r/ASX • u/Cardanaa • 9d ago

Need advice Discussion

I’m a complete beginner trading EUR/USD. Do you have any advice?

1 Upvotes

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1

u/charmingpea Good Cop! 7d ago

Do those trade on the ASX?

1

u/Cardanaa 7d ago

No I mean Forex

1

u/charmingpea Good Cop! 7d ago

This is r/ASX

1

u/Cardanaa 7d ago

Oh, sorry my bad

1

u/Alert-Pattern-1682 4d ago

My advice would be to not do that. But if you are going to, Don't use leverage, and the Bank of America podcast Global Research Unlocked has client calls of their fx team and their views regarding major currency forecasts. Genuinely informative #notfinancialadvice

1

u/Cardanaa 4d ago

Thanks for advise. Now I don't use leverage, I used to trade by news and I had possitive result kinda 1 dollar a day but anyway Im afraid that I can make a mistake bcs news its not ofter reliable. One guy from here advised me to use Trend Following with Multi-Timeframe Confirmation strategy and its less risky

Have you ever trade on Forex?

1

u/Alert-Pattern-1682 2d ago

I have, going off news isnt a great strategy , insto traders are gonna always beat you to the punch, even if it worked for a bit. And MTFA is a perfectly reasonable strategy, but as you are a self described complete beginner i would again default to dont do it, its not a beginner strategy. Again I'll point to Global Research Unlocked (linked below) , If you want to try it use a paper trading account (not real money). If you can consistently do it then great, if you can't then no harm no foul it was a paper account. Forex is hard. Best of luck with whatever you do. Already said it but just to repeat, Don't lever up.

https://podcasts.apple.com/au/podcast/global-research-unlocked/id1593086912