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How to get started in Forex - A comprehensive guide for newbies

Almost every day people come to this subreddit asking the same basic questions over and over again. I've put this guide together to point you in the right direction and help you get started on your forex journey.

A quick background on me before you ask: My name is Bob, I'm based out of western Canada. I started my forex journey back in January 2018 and am still learning. However I am trading live, not on demo accounts. I also code my own EA's. I not certified, licensed, insured, or even remotely qualified as a professional in the finance industry. Nothing I say constitutes financial advice. Take what I'm saying with a grain of salt, but everything I've outlined below is a synopsis of some tough lessons I've learned over the last year of being in this business.

LET'S GET SOME UNPLEASANTNESS OUT OF THE WAY

I'm going to call you stupid. I'm also going to call you dumb. I'm going to call you many other things. I do this because odds are, you are stupid, foolish,and just asking to have your money taken away. Welcome to the 95% of retail traders. Perhaps uneducated or uninformed are better phrases, but I've never been a big proponent of being politically correct.

Want to get out of the 95% and join the 5% of us who actually make money doing this? Put your grown up pants on, buck up, and don't give me any of this pc "This is hurting my feelings so I'm not going to listen to you" bullshit that the world has been moving towards.

Let's rip the bandage off quickly on this point - the world does not give a fuck about you. At one point maybe it did, it was this amazing vision nicknamed the American Dream. It died an agonizing, horrible death at the hand of capitalists and entrepreneurs. The world today revolves around money. Your money, my money, everybody's money. People want to take your money to add it to theirs. They don't give a fuck if it forces you out on the street and your family has to live in cardboard box. The world just stopped caring in general. It sucks, but it's the way the world works now. Welcome to the new world order. It's called Capitalism.

And here comes the next hard truth that you will need to accept - Forex is a cruel bitch of a mistress. She will hurt you. She will torment you. She will give you nightmares. She will keep you awake at night. And then she will tease you with a glimmer of hope to lure you into a false sense of security before she then guts you like a fish and shows you what your insides look like. This statement applies to all trading markets - they are cruel, ruthless, and not for the weak minded.

The sooner you accept these truths, the sooner you will become profitable. Don't accept it? That's fine. Don't bother reading any further. If I've offended you I don't give a fuck. You can run back home and hide under your bed. The world doesn't care and neither do I.

For what it's worth - I am not normally an major condescending asshole like the above paragraphs would suggest. In fact, if you look through my posts on this subreddit you will see I am actually quite helpful most of the time to many people who come here. But I need you to really understand that Forex is not for most people. It will make you cry. And if the markets themselves don't do it, the people in the markets will.

LESSON 1 - LEARN THE BASICS

Save yourself and everybody here a bunch of time - learn the basics of forex. You can learn the basics for free - BabyPips has one of the best free courses online which explains what exactly forex is, how it works, different strategies and methods of how to approach trading, and many other amazing topics.

You can access the BabyPips course by clicking this link: https://www.babypips.com/learn/forex

Do EVERY course in the School of Pipsology. It's free, it's comprehensive, and it will save you from a lot of trouble. It also has the added benefit of preventing you from looking foolish and uneducated when you come here asking for help if you already know this stuff.

If you still have questions about how forex works, please see the FREE RESOURCES links on the /Forex FAQ which can be found here: https://www.reddit.com/Forex/wiki/index

Quiz Time
Answer these questions truthfully to yourself:

-What is the difference between a market order, a stop order, and a limit order?
-How do you draw a support/resistance line? (Demonstrate it to yourself)
-What is the difference between MACD, RSI, and Stochastic indicators?
-What is fundamental analysis and how does it differ from technical analysis and price action trading?
-True or False: It's better to have a broker who gives you 500:1 margin instead of 50:1 margin. Be able to justify your reasoning.

If you don't know to answer to any of these questions, then you aren't ready to move on. Go back to the School of Pipsology linked above and do it all again.

If you can answer these questions without having to refer to any kind of reference then congratulations, you are ready to move past being a forex newbie and are ready to dive into the wonderful world of currency trading! Move onto Lesson 2 below.

LESSON 2 - RANDOM STRANGERS ARE NOT GOING TO HELP YOU GET RICH IN FOREX

This may come as a bit of a shock to you, but that random stranger on instagram who is posting about how he is killing it on forex is not trying to insprire you to greatness. He's also not trying to help you. He's also not trying to teach you how to attain financial freedom.

99.99999% of people posting about wanting to help you become rich in forex are LYING TO YOU.

Why would such nice, polite people do such a thing? Because THEY ARE TRYING TO PROFIT FROM YOUR STUPIDITY.

Plain and simple. Here's just a few ways these "experts" and "gurus" profit from you:


These are just a few examples. The reality is that very few people make it big in forex or any kind of trading. If somebody is trying to sell you the dream, they are essentially a magician - making you look the other way while they snatch your wallet and clean you out.

Additionally, on the topic of fund managers - legitimate fund managers will be certified, licensed, and insured. Ask them for proof of those 3 things. What they typically look like are:

If you are talking to a fund manager and they are insisting they have all of these, get a copy of their verification documents and lookup their licenses on the directories of the issuers to verify they are valid. If they are, then at least you are talking to somebody who seems to have their shit together and is doing investment management and trading as a professional and you are at least partially protected when the shit hits the fan.


LESSON 3 - UNDERSTAND YOUR RISK

Many people jump into Forex, drop $2000 into a broker account and start trading 1 lot orders because they signed up with a broker thinking they will get rich because they were given 500:1 margin and can risk it all on each trade. Worst-case scenario you lose your account, best case scenario you become a millionaire very quickly. Seems like a pretty good gamble right? You are dead wrong.

As a new trader, you should never risk more than 1% of your account balance on a trade. If you have some experience and are confident and doing well, then it's perfectly natural to risk 2-3% of your account per trade. Anybody who risks more than 4-5% of their account on a single trade deserves to blow their account. At that point you aren't trading, you are gambling. Don't pretend you are a trader when really you are just putting everything on red and hoping the roulette ball lands in the right spot. It's stupid and reckless and going to screw you very quickly.

Let's do some math here:

You put $2,000 into your trading account.
Risking 1% means you are willing to lose $20 per trade. That means you are going to be trading micro lots, or 0.01 lots most likely ($0.10/pip). At that level you can have a trade stop loss at -200 pips and only lose $20. It's the best starting point for anybody. Additionally, if you SL 20 trades in a row you are only down $200 (or 10% of your account) which isn't that difficult to recover from.
Risking 3% means you are willing to lose $60 per trade. You could do mini lots at this point, which is 0.1 lots (or $1/pip). Let's say you SL on 20 trades in a row. You've just lost $1,200 or 60% of your account. Even veteran traders will go through periods of repeat SL'ing, you are not a special snowflake and are not immune to periods of major drawdown.
Risking 5% means you are willing to lose $100 per trade. SL 20 trades in a row, your account is blown. As Red Foreman would call it - Good job dumbass.

Never risk more than 1% of your account on any trade until you can show that you are either consistently breaking even or making a profit. By consistently, I mean 200 trades minimum. You do 200 trades over a period of time and either break-even or make a profit, then you should be alright to increase your risk.

Unfortunately, this is where many retail traders get greedy and blow it. They will do 10 trades and hit their profit target on 9 of them. They will start seeing huge piles of money in their future and get greedy. They will start taking more risk on their trades than their account can handle.

200 trades of break-even or profitable performance risking 1% per trade. Don't even think about increasing your risk tolerance until you do it. When you get to this point, increase you risk to 2%. Do 1,000 trades at this level and show break-even or profit. If you blow your account, go back down to 1% until you can figure out what the hell you did differently or wrong, fix your strategy, and try again.

Once you clear 1,000 trades at 2%, it's really up to you if you want to increase your risk. I don't recommend it. Even 2% is bordering on gambling to be honest.


LESSON 4 - THE 500 PIP DRAWDOWN RULE

This is a rule I created for myself and it's a great way to help protect your account from blowing.

Sometimes the market goes insane. Like really insane. Insane to the point that your broker can't keep up and they can't hold your orders to the SL and TP levels you specified. They will try, but during a flash crash like we had at the start of January 2019 the rules can sometimes go flying out the window on account of the trading servers being unable to keep up with all the shit that's hitting the fan.

Because of this I live by a rule I call the 500 Pip Drawdown Rule and it's really quite simple - Have enough funds in your account to cover a 500 pip drawdown on your largest open trade. I don't care if you set a SL of -50 pips. During a flash crash that shit sometimes just breaks.

So let's use an example - you open a 0.1 lot short order on USDCAD and set the SL to 50 pips (so you'd only lose $50 if you hit stoploss). An hour later Trump makes some absurd announcement which causes a massive fundamental event on the market. A flash crash happens and over the course of the next few minutes USDCAD spikes up 500 pips, your broker is struggling to keep shit under control and your order slips through the cracks. By the time your broker is able to clear the backlog of orders and activity, your order closes out at 500 pips in the red. You just lost $500 when you intended initially to only risk $50.

It gets kinda scary if you are dealing with whole lot orders. A single order with a 500 pip drawdown is $5,000 gone in an instant. That will decimate many trader accounts.

Remember my statements above about Forex being a cruel bitch of a mistress? I wasn't kidding.

Granted - the above scenario is very rare to actually happen. But glitches to happen from time to time. Broker servers go offline. Weird shit happens which sets off a fundamental shift. Lots of stuff can break your account very quickly if you aren't using proper risk management.


LESSON 5 - UNDERSTAND DIFFERENT TRADING METHODOLOGIES

Generally speaking, there are 3 trading methodologies that traders employ. It's important to figure out what method you intend to use before asking for help. Each has their pros and cons, and you can combine them in a somewhat hybrid methodology but that introduces challenges as well.

In a nutshell:

Now you may be thinking that you want to be a a price action trader - you should still learn the principles and concepts behind TA and FA. Same if you are planning to be a technical trader - you should learn about price action and fundamental analysis. More knowledge is better, always.

With regards to technical analysis, you need to really understand what the different indicators are tell you. It's very easy to misinterpret what an indicator is telling you, which causes you to make a bad trade and lose money. It's also important to understand that every indicator can be tuned to your personal preferences.

You might find, for example, that using Bollinger Bands with the normal 20 period SMA close, 2 standard deviation is not effective for how you look at the chart, but changing that to say a 20 period EMA average price, 1 standard deviation bollinger band indicator could give you significantly more insight.


LESSON 6 - TIMEFRAMES MATTER

Understanding the differences in which timeframes you trade on will make or break your chosen strategy. Some strategies work really well on Daily timeframes (i.e. Ichimoku) but they fall flat on their face if you use them on 1H timeframes, for example.

There is no right or wrong answer on what timeframe is best to trade on. Generally speaking however, there are 2 things to consider:


If you are a total newbie to forex, I suggest you don't trade on anything shorter than the 1H timeframe when you are first learning. Trading on higher timeframes tends to be much more forgiving and profitable per trade. Scalping is a delicate art and requires finesse and can be very challenging when you are first starting out.


LESSON 7 - AUTOBOTS...ROLL OUT!

Yeah...I'm a geek and grew up with the Transformers franchise decades before Michael Bay came along. Deal with it.

Forex bots are called EA's (Expert Advisors). They can be wonderous and devastating at the same time. /Forex is not really the best place to get help with them. That is what /algotrading is useful for. However some of us that lurk on /Forex code EA's and will try to assist when we can.

Anybody can learn to code an EA. But just like how 95% of retail traders fail, I would estimate the same is true for forex bots. Either the strategy doesn't work, the code is buggy, or many other reasons can cause EA's to fail. Because EA's can often times run up hundreds of orders in a very quick period of time, it's critical that you test them repeatedly before letting them lose on a live trading account so they don't blow your account to pieces. You have been warned.

If you want to learn how to code an EA, I suggest you start with MQL. It's a programming language which can be directly interpretted by Meta Trader. The Meta Trader terminal client even gives you a built in IDE for coding EA's in MQL. The downside is it can be buggy and glitchy and caused many frustrating hours of work to figure out what is wrong.

If you don't want to learn MQL, you can code an EA up in just about any programming language. Python is really popular for forex bots for some reason. But that doesn't mean you couldn't do it in something like C++ or Java or hell even something more unusual like JQuery if you really wanted.

I'm not going to get into the finer details of how to code EA's, there are some amazing guides out there. Just be careful with them. They can be your best friend and at the same time also your worst enemy when it comes to forex.

One final note on EA's - don't buy them. Ever. Let me put this into perspective - I create an EA which is literally producing money for me automatically 24/5. If it really is a good EA which is profitable, there is no way in hell I'm selling it. I'm keeping it to myself to make a fortune off of. EA's that are for sale will not work, will blow your account, and the developer who coded it will tell you that's too darn bad but no refunds. Don't ever buy an EA from anybody.

LESSON 8 - BRING ON THE HATERS

You are going to find that this subreddit is frequented by trolls. Some of them will get really nasty. Some of them will threaten you. Some of them will just make you miserable. It's the price you pay for admission to the /Forex club.

If you can't handle it, then I suggest you don't post here. Find a more newbie-friendly site. It sucks, but it's reality.

We often refer to trolls on this subreddit as shitcunts. That's your word of the day. Learn it, love it. Shitcunts.


YOU MADE IT, WELCOME TO FOREX!

If you've made it through all of the above and aren't cringing or getting scared, then welcome aboard the forex train! You will fit in nicely here. Ask your questions and the non-shitcunts of our little corner of reddit will try to help you.

Assuming this post doesn't get nuked and I don't get banned for it, I'll add more lessons to this post over time. Lessons I intend to add in the future:
If there is something else you feel should be included please drop a comment and I'll add it to the above list of pending topics.

Cheers,

Bob



submitted by wafflestation to Forex [link] [comments]

COMPREHENSIVE Forex Trading SOLUTION/ANSWER; FEEDBACK NEEDED

The following is a comprehensive response outlining a viable, reasonable, scalable, and sustainable solution for achieving financial independence/prosperity. Please let me know what you think as I would appreciate your feedback.
Trade the financial markets, specifically Forex trading. It's a fkin trillion dollar industry! There are a plethora of businesses online that sell software to meet the trading/investment needs of various demanding clients.
Just look up online EAs (Expert Advisor, which is automated/algorithmic trading, for Meta Trader 4), verify results using the myfxbook website (i.e. a reputable independent third-party website that certifies and tracks the record/performance of various trading strategies/systems, including commercial EAs), purchase the EA, verify results again by running/performing both a backtest and a forward test (i.e. paper trading on a demo account), and then, and only then can/should you use the EA with real money trading on a live/real account.
You can verify the EA's reliability by performing a backtest for a "significant" time period (for example 5-10 years; or depending on the "frequency" of trades placed from the EA) coupled with 2-3 months of forward testing (i.e. paper trading on a demo account) and if the results are "consistently" profitable (i.e. "overall consistent" "monthly" profits from both backtesting and forward testing) with drawdowns being not "too much/high/extreme" AND not "too frequent", then you can go live and trade using real money.
It's okay to expect a particular trading strategy/system to expire (i.e. lose its edge, or for profits to weaken/deteriorate/diminish). When that time comes, simply go onto the next “hot/trendy” EA or if you were fortunate enough to accumulate significant profits, you can store those profits in an interest-savings account and receive periodic income that way.
The purpose of backtesting and forward testing is to ensure drawdowns are not "too much/high/extreme" AND not "too frequent", AND that there is proper risk management "embedded within the EA", thus minimizing/avoiding the risk of "extreme" drawdown or "extreme" losses when using real money.
Note: The switch to "another" hot/trendy EA should be made when the profits earned from the "current" EA have reached a point/level where it no longer appeals to the individual's interest/preference. However, if there is an "unusual/unexpected/unanticipated" "significant" drawdown (according to the performed backtest and forward test), then that would unfortunately represent an actual/real risk/loss incurred by the individual (and would still require a switch to another hot/trendy EA). This risk can be "mitigated/minimized" by performing a backtest "AND" a forward test (both for a "significant" time period, i.e. depending on the "frequency" of trades placed from the EA), AND by conducting a proper psychological evaluation of the EA seller (as an "individual" entity), i.e. evaluating their reliability, logic, and confidence when it comes to addressing/answering relevant/crucial questions pertaining to Forex/Finance/Trading/Investing (rather than asking for or needing specific details regarding their intellectual property or proprietary strategy/system/software, i.e. their source code or trading methodology).
Ultimately, it comes down to “risk tolerance” while taking into account the results obtained from backtesting and forward testing, as well as the level of confidence and trust you impart/place on the person/group selling/distributing the EA.
Note: refer to the Investopedia website for definitions on the following terminology/vocabulary: backtesting, forward testing (i.e. paper trading on a demo account), drawdown (DD), maximum drawdown (MDD or MaxDD), and monthly/annual ROI (return on investment, as a percentage).
Also, note: "focus" on testing for maximum drawdown (MDD or MaxDD) (making sure drawdowns are not "too much/high/extreme" AND not "too frequent"; for example, not greater than 30%-50%, depending on your risk tolerance or preference) and looking for a "track-record" of "overall consistent" "monthly" profits from both backtesting and forward testing, i.e. paper trading on a demo account (both for a "significant" time period, depending on the "frequency" of trades placed from the EA). This "track-record" can be "verified" either through the "myfxbook" website or through the combined use of backtesting and forward testing.
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Each and every year, students graduate from college and university. How is it "economically feasible" to provide jobs for all or most of these people? My understanding is that people need to display a good understanding of the psychology of first impression, which includes genuine/authentic personality, trustworthiness, and competency (reflected in education); in other words, honest, reliable, and competent in relevant matters, or integrity, energy, and intelligence.
Problem: The individual's attainment of their “desired dream/career job", which is their ultimate purpose for pursuing "rigorous" higher education (i.e. college or university) or "rigorous" professional education (i.e. apprenticeship or trades).
I believe that a lot of people attend college and university with the hope that they will obtain a job after they graduate, a job that will support them financially. If money is the primary reason for their pursuing higheprofessional education, shouldn't they be "informed" (as part of a global/collective civic/social responsibility) that there are alternative ways of making money (personally, namely, trading the financial markets), ones that will actually lead them to, or at least have a higher probability of leading them to, financial independence/prosperity, since the chances of them achieving such goal upon graduation from college/university is realistically slim – if not the problem of difficulty finding employment related to their “desired careedream job”, then the problem of a dead-end mediocre job with a “fixed” “small” salary?
Should we, as a society, steer people away from college/university, often temporarily, since, let's be honest, our society is currently producing "a lot" of "mediocre" individuals with no real chance of obtaining a job that they were initially in pursuit of? Can we, as a society, do a better job of "realizing" and "maximizing" the talents/skills of these "mediocre" individuals, i.e. individuals who have no real chance of obtaining a job which they had been (or currently are) pursuing/studying rigorously for?
After going through a proper evaluation of current circumstances and current options, I've realized that people need to get certain things in their life straight "before" working on pursuing higheprofessional education – i.e. Health > Wealth > Education/”Prestige”.
The mass of people who pursue college and university because their program is in high demand are ones that are studying the program not for its unique intricacies, but rather only for graduation with the expectation that they "deserve" to be rewarded a job. As opposed to, respect and appreciation to the language their subject takes on (whether that be Accounting language or Computer Programming language, etc.). Respect and appreciation for a subject or field is displayed when the person engages with the subject or field with a “critical thinking” mindset, with the main purpose/goal of analyzing and critiquing thoroughly the accuracy of any statement presented to them that is related to their chosen subject or field, i.e. effectively utilizing journaling and documentation (see relevant section below, point #1 of 2 under “ESSENTIAL/CRUCIAL” for more details); this main purpose/goal is often rooted from a genuine desire/interest/passion for pursuing/studying their chosen subject or field.
The simple fact remains that it is simply not economically feasible to provide jobs to meet the constant influx of supply being produced by colleges and universities, "each" and "every" year. As a result, why are people making the foolish decision to incur immense amount of “DEBT” (keyword) while pursuing higheprofessional education when the economic reality simply does not provide enough jobs for society, i.e. jobs that are specifically expected of from college and university graduates?
Quoted from someone else: "Our societies have for so long told us that education can and should equate to professional success, which should equate to economic success, yet we are entering a period where that simply can't occur. The foundation that those notions were created upon doesn't exist any longer, given how we have evolved and grown as a species, and we have yet to make the transition to a new set of notions."
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Some ESSENTIAL/CRUCIAL characteristics of an individual who exhibits genuine desire/interest/passion for pursuing/studying their chosen subject/field (especially at the higher education or professional education level) are as follows:
1) Effective "Information Management" strategy (utilizing journaling and documentation). The individual had made it a priority to create and compile personal notes or online documents for the purpose of future-reference and documentation – for potential revision, self-reflection, self-correction, or discovery, as this is crucial for knowledge retrieval, knowledge retention, as well as knowledge synthesis and creating/generating new knowledge. Note: information becomes knowledge when you regard the information as valuable and when you make the conscious decision to keep it as part of your notes with the expectation/option of using it in the future; knowledge is information in action, so actually using the information, instead of dismissing it as irrelevant.
Response from another individual/writer:
  • I don't mean that all information has to be kept as notes, nor that other strategies/tactics of finding/retrieving information aren't valuable. I don't even mean that it's impossible for someone to exist/operate without ever taking any notes. Most saliently, I'm more saying that to categorically omit note-taking from one's information management capabilities/strategy is to invite unnecessary trouble, likely to the point of dysfunction, unless one happens to never be doing anything that involves any significantly elusive information to begin with.
  • My bias toward this assessment is reinforced by 25+ years of highly-technical work that has resulted in literally thousands (or tens-of-thousands) of pieces of information, extremely valuable to me, that can't be readily found anywhere but in my notes.
  • Some of it is information specifically originating with myself – there's no one or nowhere else from which it can be gotten. Some of it is information that took me immense amounts of time, thought, and effort to find/acquire, and I would never want to have to try to find it again. Most of these things are in my notes because they have either already disappeared, or are likely to disappear, off of the internet, or don't lend themselves well to simple bookmark-able reference.
  • Another way of saying this is that personally-kept notes are a reflection of the time/effort/insight one has had to put into acquiring the information, combined with the value of retrieval efficiency (organized for one's own retrieval needs). To subject yourself to relying on reproduction of that time/effort and self-organization is to either admit that the time/effort isn't significant (i.e. the information is rather trivial or ubiquitous in nature), or that your own time/effort spent isn't worth much (if you're willing to repeat it).
  • Also, if one assumes that the information is always going to be right where you can easily find it, or even right where you found it before, that's actually just naive.
  • While its true you still need to expend time/effort into locating the info, it has been organized specifically how YOU determine it should be, and thus truncates any actual "overhead" involved in the typical "location" process, not to mention the guarantee that it's actually there to find. Note: overhead expense refers to an ongoing expense of operating a business; it is also known as an "operating expense".
  • As a simple/clear example: if you've never spent hours sifting through the deluge from the Google sewer pipe flooding into your browser, just to find anything remotely relevant to the fairly elusive technical scenario you're trying to resolve, then you're probably not acquainted with really anything I'm talking about, and your dismissal would then represent simply being unaware.
2) The individual is ASSERTIVE and NOT PASSIVE towards the subject they are studying. They are WILLING to articulate and share important ideas and concepts from the subject they are studying. The individual is not seen as someone who is under the spell/act (i.e. false and disingenuous impression of superior intelligence) of mindless regurgitation but rather, the individual is able to offer their OWN UNIQUE interpretation on the subject they are studying, while also citing important concepts or ideas where citation is necessary. In other words, the individual demonstrates "individual competency" THROUGH the subject they are studying and are ultimately/inherently passionate about. The individual's competency (i.e. his/her opinion or interpretation of what is relevant or accurate information) is demonstrated through the individual's pattern of logical and coherent thinking, as well as through the individual's writing style (which displays "CONFIDENCE" in what the individual is presenting as relevant or accurate information).
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Relevant response from another individual:
Decide where you fall on the self-directed spectrum.
Highly self-directed: technical books and MOOCs (Massive Open Online Courses)
Average: an online community + curriculum like Free Code Camp or theodinproject.com
Not very self-directed: An in-person coding boot camp like Hack Reactor or App Academy; similar to “subpamediocre” college/university “classroom” learning.
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There are only so many ways of acquiring wealth (with only some methods actually leading to long-term/sustainable financial independence/prosperity):
1) Real Estate
2) Owning a business; being an entrepreneur
3) Career Job requiring higher education (i.e. college or university) or professional education (i.e. apprenticeship or trades)
4) Minimum Wage Jobs
5) Trading the financial markets; making financial “investments” (stocks, forex, futures, options, equities, commodities, etc.)
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Pseudo-Intellectual versus Intellectual (the following is a response from another individual/writer):
An intellectual follows the values and attitudes of Critical Thinking, and exercises good thinking habits. Their interest lies in discovery and self-correction.
The traits of a true intellectual are as follows:
  • intellectual humility – recognizing the limits and sensitivities of one's experience.
  • intellectual courage – ability to examine things and/or state results or potentialities, even if it may be costly/risky to your personal beliefs, or social acceptance, established norms or theories. The ability to put things at risk. Even if they are your own cherished ideas or beliefs that you are putting at risk.
  • intellectual empathy – knowing that you have to imaginatively put yourself in the place of others in order to understand them.
  • intellectual autonomy – being able to think independently, to carry through without constant guidance from others, and sometimes even to come to different conclusions.
  • intellectual integrity – holding yourself to the same standards you hold others, and holding all beliefs to the same standards.
  • intellectual honesty – being willing to admit discrepancies and avoid overlooking exceptions, even to oneself.
  • intellectual perseverance – having the patience to struggle through difficult or complex problems.
  • confidence in reason – willingness to follow the logic where-ever it leads.
  • fair-mindedness – avoiding making unjustified special exceptions or privileges. Holding all viewpoints to the same standards. This does not mean that all views are equal; it means they all are held to the same universal standards. They might end up meeting those standards very unequally. For instance: the theory of evolution vs the fable of creation, or climate change vs science denialism.
A pseudo-intellectual does not do these things. Their interest lies not in discovery and self-correction, but in confirmation of what is already believed. Confirmation Bias. Their "thinking" style is characterized by cognitive biases, a lack of self-reflection/self-correction, a lack of rigor and completeness, and applying woefully different standards to beliefs/ideas that they cherish, and any information that calls them into question.
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submitted by gentlestream to Forex [link] [comments]

Feedback Needed

The following is a comprehensive response outlining a viable, reasonable, scalable, and sustainable solution for achieving financial independence/prosperity. Please let me know what you think as I would appreciate your feedback.
Trade the financial markets, specifically Forex trading. It's a fkin trillion dollar industry! There are a plethora of businesses online that sell software to meet the trading/investment needs of various demanding clients.
Just look up online EAs (Expert Advisor, which is automated/algorithmic trading, for Meta Trader 4), verify results using the myfxbook website (i.e. a reputable independent third-party website that certifies and tracks the record/performance of various trading strategies/systems, including commercial EAs), purchase the EA, verify results again by running/performing both a backtest and a forward test (i.e. paper trading on a demo account), and then, and only then can/should you use the EA with real money trading on a live/real account.
You can verify the EA's reliability by performing a backtest for a "significant" time period (for example 5-10 years; or depending on the "frequency" of trades placed from the EA) coupled with 2-3 months of forward testing (i.e. paper trading on a demo account) and if the results are "consistently" profitable (i.e. "overall consistent" "monthly" profits from both backtesting and forward testing) with drawdowns being not "too much/high/extreme" AND not "too frequent", then you can go live and trade using real money.
It's okay to expect a particular trading strategy/system to expire (i.e. lose its edge, or for profits to weaken/deteriorate/diminish). When that time comes, simply go onto the next “hot/trendy” EA or if you were fortunate enough to accumulate significant profits, you can store those profits in an interest-savings account and receive periodic income that way.
The purpose of backtesting and forward testing is to ensure drawdowns are not "too much/high/extreme" AND not "too frequent", AND that there is proper risk management "embedded within the EA", thus minimizing/avoiding the risk of "extreme" drawdown or "extreme" losses when using real money.
Note: The switch to "another" hot/trendy EA should be made when the profits earned from the "current" EA have reached a point/level where it no longer appeals to the individual's interest/preference. However, if there is an "unusual/unexpected/unanticipated" "significant" drawdown (according to the performed backtest and forward test), then that would unfortunately represent an actual/real risk/loss incurred by the individual (and would still require a switch to another hot/trendy EA). This risk can be "mitigated/minimized" by performing a backtest "AND" a forward test (both for a "significant" time period, i.e. depending on the "frequency" of trades placed from the EA), AND by conducting a proper psychological evaluation of the EA seller (as an "individual" entity), i.e. evaluating their reliability, logic, and confidence when it comes to addressing/answering relevant/crucial questions pertaining to Forex/Finance/Trading/Investing (rather than asking for or needing specific details regarding their intellectual property or proprietary strategy/system/software, i.e. their source code or trading methodology).
Ultimately, it comes down to “risk tolerance” while taking into account the results obtained from backtesting and forward testing, as well as the level of confidence and trust you impart/place on the person/group selling/distributing the EA.
Note: refer to the Investopedia website for definitions on the following terminology/vocabulary: backtesting, forward testing (i.e. paper trading on a demo account), drawdown (DD), maximum drawdown (MDD or MaxDD), and monthly/annual ROI (return on investment, as a percentage).
Also, note: "focus" on testing for maximum drawdown (MDD or MaxDD) (making sure drawdowns are not "too much/high/extreme" AND not "too frequent"; for example, not greater than 30%-50%, depending on your risk tolerance or preference) and looking for a "track-record" of "overall consistent" "monthly" profits from both backtesting and forward testing, i.e. paper trading on a demo account (both for a "significant" time period, depending on the "frequency" of trades placed from the EA). This "track-record" can be "verified" either through the "myfxbook" website or through the combined use of backtesting and forward testing.
~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~
Each and every year, students graduate from college and university. How is it "economically feasible" to provide jobs for all or most of these people? My understanding is that people need to display a good understanding of the psychology of first impression, which includes genuine/authentic personality, trustworthiness, and competency (reflected in education); in other words, honest, reliable, and competent in relevant matters, or integrity, energy, and intelligence.
Problem: The individual's attainment of their “desired dream/career job", which is their ultimate purpose for pursuing "rigorous" higher education (i.e. college or university) or "rigorous" professional education (i.e. apprenticeship or trades).
I believe that a lot of people attend college and university with the hope that they will obtain a job after they graduate, a job that will support them financially. If money is the primary reason for their pursuing higheprofessional education, shouldn't they be "informed" (as part of a global/collective civic/social responsibility) that there are alternative ways of making money (personally, namely, trading the financial markets), ones that will actually lead them to, or at least have a higher probability of leading them to, financial independence/prosperity, since the chances of them achieving such goal upon graduation from college/university is realistically slim – if not the problem of difficulty finding employment related to their “desired careedream job”, then the problem of a dead-end mediocre job with a “fixed” “small” salary?
Should we, as a society, steer people away from college/university, often temporarily, since, let's be honest, our society is currently producing "a lot" of "mediocre" individuals with no real chance of obtaining a job that they were initially in pursuit of? Can we, as a society, do a better job of "realizing" and "maximizing" the talents/skills of these "mediocre" individuals, i.e. individuals who have no real chance of obtaining a job which they had been (or currently are) pursuing/studying rigorously for?
After going through a proper evaluation of current circumstances and current options, I've realized that people need to get certain things in their life straight "before" working on pursuing higheprofessional education – i.e. Health > Wealth > Education/”Prestige”.
The mass of people who pursue college and university because their program is in high demand are ones that are studying the program not for its unique intricacies, but rather only for graduation with the expectation that they "deserve" to be rewarded a job. As opposed to, respect and appreciation to the language their subject takes on (whether that be Accounting language or Computer Programming language, etc.). Respect and appreciation for a subject or field is displayed when the person engages with the subject or field with a “critical thinking” mindset, with the main purpose/goal of analyzing and critiquing thoroughly the accuracy of any statement presented to them that is related to their chosen subject or field, i.e. effectively utilizing journaling and documentation (see relevant section below, point #1 of 2 under “ESSENTIAL/CRUCIAL” for more details); this main purpose/goal is often rooted from a genuine desire/interest/passion for pursuing/studying their chosen subject or field.
The simple fact remains that it is simply not economically feasible to provide jobs to meet the constant influx of supply being produced by colleges and universities, "each" and "every" year. As a result, why are people making the foolish decision to incur immense amount of “DEBT” (keyword) while pursuing higheprofessional education when the economic reality simply does not provide enough jobs for society, i.e. jobs that are specifically expected of from college and university graduates?
Quoted from someone else: "Our societies have for so long told us that education can and should equate to professional success, which should equate to economic success, yet we are entering a period where that simply can't occur. The foundation that those notions were created upon doesn't exist any longer, given how we have evolved and grown as a species, and we have yet to make the transition to a new set of notions."
~~~~~~~~~~~~~~~~~~~~
Some ESSENTIAL/CRUCIAL characteristics of an individual who exhibits genuine desire/interest/passion for pursuing/studying their chosen subject/field (especially at the higher education or professional education level) are as follows:
1) Effective "Information Management" strategy (utilizing journaling and documentation). The individual had made it a priority to create and compile personal notes or online documents for the purpose of future-reference and documentation – for potential revision, self-reflection, self-correction, or discovery, as this is crucial for knowledge retrieval, knowledge retention, as well as knowledge synthesis and creating/generating new knowledge. Note: information becomes knowledge when you regard the information as valuable and when you make the conscious decision to keep it as part of your notes with the expectation/option of using it in the future; knowledge is information in action, so actually using the information, instead of dismissing it as irrelevant.
Response from another individual/writer:
  • I don't mean that all information has to be kept as notes, nor that other strategies/tactics of finding/retrieving information aren't valuable. I don't even mean that it's impossible for someone to exist/operate without ever taking any notes. Most saliently, I'm more saying that to categorically omit note-taking from one's information management capabilities/strategy is to invite unnecessary trouble, likely to the point of dysfunction, unless one happens to never be doing anything that involves any significantly elusive information to begin with.
  • My bias toward this assessment is reinforced by 25+ years of highly-technical work that has resulted in literally thousands (or tens-of-thousands) of pieces of information, extremely valuable to me, that can't be readily found anywhere but in my notes.
  • Some of it is information specifically originating with myself – there's no one or nowhere else from which it can be gotten. Some of it is information that took me immense amounts of time, thought, and effort to find/acquire, and I would never want to have to try to find it again. Most of these things are in my notes because they have either already disappeared, or are likely to disappear, off of the internet, or don't lend themselves well to simple bookmark-able reference.
  • Another way of saying this is that personally-kept notes are a reflection of the time/effort/insight one has had to put into acquiring the information, combined with the value of retrieval efficiency (organized for one's own retrieval needs). To subject yourself to relying on reproduction of that time/effort and self-organization is to either admit that the time/effort isn't significant (i.e. the information is rather trivial or ubiquitous in nature), or that your own time/effort spent isn't worth much (if you're willing to repeat it).
  • Also, if one assumes that the information is always going to be right where you can easily find it, or even right where you found it before, that's actually just naive.
  • While its true you still need to expend time/effort into locating the info, it has been organized specifically how YOU determine it should be, and thus truncates any actual "overhead" involved in the typical "location" process, not to mention the guarantee that it's actually there to find. Note: overhead expense refers to an ongoing expense of operating a business; it is also known as an "operating expense".
  • As a simple/clear example: if you've never spent hours sifting through the deluge from the Google sewer pipe flooding into your browser, just to find anything remotely relevant to the fairly elusive technical scenario you're trying to resolve, then you're probably not acquainted with really anything I'm talking about, and your dismissal would then represent simply being unaware.
2) The individual is ASSERTIVE and NOT PASSIVE towards the subject they are studying. They are WILLING to articulate and share important ideas and concepts from the subject they are studying. The individual is not seen as someone who is under the spell/act (i.e. false and disingenuous impression of superior intelligence) of mindless regurgitation but rather, the individual is able to offer their OWN UNIQUE interpretation on the subject they are studying, while also citing important concepts or ideas where citation is necessary. In other words, the individual demonstrates "individual competency" THROUGH the subject they are studying and are ultimately/inherently passionate about. The individual's competency (i.e. his/her opinion or interpretation of what is relevant or accurate information) is demonstrated through the individual's pattern of logical and coherent thinking, as well as through the individual's writing style (which displays "CONFIDENCE" in what the individual is presenting as relevant or accurate information).
~~~~~~~~~~~~~~~~~~~~
Relevant response from another individual:
Decide where you fall on the self-directed spectrum.
Highly self-directed: technical books and MOOCs (Massive Open Online Courses)
Average: an online community + curriculum like Free Code Camp or theodinproject.com
Not very self-directed: An in-person coding boot camp like Hack Reactor or App Academy; similar to “subpamediocre” college/university “classroom” learning.
~~~~~~~~~~~~~~~~~~~~
There are only so many ways of acquiring wealth (with only some methods actually leading to long-term/sustainable financial independence/prosperity):
1) Real Estate
2) Owning a business; being an entrepreneur
3) Career Job requiring higher education (i.e. college or university) or professional education (i.e. apprenticeship or trades)
4) Minimum Wage Jobs
5) Trading the financial markets; making financial “investments” (stocks, forex, futures, options, equities, commodities, etc.)
~~~~~~~~~~~~~~~~~~~~
Pseudo-Intellectual versus Intellectual (the following is a response from another individual/writer):
An intellectual follows the values and attitudes of Critical Thinking, and exercises good thinking habits. Their interest lies in discovery and self-correction.
The traits of a true intellectual are as follows:
  • intellectual humility – recognizing the limits and sensitivities of one's experience.
  • intellectual courage – ability to examine things and/or state results or potentialities, even if it may be costly/risky to your personal beliefs, or social acceptance, established norms or theories. The ability to put things at risk. Even if they are your own cherished ideas or beliefs that you are putting at risk.
  • intellectual empathy – knowing that you have to imaginatively put yourself in the place of others in order to understand them.
  • intellectual autonomy – being able to think independently, to carry through without constant guidance from others, and sometimes even to come to different conclusions.
  • intellectual integrity – holding yourself to the same standards you hold others, and holding all beliefs to the same standards.
  • intellectual honesty – being willing to admit discrepancies and avoid overlooking exceptions, even to oneself.
  • intellectual perseverance – having the patience to struggle through difficult or complex problems.
  • confidence in reason – willingness to follow the logic where-ever it leads.
  • fair-mindedness – avoiding making unjustified special exceptions or privileges. Holding all viewpoints to the same standards. This does not mean that all views are equal; it means they all are held to the same universal standards. They might end up meeting those standards very unequally. For instance: the theory of evolution vs the fable of creation, or climate change vs science denialism.
A pseudo-intellectual does not do these things. Their interest lies not in discovery and self-correction, but in confirmation of what is already believed. Confirmation Bias. Their "thinking" style is characterized by cognitive biases, a lack of self-reflection/self-correction, a lack of rigor and completeness, and applying woefully different standards to beliefs/ideas that they cherish, and any information that calls them into question.
~~~~~~~~~~~~~~~~~~~~
submitted by gentlestream to algotrading [link] [comments]

Feedback Needed

The following is a comprehensive response outlining a viable, reasonable, scalable, and sustainable solution for achieving financial independence/prosperity. Please let me know what you think as I would appreciate your feedback.
Trade the financial markets, specifically Forex trading. It's a fkin trillion dollar industry! There are a plethora of businesses online that sell software to meet the trading/investment needs of various demanding clients.
Just look up online EAs (Expert Advisor, which is automated/algorithmic trading, for Meta Trader 4), verify results using the myfxbook website (i.e. a reputable independent third-party website that certifies and tracks the record/performance of various trading strategies/systems, including commercial EAs), purchase the EA, verify results again by running/performing both a backtest and a forward test (i.e. paper trading on a demo account), and then, and only then can/should you use the EA with real money trading on a live/real account.
You can verify the EA's reliability by performing a backtest for a "significant" time period (for example 5-10 years; or depending on the "frequency" of trades placed from the EA) coupled with 2-3 months of forward testing (i.e. paper trading on a demo account) and if the results are "consistently" profitable (i.e. "overall consistent" "monthly" profits from both backtesting and forward testing) with drawdowns being not "too much/high/extreme" AND not "too frequent", then you can go live and trade using real money.
It's okay to expect a particular trading strategy/system to expire (i.e. lose its edge, or for profits to weaken/deteriorate/diminish). When that time comes, simply go onto the next “hot/trendy” EA or if you were fortunate enough to accumulate significant profits, you can store those profits in an interest-savings account and receive periodic income that way.
The purpose of backtesting and forward testing is to ensure drawdowns are not "too much/high/extreme" AND not "too frequent", AND that there is proper risk management "embedded within the EA", thus minimizing/avoiding the risk of "extreme" drawdown or "extreme" losses when using real money.
Note: The switch to "another" hot/trendy EA should be made when the profits earned from the "current" EA have reached a point/level where it no longer appeals to the individual's interest/preference. However, if there is an "unusual/unexpected/unanticipated" "significant" drawdown (according to the performed backtest and forward test), then that would unfortunately represent an actual/real risk/loss incurred by the individual (and would still require a switch to another hot/trendy EA). This risk can be "mitigated/minimized" by performing a backtest "AND" a forward test (both for a "significant" time period, i.e. depending on the "frequency" of trades placed from the EA), AND by conducting a proper psychological evaluation of the EA seller (as an "individual" entity), i.e. evaluating their reliability, logic, and confidence when it comes to addressing/answering relevant/crucial questions pertaining to Forex/Finance/Trading/Investing (rather than asking for or needing specific details regarding their intellectual property or proprietary strategy/system/software, i.e. their source code or trading methodology).
Ultimately, it comes down to “risk tolerance” while taking into account the results obtained from backtesting and forward testing, as well as the level of confidence and trust you impart/place on the person/group selling/distributing the EA.
Note: refer to the Investopedia website for definitions on the following terminology/vocabulary: backtesting, forward testing (i.e. paper trading on a demo account), drawdown (DD), maximum drawdown (MDD or MaxDD), and monthly/annual ROI (return on investment, as a percentage).
Also, note: "focus" on testing for maximum drawdown (MDD or MaxDD) (making sure drawdowns are not "too much/high/extreme" AND not "too frequent"; for example, not greater than 30%-50%, depending on your risk tolerance or preference) and looking for a "track-record" of "overall consistent" "monthly" profits from both backtesting and forward testing, i.e. paper trading on a demo account (both for a "significant" time period, depending on the "frequency" of trades placed from the EA). This "track-record" can be "verified" either through the "myfxbook" website or through the combined use of backtesting and forward testing.
~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~
Each and every year, students graduate from college and university. How is it "economically feasible" to provide jobs for all or most of these people? My understanding is that people need to display a good understanding of the psychology of first impression, which includes genuine/authentic personality, trustworthiness, and competency (reflected in education); in other words, honest, reliable, and competent in relevant matters, or integrity, energy, and intelligence.
Problem: The individual's attainment of their “desired dream/career job", which is their ultimate purpose for pursuing "rigorous" higher education (i.e. college or university) or "rigorous" professional education (i.e. apprenticeship or trades).
I believe that a lot of people attend college and university with the hope that they will obtain a job after they graduate, a job that will support them financially. If money is the primary reason for their pursuing higheprofessional education, shouldn't they be "informed" (as part of a global/collective civic/social responsibility) that there are alternative ways of making money (personally, namely, trading the financial markets), ones that will actually lead them to, or at least have a higher probability of leading them to, financial independence/prosperity, since the chances of them achieving such goal upon graduation from college/university is realistically slim – if not the problem of difficulty finding employment related to their “desired careedream job”, then the problem of a dead-end mediocre job with a “fixed” “small” salary?
Should we, as a society, steer people away from college/university, often temporarily, since, let's be honest, our society is currently producing "a lot" of "mediocre" individuals with no real chance of obtaining a job that they were initially in pursuit of? Can we, as a society, do a better job of "realizing" and "maximizing" the talents/skills of these "mediocre" individuals, i.e. individuals who have no real chance of obtaining a job which they had been (or currently are) pursuing/studying rigorously for?
After going through a proper evaluation of current circumstances and current options, I've realized that people need to get certain things in their life straight "before" working on pursuing higheprofessional education – i.e. Health > Wealth > Education/”Prestige”.
The mass of people who pursue college and university because their program is in high demand are ones that are studying the program not for its unique intricacies, but rather only for graduation with the expectation that they "deserve" to be rewarded a job. As opposed to, respect and appreciation to the language their subject takes on (whether that be Accounting language or Computer Programming language, etc.). Respect and appreciation for a subject or field is displayed when the person engages with the subject or field with a “critical thinking” mindset, with the main purpose/goal of analyzing and critiquing thoroughly the accuracy of any statement presented to them that is related to their chosen subject or field, i.e. effectively utilizing journaling and documentation (see relevant section below, point #1 of 2 under “ESSENTIAL/CRUCIAL” for more details); this main purpose/goal is often rooted from a genuine desire/interest/passion for pursuing/studying their chosen subject or field.
The simple fact remains that it is simply not economically feasible to provide jobs to meet the constant influx of supply being produced by colleges and universities, "each" and "every" year. As a result, why are people making the foolish decision to incur immense amount of “DEBT” (keyword) while pursuing higheprofessional education when the economic reality simply does not provide enough jobs for society, i.e. jobs that are specifically expected of from college and university graduates?
Quoted from someone else: "Our societies have for so long told us that education can and should equate to professional success, which should equate to economic success, yet we are entering a period where that simply can't occur. The foundation that those notions were created upon doesn't exist any longer, given how we have evolved and grown as a species, and we have yet to make the transition to a new set of notions."
~~~~~~~~~~~~~~~~~~~~
Some ESSENTIAL/CRUCIAL characteristics of an individual who exhibits genuine desire/interest/passion for pursuing/studying their chosen subject/field (especially at the higher education or professional education level) are as follows:
1) Effective "Information Management" strategy (utilizing journaling and documentation). The individual had made it a priority to create and compile personal notes or online documents for the purpose of future-reference and documentation – for potential revision, self-reflection, self-correction, or discovery, as this is crucial for knowledge retrieval, knowledge retention, as well as knowledge synthesis and creating/generating new knowledge. Note: information becomes knowledge when you regard the information as valuable and when you make the conscious decision to keep it as part of your notes with the expectation/option of using it in the future; knowledge is information in action, so actually using the information, instead of dismissing it as irrelevant.
Response from another individual/writer:
  • I don't mean that all information has to be kept as notes, nor that other strategies/tactics of finding/retrieving information aren't valuable. I don't even mean that it's impossible for someone to exist/operate without ever taking any notes. Most saliently, I'm more saying that to categorically omit note-taking from one's information management capabilities/strategy is to invite unnecessary trouble, likely to the point of dysfunction, unless one happens to never be doing anything that involves any significantly elusive information to begin with.
  • My bias toward this assessment is reinforced by 25+ years of highly-technical work that has resulted in literally thousands (or tens-of-thousands) of pieces of information, extremely valuable to me, that can't be readily found anywhere but in my notes.
  • Some of it is information specifically originating with myself – there's no one or nowhere else from which it can be gotten. Some of it is information that took me immense amounts of time, thought, and effort to find/acquire, and I would never want to have to try to find it again. Most of these things are in my notes because they have either already disappeared, or are likely to disappear, off of the internet, or don't lend themselves well to simple bookmark-able reference.
  • Another way of saying this is that personally-kept notes are a reflection of the time/effort/insight one has had to put into acquiring the information, combined with the value of retrieval efficiency (organized for one's own retrieval needs). To subject yourself to relying on reproduction of that time/effort and self-organization is to either admit that the time/effort isn't significant (i.e. the information is rather trivial or ubiquitous in nature), or that your own time/effort spent isn't worth much (if you're willing to repeat it).
  • Also, if one assumes that the information is always going to be right where you can easily find it, or even right where you found it before, that's actually just naive.
  • While its true you still need to expend time/effort into locating the info, it has been organized specifically how YOU determine it should be, and thus truncates any actual "overhead" involved in the typical "location" process, not to mention the guarantee that it's actually there to find. Note: overhead expense refers to an ongoing expense of operating a business; it is also known as an "operating expense".
  • As a simple/clear example: if you've never spent hours sifting through the deluge from the Google sewer pipe flooding into your browser, just to find anything remotely relevant to the fairly elusive technical scenario you're trying to resolve, then you're probably not acquainted with really anything I'm talking about, and your dismissal would then represent simply being unaware.
2) The individual is ASSERTIVE and NOT PASSIVE towards the subject they are studying. They are WILLING to articulate and share important ideas and concepts from the subject they are studying. The individual is not seen as someone who is under the spell/act (i.e. false and disingenuous impression of superior intelligence) of mindless regurgitation but rather, the individual is able to offer their OWN UNIQUE interpretation on the subject they are studying, while also citing important concepts or ideas where citation is necessary. In other words, the individual demonstrates "individual competency" THROUGH the subject they are studying and are ultimately/inherently passionate about. The individual's competency (i.e. his/her opinion or interpretation of what is relevant or accurate information) is demonstrated through the individual's pattern of logical and coherent thinking, as well as through the individual's writing style (which displays "CONFIDENCE" in what the individual is presenting as relevant or accurate information).
~~~~~~~~~~~~~~~~~~~~
Relevant response from another individual:
Decide where you fall on the self-directed spectrum.
Highly self-directed: technical books and MOOCs (Massive Open Online Courses)
Average: an online community + curriculum like Free Code Camp or theodinproject.com
Not very self-directed: An in-person coding boot camp like Hack Reactor or App Academy; similar to “subpamediocre” college/university “classroom” learning.
~~~~~~~~~~~~~~~~~~~~
There are only so many ways of acquiring wealth (with only some methods actually leading to long-term/sustainable financial independence/prosperity):
1) Real Estate
2) Owning a business; being an entrepreneur
3) Career Job requiring higher education (i.e. college or university) or professional education (i.e. apprenticeship or trades)
4) Minimum Wage Jobs
5) Trading the financial markets; making financial “investments” (stocks, forex, futures, options, equities, commodities, etc.)
~~~~~~~~~~~~~~~~~~~~
Pseudo-Intellectual versus Intellectual (the following is a response from another individual/writer):
An intellectual follows the values and attitudes of Critical Thinking, and exercises good thinking habits. Their interest lies in discovery and self-correction.
The traits of a true intellectual are as follows:
  • intellectual humility – recognizing the limits and sensitivities of one's experience.
  • intellectual courage – ability to examine things and/or state results or potentialities, even if it may be costly/risky to your personal beliefs, or social acceptance, established norms or theories. The ability to put things at risk. Even if they are your own cherished ideas or beliefs that you are putting at risk.
  • intellectual empathy – knowing that you have to imaginatively put yourself in the place of others in order to understand them.
  • intellectual autonomy – being able to think independently, to carry through without constant guidance from others, and sometimes even to come to different conclusions.
  • intellectual integrity – holding yourself to the same standards you hold others, and holding all beliefs to the same standards.
  • intellectual honesty – being willing to admit discrepancies and avoid overlooking exceptions, even to oneself.
  • intellectual perseverance – having the patience to struggle through difficult or complex problems.
  • confidence in reason – willingness to follow the logic where-ever it leads.
  • fair-mindedness – avoiding making unjustified special exceptions or privileges. Holding all viewpoints to the same standards. This does not mean that all views are equal; it means they all are held to the same universal standards. They might end up meeting those standards very unequally. For instance: the theory of evolution vs the fable of creation, or climate change vs science denialism.
A pseudo-intellectual does not do these things. Their interest lies not in discovery and self-correction, but in confirmation of what is already believed. Confirmation Bias. Their "thinking" style is characterized by cognitive biases, a lack of self-reflection/self-correction, a lack of rigor and completeness, and applying woefully different standards to beliefs/ideas that they cherish, and any information that calls them into question.
~~~~~~~~~~~~~~~~~~~~
submitted by gentlestream to Forex [link] [comments]

COMPREHENSIVE Forex Trading SOLUTION/ANSWER; FEEDBACK NEEDED

The following is a comprehensive response outlining a viable, reasonable, scalable, and sustainable solution for achieving financial independence/prosperity. Please let me know what you think as I would appreciate your feedback.
Trade the financial markets, specifically Forex trading. It's a fkin trillion dollar industry! There are a plethora of businesses online that sell software to meet the trading/investment needs of various demanding clients.
Just look up online EAs (Expert Advisor, which is automated/algorithmic trading, for Meta Trader 4), verify results using the myfxbook website (i.e. a reputable independent third-party website that certifies and tracks the record/performance of various trading strategies/systems, including commercial EAs), purchase the EA, verify results again by running/performing both a backtest and a forward test (i.e. paper trading on a demo account), and then, and only then can/should you use the EA with real money trading on a live/real account.
You can verify the EA's reliability by performing a backtest for a "significant" time period (for example 5-10 years; or depending on the "frequency" of trades placed from the EA) coupled with 2-3 months of forward testing (i.e. paper trading on a demo account) and if the results are "consistently" profitable (i.e. "overall consistent" "monthly" profits from both backtesting and forward testing) with drawdowns being not "too much/high/extreme" AND not "too frequent", then you can go live and trade using real money.
It's okay to expect a particular trading strategy/system to expire (i.e. lose its edge, or for profits to weaken/deteriorate/diminish). When that time comes, simply go onto the next “hot/trendy” EA or if you were fortunate enough to accumulate significant profits, you can store those profits in an interest-savings account and receive periodic income that way.
The purpose of backtesting and forward testing is to ensure drawdowns are not "too much/high/extreme" AND not "too frequent", AND that there is proper risk management "embedded within the EA", thus minimizing/avoiding the risk of "extreme" drawdown or "extreme" losses when using real money.
Note: The switch to "another" hot/trendy EA should be made when the profits earned from the "current" EA have reached a point/level where it no longer appeals to the individual's interest/preference. However, if there is an "unusual/unexpected/unanticipated" "significant" drawdown (according to the performed backtest and forward test), then that would unfortunately represent an actual/real risk/loss incurred by the individual (and would still require a switch to another hot/trendy EA). This risk can be "mitigated/minimized" by performing a backtest "AND" a forward test (both for a "significant" time period, i.e. depending on the "frequency" of trades placed from the EA), AND by conducting a proper psychological evaluation of the EA seller (as an "individual" entity), i.e. evaluating their reliability, logic, and confidence when it comes to addressing/answering relevant/crucial questions pertaining to Forex/Finance/Trading/Investing (rather than asking for or needing specific details regarding their intellectual property or proprietary strategy/system/software, i.e. their source code or trading methodology).
Ultimately, it comes down to “risk tolerance” while taking into account the results obtained from backtesting and forward testing, as well as the level of confidence and trust you impart/place on the person/group selling/distributing the EA.
Note: refer to the Investopedia website for definitions on the following terminology/vocabulary: backtesting, forward testing (i.e. paper trading on a demo account), drawdown (DD), maximum drawdown (MDD or MaxDD), and monthly/annual ROI (return on investment, as a percentage).
Also, note: "focus" on testing for maximum drawdown (MDD or MaxDD) (making sure drawdowns are not "too much/high/extreme" AND not "too frequent"; for example, not greater than 30%-50%, depending on your risk tolerance or preference) and looking for a "track-record" of "overall consistent" "monthly" profits from both backtesting and forward testing, i.e. paper trading on a demo account (both for a "significant" time period, depending on the "frequency" of trades placed from the EA). This "track-record" can be "verified" either through the "myfxbook" website or through the combined use of backtesting and forward testing.
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Each and every year, students graduate from college and university. How is it "economically feasible" to provide jobs for all or most of these people? My understanding is that people need to display a good understanding of the psychology of first impression, which includes genuine/authentic personality, trustworthiness, and competency (reflected in education); in other words, honest, reliable, and competent in relevant matters, or integrity, energy, and intelligence.
Problem: The individual's attainment of their “desired dream/career job", which is their ultimate purpose for pursuing "rigorous" higher education (i.e. college or university) or "rigorous" professional education (i.e. apprenticeship or trades).
I believe that a lot of people attend college and university with the hope that they will obtain a job after they graduate, a job that will support them financially. If money is the primary reason for their pursuing higheprofessional education, shouldn't they be "informed" (as part of a global/collective civic/social responsibility) that there are alternative ways of making money (personally, namely, trading the financial markets), ones that will actually lead them to, or at least have a higher probability of leading them to, financial independence/prosperity, since the chances of them achieving such goal upon graduation from college/university is realistically slim – if not the problem of difficulty finding employment related to their “desired careedream job”, then the problem of a dead-end mediocre job with a “fixed” “small” salary?
Should we, as a society, steer people away from college/university, often temporarily, since, let's be honest, our society is currently producing "a lot" of "mediocre" individuals with no real chance of obtaining a job that they were initially in pursuit of? Can we, as a society, do a better job of "realizing" and "maximizing" the talents/skills of these "mediocre" individuals, i.e. individuals who have no real chance of obtaining a job which they had been (or currently are) pursuing/studying rigorously for?
After going through a proper evaluation of current circumstances and current options, I've realized that people need to get certain things in their life straight "before" working on pursuing higheprofessional education – i.e. Health > Wealth > Education/”Prestige”.
The mass of people who pursue college and university because their program is in high demand are ones that are studying the program not for its unique intricacies, but rather only for graduation with the expectation that they "deserve" to be rewarded a job. As opposed to, respect and appreciation to the language their subject takes on (whether that be Accounting language or Computer Programming language, etc.). Respect and appreciation for a subject or field is displayed when the person engages with the subject or field with a “critical thinking” mindset, with the main purpose/goal of analyzing and critiquing thoroughly the accuracy of any statement presented to them that is related to their chosen subject or field, i.e. effectively utilizing journaling and documentation (see relevant section below, point #1 of 2 under “ESSENTIAL/CRUCIAL” for more details); this main purpose/goal is often rooted from a genuine desire/interest/passion for pursuing/studying their chosen subject or field.
The simple fact remains that it is simply not economically feasible to provide jobs to meet the constant influx of supply being produced by colleges and universities, "each" and "every" year. As a result, why are people making the foolish decision to incur immense amount of “DEBT” (keyword) while pursuing higheprofessional education when the economic reality simply does not provide enough jobs for society, i.e. jobs that are specifically expected of from college and university graduates?
Quoted from someone else: "Our societies have for so long told us that education can and should equate to professional success, which should equate to economic success, yet we are entering a period where that simply can't occur. The foundation that those notions were created upon doesn't exist any longer, given how we have evolved and grown as a species, and we have yet to make the transition to a new set of notions."
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Some ESSENTIAL/CRUCIAL characteristics of an individual who exhibits genuine desire/interest/passion for pursuing/studying their chosen subject/field (especially at the higher education or professional education level) are as follows:
1) Effective "Information Management" strategy (utilizing journaling and documentation). The individual had made it a priority to create and compile personal notes or online documents for the purpose of future-reference and documentation – for potential revision, self-reflection, self-correction, or discovery, as this is crucial for knowledge retrieval, knowledge retention, as well as knowledge synthesis and creating/generating new knowledge. Note: information becomes knowledge when you regard the information as valuable and when you make the conscious decision to keep it as part of your notes with the expectation/option of using it in the future; knowledge is information in action, so actually using the information, instead of dismissing it as irrelevant.
Response from another individual/writer:
  • I don't mean that all information has to be kept as notes, nor that other strategies/tactics of finding/retrieving information aren't valuable. I don't even mean that it's impossible for someone to exist/operate without ever taking any notes. Most saliently, I'm more saying that to categorically omit note-taking from one's information management capabilities/strategy is to invite unnecessary trouble, likely to the point of dysfunction, unless one happens to never be doing anything that involves any significantly elusive information to begin with.
  • My bias toward this assessment is reinforced by 25+ years of highly-technical work that has resulted in literally thousands (or tens-of-thousands) of pieces of information, extremely valuable to me, that can't be readily found anywhere but in my notes.
  • Some of it is information specifically originating with myself – there's no one or nowhere else from which it can be gotten. Some of it is information that took me immense amounts of time, thought, and effort to find/acquire, and I would never want to have to try to find it again. Most of these things are in my notes because they have either already disappeared, or are likely to disappear, off of the internet, or don't lend themselves well to simple bookmark-able reference.
  • Another way of saying this is that personally-kept notes are a reflection of the time/effort/insight one has had to put into acquiring the information, combined with the value of retrieval efficiency (organized for one's own retrieval needs). To subject yourself to relying on reproduction of that time/effort and self-organization is to either admit that the time/effort isn't significant (i.e. the information is rather trivial or ubiquitous in nature), or that your own time/effort spent isn't worth much (if you're willing to repeat it).
  • Also, if one assumes that the information is always going to be right where you can easily find it, or even right where you found it before, that's actually just naive.
  • While its true you still need to expend time/effort into locating the info, it has been organized specifically how YOU determine it should be, and thus truncates any actual "overhead" involved in the typical "location" process, not to mention the guarantee that it's actually there to find. Note: overhead expense refers to an ongoing expense of operating a business; it is also known as an "operating expense".
  • As a simple/clear example: if you've never spent hours sifting through the deluge from the Google sewer pipe flooding into your browser, just to find anything remotely relevant to the fairly elusive technical scenario you're trying to resolve, then you're probably not acquainted with really anything I'm talking about, and your dismissal would then represent simply being unaware.
2) The individual is ASSERTIVE and NOT PASSIVE towards the subject they are studying. They are WILLING to articulate and share important ideas and concepts from the subject they are studying. The individual is not seen as someone who is under the spell/act (i.e. false and disingenuous impression of superior intelligence) of mindless regurgitation but rather, the individual is able to offer their OWN UNIQUE interpretation on the subject they are studying, while also citing important concepts or ideas where citation is necessary. In other words, the individual demonstrates "individual competency" THROUGH the subject they are studying and are ultimately/inherently passionate about. The individual's competency (i.e. his/her opinion or interpretation of what is relevant or accurate information) is demonstrated through the individual's pattern of logical and coherent thinking, as well as through the individual's writing style (which displays "CONFIDENCE" in what the individual is presenting as relevant or accurate information).
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Relevant response from another individual:
Decide where you fall on the self-directed spectrum.
Highly self-directed: technical books and MOOCs (Massive Open Online Courses)
Average: an online community + curriculum like Free Code Camp or theodinproject.com
Not very self-directed: An in-person coding boot camp like Hack Reactor or App Academy; similar to “subpamediocre” college/university “classroom” learning.
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There are only so many ways of acquiring wealth (with only some methods actually leading to long-term/sustainable financial independence/prosperity):
1) Real Estate
2) Owning a business; being an entrepreneur
3) Career Job requiring higher education (i.e. college or university) or professional education (i.e. apprenticeship or trades)
4) Minimum Wage Jobs
5) Trading the financial markets; making financial “investments” (stocks, forex, futures, options, equities, commodities, etc.)
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Pseudo-Intellectual versus Intellectual (the following is a response from another individual/writer):
An intellectual follows the values and attitudes of Critical Thinking, and exercises good thinking habits. Their interest lies in discovery and self-correction.
The traits of a true intellectual are as follows:
  • intellectual humility – recognizing the limits and sensitivities of one's experience.
  • intellectual courage – ability to examine things and/or state results or potentialities, even if it may be costly/risky to your personal beliefs, or social acceptance, established norms or theories. The ability to put things at risk. Even if they are your own cherished ideas or beliefs that you are putting at risk.
  • intellectual empathy – knowing that you have to imaginatively put yourself in the place of others in order to understand them.
  • intellectual autonomy – being able to think independently, to carry through without constant guidance from others, and sometimes even to come to different conclusions.
  • intellectual integrity – holding yourself to the same standards you hold others, and holding all beliefs to the same standards.
  • intellectual honesty – being willing to admit discrepancies and avoid overlooking exceptions, even to oneself.
  • intellectual perseverance – having the patience to struggle through difficult or complex problems.
  • confidence in reason – willingness to follow the logic where-ever it leads.
  • fair-mindedness – avoiding making unjustified special exceptions or privileges. Holding all viewpoints to the same standards. This does not mean that all views are equal; it means they all are held to the same universal standards. They might end up meeting those standards very unequally. For instance: the theory of evolution vs the fable of creation, or climate change vs science denialism.
A pseudo-intellectual does not do these things. Their interest lies not in discovery and self-correction, but in confirmation of what is already believed. Confirmation Bias. Their "thinking" style is characterized by cognitive biases, a lack of self-reflection/self-correction, a lack of rigor and completeness, and applying woefully different standards to beliefs/ideas that they cherish, and any information that calls them into question.
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Why are there hundreds of thousands of traders and investors via the Internet who trade in the Binary Options Trading market a day and see how to earn money in this area?
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Pairs trading, not currencies – Like any other relationship, you should be aware of both sides. Success or failure in Binary Options trading depends on correct your estimates on both currencies components of the husband and how both affect on one another, not just one of them.
Knowledge is power – when it begins Binary Options Trading on the Internet, it is essential that you understand the basics of this market if you want to achieve the maximum benefit from your investment.
The main index in the Binary Options market is global events and news. For example, if we assume that the European Central Bank will issue a statement regarding the interest rates, the euro usually this event will cause a wave of activity in the market. Most of the new arrivals seem a backlash to such news as they close their trading positions to miss one of the best trading opportunities with a preference to wait until the market once again restless. The possibility of real profit in the Binary Options appear in times of volatility, not in the quiet times.
Trade is ambitious – many new traders are putting too restrictive orders in order to reap a very small profit. This approach is not desirable in options trading because despite being profitable in the short term (that is if you are lucky asset), you run the risk to be a loser in the long run because it will have to cover the difference between the prices of the question-and-take before they start making any profits, a which it is more difficult when you are a small trading at him when the biggest trades.
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Before the advent of the Internet and e-commerce, the big multinational companies, banks and high net worth individuals they are entitled to trading in the Binary Options market through the use of bank-owned trading systems. These systems were required as a minimum to open a trading account about one million dollars. Thanks to new technology developments, especially with regard to the internet today, the investors can use a few thousand dollars that go into the Binary Options market on the four and twenty hours a day, five days a week throughout.
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Infinite Binary Profits | Infinite Stupidity? | Which Comes 1st? | Sept.2015 Review

To be completely honest with you, I had every good intention to review this eye catching product. However, in identifying the hallmarks of a scammed promotional product, webpage and associated promoter (Mike) Infinite Binary Profits manages to ticks all the boxes. I'm thinking that Mike from Infinite Binary Profits is really relying heavily on the concept that good news, bad news, makes the news (or is it noise). Having reviewed this product there really is nothing fresh or unique about the way this promotion is launched.
 

Quick View Details:

Industry:........... Binary Options Website Link:..... http://infinitebinaryprofits.com Product:............ Automated trading system Promotor:.......... Mike Release Date:.... September 2015
 
Not a whole lot of fundamental analysis was required to debunk this one, five minutes into this investigative review, the prognosis is a no brainier. For that reason, I have awarded this product with a 5 star scam alert rating. Very commendable. If you have already checked out Infinite Binary Profits yourself, and/or you are still teetering on that fence, trying to determine, is this a scam or totally awesome? Splinters are inevitable.
 
To help you guys out both for both now and into the future, below I have generated a list, some blatantly obvious tell tail signs that scam promoters use to peddle their products across the internet.
For educational purposes, if you haven't already, click on the Infinite Binary Profits promotional video LINK, so we can use this as a test case example of what to look out for when identifying a scam.
 
Offical Link Site Promo Link ....... http://infinitebinaryprofits.com
 
When reviewing this list, take this advice with a pinch of salt, one or two of the strategies used here and there are in part used commonly as part of general internet marketing, within such campaigns most products are legitimate, with associated legitimate internet sites.
 
The real kicker in identifying a promoted scam is the fact that all scam tactics listed below are jammed into a single campaign. Hence you get that dodgy vibe when you visit such sites. With a bit of savvy marketing here, a touch of illusion and misdirection there, finally with a swift stroke of the human greed factor, before you know it a blindside is taking place, these happen every 15 seconds across the globe. Scammers have earnt well into the billions each year preying on the needy, the statistics just climb higher from year to year.
 
SCAM TACTICS: 1. Unsolicited/Junk Emails i.e. an unsolicited email is addressed to you specifically (or not) giving you some benefit 2. Ludicrous, sounds to good to be true statements/assumptions i.e. You will generate money until the end of time! 3. Cannot freely leave a website, repeated popup windows pressuring/bribing you to stay 4. Malicious software, also referred to as malware, spyware, installed on your PC. 5. Crazy/ludicrous promotional names e.g. "Infinite Binary Profits" 6. Limited Time Countdown time expiry widgets i.e. they reset when you revisit the site. 7. Offer that speak to you directly reveling your county/local 8. False Actors i.e. If there background setting is not congruent with their success If there background or the actors looks to good to be true, most likely a $5 fivver actor. i.e. https://www.fiverr.com/gigs/acto#page=1 9. If a site is littered with ads.
 
The list goes on, you get the general idea.
 
Remember you can greatly reduce the chances of being scammed on the Internet if you follow some simple precautions when researching any potential trading investment product or service. If you have signed up already with Infinite Binary Profits, comment below, share you experience with use. For anyone else wishing to zero in on Binary Options solutions, review my further warnings and recommendations below. I hope this review has been informative for you, thanks for reading.
 

WARNING ADVICE:

1. Always remember when testing out any new trading ventures, manual or automatic, make sure you have a money management plan, once you have a strategy in place stick with it.
 
2. A FREE trading DEMO account is a great way to test out new strategies so you don’t go bust in the process.  
3. Not all brokers are made equal when it comes to great customer service, being able to withdraw funds, having a user friendly, easy to use trading platform to work with. I have traded with a countless number of brokers, some I have had nightmare experiences. I prefer to trade only using industry regulated brokers tick all the boxes, as above ( I have listed these below). If
you are not sure, try out one of the brokers listed below, do a background check as required, they will provide you with a demo account on request.
 
 

TRIED & TRUSTED BROKERS:

 
No1Optons
 
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ZeusFX Profitable Expert Advisor ( EA ) Of 2010, international, India 5566315

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Best Forex ea 2019 - YouTube Signalspro007 EA V5.5 Statement For March 2019 Signalspro007 EA V6.0 Profit statement of Oct - Nov 2019 Best Forex EA - YouTube

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Best Forex ea 2019 - YouTube

Signalspro007 EA V6.0 Profit statement of Oct - Nov 2019 ... Arya Trader & Live Forex Signals & Forex Robots Arya Trader 75 watching. Live now; Forex EA 2019 Scalping Divrot Robot Updated results ... Hello traders, this is the statement for our EA For March 2019 our website:- https://www.signalspro007.com/ea-expert-advisor contact us:- [email protected] As you can see from the statement the real accounts results , the forex scalping robot was accurate on multiple currency pairs with small draw downs and universal settings - the same for every pair. Hello Kill your loss with Divrot Robot Watch here the latest results statement on 2019-11-24 https://youtu.be/NC6r1kAzjA4 Introducing the Divrot Robot, Forex... Best Forex EA Videos; Playlists; Channels; Discussion; About; Home Trending ... November 27 + live statements result - Duration: 2 minutes, 49 seconds. 21 views; 4 months ago; 0:49. New EA 26 ... Hello traders, this is the statement of real account for our EA For April 2019( Account is almost doubled ) our website:- https://www.signalspro007.com/ea-ex... Forex (EA) Expert Advisors Video Statements. $5595 - 846% Always Win Strategy Full Statement Voltrex Dynamics Expert Advisor Forex Bot +8 Months

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