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Former investment bank FX trader: Risk management part II

Former investment bank FX trader: Risk management part II
Firstly, thanks for the overwhelming comments and feedback. Genuinely really appreciated. I am pleased 500+ of you find it useful.
If you didn't read the first post you can do so here: risk management part I. You'll need to do so in order to make sense of the topic.
As ever please comment/reply below with questions or feedback and I'll do my best to get back to you.
Part II
  • Letting stops breathe
  • When to change a stop
  • Entering and exiting winning positions
  • Risk:reward ratios
  • Risk-adjusted returns

Letting stops breathe

We talked earlier about giving a position enough room to breathe so it is not stopped out in day-to-day noise.
Let’s consider the chart below and imagine you had a trailing stop. It would be super painful to miss out on the wider move just because you left a stop that was too tight.

Imagine being long and stopped out on a meaningless retracement ... ouch!
One simple technique is simply to look at your chosen chart - let’s say daily bars. And then look at previous trends and use the measuring tool. Those generally look something like this and then you just click and drag to measure.
For example if we wanted to bet on a downtrend on the chart above we might look at the biggest retracement on the previous uptrend. That max drawdown was about 100 pips or just under 1%. So you’d want your stop to be able to withstand at least that.
If market conditions have changed - for example if CVIX has risen - and daily ranges are now higher you should incorporate that. If you know a big event is coming up you might think about that, too. The human brain is a remarkable tool and the power of the eye-ball method is not to be dismissed. This is how most discretionary traders do it.
There are also more analytical approaches.
Some look at the Average True Range (ATR). This attempts to capture the volatility of a pair, typically averaged over a number of sessions. It looks at three separate measures and takes the largest reading. Think of this as a moving average of how much a pair moves.
For example, below shows the daily move in EURUSD was around 60 pips before spiking to 140 pips in March. Conditions were clearly far more volatile in March. Accordingly, you would need to leave your stop further away in March and take a correspondingly smaller position size.

ATR is available on pretty much all charting systems
Professional traders tend to use standard deviation as a measure of volatility instead of ATR. There are advantages and disadvantages to both. Averages are useful but can be misleading when regimes switch (see above chart).
Once you have chosen a measure of volatility, stop distance can then be back-tested and optimised. For example does 2x ATR work best or 5x ATR for a given style and time horizon?
Discretionary traders may still eye-ball the ATR or standard deviation to get a feeling for how it has changed over time and what ‘normal’ feels like for a chosen study period - daily, weekly, monthly etc.

Reasons to change a stop

As a general rule you should be disciplined and not change your stops. Remember - losers average losers. This is really hard at first and we’re going to look at that in more detail later.
There are some good reasons to modify stops but they are rare.
One reason is if another risk management process demands you stop trading and close positions. We’ll look at this later. In that case just close out your positions at market and take the loss/gains as they are.
Another is event risk. If you have some big upcoming data like Non Farm Payrolls that you know can move the market +/- 150 pips and you have no edge going into the release then many traders will take off or scale down their positions. They’ll go back into the positions when the data is out and the market has quietened down after fifteen minutes or so. This is a matter of some debate - many traders consider it a coin toss and argue you win some and lose some and it all averages out.
Trailing stops can also be used to ‘lock in’ profits. We looked at those before. As the trade moves in your favour (say up if you are long) the stop loss ratchets with it. This means you may well end up ‘stopping out’ at a profit - as per the below example.

The mighty trailing stop loss order
It is perfectly reasonable to have your stop loss move in the direction of PNL. This is not exposing you to more risk than you originally were comfortable with. It is taking less and less risk as the trade moves in your favour. Trend-followers in particular love trailing stops.
One final question traders ask is what they should do if they get stopped out but still like the trade. Should they try the same trade again a day later for the same reasons? Nope. Look for a different trade rather than getting emotionally wed to the original idea.
Let’s say a particular stock looked cheap based on valuation metrics yesterday, you bought, it went down and you got stopped out. Well, it is going to look even better on those same metrics today. Maybe the market just doesn’t respect value at the moment and is driven by momentum. Wait it out.
Otherwise, why even have a stop in the first place?

Entering and exiting winning positions

Take profits are the opposite of stop losses. They are also resting orders, left with the broker, to automatically close your position if it reaches a certain price.
Imagine I’m long EURUSD at 1.1250. If it hits a previous high of 1.1400 (150 pips higher) I will leave a sell order to take profit and close the position.
The rookie mistake on take profits is to take profit too early. One should start from the assumption that you will win on no more than half of your trades. Therefore you will need to ensure that you win more on the ones that work than you lose on those that don’t.

Sad to say but incredibly common: retail traders often take profits way too early
This is going to be the exact opposite of what your emotions want you to do. We are going to look at that in the Psychology of Trading chapter.
Remember: let winners run. Just like stops you need to know in advance the level where you will close out at a profit. Then let the trade happen. Don’t override yourself and let emotions force you to take a small profit. A classic mistake to avoid.
The trader puts on a trade and it almost stops out before rebounding. As soon as it is slightly in the money they spook and cut out, instead of letting it run to their original take profit. Do not do this.

Entering positions with limit orders

That covers exiting a position but how about getting into one?
Take profits can also be left speculatively to enter a position. Sometimes referred to as “bids” (buy orders) or “offers” (sell orders). Imagine the price is 1.1250 and the recent low is 1.1205.
You might wish to leave a bid around 1.2010 to enter a long position, if the market reaches that price. This way you don’t need to sit at the computer and wait.
Again, typically traders will use tech analysis to identify attractive levels. Again - other traders will cluster with your orders. Just like the stop loss we need to bake that in.
So this time if we know everyone is going to buy around the recent low of 1.1205 we might leave the take profit bit a little bit above there at 1.1210 to ensure it gets done. Sure it costs 5 more pips but how mad would you be if the low was 1.1207 and then it rallied a hundred points and you didn’t have the trade on?!
There are two more methods that traders often use for entering a position.
Scaling in is one such technique. Let’s imagine that you think we are in a long-term bulltrend for AUDUSD but experiencing a brief retracement. You want to take a total position of 500,000 AUD and don’t have a strong view on the current price action.
You might therefore leave a series of five bids of 100,000. As the price moves lower each one gets hit. The nice thing about scaling in is it reduces pressure on you to pick the perfect level. Of course the risk is that not all your orders get hit before the price moves higher and you have to trade at-market.
Pyramiding is the second technique. Pyramiding is for take profits what a trailing stop loss is to regular stops. It is especially common for momentum traders.

Pyramiding into a position means buying more as it goes in your favour
Again let’s imagine we’re bullish AUDUSD and want to take a position of 500,000 AUD.
Here we add 100,000 when our first signal is reached. Then we add subsequent clips of 100,000 when the trade moves in our favour. We are waiting for confirmation that the move is correct.
Obviously this is quite nice as we humans love trading when it goes in our direction. However, the drawback is obvious: we haven’t had the full amount of risk on from the start of the trend.
You can see the attractions and drawbacks of both approaches. It is best to experiment and choose techniques that work for your own personal psychology as these will be the easiest for you to stick with and build a disciplined process around.

Risk:reward and win ratios

Be extremely skeptical of people who claim to win on 80% of trades. Most traders will win on roughly 50% of trades and lose on 50% of trades. This is why risk management is so important!
Once you start keeping a trading journal you’ll be able to see how the win/loss ratio looks for you. Until then, assume you’re typical and that every other trade will lose money.
If that is the case then you need to be sure you make more on the wins than you lose on the losses. You can see the effect of this below.

A combination of win % and risk:reward ratio determine if you are profitable
A typical rule of thumb is that a ratio of 1:3 works well for most traders.
That is, if you are prepared to risk 100 pips on your stop you should be setting a take profit at a level that would return you 300 pips.
One needn’t be religious about these numbers - 11 pips and 28 pips would be perfectly fine - but they are a guideline.
Again - you should still use technical analysis to find meaningful chart levels for both the stop and take profit. Don’t just blindly take your stop distance and do 3x the pips on the other side as your take profit. Use the ratio to set approximate targets and then look for a relevant resistance or support level in that kind of region.

Risk-adjusted returns

Not all returns are equal. Suppose you are examining the track record of two traders. Now, both have produced a return of 14% over the year. Not bad!
The first trader, however, made hundreds of small bets throughout the year and his cumulative PNL looked like the left image below.
The second trader made just one bet — he sold CADJPY at the start of the year — and his PNL looked like the right image below with lots of large drawdowns and volatility.
Would you rather have the first trading record or the second?
If you were investing money and betting on who would do well next year which would you choose? Of course all sensible people would choose the first trader. Yet if you look only at returns one cannot distinguish between the two. Both are up 14% at that point in time. This is where the Sharpe ratio helps .
A high Sharpe ratio indicates that a portfolio has better risk-adjusted performance. One cannot sensibly compare returns without considering the risk taken to earn that return.
If I can earn 80% of the return of another investor at only 50% of the risk then a rational investor should simply leverage me at 2x and enjoy 160% of the return at the same level of risk.
This is very important in the context of Execution Advisor algorithms (EAs) that are popular in the retail community. You must evaluate historic performance by its risk-adjusted return — not just the nominal return. Incidentally look at the Sharpe ratio of ones that have been live for a year or more ...
Otherwise an EA developer could produce two EAs: the first simply buys at 1000:1 leverage on January 1st ; and the second sells in the same manner. At the end of the year, one of them will be discarded and the other will look incredible. Its risk-adjusted return, however, would be abysmal and the odds of repeated success are similarly poor.

Sharpe ratio

The Sharpe ratio works like this:
  • It takes the average returns of your strategy;
  • It deducts from these the risk-free rate of return i.e. the rate anyone could have got by investing in US government bonds with very little risk;
  • It then divides this total return by its own volatility - the more smooth the return the higher and better the Sharpe, the more volatile the lower and worse the Sharpe.
For example, say the return last year was 15% with a volatility of 10% and US bonds are trading at 2%. That gives (15-2)/10 or a Sharpe ratio of 1.3. As a rule of thumb a Sharpe ratio of above 0.5 would be considered decent for a discretionary retail trader. Above 1 is excellent.
You don’t really need to know how to calculate Sharpe ratios. Good trading software will do this for you. It will either be available in the system by default or you can add a plug-in.

VAR

VAR is another useful measure to help with drawdowns. It stands for Value at Risk. Normally people will use 99% VAR (conservative) or 95% VAR (aggressive). Let’s say you’re long EURUSD and using 95% VAR. The system will look at the historic movement of EURUSD. It might spit out a number of -1.2%.

A 5% VAR of -1.2% tells you you should expect to lose 1.2% on 5% of days, whilst 95% of days should be better than that
This means it is expected that on 5 days out of 100 (hence the 95%) the portfolio will lose 1.2% or more. This can help you manage your capital by taking appropriately sized positions. Typically you would look at VAR across your portfolio of trades rather than trade by trade.
Sharpe ratios and VAR don’t give you the whole picture, though. Legendary fund manager, Howard Marks of Oaktree, notes that, while tools like VAR and Sharpe ratios are helpful and absolutely necessary, the best investors will also overlay their own judgment.
Investors can calculate risk metrics like VaR and Sharpe ratios (we use them at Oaktree; they’re the best tools we have), but they shouldn’t put too much faith in them. The bottom line for me is that risk management should be the responsibility of every participant in the investment process, applying experience, judgment and knowledge of the underlying investments.Howard Marks of Oaktree Capital
What he’s saying is don’t misplace your common sense. Do use these tools as they are helpful. However, you cannot fully rely on them. Both assume a normal distribution of returns. Whereas in real life you get “black swans” - events that should supposedly happen only once every thousand years but which actually seem to happen fairly often.
These outlier events are often referred to as “tail risk”. Don’t make the mistake of saying “well, the model said…” - overlay what the model is telling you with your own common sense and good judgment.

Coming up in part III

Available here
Squeezes and other risks
Market positioning
Bet correlation
Crap trades, timeouts and monthly limits

***
Disclaimer:This content is not investment advice and you should not place any reliance on it. The views expressed are the author's own and should not be attributed to any other person, including their employer.
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Forex Trading - Getting Started

Forex Trading: a Beginner's Guide
The forex market is the world's largest international currency trading market operating non-stop during the working week. Most forex trading is done by professionals such as bankers. Generally forex trading is done through a forex broker - but there is nothing to stop anyone trading currencies. Forex currency trading allows buyers and sellers to buy the currency they need for their business and sellers who have earned currency to exchange what they have for a more convenient currency. The world's largest banks dominate forex and according to a survey in The Wall Street Journal Europe, the ten most active traders who are engaged in forex trading account for almost 73% of trading volume.
However, a sizeable proportion of the remainder of forex trading is speculative with traders building up an investment which they wish to liquidate at some stage for profit. While a currency may increase or decrease in value relative to a wide range of currencies, all forex trading transactions are based upon currency pairs. So, although the Euro may be 'strong' against a basket of currencies, traders will be trading in just one currency pair and may simply concern themselves with the Euro/US Dollar ( EUUSD) ratio. Changes in relative values of currencies may be gradual or triggered by specific events such as are unfolding at the time of writing this - the toxic debt crisis.
Because the markets for currencies are global, the volumes traded every day are vast. For the large corporate investors, the great benefits of trading on Forex are:

From the point of view of the smaller trader there's lots of benefits too, such as:

How the forex Market Works
As forex is all about foreign exchange, all transactions are made up from a currency pair - say, for instance, the Euro and the US Dollar. The basic tool for trading forex is the exchange rate which is expressed as a ratio between the values of the two currencies such as EUUSD = 1.4086. This value, which is referred to as the 'forex rate' means that, at that particular time, one Euro would be worth 1.4086 US Dollars. This ratio is always expressed to 4 decimal places which means that you could see a forex rate of EUUSD = 1.4086 or EUUSD = 1.4087 but never EUUSD = 1.40865. The rightmost digit of this ratio is referred to as a 'pip'. So, a change from EUUSD = 1.4086 to EUUSD = 1.4088 would be referred to as a change of 2 pips. One pip, therefore is the smallest unit of trade.
With the forex rate at EUUSD = 1.4086, an investor purchasing 1000 Euros using dollars would pay $1,408.60. If the forex rate then changed to EUUSD = 1.5020, the investor could sell their 1000 Euros for $1,502.00 and bank the $93.40 as profit. If this doesn't seem to be large amount to you, you have to put the sum into context. With a rising or falling market, the forex rate does not simply change in a uniform way but oscillates and profits can be taken many times per day as a rate oscillates around a trend.
When you're expecting the value EUUSD to fall, you might trade the other way by selling Euros for dollars and buying then back when the forex rate has changed to your advantage.
Is forex Risky?
When you trade on forex as in any form of currency trading, you're in the business of currency speculation and it is just that - speculation. This means that there is some risk involved in forex currency trading as in any business but you might and should, take steps to minimise this. You can always set a limit to the downside of any trade, that means to define the maximum loss that you are prepared to accept if the market goes against you - and it will on occasions.
The best insurance against losing your shirt on the forex market is to set out to understand what you're doing totally. Search the internet for a good forex trading tutorial and study it in detail- a bit of good forex education can go a long way!. When there's bits you don't understand, look for a good forex trading forum and ask lots and lots of questions. Many of the people who habitually answer your queries on this will have a good forex trading blog and this will probably not only give you answers to your questions but also provide lots of links to good sites. Be vigilant, however, watch out for forex trading scams. Don't be too quick to part with your money and investigate anything very well before you shell out any hard-earned!
The forex Trading Systems
While you may be right in being cautious about any forex trading system that's advertised, there are some good ones around. Most of them either utilise forex charts and by means of these, identify forex trading signals which tell the trader when to buy or sell. These signals will be made up of a particular change in a forex rate or a trend and these will have been devised by a forex trader who has studied long-term trends in the market so as to identify valid signals when they occur. Many of the systems will use forex trading software which identifies such signals from data inputs which are gathered automatically from market information sources. Some utilise automated forex trading software which can trigger trades automatically when the signals tell it to do so. If these sound too good to be true to you, look around for online forex trading systems which will allow you undertake some dummy trading to test them out. by doing this you can get some forex trading training by giving them a spin before you put real money on the table.
How Much do you Need to Start off with?
This is a bit of a 'How long is a piece of string?' question but there are ways for to be beginner to dip a toe into the water without needing a fortune to start with. The minimum trading size for most trades on forex is usually 100,000 units of any currency and this volume is referred to as a standard "lot". However, there are many firms which offer the facility to purchase in dramatically-smaller lots than this and a bit of internet searching will soon locate these. There's many adverts quoting only a couple of hundred dollars to get going! You will often see the term acciones trading forex and this is just a general term which covers the small guy trading forex. Small-scale trading facilities such as these are often called as forex mini trading.
Where do You Start?
The single most obvious answer is of course - on the internet! Online forex trading gives you direct access to the forex market and there's lots and lots of companies out there who are in business just to deal with you online. Be vigilant, do spend the time to get some good forex trading education, again this can be provided online and set up your dummy account to trade before you attempt to go live. If you take care and take your time, there's no reason why you shouldn't be successful in forex trading so, have patience and stick at it!
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Wisebanc Review

Overview:

The offshore FX and CFDs broker WISEBANC is managed from Bulgaria. The limited information display raises questions on this from the beginning. This broker features four international offices in the big economies like Malaysia, New Zealand, Singapore, and South Africa. We also felt that this multinational impression of WISEBANC is also fishy. For the same reason, we decided to do this WISEBANC review to know more about this broker.

About WISEBANC :

Upon investigation, it was clear that the broker is unregulated by FSC, the Bulgarian financial authority. The broker features several attractive bonuses and promotional offers. WISEBANC promotes to offer a $250 signup bonus to all subscribers. But the real snag is, to be eligible for the withdrawal of these bonuses, the equitable amount of trading points must be earned.
The five trading accounts are similar to that of other brokers namely Basic, Bronze, Silver, Gold, and Platinum. The log in amount is $250, $1000, $2500, $5000, and $10000, and the provided ratio of leverage is 1:500. It also has maximum fixed spreads of 7, 6, 5, 4, and 3 pips and the welcome bonuses of 40, 50, 60, 80, and 100 % respectively. It provides special forex signal service to its premium customers. The deposit of $250 is incomparable considering the unregulated nature of the broker. The only advantage we came across is the leverage levels but it can become disadvantageous if precaution is not taken. As they can drain your trading account in a blink of an eye. Also, the most famous trading platform MetaTrader4 is not supported by this broker. Nonetheless, traders will feel forced to use the broker’s platform as the platform Is slow and crashes continuously. Also, A-1 features in MT are not present in the provided platform. The web is filled with several scams and fraud feedbacks for this multinational broker. The payment and withdrawal gateways are cards, Neteller, wire transfers, and many more.

Is WISEBANC scam or legit??

The only good thing about WISEBANC is its steep levels of leverages. Unfortunately, this advantage has its drawbacks as with high profit is also associated with a huge loss. The spreads available increases the cost of trading. We could not find anything special about WISEBANC but found several resemblances with scam brokers like false advertising, unregulated, providing unusual trading conditions are few to mention. Avoid it can save the reader’s money and time.
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Is forex trading more profitable than stock trading?

To answer this let’s consider, leverage and margin requirement for both. Leverage is higher in FX, in the US it is 50–1 in the UK and Europe it as high as 1000–1. These leverage ratios make FX appear to be very profitable as you can make money on a large amount of burrowed liquidity. This high leverage and implied volatility means that you will still need a lot of capital to truly take advantage of the leverage. In stocks there is no leverage so you need the cash upfront, this creates a barrier to entry. If you wished to buy Boeing stock you can buy 1 share for a little over $100, if you wanted 1000 shares then you need $100,000. You can however trade stock CFD’s but these are rare with many retail brokers. Stocks are more volatile so the profit potential is higher. As an example I purchased Cosan shares (CZZ) at $2.83, they are now worth over $5 a share and that was under 3 months, so a 100% return in under 3 months. This is not really feasible in FX, volatility is just not the same but none the less this can be done if you trade Option derivatives for example.
At the www.LiveTraders.com we talk a lot about PROFITS AND LOSSES. If you are interested in Live Trading and other forex trading methods then take a look at the LiveTraders.
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Chainfund — An Introduction to The Effortless Blockchain Investment Platform

Chainfund — An Introduction to The Effortless Blockchain Investment Platform
Chainfund is founded in October 2017 with initial funds of more than US$1million from more than 100 investors and offers a 1-Click investment experience designed to be open and accessible to everyone. Chainfund substantiates their highly ambitious nature with their philosophy — investing in high potential Crypto-assets with long-term values and growth.
Founders Thanh Do and Yann Quelenn possess a high degree of expertise in Computer Science, Entrepreneurship, Quantitative Finance, Economics and FX trading from their background as a Full Stack Software Engineer and Market Strategist for SwissQuote respectively. The founders’ individual expertise perfectly matches one another in the efforts of building Chainfund from the ground up.
The founders’ individual expertise perfectly matches one another in the efforts of building Chainfund from the ground up.
Thanh Do is Chainfund’s CEO. He is a serial entrepreneur, blockchain enthusiast, and fintech software engineer. He has been the founder and CEO of EMVN — top 50 worldwide YouTube network with 1 billion views monthly. He has been a full-stack engineer in Swissquote Bank Switzerland, a leading fintech company in trading markets such as stock, forex, crypto, and eGambling. Thanh graduated as MSc in Computer Science from the prestigious Ecole Polytechnique Fédérale de Lausanne (EPFL), top-12 QS World University Ranking 2018.
Yann Quelenn - Co-founder & CIO
Yann Quelenn is an investment professional with strong technical and financial background. He worked in several institutions such as Swissquote Bank in Switzerland where he was Market Strategist. He was also FX Trader at Banque Privée Edmond de Rothschild and Portfolio Manager at Polaris Investment in Luxembourg. Yann has also a master’s from Bocconi University, one of the most prestigious European university, where he has got a degree in Quantitative Finance and Risk Management. He has been featured in many tier 1 media such as the Guardian, Bloomberg, Reuters and The Financial Times and has already participated in several speaking events.
Chainfund currently offers investors the Dynamic, Extreme, ICO portfolios and the new launched MNODE Fund on a seamless platform which provides:
- exploration to a range of efficiently diversified portfolios
- gateway for securely depositing money and receive your portfolio shares
- collection of ROI by selling shares
Chainfund’s low entry rate appeals to a broader audience. Starting from $1,000, investors will have full control of withdrawals, access to the latest AI risk management algorithms and receive the best proposals and diversificationoptions to maximize returns while mitigating risks by our committed team of finance professionals, experienced fund managers and researchers. All transactions within Chainfund, will be processed through smart contracts, thus ensuring security, transparency and accuracy.

Dynamic Fund

This fund focuses on long-term sustainability whilst exposing sufficient risk, meticulously calculated to capitalise on the overall growth of Crypto-assets based on mainstream adoption potential.
- 40% Allocation always in Top 10 Cryptocurrencies by Market Capitalization.
- Privacy Coins
- Blockchain Infrastructure Platforms
- Utility tokens backed by a real economic model
Dynamic Fund: 40% Allocation always in Top 10 Cryptocurrencies by Market Capitalization

Extreme Fund

This fund portrays the methodology of Value Investing. Focusing on undervalued, high-growth potential coins found lower by ranking in terms of Market Capitalization for maximum returns tempered with realistic risk management. The Extreme Fund possesses a much higher risk-to-reward ratio as compared to Dynamic Fund. The fund will also introduce short-term swing trades to find profits during times of market volatility.
- 10% Allocation in Top 10 Cryptocurrencies by Market Capitalization.
- Privacy Coins
- Blockchain Infrastructure Platforms
- Scalability and Interoperability solutions
- Utility tokens backed by a strong economic model.
- Short-term trades (20%)
Extreme Fund portrays the methodology of Value Investing

ICO Fund

With over $1.3 million has been raised in the Initial Coin Offerings (ICOs) market in 2017, Chainfund aims to take advantage of the new method in raising funds and capital by introducing an ICO Fund.
Leveraging from its strong network, Chainfund offers an opportunity for retail investors to participate in private and pre-sales for an ICO, traditionally only available to private accredited investors, venture capitalists and institutions. Through the power of syndication, investors are able gain access to higher bonus structures and benefit from a much higher Return-on-Investment (ROI).
Potential partnerships will be meticulously vetted by our dedicated team of analysts, researchers and financial experts. Investors will be provided with our Due Diligence Report prior to investing. Chainfund also strives to open up more opportunities for its investors in due time as the crypto-market continues to find itself amongst the more established asset classes.

ICO Fund’s recent partnerships & private agreements

MNODE Fund

The Masternode market has grown spontaneously in the past year with over 3 billion market capital and hundreds of other masternode enable coins, Chainfund developed MNODE aiming at leveraging the benefit of this new technology.
MNODE is a tokenized Masternode fund, featuring:
  • 1-click investment experience with all assets are tokenized by a single MASTER token, intuitive platform management
  • Zero fee structure
  • Power of Syndication that enable diversified portfolio and access to maximum bonus rewards
  • Fast reward distribution with rewards are credited to staked wallets bi-weekly
Our private sale for MNODE Fund Starts NOW ! Find out more here or contact us at [[email protected]](mailto:[email protected])
https://preview.redd.it/7liy1dr9nrh11.png?width=995&format=png&auto=webp&s=5b8d831bd2e9f8f6e5cf0cfe3b88142b9f3abb0a
Yet to come — a glimpse of the future
Chainfund Permissioned Blockchain — secure, auditable, scalable infrastructure to enable seamless experience, full transparency, and instant payment confirmations.
Register here to receive exclusively reports and experience 1-Click investment. Investment starts at $1000.
References:
Join us @ Telegram Global group — https://t.me/chainfund
Read our articles @ Medium — https://medium.com/chainfundch
Follow us @ Chainfund Official Channels:
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Help me evaluate an offer from a forex prop trading firm

Hi /forex! This is my first time posting a thread on reddit so please be kind if I break any unwritten rules.
I recently received a job offer as a junior trader in a seemingly new forex prop trading firm in my country and would like opinions on whether this is a good deal. For benchmark, a fresh college graduate usually earn about $3000/month. The living expenses including rent is about $1600/month.
Edit: I forgot to mention that I would be personally liable for any loss beyond 20% of the capital.
What do you think? Is $2300/month target from $10,000 capital realistic? I have no prior experience in forex so to me, 23% monthly return seems unachievable.
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Forex Trading: Most Popular and Money Making Trading in this Era.

Forex is an acronym of Forex Exchange and Forex trading is one sort of trading currencies from different countries against all others in online Forex trading market. It designates buying one currency whereas selling another currency at the same time. It is conducted over the counter also. This market is open 24 hours a day (five days in a week without two weekly holidays). It is one of the biggest online financial markets in the earth. Throughout this trading, a trader can trade national currencies with a view to trying and making a profit within very short time frame. To initiate forex trading successfully, some important elements are intensively needed to know and utilize and those are mentioned below.
Forex Trading Broker
Forex trading broker is the platform where the Forex traders can set up their trade smoothly and easily. Broker acts as the host of the trading to continue trading. Furthermore, to set up trading with a collection of available currencies, traders are supposed to decide a dependable Forex trading broker. On the whole, to be a successful trader, a fair broker is greatly preferred.
Forex Trading Account
No account, no trade. All types of trading can be directed and maintained by Forex trading account and the account has been formed by the brokerage houses also. Throughout the accounts, traders can retain their trading. Regarding the account, demo account is very important also. It makes the traders perfect and experienced before executing real trading. All the traders should practice demo account before starting real trading on the basis of real account.
Types of Account
There are two types of Forex trading accounts available in the Forex trading market that helps the traders to execute the trade and these are given below:
  1. Real Account.
  2. Demo Account
Lot in Forex Trading Market
A lot determines to a bundle of units in Forex trading marketplace. It finds out the extent of the trade that traders are making in trading market. In Forex trading, a micro lot is equaled to 1/100th of a lot or 1000 units of the fundamental currency. So, a micro lot characteristically is the smallest position extent that trader can trade with. The following are the quantities essentially used in the Forex trading marketplace:
  1. A standard forex trading lot =100,000 unites of base currency in the Forex market.
  2. A mini lot = 10,000 unites of base currency in the Forex trading market.
  3. A micro lot = 1,000 unites of base currency in the Forex trading market.
  4. A nano lot = 100 unites of base currency in the Forex trading market
Volume in Forex Trading Market
Volume is an essential part of Forex trading world. In essence, volume is the amount of shares in entire market throughout a specified phase of time.
Major Currency Pair
At the time of carrying out trade, a trader has to prefer a currency pair that trader anticipates to modify in value and place regarding the trade chronologically. A number of important currencies are used to deal with currency pairs. Essentially, there are four major currencies pairs are incredibly popular and regular in the Forex trading market for example:
  1. USD and Swiss Franc (USD/CHF)
  2. Euro and USD (EUUSD)
  3. British pound and USD (GBP/USD)
  4. USD and Japanese Yes (USD/JPY)
Forex Leverage Trading
Forex leveraged trading is very much cooperative requirement for the trader. Forex leveraged trading is one of the input remunerates at the back trading Forex. It refers to trader as border, permits the trader to arrive at an enormous disclosure to the markets for comparatively a minimal starting deposit. Throughout this option, a trader can acquire loan from the broker. It determines how much loan a trader can obtain from the brokers.
Risks also involved in the Forex Trading Market
It is highly pointed out that Forex trading is not only connected to earning extremely but also it has vast risk. Consequently, if the traders do not maintain the trade correctly, they must fall into hazard and their account will have to zero. Furthermore, without calculating the marketplace logically, emotion and excitement can destroy traders’ successes.
Pipette
Pipettes are smaller than a pip. Fundamentally, 1 pip = 10 pipettes. Pipettes are premeditated as smallest in terms of price faction. Pip is made up of pipettes. For instance, 10 pipettes conclude one pip. It is usual unit at the time of trading. It is the one-tenth of pip or unit. In fact, pipette value = the value modify in counter currency times the exchange rate ratio times the component of currency traded. In this way, pipette value = the value change in counter currency times the trade rate ratio times the unit of money traded.
Pip
Pip is a vital component of Forex trading. A pip is made up of 10 pipettes and it resolves one pip. On the whole, it is an exclusive of amount used by traders to reveal vary in value or price between trader’s currency pairs. Essentially, a pip is the smallest amount price move that a detailed exchange rate makes based on trading market regulation. In fact, 10 pipettes = 1 pip. A pip of Forex trading varies depending on how a known currency pair is traded. It is also possible but rare to value in half-pip increments.
Spread in the Forex Trading
Like pip, the spread determines the difference between the buying and the selling price. These two values are specified for a currency pair. In addition, the spread characterizes the discrepancy between what the marketplace maker gives buying from a Forex trader and what the market maker takes selling to a trader.
Scam in Forex Trading
Scam or fraud brokers are very much hazardous for the traders. It can cheat you and your valuable capital. The broker should be official and legal. Before creating a Forex trading account, a trader is supposed to analysis and research the broker. It can be done by live chatting, sending SMS and analysis the data of that brokerage house. If complaints are available against the brokers, it is supposed to be left. Even, the brokerage houses have to be popular and admired by the traders.
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Forex Leverage Explained For Beginners & Everyone Else ... Forex Leverage 1:50 vs 1:200 vs 1:500 - Live Trading ... What Leverage should I use when Forex Trading? Leverage ... Forex Leverage 1:500 - MultiBank Group - World's No. 1 FX ... What is Leverage & Best Leverage in Forex Trading? - YouTube The Problem With High Leverage In Forex - YouTube

Thus, if the maximum leverage ratio is 1:1000, having $100 in the account, the trader can make transactions for purchase/sale of foreign currency or other financial instruments worth 1,000 times more than their own funds, that is, $100,000. In case of luck, the trader's profit will grow proportionally to the leverage. But the losses will increase in case of failure as well. This is what has ... List of top forex brokers with highest leverage 100:1, 200:1, 400:1, 500:1 and 1000:1 in 2020. Here is our recommended for beginners and professional traders. This leverage ratio of 1:100 is translated as following:For every $1 I deposit in my forex broker’s account, my broker in return deposits $100 in my margin account.So, if I deposit $1000 then my broker deposits $100,000 in my trading account. So with just $1000 of my own money, I can control $100,000 for my trading purposes. Good leverage for forex trading is equal or above 1:100 such as 1:100, 1:200, 1:500, 1:1000. For professional traders, the bigger leverage is better. This statement is tricky because a lot of financial theorists present the opinion that lower leverage means bigger profitability. Statistics show that beginner traders have lower profitability when using high leverage. 1:1000: MT4, MT5, Web: $5: Review Website: 500:1: MT4, Web, MT4 for Mac: $100 : Review Website . One of the reasons why so many people are attracted to the forex market is that you can usually get much higher leverage than you would with stocks for example. And leverage as high as 1:500 is provided by a number of forex brokers, including some reliable and well-regulated ones. In order to be a ... What is Leverage Ratio in Forex – what does it do for you. What these numbers means, for example, if it’s a 1:400 leverage ratio, you just come up with $1000 and your broker allows you to control positions of up to $400,000. That’s what 1:400 leverage ratio means and your gains will be magnified 400x. But please don’t get too excited ... Leverage could be as high as 1:1,000 in Forex trading and while this may sound a bit too extreme for novices, there is a good reason why Forex is typically associated with high leverage ratios. In the foreign exchange market, exchange rate movements are measured in pips (“percentage in point”) – a unit of change that is just a fraction of a cent. For instance, if the exchange rate of GBP ... Leverage 1:500 Forex Brokers. If you want to be a successful online trader, then you have to understand the global markets and know the basics of trading. One of the first things every beginner needs to learn about is leverage – what this is and how it can be used to maximize profits. Furthermore, Forex brokers offer leverage ranging from 1:5 to 1:1000 or even more sometimes and traders need ... Some Forex brokers limit the maximum leverage on currency pairs to 1:25, 1:50, or a similar ratio. Obviously, these brokers are acting outside of jurisdictions imposing such restrictions. Current maximums on Forex instruments that regulated Forex brokers in the US may offer only leverage of 1:50, while the European broker under ESMA allowed using only 1:30. 1 : 1000 leverage basically means that you you get $1000 for every $1 in your account. To answer this question we have to take an example with assumptions Assume that you have $100 in your account and have 1:1000 leverage that means you can have $...

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Forex Leverage Explained For Beginners & Everyone Else ...

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