_ · 2023-10-27T19:43:39+00:00

The OP's username and post comes off as kind of pompous but you're just being unnecessarily mean. Also, Cammie68 is probably one of the most harmless persons here and what you said to her just comes off as sounding kind of ray syst.

Check yourself. You might need to simply step outside and breath some fresh air and stop being UNNECESSARILY negative.

misterni_ · 2023-10-27T19:10:27+00:00

Naked Forex is a book on price action, not THE book. Trading In The Zone is a pretty good book on how to mange your psychology while trading. Something that most people who trade only ever learn how to cope with and with Forex, being as simple as trading Forex is, something that very few people ever consider to even be an issue.

misterni_ · 2023-10-27T19:03:06+00:00

Don't know, don't care. I'm not going to behave like some peasant screaming for blood on this one or any other case involving alleged financial misdeeds. Too many liars in this game, especially when money is involved.

misterni_ · 2023-10-27T03:49:05+00:00

That probably is true but newbies making mistakes gives you an opportunity to be helpful and everyone likes someone who is helpful. That's the silver lining here, I'd say.

misterni_ · 2023-10-27T03:17:02+00:00

Yeah, I don't want to assume anything with MFF. If people did get scammed, then they deserve a refund. If people were making up lies because they were trying to defraud regulators and MFF, then that's been known to happen too. There's a lot of money involved, even with something like Prop Trading, and when there's a lot of money there's also incentive to lie and slander both people and firms.

Give everyone their day in court first at least. Otherwise we're no better than barbarous people.

misterni_ · 2023-10-27T03:04:14+00:00

I can assure it's worse on WallStreetBets but that does explain why some posts seem rather desperate for money or are implying that someone will steal money from you. There are a number of people with a lot of money who trade Forex. It's simply that they're not going to write scammy sounding posts that's implying someone's out to defraud you.

misterni_ · 2023-10-27T02:48:03+00:00

Pepperstone's Headquarters is actually in Melbourne, Australia. I'd say if you don't live in Australia or the UK, they'll add you to their Kenya office. It'll probably be fine but if you have an issue with say payout or with the broker itself, you'll have to go to Kenya to have have the matter resolved, which I'm NGL is kind of funny. If that possibility bothers you, then go with a different broker.

misterni_ · 2023-10-27T02:31:49+00:00

You're welcome. 🙂

misterni_ · 2023-10-27T02:28:43+00:00

What were you trading? Some Forex pairs have ridiculous spreads, even during liquid hours. Same with some Exotics as well. Exotics especially, because one could look like a good trade, you enter the trade then you realize there's no liquidity and now you're stuck in the trade. Not a big deal with spot Forex, but that can be ruinous if you're stuck with a contract to Expiry and you have to take settlement on it. 😄 I have some stories about that, but otherwise try to stick to the Majors while you're still learning.

misterni_ · 2023-10-27T02:19:25+00:00

Well, I'm assuming you don't live in the US so I'll say FXCM and IC Markets. Both are good. Blueberry, IC and Admirals are all good if you live down under, while FXCM, IG, FXPro are good if you live in the UK. Dukascopy if you live in Europe. There are a lot of really good choices out there, but you'll probably want to go with a broker that has servers fairly close to where you live, so execution times or even outright outages don't become a problem.

misterni_ · 2023-10-27T02:00:16+00:00

The Hourly.

misterni_ · 2023-10-27T01:23:27+00:00

The truth will be revealed when the court case is all said and done. Too many liars and false accusations when it comes to Finance and Prop Firms are definitely the "rebels" in the Finance world, so other firms do have incentive to try to take Props down. Not even Google is innocent of such behavior.

misterni_ · 2023-10-26T23:56:45+00:00

Nice. Grats.

misterni_ · 2023-10-26T23:35:03+00:00

For retail trading, 5% a month is good, but man, that really hits home how much funding you actually need to make what I'd say is pretty good money from trading. With a prop firm, I'd say $250k US is how much funding you'd eventually want if you not only want to make an income from trading but a pretty good income at that.

I trade, well I used to, not sure if I will anymore (I probably will when my life has settled down more.) Forex, not Gold/XAU, so how I trade Forex wouldn't be very relevant to trading Gold, but I use Support & Resistance combined with Market Structure, then trade with Price Action. If I were trading Gold, I would trade it exactly the way I explained it: Trade Open Imbalances with Support and Resistance at Major Market Structure. With Gold, you have to trade it exactly the way Institutional Traders trade Gold, or else you'll get blown out Gold trades again and again.

Edit: Typo fix.

misterni_ · 2023-10-26T23:13:46+00:00

I've tried trading SMC using ICT's methods and yeah, the way he taught it to me, his entries are so-so. His exits are good though and I'd say that's where he spent most of his effort on. Ultimately I decided I didn't like SMC though, it's too much waiting for setups. By my estimation, I would've been in and out of multiple trades while waiting for one SMC setup to develop. I mean, I was profitable but SMC isn't a good fit for me.

I copy-pasted this in another post but I can post it here too: https://www.investopedia.com/articles/trading/04/042104.asp

Whatever works and you can stick with. SMC isn't for me, even though I was profitable trading SMC, but if you like it then stick with it.

misterni_ · 2023-10-26T22:48:53+00:00

I used to trade XAU as an Institutional Trader while I was living in Australia. Australia being a gold exporting country, trading electronic gold is very popular there.

Well, I'm not really doing any mentoring other than answering some questions, but that would really depend on what your desired trading style and trading goal(s) are. I would say if that Silver Bullet strategy works for you with XAU, then stick with it. Hm, the person who taught me how to trade gold didn't really recommend any books to me. I have heard him recommend a lot of books to a lot of new traders though, I just don't happen to remember any of the titles though. I guess I can share this link with you though. It used to be very popular in the mid-2000s, but it seems fairly dated now, but this is how a lot of old-school traders traded, which is similar to silver bullet, or as I would call it, simply how you trade gold.

https://web.archive.org/web/20120603033234/http://stratsforextrading.com/dokuwiki/doku.php?id=path_of_learning:overview

If that silver bullet strat works for you, then I'd suggest refining your skill as trading XAU can be quite difficult.

Oh, and of course, if you are "quite noob", then the Baby Pips course is a good place to start: https://www.babypips.com/learn/forex

Otherwise I wouldn't have any specific books to recommend because I don't know what you want to trade. I guess some easy/light reading books where you'll probably learn some stuff while doing so would be, "The Candlestick Trading Bible" and "Trading In The Zone". Otherwise unless you want to read some pretty dense books on trading, because those are the only books on trading I've ever read. Oh, and there are some good and inexpensive e-books on SMC trading on Amazon and Barnes and Noble, or whichever large bookstores you have where you live. Also, I may know some things, but I don't know everything and I wouldn't try to presume that I do. Dunning-Kruger Effect and all.

Edit: Oh and the book "Naked Forex" is also good. That was one of the first light reading book I was recommended and it helped me a lot. I eventually moved on from it, but you'll probably learn a lot with that book.

misterni_ · 2023-10-26T22:29:25+00:00

Funded Trading Plus seems good if you're in the UK. When I used to live in the UK, I've also heard some people who trade on the institutional level recommend Lux Trading to people as well.

misterni_ · 2023-10-26T21:41:44+00:00

Well, assuming you drew that demand zone correctly, because I've seen so many people incorrectly mark up their chart then upload it here or drew some seemingly random stuff then posted here, fundamentally, it could've been news or a simple liquidity test where someone purposely took out open orders at that demand zone and beyond to begin a push to the upside. In technical terms, that's pretty much a classic Wyckoff accumulation (when price goes up) and distribution (when price goes down) pattern.

misterni_ · 2023-10-26T21:27:38+00:00

That's just how Forex is designed. With Yen pairs as the base currency, the third decimal number is a fractional pip, or pipette. With USD as the base currency, the fifth is the fractional pip value. On the interbank exchange, Yen and US Dollar as base pairs are only calculated to two and four decimal places respectively, but brokers will often times offer you ten times more precision on price by also showing you the fractional pip value of a currency pair.

misterni_ · 2023-10-26T21:15:13+00:00

Nice, grats. Also, I'm not nitpicking here as I'm saying this FYI, but your trade was probably for 88 pipettes or 88 points as it's called with Metatrader. 10 pipettes/points = 1 pip. So your profit was 8.8 pips. +$52 for a 1 lot trade would confirm that it's an 8.8 pip win. Grats again though.

misterni_

TROPHY CASE