I'll let you all into a little something traders aren't good at making profits as making a profit is just simply luck of flipping a coin. The real skill of trading and what sets good traders apart from the bad ones is there very good at managing there risk and loss. Real traders never look at what they could make instead they look at what they could lose on every trade.
Hi guys, im so happy to see that other people in this forums are into forex. i have been trading live for 3 years now so i have a couple of advices to people that may be interested in learning forex. if you really want to make a living of this be prepared to invest at least 1 year of your time and money. You are going to blow your account atleast once in your life and that will certainly happen in the first 2 year of trading. A lot of people will tell you some rules to make money but in my opinion most of them dont apply to everyone. Traders are like marketers, they come in different shapes and colors, they all have a different idea of what you need in order to be successful. However what works for me may not work for you. In order to make money at forex you need to master a few things: 1- a technique that will allow you to beat the market 51% of the time (yes that 1% edge is enough to make you money and a lot of it!!!) 2- achieving a psychological level that i call "self control" learning to stay with a position or deciding that its time to kill it is probably the hardest thing to do, and you will only learn this with time. 3- money management: Your reward always has to be higher than your risk. It does not matter if someone with super power gives you "live calls" if you dont have a sound management strategy you will blow your account. In order to develop those skills you will need screen time, and in order to do that you have to get your hands dirty. Trading demo will not take you anywhere, some people may argue that you can learn with that, but all that you will learn from it is how to play with your trading station. It doesn't matter if you only have 300$, go and trade micro, you will learn a lot from this, nothing will replace the real feeling of money even if its not a lot. However to actually make money from forex i would say that 5k is a good start. but i rather stick to 20000 and only trade with 3 lots. and remember self discipline is the most important thing. Plan your trade and trade your plan. Please dont buy any of those online courses, they are useless, there are forums out there where you can follow people real time and learn with time. if you have someone willing to teach, for free (real mentoring) then hang on to them as hard as you can and show them your appreciation, this is the type of people that can improve your trading skills!!!
Hey Trader, Like you, I have reasonable experience 10 years plus. This profession is made to appear very difficult by those who want to sell their crap to the newcomers, making them believe that it is essential before you can earn somemoney. I used to be one of those guys that you describe traders seem to hang on to, but not for free, I have learned my lesson there. At one time I had no time to trade. My skype became like a machine gun going off every second of the day and night. changed my skype handle. Had to. I am still involved but have limited my tutoring to 2H per day. These days I get paid for it. There are some useful tools out there which will help you turn the odds in your favour, but they are not as easy to use as people are made to believe. Most are reactionary. The only tools that will to some extend help to foretell the next price moves are the understanding of chart patterns. I use a tool called the FXPA extensively when I day trade and do this with great affect. Lets stay with it, nice thread. Happy pippin
Hey, I did not mean to degrade payment for mentoring services, im almost 99% that if you charge a fee is to only attract serious students. Going back to forex, i have never heard about the FXPA method, do you mind to elaborate? I personally trade by spotting oversold or overbought patterns on charts, and use elliot but only to wisely position my entries. and not to predict the price.
Forex is the great way to earn and if u are good in technical analysis then its win win situation for u i have made a forex singal site u can get help from there www.ramizfx.com or u can pm me here
The tool does exactly what you seem to use as the base for your decision making process. I agree that the main identifyer is the same as that of all markets - namely supply and demand. (Our jargon OB and OS) This FX Profit Assistat is a nice part of my arsenal. It identifies profitable situations over all the charts you wish to deploy on your desk top. I dont sit and watch charts all day. The FXPA alerts me to all, OB and OS situations on whatever time chart I deploy it to. I use it extensively on my 5, for short sharp takes. It has helped me to identify multiple profitable trades by being in the right place at the right time. The signal is both audible and a visible pull down menu which states on what chart the potential trade has been identified. Am I allowed to quote a URL in this forum? Happy pippin