Forex, Crypto and Binary

Harleyswife

Harleyswife

Active member
I've started into the forex world. My hubby hasn't been able to come home since January, and I need SOMETHING to work for us. We are tired of him being gone, it's so hard on all of us! I've spent the last month learning and practicing trading. I'm currently using iqcent trading binary - what I don't like about it, is having to use an offshore broker that isn't regulated. I know it's a big red flag, but all the educators in the academy I'm in, continue to use them and tell us to "build a relationship with our broker". It feels like it's taking so long to come ahead. I've been told that crypto trading is profitable, and I took a peek today at the binance platform and the market cipher program. Just wondering if anyone trades, what platforms are you using, and are they really profitable?
 
I trade crypto using Binance and Kucoin. Binance because they have the majority of major tokens and Kucoin because they have some smaller coins which are a little more risky, but can pay off if you know what you're doing. Yes, it can be profitable, but with any type of trading it takes work and lots of learning if you're going to attempt day trading or swing trading (longer time frame than day trading). It safer to invest in some of the top tier coins like BTC, Ethereum, Cardano, XRP, DOT and just hold, but the big returns can take awhile to accumulate. Trading requires you to understand charts - know your entries and exits, be as robotic as possible with your trades, and have good risk management. Lots of resources out there for trading - paper trade like you've been doing.

Right no trading is rough with Bitcoin being indecisive. It's choppy out there. BTC can rally to 42-45K, but it needs to create support there otherwise you could see another big dip into the low 30's. People were excited when BTC hit 41K today. A lot of the smaller ALT coins started moving and I know some people dove in. Now everything is back to where it started this morning. I'm sitting on the sidelines until we get confirmation of which way this is going to play out.
 
kibrood said:
I trade crypto using Binance and Kucoin. Binance because they have the majority of major tokens and Kucoin because they have some smaller coins which are a little more risky, but can pay off if you know what you're doing. Yes, it can be profitable, but with any type of trading it takes work and lots of learning if you're going to attempt day trading or swing trading (longer time frame than day trading). It safer to invest in some of the top tier coins like BTC, Ethereum, Cardano, XRP, DOT and just hold, but the big returns can take awhile to accumulate. Trading requires you to understand charts - know your entries and exits, be as robotic as possible with your trades, and have good risk management. Lots of resources out there for trading - paper trade like you've been doing.

Right no trading is rough with Bitcoin being indecisive. It's choppy out there. BTC can rally to 42-45K, but it needs to create support there otherwise you could see another big dip into the low 30's. People were excited when BTC hit 41K today. A lot of the smaller ALT coins started moving and I know some people dove in. Now everything is back to where it started this morning. I'm sitting on the sidelines until we get confirmation of which way this is going to play out.
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yeah what was that lowest dip it had recently in a while was it under 30?
 
Make sure you're aware of the tax implications. It sounds like you're looking into "day trading" which the CRA will treat as business income at that point. so 100% of the profits you make are taxable. Otherwise for forex trading you have a grace of $200/year and the remainder of the gains are taxable. Crypto gains are considered capital gains so you pay taxes on 50% of your gains, and every trade is considered a taxable event so swapping BTC for ETH for example, you'll pay tax on any gains made from the BTC.

There's lots of money to be made, personally I think more in crypto than in forex. Day trading will typically result in major losses more often than not, unless you're truly great at it. The best strategy for a retail investor is usually to get in and hold.
 
kibrood said:
I trade crypto using Binance and Kucoin. Binance because they have the majority of major tokens and Kucoin because they have some smaller coins which are a little more risky, but can pay off if you know what you're doing. Yes, it can be profitable, but with any type of trading it takes work and lots of learning if you're going to attempt day trading or swing trading (longer time frame than day trading). It safer to invest in some of the top tier coins like BTC, Ethereum, Cardano, XRP, DOT and just hold, but the big returns can take awhile to accumulate. Trading requires you to understand charts - know your entries and exits, be as robotic as possible with your trades, and have good risk management. Lots of resources out there for trading - paper trade like you've been doing.

Right no trading is rough with Bitcoin being indecisive. It's choppy out there. BTC can rally to 42-45K, but it needs to create support there otherwise you could see another big dip into the low 30's. People were excited when BTC hit 41K today. A lot of the smaller ALT coins started moving and I know some people dove in. Now everything is back to where it started this morning. I'm sitting on the sidelines until we get confirmation of which way this is going to play out.
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I’ve been fuckin with Bitcoin for a few years, mostly for harder to trace transactions ; and easier to send certain types of payments this way discreetly. Who woulda thought it would have went to 80K this year though? I would have put so much money into it back then if I knew. Nowadays, I feel there’s a few that will do nothing but gain over time. Just don’t get caught up with the one hit wonders
 
Bitcoin , litecoin, ethereum. That’s where I feel most of this crytpo scene is going to amount to those 3 being the top; but lookout for up and coming cryptos, it’s hard to say which direction this is going to go. I feel like if they lowered the amount of types of cryto and honed in on those few the value would grow exponentially. Without getting all caught up and confused on where to put your money!
A), B), C), is much more manageable than dispersing everything over the whole alphabet right.
 
IronRobi said:
Make sure you're aware of the tax implications. It sounds like you're looking into "day trading" which the CRA will treat as business income at that point. so 100% of the profits you make are taxable. Otherwise for forex trading you have a grace of $200/year and the remainder of the gains are taxable. Crypto gains are considered capital gains so you pay taxes on 50% of your gains, and every trade is considered a taxable event so swapping BTC for ETH for example, you'll pay tax on any gains made from the BTC.

There's lots of money to be made, personally I think more in crypto than in forex. Day trading will typically result in major losses more often than not, unless you're truly great at it. The best strategy for a retail investor is usually to get in and hold.
Click to expand...

IronRobi said:
Make sure you're aware of the tax implications. It sounds like you're looking into "day trading" which the CRA will treat as business income at that point. so 100% of the profits you make are taxable. Otherwise for forex trading you have a grace of $200/year and the remainder of the gains are taxable. Crypto gains are considered capital gains so you pay taxes on 50% of your gains, and every trade is considered a taxable event so swapping BTC for ETH for example, you'll pay tax on any gains made from the BTC.

There's lots of money to be made, personally I think more in crypto than in forex. Day trading will typically result in major losses more often than not, unless you're truly great at it. The best strategy for a retail investor is usually to get in and hold.
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So if a person is trading crypto - is that considered day trading or crypto gains? How long
kibrood said:
I trade crypto using Binance and Kucoin. Binance because they have the majority of major tokens and Kucoin because they have some smaller coins which are a little more risky, but can pay off if you know what you're doing. Yes, it can be profitable, but with any type of trading it takes work and lots of learning if you're going to attempt day trading or swing trading (longer time frame than day trading). It safer to invest in some of the top tier coins like BTC, Ethereum, Cardano, XRP, DOT and just hold, but the big returns can take awhile to accumulate. Trading requires you to understand charts - know your entries and exits, be as robotic as possible with your trades, and have good risk management. Lots of resources out there for trading - paper trade like you've been doing.

Right no trading is rough with Bitcoin being indecisive. It's choppy out there. BTC can rally to 42-45K, but it needs to create support there otherwise you could see another big dip into the low 30's. People were excited when BTC hit 41K today. A lot of the smaller ALT coins started moving and I know some people dove in. Now everything is back to where it started this morning. I'm sitting on the sidelines until we get confirmation of which way this is going to play out.
Click to expand...
When you are doing crypto trades, is that every day, or do you hold them for a while? I'm completely new to this haha. Binary is minute trading so I'm curious how crypto trading works?
 
Harleyswife said:
So if a person is trading crypto - is that considered day trading or crypto gains? How long

When you are doing crypto trades, is that every day, or do you hold them for a while? I'm completely new to this haha. Binary is minute trading so I'm curious how crypto trading works?
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I have a few coins that I will hold long term - take them off the exchange, keep them in my wallet and forget about them. Like bitcoin for example.

I have funds for trading - usually enter a trade and get out once I get 3-5% profit. Depending on the market this may take a day or may take a few days. It seems like a small percentage. but it will add up over time. I use Binance because you can set an OCO order which mean you can sell at a target price and at the same time can set a stop loss - a sell price below your entry price in case things go south. Protecting your overall capital is hugely important when it comes to trading. If you lose your capital you're done. Stop losses have saved my ass a number of times when BTC decides to throw a tantrum. Right now I'm not trading anything until BTC decides what to do - people much smarter than me think it may drop to low 30's, maybe even dip into the 20K range. It was at 41K, but it really needed to get up to 42K-45K and find support before people would feel confident that we hit the bottom for now.

There's a ton of different strategies, but I'm relatively new so I keep things as simple as possible and minimize my risk as much as I can.
 
kibrood said:
I have a few coins that I will hold long term - take them off the exchange, keep them in my wallet and forget about them. Like bitcoin for example.

I have funds for trading - usually enter a trade and get out once I get 3-5% profit. Depending on the market this may take a day or may take a few days. It seems like a small percentage. but it will add up over time. I use Binance because you can set an OCO order which mean you can sell at a target price and at the same time can set a stop loss - a sell price below your entry price in case things go south. Protecting your overall capital is hugely important when it comes to trading. If you lose your capital you're done. Stop losses have saved my ass a number of times when BTC decides to throw a tantrum. Right now I'm not trading anything until BTC decides what to do - people much smarter than me think it may drop to low 30's, maybe even dip into the 20K range. It was at 41K, but it really needed to get up to 42K-45K and find support before people would feel confident that we hit the bottom for now.

There's a ton of different strategies, but I'm relatively new so I keep things as simple as possible and minimize my risk as much as I can.
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Ok this is really interesting, I like it. What I hate about binary is that it's a timed trade - so you have to predict its either going to be above or below entry within a certain time frame. Currencies have been crazy this week - going bearish/bullish when hitting resistance areas, and news has made big impact too. It's been a really frustrating week to say the least, and getting spiked out by the broker makes it worse haha.

Is there a way to practice buying/selling crypto so I can get the hang of setting orders and stop losses? I've been looking at MT4 but I think that's more forex? I've spent alot of time marking up charts using moving average, rsi and resistance/support, and I'd definitely want to practice before putting $ into binance.

I have a very small amount of BTC in shakepay, and was watching the price fluctuate there. I see that BTC and etherum can be bought and sold in shakepay. This may be a dumb question but can shakepay be used to buy/sell or is that just meant to be more of a wallet than trading?
 
Harleyswife said:
Ok this is really interesting, I like it. What I hate about binary is that it's a timed trade - so you have to predict its either going to be above or below entry within a certain time frame. Currencies have been crazy this week - going bearish/bullish when hitting resistance areas, and news has made big impact too. It's been a really frustrating week to say the least, and getting spiked out by the broker makes it worse haha.

Is there a way to practice buying/selling crypto so I can get the hang of setting orders and stop losses? I've been looking at MT4 but I think that's more forex? I've spent alot of time marking up charts using moving average, rsi and resistance/support, and I'd definitely want to practice before putting $ into binance.

I have a very small amount of BTC in shakepay, and was watching the price fluctuate there. I see that BTC and etherum can be bought and sold in shakepay. This may be a dumb question but can shakepay be used to buy/sell or is that just meant to be more of a wallet than trading?
Click to expand...
I think some trading accounts like binance have practice accounts.
Do you know how to do any charting?
Do you have tradingview?

Please don't think you can make a living off of this without some serious time invested (years) and well...some serious coin. To make real money you have to trade with many thousands of dollars or use high leverage. This isn't for the faint of heart. Also alot of people right now are thinking they are smart traders.
You can trade for days make small profits, or maybe even good ones. Then it all gets wiped out by one bad trade
"oh but 3ml, I set stop losses"
I don't know how many times I have heard this. Stop losses don't mean sweet fuck all. I have seen lots of guys get liquidated with stops. The price drops right through their stop loss and there is no buyer there. It either runs them into liquidation if they are trading on margin, or their stop fails and they sell significantly cheaper than what their SL was set for.

Keep in mind.
Trading is a competition. It is like a sport. For someone to make money someone is losing money. So ask yourself this. Are you smarter, more disciplined than your opponent?
If it was only you and a handful of my trader friends on an exchange. Who do you think is going to walk away with the money?

LIke @IronRobi said, the best strategy for most is to buy and hold.

EVEN if you think you made money on a few trades, unless you back test and compare to a buy and hold strategy, you don't know if you would have been better off just holding your original investment, or spending countless hours trading.

I am not trying to discourage you, but I spend usually from around 4 am to 10 am trading the last 6 months. I have been trading more and less than that over the years. Just when I think I am doing good, I make mistakes. I do it because I like it. I don't rely on it for income.
Also it is easy to make money in a Bull market. Trust me....it gets alot harder when it goes the other way. Also like I stated above, maybe you are thinking you are making money on your trades, but would have been better off just holding. Without back testing you do not know.

There is also staking, lending and farming these days in crypto. I can lend USDC out at 11 percent interest. One of my fav up and coming coins is 10 pct return on staking. This are great numbers for doing nothing but buying and holding.
 
3ml said:
I think some trading accounts like binance have practice accounts.
Do you know how to do any charting?
Do you have tradingview?

Please don't think you can make a living off of this without some serious time invested (years) and well...some serious coin. To make real money you have to trade with many thousands of dollars or use high leverage. This isn't for the faint of heart. Also alot of people right now are thinking they are smart traders.
You can trade for days make small profits, or maybe even good ones. Then it all gets wiped out by one bad trade
"oh but 3ml, I set stop losses"
I don't know how many times I have heard this. Stop losses don't mean sweet fuck all. I have seen lots of guys get liquidated with stops. The price drops right through their stop loss and there is no buyer there. It either runs them into liquidation if they are trading on margin, or their stop fails and they sell significantly cheaper than what their SL was set for.

Keep in mind.
Trading is a competition. It is like a sport. For someone to make money someone is losing money. So ask yourself this. Are you smarter, more disciplined than your opponent?
If it was only you and a handful of my trader friends on an exchange. Who do you think is going to walk away with the money?

LIke @IronRobi said, the best strategy for most is to buy and hold.

EVEN if you think you made money on a few trades, unless you back test and compare to a buy and hold strategy, you don't know if you would have been better off just holding your original investment, or spending countless hours trading.

I am not trying to discourage you, but I spend usually from around 4 am to 10 am trading the last 6 months. I have been trading more and less than that over the years. Just when I think I am doing good, I make mistakes. I do it because I like it. I don't rely on it for income.
Also it is easy to make money in a Bull market. Trust me....it gets alot harder when it goes the other way. Also like I stated above, maybe you are thinking you are making money on your trades, but would have been better off just holding. Without back testing you do not know.

There is also staking, lending and farming these days in crypto. I can lend USDC out at 11 percent interest. One of my fav up and coming coins is 10 pct return on staking. This are great numbers for doing nothing but buying and holding.
Click to expand...
I do have tradingview, I've been learning more evey day with charting. I've been spotting the weekly/daily support & resistance levels, but still struggling to determine which direction the market will move.

I'm not expecting to make a living off of it any time soon, but I would like to start small and work my way up. I've only started learning a month ago, and I make alot of mistakes, but see alot of improvement too.

When you both mentioned the best strategy is to buy and hold- are you talking long term or short term? Do you watch the market constantly or set alerts?
 
3ml said:
I think some trading accounts like binance have practice accounts.
Do you know how to do any charting?
Do you have tradingview?

Please don't think you can make a living off of this without some serious time invested (years) and well...some serious coin. To make real money you have to trade with many thousands of dollars or use high leverage. This isn't for the faint of heart. Also alot of people right now are thinking they are smart traders.
You can trade for days make small profits, or maybe even good ones. Then it all gets wiped out by one bad trade
"oh but 3ml, I set stop losses"
I don't know how many times I have heard this. Stop losses don't mean sweet fuck all. I have seen lots of guys get liquidated with stops. The price drops right through their stop loss and there is no buyer there. It either runs them into liquidation if they are trading on margin, or their stop fails and they sell significantly cheaper than what their SL was set for.

Keep in mind.
Trading is a competition. It is like a sport. For someone to make money someone is losing money. So ask yourself this. Are you smarter, more disciplined than your opponent?
If it was only you and a handful of my trader friends on an exchange. Who do you think is going to walk away with the money?

LIke @IronRobi said, the best strategy for most is to buy and hold.

EVEN if you think you made money on a few trades, unless you back test and compare to a buy and hold strategy, you don't know if you would have been better off just holding your original investment, or spending countless hours trading.

I am not trying to discourage you, but I spend usually from around 4 am to 10 am trading the last 6 months. I have been trading more and less than that over the years. Just when I think I am doing good, I make mistakes. I do it because I like it. I don't rely on it for income.
Also it is easy to make money in a Bull market. Trust me....it gets alot harder when it goes the other way. Also like I stated above, maybe you are thinking you are making money on your trades, but would have been better off just holding. Without back testing you do not know.

There is also staking, lending and farming these days in crypto. I can lend USDC out at 11 percent interest. One of my fav up and coming coins is 10 pct return on staking. This are great numbers for doing nothing but buying and holding.
Click to expand...
Some amazing and sobering points for those that think they can live soley on trading. Very few can, and it has been shown that holding over time wins for the majority of people. Like 3ml said, not to discourage anyone, but there's a lot of work to be done to be consistently profitable as a trader - especially when all your technical analysis goes out the window because someone like Elon decides to fart on twitter.
 
kibrood said:
Some amazing and sobering points for those that think they can live soley on trading. Very few can, and it has been shown that holding over time wins for the majority of people. Like 3ml said, not to discourage anyone, but there's a lot of work to be done to be consistently profitable as a trader - especially when all your technical analysis goes out the window because someone like Elon decides to fart on twitter.
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Yes this is correct. Almost always buying and holding will out preform trading. Human psychology is an interesting thing. It influences trades like you wouldn't believe. You have to be cold as ice when executing trades. Sure it's nice when you nail a good one, but I always keep in mind those profits can very very quickly be taken away and more in the next trade.
LOL this is true about TA and elon musk. That asshole should really get a visit from the securities commission. John Mcafee was on the run for the very same type of bullshit.

Another thing I noticed. Crytpo trading was much easier a couple years ago....if you knew a little TA and could apply it, you could do alright. Now wall street is involved it is a different beast.
 
Harleyswife said:
I do have tradingview, I've been learning more evey day with charting. I've been spotting the weekly/daily support & resistance levels, but still struggling to determine which direction the market will move.

I'm not expecting to make a living off of it any time soon, but I would like to start small and work my way up. I've only started learning a month ago, and I make alot of mistakes, but see alot of improvement too.

When you both mentioned the best strategy is to buy and hold- are you talking long term or short term? Do you watch the market constantly or set alerts?
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Of course you will struggle to know which way the market will go. No one knows. You can only stack the odds in your favor the best way you know how. Set a trade and hope to fuck it goes the right way. Also don't be scared to get out of it when you are losing money, also don't get out too early lol. Know when to take profits, but don't leave money on the table by taking profits too soon or don't hold too long and watch it reverse and profits are gone. See how this is.

If it interests you pursue it. Honestly I love trading, but I discourage people from doing it unless they are going to get real serious about it.
I mean there is nothing wrong with buying stocks, making a profit selling them in a few months and looking for a deal on the next stock...trust me you can still get REKT doing this too. Day trading though...ooof you are against real sharks and trading bots...beware.

As far as buy and hold. It is exactly that.

What I suggest to people is this.

Say you like Canadian Natural Resources stocks.
you set out a dollar or stock amount you will purchase regularly. Maybe every pay check or every month. You buy that stock regardless of price.
Lets say its 5 shares a month.
But say it drops by 20 percent, I may pick up an extra share or two that month. This is like dollar cost averaging but adding even more when the asset is on sale. This worked extremely well for me with crypto. I was constantly buying, when it dropped I aggressively bought more.
 
3ml said:
Of course you will struggle to know which way the market will go. No one knows. You can only stack the odds in your favor the best way you know how. Set a trade and hope to fuck it goes the right way. Also don't be scared to get out of it when you are losing money, also don't get out too early lol. Know when to take profits, but don't leave money on the table by taking profits too soon or don't hold too long and watch it reverse and profits are gone. See how this is.

If it interests you pursue it. Honestly I love trading, but I discourage people from doing it unless they are going to get real serious about it.
I mean there is nothing wrong with buying stocks, making a profit selling them in a few months and looking for a deal on the next stock...trust me you can still get REKT doing this too. Day trading though...ooof you are against real sharks and trading bots...beware.

As far as buy and hold. It is exactly that.

What I suggest to people is this.

Say you like Canadian Natural Resources stocks.
you set out a dollar or stock amount you will purchase regularly. Maybe every pay check or every month. You buy that stock regardless of price.
Lets say its 5 shares a month.
But say it drops by 20 percent, I may pick up an extra share or two that month. This is like dollar cost averaging but adding even more when the asset is on sale. This worked extremely well for me with crypto. I was constantly buying, when it dropped I aggressively bought more.
Click to expand...
You've definitely given me alot to think about and look into. Honestly holding sounds much better. I've seen first hand what day trading is like doing the binary trades - in demo accounts its like a 80% win, but once you go live it's a different ballpark. All my strategies and confidence were shook. There's definitely alot of influence in the day to day, and it's frustrating and hard on the head lol. Thanks for all your suggestions,much appreciated!
 
Harleyswife said:
You've definitely given me alot to think about and look into. Honestly holding sounds much better. I've seen first hand what day trading is like doing the binary trades - in demo accounts its like a 80% win, but once you go live it's a different ballpark. All my strategies and confidence were shook. There's definitely alot of influence in the day to day, and it's frustrating and hard on the head lol. Thanks for all your suggestions,much appreciated!
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You are welcome. By all means have your toes in the market. It's good to have your finger on the pulse. The more in tune with it you are the better decisions you will likely make better decisions on your long term holds.
 
What is a good site to view stocks? And if I get into a few stocks would I need to have an investor account to trade with? Also, if I wanted to do some crypto, is binance the best place to monitor and trade?
 
Harleyswife said:
What is a good site to view stocks? And if I get into a few stocks would I need to have an investor account to trade with? Also, if I wanted to do some crypto, is binance the best place to monitor and trade?
Click to expand...
I am not sure what you mean by a good site to view stocks.
Yes you need an investor account to trade. I personally like Questrade.
For crypto binance has the biggest selection and liquidity but I don't use it much. I don't like the chinamen who run it.
You are gonna do all your "monitoring" on trading view. You are going to learn to use indicators. When you learn one well, learn another and another and another. Before entering a trade I like to have atleast 3 or 4 things going in my favor. Say fibonacci, a support line has been respected or rejected min 2 times, moving averages look good, and volume is favourable.

The biggest thing to learn and this is what people miss. Is your candles. Learn to read your candles. The way your little red and green bars shape up on the charts can tell you more than almost any indicator. Learn patterns. Learn about how and why the wicks are the way they are. Candles tell you so much. Most people do not realize this. They tell a story, they are talking to you, they are telling you exactly what is happening in the market. When you understand what I am saying. Then you are ready to start doing some real trading.
 
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