Top forex traders in the philippines
Ahhh… After playing with different timeframes. The idea is this, it should match your personality. I say this because I kinda mess up the timing of entry and exit. I hold positions longer even though im in the 5 minute chart, resulting in losses. As you all know. The way I trade currency is using technical analysis. I know that there are many people out there that has been using fundamental analysis to decide on their trade.
And this is what works for me and allow me to share some bit of information about technical analysis that might help you improve your trading. I would like to introduce you to a reversal pinbar called engulfing pattern. As you can see, I took the trade once I saw the engulfing bar pattern and placed my stop loss above the previous high. Do you know what makes great professional poker players great?
Its their money management. The reason why there are few great poker players and a lot of people just gambling using luck is because great poker players know how to use money management. They know the probabilities of each card they are dealt. In forex tradingtry to make wait for the right moment to open position, rather than trying your luck just because you want to open a position.
The downfall of most forex traders is that they tend to over trade. They want to open a position just for the sake of opening a position. This is detrimental to a good trading strategy, whatever the strategy is. Money management, i believe, is the best part and makes the most part of a forex trading strategy. Systems for entry and exit like fibonacci, technical analysis and whatnot are just the small portion.
A poker player does the same thing, to survive the table, he must manage the money if there comes a time when he suffers consistent losses. Trading is the same way, you must survive consistent losses until the next big trend comes where you can make back your losses and then some.
When you think about forex trading and charts, what comes to mind is that, what ever time charts you are in the principles are still the same. A 1 minute chart will be the same as the daily chart. What I found out last week while I try to trade intraday chart is that. While I wait for the next candle stick, it will take another day. That is why when I tried trading on smaller time frames.
I never got any profit. Maybe its just me. I still follow my rules but the fact that intraday trading is a whole new beast than the other charts. I realize that if I really want to be successful in this. I need to master one chart at a time.
Many books claiming that their method are great on any charts. Maybe just my strategy is not that good. That is why I bought some books for reading. I realized that you can really minimize the risk in trading. To do that, you want to open your position on currency pairs that are correlated. If I want to open a position on EURUSD, you may realize after a while that you might be wrong, an attitude that is always good to have.
Having said that, you may want to look at the correlation table below. Doing this strategy may give you lesser risk because once EURUSD may go downtrend other currency may go uptrend thus minimizing the risk. But it also minimizes the reward. If you want to be a daredevil and amped up your profits, you may use the one below. Knowing what currency relates to one another gives you the advantage to play your cards well in case you are not sure.
I lost quite a bit this week because of some positive news about the Eurozone and news about the USD and all good news. And will probably for a long time. This week has been so emotional for me. This is the exact same feeling that I felt before. Its a burning passion to change.
To get the things that I want, and to do whatever it takes to get it. Makes me crave for change. Makes me live life. But for those of you who have done something in their life at a roll of a dice and risk everything just for that one moment, I know you understand. Its a great feeling to risk something and be rewarded.
Its a great feeling to pursue something, no matter how impossible it may seem, and just enjoy the journey. Simply put, I think I have found my purpose and real goal for the next 10 years. And I thank Forex Trading for making me realize all that. People who are new to forex trading or people who are aspiring to trade in the forex market always baffles me. You know the typical people who have 9 hour job Monday to Friday and thinks that they can self sustain themselves with their job and become a millionaire in forex trading.
There is nothing wrong with this train of thought and many people have started with this. If you want to succeed in forex trading, you should be competitive, have focus and never ever underestimate the market.
You can do part time work part time trading all you want, but nothing comes out anything good about being a wishy washy son of a gun. I believe it will go down because of the momentum of the buying pressure has now probably ended. I am still not sure. I have nothing to back up this trade but instinct.
I might screw this up but at least its listed here and I can still go back with all the forex trades I made. My trade is now at I can still see that its going down now. Might as well be on the trade. I will raise the steaks. I already have a trading goal. My ultimate goal is to earn my first million dollar with forex.
But it will take a while I know. Just keeping a more reachable goal for now based on my experience. It has been a long journey and I was late for about 1 year achieveing this goal.
But it has been a very good adventure and a lot of learning curve. At first I thought its impossible and now I can move on to bigger things.
Bigger means bigger profit. As I trade intoI realized that my forex trading is slowly becoming a more mature system. This I think is better than suffering the stress of day trading. But as I realize this, I might also be posting less and less because the trade have nothing to be excited about as I search for longer trades, traveling and searching for the meaning of life.
My analysis and opinion and of course open questions about how I trade and my indicator, ichimoku. What do you guys think? A signal service or a membership club or both? So knowing the right mix would give you the idea how long should you hold trades. Please see the image below. How to Reach Goal Study more about money management Risk more and be defensive Always think that I might be wrong in a given trade.
Making me think defensively rather than offensive taking unnecessary risks. Put more risk on successful trades. And reduce risk for wrong trades. Always think about the exit more than the entry. Money management, psychology and exit strategy. Trade only on longer charts. Remind myself to refrain from overtrading.
Forex trading is quite popular among the tech-savvy retail Filipino traders. There are quite many brokers that offer FX trading services across the Philippines. As a trader, you should ensure that you are with the best Filipino Forex brokers.
The Bangko Sentral ng Pilipinas is the central bank of the Philippines. While the bank monitors the economic performance of the country, it is the Securities and Exchanges Commission SEC which regulates the Forex trading in the country.
Visit the SEC website www. In the Philippines, most of the brokers offer their customers limited options when it comes to withdrawing and depositing of funds. It is, therefore, important that you check whether a broker will allow you to withdraw pesos from your FX account. For the locally incorporated firms, it is obvious that they will offer you Pesos as one of the currencies to transact on your FX account.
It should not escape you that a broker worth his or her salt should be able to offer you quality customer support. Note that whether a broker has an office in the Philippines or not, they must be able to serve you 24 hours every business day of the week.
There are over 20 brokers which are regulated by the SEC. A majority of these brokers have been incorporated outside of the Philippines and hence their offices are not here. We have conducted top forex traders in the philippines in-depth research on the best Filipino FX brokers and we have come up with the following list which will make it easy for you to pick your favorite broker.
In order to learn more about a particular broker, you can visit their official website. At the same time, we know that can be risky and you might be top forex traders in the philippines to Filipino Forex scams. That is why we have come up with in-depth reviews on all the brokers around. You will learn top forex traders in the philippines about the brokers without necessarily leaving the safety and convenience of our website.
However, it is also worthwhile to note that the BSP is involved in the integral regulation of all the financial firms in the country. As earlier stated, BSP is the central bank of the Philippines.
It is mandated with the responsibility of ensuring the overall financial and economic stability of the Philippines. The legal Forex requirements make brokers become answerable to the legal authorities of the country.
These rules are designed to protect traders especially when the top forex traders in the philippines is in the Philippines and the FX broker is located abroad.
The laws are designed to help bring out the best Forex brokers in the country. It is legal to engage in Forex trade while in the Philippines. However, there are laws and regulations which one must abide by. Surrender of Forex earnings is not mandatory for residents. The earnings may be sold for pesos onshore or retained in foreign currency. The earnings can also be deposited in the Philippines or abroad.
The registration of foreign investment top forex traders in the philippines a custodial bank or with BSP is optional. This is unless the foreign exchange is intended to be used to service the repatriation of capital or a remittance of related earnings. Even though the PSE is relatively new, the previous exchanges had been around since In the exchange, there are over 30 listed companies. Several of the largest Forex Filipino brokers have access to the markets and this means that they have the capacity to trade in currency pairs.
The popularity of Forex together with the trading of Top forex traders in the philippines among traders in the Philippines is quite high.
This has been compounded by the fact that cryptocurrency has become a world phenomena now. Many of the cryptocurrency Filipino brokers are also engaged in FX. You should, therefore, not find it hard to locate a broker who will offer you all the derivatives to trade. The BSP was founded in This makes it one of the youngest central banks in the world. However, the bank is very strict when it comes to foreign exchange control. While the bank allows intermediaries to freely trade any market they want it does not tolerate scams, price manipulation or money laundering schemes.
The bank often severely punishes any transgressor of any of the laid out laws and regulations. There are several alerts which get published either by SEC or the BSP on the emergence of a new scam or the likelihood of one.
This has over the years helped many traders avoid falling prey to scammers. The least a trader would get was 1. There are many Forex scams flying throughout the Philippines. As a prudent trader, you should only engage with a BSP regulated Forex broker. Stay up top forex traders in the philippines date with the financial markets everywhere you go. Home - What are the best Forex brokers and how to choose the right one? A guide to your best Forex brokers in the Philippines Forex trading is quite popular among the tech-savvy retail Filipino traders.
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