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Casual FX discussion. Replied 1 hour ago - Should i trade with prop firms? This is a a question i have seen many traders ask these days. The answer is it depends on situation to situation. I am an old school trader so i will answer it from my perspective:. Cons from my thought process, this is not exhaustive: 1. I think the prop firm trading doesn't qualify as trading because that doesn't teach you how to manage your emotions and you would never build a connection with the money you are trading (its gamified demo account). You may not hesitate at all to place 1 Standard lot in prop firm account but may feel shaky when you are trading your own money. So the prop maybe good for making money at this moment but not in trading long term. Props are supposed to be your Exit and not your start. 2. The rules severely limit the potential of the trader. Trading is managing risk while maximizing reward. Not every trade deserves the same risk some warrant bigger risk.The linear nature of risk in prop firm account limit the trader to engaging frequently. They limit the amount of money you can make on A+ setups they flatten the reward for each trade making you trade over a larger period for months to generate same returns. So when your strategy was working you could have made more but in that period you just made a small amount of money because you could not add additional risk on a good trade. So you had to continue trading to reach your financial goals and sadly more market exposure means you will ultimately give back money to markets. Its a casino that wants to slow down your rise and taper it so they can survive 3. Their rules don't accommodate every trading style. And you may find them severely limiting for your trading strategy. 4. The probability of your payout depends on the firms honesty and reputation. Remember its just distributing from a large pile of money deposited by the losers to pay to the winners. If the firm feels you are hurting their bottom line they may get rid of you by creating a new rule. 5. At one point a significant downturn in equity would lead to loss of the funded account or make it impossible for that account to make profit. If your 100K account drops to 90K you may have to start the new account process again but a real account could recover on its own time. 6. They gamify the trading down to a few parameters that benefit the props when trading is much more. Asymmetric rewards are ignored even though they guarantee you make more money when your conviction is higher, but a fixed drawdown could limit those trades. Psychological highs are ignore , say if you are riding highs and growing your account you sometimes have the potential to ride those highs pushing your account to higher dollar value by taking more risk. 7. Its a stupendous waste of time to pass challenges every time you exhaust the drawdown limit. You trade a demo account that might payout but when time comes you may feel disappointed trading your own money with smaller lot size or may get scared trading your own money. 8. They do away with the right of passage. A trader grows when they grow their account hardening them mentally to handling large sums of money. But fake money cant simulate that. Pros: 1. You have to put a small amount upfront and you trade a sim account with right set of conditions you could run that up and get a large payout. 2. You get to learn and if you develop a good frame work could draw a consistent payout. The ROI is better.(Caveat the scalability is questionable). 3. It might wire your brain to work under risk constraints. This could somewhat help in real trading. If you feel you have mastered a framework and are on tight budget go for a prop account. Take regular payouts and fund your self an actual account. If you are a learner and have only got 50 USD(example amount) want to learn cheaply and possibly benefit from multiplier effect of prop acount go fund it, but don't forget to save money for real trading.
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Forex trading for beginners a primer. Replied 2 hours ago - Yes.
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SLK STRATEGY Replied 5 hours ago - Yh, thank you for helping out
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RISK Replied 5 hours ago - Beginners should only trade with money they can afford to lose. The moment you cant afford to lose money, then youve released a big monster called fear and youve already lost the trade.
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whats the most important part of forex trading? Replied 6 hours ago - Risk management is the major concept for me. It defines how long you will last in this industry. Trading is a game of probability and risk management is your only security.
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the less you trade, the more you make; can anyone relate to this? Replied 7 hours ago - Yh, this is a major one. Thank you for sharing
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one impulsive trade can wipe out weeks of profit Replied 7 hours ago - I am taking it to mean your entry and exit criteria should be less rigorous and not designed for comfort
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EUR/USD Beginner Level trading Replied 9 hours ago - I've learned this the hard way, if you size up to get back, you often end up in a spiral. It has happened to me often before. I know this, as a wrong behavior pattern from what happens, once you push back, it does not stop at the fourth or even the fifth trade. It is especially hard as an intraday trader. Your first two trades were 0.02 lots. The third was 0.05 lots i.e. 2.5x the size (and it is near the end of the session, in the middle of the Asian range). It worked this time. You sized up after two losses to recover faster, it came off. But run that pattern 50 times and the version where the 3rd trade also stops out, now at 2.5x size - is what creates the real damage. The loss that breaks the account isn't the two small ones. It's the big one you took trying to claw them back. The traders who survive long enough to compound the capital never need to "recover" a session. They size consistently, take the small loss as a cost of doing business, and move on completely unbothered (maybe an exaggeration, it hurts, but that is the cost of doing this business). The session P&L is irrelevant in the sequence. You're self-aware enough to post this, which is great. Nowadays, I stick to only 2 trades in a day rule (second only after losing the first, and clear rules based). And within the daily loss limits set.
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MTL UNI Replied 9 hours ago - Thanks for sharing. For the objective entry trigger, I have that in place, and it works.
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is a margin call an actual phone call or just a push notification from your broker? Replied 11 hours ago - A margin call is almost never an actual phone call anymore. In modern online trading, a margin call is typically delivered through one or more of these: 1. Platform Notification (most common) A pop-up alert inside your trading platform (MT4/MT5, cTrader, web app, etc.). Often the first and only warning you get. 2. Email Notification Many brokers send an automatic email when your margin level drops below the required threshold. 3. Push Notification If your broker has a mobile app, you’ll usually get a push notification on your phone. 4. SMS (less common) Some brokers let you enable SMS alerts. 5. Actual Phone Call (rare nowadays) This used to be common when trading was done through human desks. Today, phone calls are generally reserved for large/priority accounts or when the broker needs to urgently reach you — but this is not typical for standard retail accounts.
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⚖️Is Forex Trading in UK Legal? Yes
⚖️Forex Trading Regulator Financial Conduct Authority (FCA) UK
📅 Date Established 2013
Investor Protection Financial Services Compensation Scheme (FSCS) up to 85,000 GBP
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What is Forex Trading & How Does it Work in the UK?

Forex Trading is when you try to make profit from predicting if the exchange rate of a currency will rise against another currency.

To trade forex you pair two currencies together (example GBP/USD) & if you think the exchange rate of the pair will rise, you place a buy order for a specific quantity, to profit if you are right.

On the flip side if you think the exchange rate will fall, you place a sell order to benefit from the fall.

To be able to trade forex in the UK, you need to use the services of a forex broker whose function is to provide you the trading software, liquidity & enabling environment needed to trade.

Forex trading in the UK is totally legit & is regulated by the Financial Conduct Authority (FCA) UK.

If you trade with an FCA licensed broker you are eligible for compensation up to 85,000 GBP if you suffer pecuniary losses due to broker bankruptcy etc.