Wiki source code of Forex
Version 16.1 by Drunk Monkey on 2020-11-13 06:28
Hide last authors
| author | version | line-number | content |
|---|---|---|---|
 |
6.2 | 1 | == Education == |
| 2 | |||
| 3 | === The Basics === | ||
| 4 | |||
| 5 | 1. [[babypips.com>>https://www.babypips.com/]] [[School of Pipsology>>https://www.babypips.com/learn/forex]] | ||
| |
7.2 | 6 | \\Start here for the basic education explaining all the basics of Forex trading. [[It's recommended to start with>>https://nononsenseforex.com/forex-q-and-a-podcast/best-place-to-learn-forex-trading-askvp-1/]] Learn Preschool, Kindergarten, Undergraduate to Senior. The rest may not be necessary depending on your desired style of trading - Indicators, or Price Action? |
| |
6.2 | 7 | 1. [[nononsenseforex.com>>https://nononsenseforex.com/]] - provides an education on how to trade using |
| 8 | 1*. proper money management | ||
| 9 | 1*. trade psychology | ||
| 10 | 1*. technical analysis | ||
| |
9.1 | 11 | 1. the inner circle trader |
| |
6.2 | 12 | |
| |
2.2 | 13 | == Risk Management - Pip values and Lot Sizing == |
| |
2.1 | 14 | |
| |
5.1 | 15 | <to be added> |
| |
2.1 | 16 | |
| |
2.2 | 17 | == Reference Links == |
| 18 | |||
| |
5.1 | 19 | * [[Google spreadsheet>>https://docs.google.com/spreadsheets/d/1m_xJOoNJLBYBzZ2h4IuTGRVBD-GD3BeTk5CQeKfQtkw/edit?usp=sharing]] for calculating lot size based on SL pips |
| |
6.1 | 20 | \\One problem with many of the risk calculators is that it assumes you know want to know how many pips to set your on your trade. However, if you're following signals, then the trader has already given you the SL and you want to want to work backwards to figure out what your lot sizes should be. |
| |
5.1 | 21 | \\Copy this spreadsheet to your own google drive account and fill in the entries. Do not use it for Oil or Gold as forex.com/canada uses different contract sizes |
| 22 | \\It's still a work in progress, but is useful for pure forex pairs | ||
| 23 | |||
| |
2.2 | 24 | * [[BabyPips Position Size Calculator>>https://www.babypips.com/tools/position-size-calculator]] |
| |
4.2 | 25 | \\//**Pros**//: |
| |
2.2 | 26 | It is simple to use. If you wish to do the calculations for other trades, the information remains so you can change only what you need to change. It also shows the results in the following standard sizes used by the brokers; units, lots, mini lots, micro lots. |
| |
4.2 | 27 | \\//**Con**//: |
| |
2.2 | 28 | You need to put in the exchange rate between your account currency and the base currency if the two are not the same. |
| |
2.3 | 29 | |
| |
2.4 | 30 | * [[Investing.com Currency Converter>>https://www.investing.com/currency-converter/]] |
| |
2.5 | 31 | \\Often needed when you are calculating risk for Forex pairs not in your base currency. Near real time rates. Also includes the various digital currencies. |
| |
2.4 | 32 | |
| |
2.5 | 33 | * [[Investing.com Forex Pip Calculator>>https://www.investing.com/tools/forex-pip-calculator]] |
| |
4.2 | 34 | \\Contains data for many, but not all, currency pairs. Shows the results in a table so you can quickly see the relationship between the Forex pair and the pip value in your account currency. |
| 35 | \\I recommend that you put in 100,000 for the units as that is a standard "lot" size and then scale it from there. | ||
| 36 | |||
| 37 | * [[Forextime.com Profit Calculator>>https://www.forextime.com/trading-tools/trading-calculator/profit-calculator]] | ||
| 38 | \\Quickly check the potential profit/loss of a trade. Only supports 3 deposit currencies so if your deposit currency is different, you'll need to do an exchange rate calculation to your currency. | ||
| 39 | |||
| |
5.1 | 40 | * [[Calculating risk, the video way>>https://www.youtube.com/watch?v=4e0Nlt0zJvw&t=3s]] |
| 41 | \\Forexed runs a free signals telegram channel. He's actually been pretty good so far. His video describes how he calculates risk. Easy to follow. | ||
| 42 | |||
| |
4.2 | 43 | * [[Calculating pip values, the long wordy way>>https://www.thebalance.com/calculating-pip-value-in-forex-pairs-1031022]] |
| 44 | \\It's correct, but I had to re-read it several times to understand what they were actually saying and turn it into an actual formula. | ||
| 45 | |||
| 46 | * | ||
| |
2.6 | 47 | |
| |
12.1 | 48 | == Unclassified == |
| |
13.1 | 49 | |
| |
13.3 | 50 | === Abbreviations === |
| 51 | |||
| |
15.1 | 52 | >Abbreviations you might find helpful |
| |
14.1 | 53 | >##PDH - Previous day high## |
| |
15.2 | 54 | >##PDL - Previous Day Low## |
| 55 | >##PWH - Previous Week High## | ||
| |
15.1 | 56 | >##PWL - Previous Week Low## |
| 57 | >##BMS - Break in Market Structure## | ||
| 58 | >##SMS - Shift in Market Structure## | ||
| 59 | >##RTO - Return to Order Block/Origin## | ||
| 60 | >##OB - Order Block## | ||
| 61 | >##OTE - Optimum trade Entry## | ||
| 62 | >##IPDA - Interbank Price Delivery Algorithm## | ||
| 63 | >##FVG - Fair Value Gap## | ||
| 64 | >##SMT - Smart Money Tool## | ||
| 65 | >##LP - Liquidity Pool## | ||
| 66 | >##IOF - Institutional Order Flow## | ||
| 67 | >##BISI - Buy Side Imbalance Sell side Inefficient## | ||
| 68 | >##SIBI - Sell Side Imbalance Buy Side Inefficient## | ||
| 69 | >##COT - Commitment of Traders## | ||
| 70 | >##AMD - Accumulation,Manipulation & Distribution## | ||
| 71 | >##SH - stop hunt## | ||
| 72 | >##RTBr - return to breaker block## | ||
| 73 | >##RTBm - return to mitigation block## | ||
| 74 | >##BuIOF - bullish IOF## | ||
| 75 | >##BeIOF - bearish IOF## | ||
| 76 | >##IOF - Institutional Order Flow## | ||
| 77 | >##OBr. - Breaker block## | ||
| 78 | >##OBm. - Mitigation block## | ||
| 79 | >##LSwH - last swing high## | ||
| 80 | >##LSwL - last swing low## | ||
| |
14.1 | 81 | |
| |
13.3 | 82 | === fibb settings for OTE areas of interest === |
| 83 | |||
| 84 | FIBBS setting (mt4) | ||
| 85 | |||
| |
14.1 | 86 | >## Levels Description## |
| |
15.1 | 87 | >## 0 First Profit - Scaling## |
| 88 | >## 0.50 50% Equilibrium## | ||
| 89 | >## 0.618 %$-62%## | ||
| 90 | >## 0.705 %$-OTE## | ||
| 91 | >## 0.79 %$-79%## | ||
| 92 | >## 1 100.0## | ||
| 93 | >##-0.62 Target 2## | ||
| 94 | >##-0.27 Target 1## | ||
| 95 | >##-1 Symmetrical Swing## | ||
| |
15.2 | 96 | |
| 97 | === Psychology === | ||
| 98 | |||
| 99 | The four primary of trading fears. | ||
| 100 | |||
| 101 | ~1. Fear of being wrong. | ||
| 102 | |||
| 103 | 2. Fear of losing money. | ||
| 104 | |||
| 105 | 3. Fear of missing out. | ||
| 106 | |||
| 107 | 4. Fear of losing money on the table. | ||
| 108 | |||
| 109 | Successful Trader need to overcome all these 4 things | ||
| 110 | |||
| |
16.1 | 111 | ==== The 5 Stages Of A Trader’s Development: ==== |
| |
15.2 | 112 | |
| |
16.1 | 113 | **Stage One: Unconscious Incompetence** |
| 114 | |||
| 115 | This is the first step you take when starting to look into trading. You know that it is a good way of making money because you’ve heard so many things about it and heard of so many millionaires. Unfortunately, just like when you first desire to drive a car you think it will be easy – after all, how hard can it be? Price either moves up or down – what’s the big secret to that then – let’s get cracking! | ||
| 116 | |||
| 117 | Unfortunately, just as when you first take your place in front of a steering wheel you find very quickly that you haven’t got the first damn clue about what you’re trying to do. | ||
| 118 | |||
| 119 | You take lots of trades and lots of risks. When you enter a trade, it turns against you, so you reverse and it turns again, and again, and again. You may have initial success and that’s even worse because it tells your brain that this really is simple and you start to risk more money. You try to turn around your losses by doubling up every time you trade. Sometimes you’ll get away with it but more often than not you will come away scathed and bruised. You are totally oblivious to your incompetence at trading. | ||
| 120 | |||
| |
15.2 | 121 |