All you get are the charts and the ability to buy/sell or trade options. It’s about as straight forward as it gets.
I favor Andrews Median Lines or as they are commonly known: the pitchfork.
Closed a nice short today on EUR/CAD.
Ok maybe I was thinking of another platform! You still subject to fees for each trade made and paying capital gains tax on your filings?
I was thinking of another program and got this one mixed up, so my bad!
Ok so tell us then what the indicators are that you use to determine your entry and exit points for trades to which this thread topic is about?
Does it have options to draw on the charts and to create trend lines as such? This is a phone app ?
That’s the smart way. Day trading is way too emotional just like rolling dice or going to auctions. People get caught up in the emotions of making a killing or a big score and lose their objectivity. I made a lot of money by recognizing where things were heading with the internet, telecom, and computers and invested in companies like Apple, Dell and some of the early telcom’s, hit my threshold and sold out in 2000.
Yeah my trading style is stress free, I never have to worry about my trades and I have been trading over 20 years. When I aced my Series 7 exam while working for JP Morgan that is when it was the most stressful time for me constantly under pressure and competing with others! It wasn’t until after I passed the NY bar I got out for good!
One thing that is great about being overseas if you are a trader (think Sydney, Tokyo) is being awake during all three market sessions is a huge advantage, not only that but I can buy silver, gold, Oil, without a broker and I pay no capital gains tax.
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I mostly use the Ichimoku cloud for resistances, in combination with RSI index.
I never heard of a Robinhood account, what exactly is that?
What is the 50 pip per month strategy?
Sorry I meant 50 pips a day. This is where I started, not from this guy of course, but having been trading longer periods for so long now I forgot. Anyway its this strategy I started and was very helpful.
Is this (Robinhood) as your brokerage account?
Oh no! Mine is Oanda, Saxos, ISDB that uses a MT4 platform
Youre your own broker essentially, and you pay no fee per trade. Deposit money in, trade, withdraw money out whenever.
Do you use Robinhood as your trading account? Also do you know how it compares to M1 Finance?
Are those only for Forex trading?
Mostly yes. Although depending where you trade from that also changes. For me, my accounts are set up outside the US which gives me a huge a advantage. I set up a BVI or IBC company and then I set up accounts in countries like Singapore that doesn’t charge me Capital gains tax for any profits I make, as well as being able to trade certain things like Gold and Silver and a host of other commodities where you can trade direct without having to use a broker.
Is there any advantage to trading forex over other ETFs that track say the Nasdaq (TQQQ), S&P (SPXL), IWM (TNA), etc? Here I just mentioned leveraged ETFs, obviously there are many other ETFs that are not leveraged that track all the major indexes.
Caution because the ETFs can be pushed and traded further away than what it tracks so when markets close and reopen the value might reset closer to the actual instrument it tracks. Profits instantly can disappearing on the next session’s opening.