In need of swing trading help!

hey guys! A little back story as its my first post,
I’ve been trading fx since about late 2010, i’ve tried various strategies all with the same result, losing money!

So i’m here in need of some help, i’m only looking to make a few % a month…consistently! cant be that hard hey?? haha
I don’t even mind paying for a strategy if it can be proven to work.
I have a long busy day job so swing trading is my only option right now, I like to trade the D1 TF or higher I don’t mind longer-term trades this would suit me, as long as they helped my account grow :wink:

7 Killer Mistakes That Doom Traders From Becoming Consistently Profitable | Think|Trade|Think

Thanks for that, but ive read it all before(not saying i know it all because i clearly dont), ive been in forex for many years now, i just would like to be recommend a system that someone is using and knows is profitable !

cheers

I suggest taking a step back to HM Gartley. This is the simplest system proven by many to work in all markets. You won’t find any traders here with profitable systems most only claim to make 2% gains at best personally I think that over the lifetime of their account they all negative including spread.

I suggest doing your own research starting with Gartley, Gann, Elliott. Any good traders won’t share their system. I won’t advice paying. You will have to factor that cost too. Sorry but it is the truth.

Well this is the kind of natural conclusion that im coming to…it’s that, the majority of people [I]cant[/I] and [I]dont[/I] make any money trading full stop! its not that FX is a scam as such but there are so many sharks out there and get rich quick bull crap…you could blow your life savings trying to find out how to actually trade! The big banks are the only real players who win at this “game” the central banks actually collude to [I]SET[/I] where they want currencies to be trading through the BIS for example. When you have the capital to literally move a market with your massive trades its a game you cant lose!!!

One saying I came across a while back talking about the American Gold rush crystallised it for me, it went like this…

“[B][I]It is more profitable to be selling pans than actually be panning for gold[/I][/B]”

People do make money but people approach the markets like going bowling, do it a couple times and you are away…

This is puzzling because being a trader is more stressful than being a Surgeon. My Dad was military surgeon so I should know. However a Surgeon trains for 8 to 10 years and some are still bad. These same people reckon that in 1 year they can master and earn as much of a surgeon, all they need is 100k and a few large screens. It is comical frankly and insulting to actual traders.

The few who take trading as a dedicated pursuit almost always come through. Also if you have made a few gains it is likely you will diversify into other markets, FX can be a good training ground but you want to trade futures and equities, now we are talking… FX has zero volatility and capital is so small, any large account simply looked at the inflated currencies and any half baked idiot would have known all the currencies were over valued in a climate of falling wages and disaster Europe.

Sell the damn things stop loss at 5000 pips at 100k lot lot go for a dring not even 6 months later 1229 pips 12k wrap up and repeat the process when stirling hits 1.4900. Simply currencies get banded below or above a certain number becomes dangerous central banks intervene. There is no science in it, the real test comes when you want to trade the volatility, now that is true skill and worthy to oly those who will invest the time. Don’t take my word for it, read market wizards series. Can’t speak for regular folk who think it is easy.

Its not the scams and sharks, although there are plenty, a lot of it is people not taking the time to learn, practice, take advice, develop a strategy, and not having monetary discipline and sufficient emotional detachment from their trading to make success of it.

[QUOTE=“FXmug;663083”]hey guys! A little back story as its my first post,
I’ve been trading fx since about late 2010, i’ve tried various strategies all with the same result, losing money!

So i’m here in need of some help, i’m only looking to make a few % a month…consistently! cant be that hard hey?? haha
I don’t even mind paying for a strategy if it can be proven to work.
I have a long busy day job so swing trading is my only option right now, I like to trade the D1 TF or higher I don’t mind longer-term trades this would suit me, as long as they helped my account grow ;)[/QUOTE]

It’s simple. Swing trading is all about the fundamentals. Determine the directional bias of the pair based off the fundamentals, use the RSI to pick entries in a ranging market and use fibs to enter on pullbacks in a trending market. Thats all there is to it.

If you want to figure out a complicated way to lose money, then study Elliot waves, Gartleys, and Gann.

This is precisely what I mean by hobby approach… Just take the above statement… If trading was as simple as using the broker supplied RSI and a Fibonacci tool then why aren’t people making money?

The fact is most will keep wasting thousands in the market till they loose their job or some or other disaster till then let’s enjoy the fun.

Haha this thread already encapsulates my struggle nicely… there is no “one” right way to trade, as someone here has said i [I]need[/I] to check out gartley etc…then someone comes straight back and says its a complicated way to lose money!
if there was one way to make money there would be NO market as the globe would all be buying and selling at the same time!!

all im asking for is someone who has a profitable swing trading strategy that i can trade on D1 or higher TF’s… so i can trade round my day job.

been looking at NickB’s 4H Scalping Method …this seem pretty good ?!..

I suggested Gartley because he wrote in 1935 on pattern trading. His method has been hugely successful and is incredibly simple to trade and very accurate on long time frames. I suggested reading the source because it would be hard to explain it into a system.

Scalping is quite tough Gartley delivered the best success in scalping for me. I am a swing trader myself and Gartley lends its approach to swing trading because it looks at potential reversal zones. Good luck whatever you decide.

[QUOTE=“FXmug;663289”]Haha this thread already encapsulates my struggle nicely… there is no “one” right way to trade, as someone here has said i need to check out gartley etc…then someone comes straight back and says its a complicated way to lose money!
if there was one way to make money there would be NO market as the globe would all be buying and selling at the same time!!

all im asking for is someone who has a profitable swing trading strategy that i can trade on D1 or higher TF’s… so i can trade round my day job.

been looking at NickB’s 4H Scalping Method …this seem pretty good ?!..[/QUOTE]

Think about it. The markets move due to global macro economic events, especially on the larger timeframes that swing trading operates in. There is no one way around it, you are going to have to spend time on the fundamentals if you want to enjoy great, consistent profits. This means being able to interpret events as they happen and make discretionary trades based on your interpretation, something a rule based “strategy” won’t be able to accommodate.

Elliot, gartley, and Gann methods are essential voodoo trading. They aren’t based on any real drivers of the market, Gann even used moon cycles and other astrology in his trading. Complicated ways of losing money.

While this is true its only a very small portion of the market that is trading the news ! people like yourself im guessing with a name like global macro… but all news causes is short term volatility.

If [I]you[/I] really think about it who is actually trading fx on a large scale, its banks, hedge funds and commercials. They [B]ARE[/B] the market, the at home retail traders are small fry. You only have to look at the COT futures data to see where the real volume comes from. These guys do not care what the global macro situation is like because they are either;
1: Purchasing currency for clients (eg large corporations) in the instance of a bank.
2: Hedging cross currency portfolio exposure in the case of a hedge fund.
3: A central bank or the institutions like the IMF, World bank or BIS buying currency to achieve economic outcomes…eg increased export.

All three of these guys make up most of the $4 Trillion “traded” each day and not really any of them enter the market because they want to…its because they have to do business with clients and the global macro picture doesn’t even come into it!

anyway this is getting a bit off topic…can no one suggest a good swing trading strategy ?

[QUOTE=“FXmug;663348”]
All three of these guys make up most of the $4 Trillion “traded” each day and not really any of them enter the market because they want to…its because they have to do business with clients and the global macro picture doesn’t even come into it![/QUOTE]

Macro economic events and data are pretty much the ONLY thing central banks look at, and since the hedge funds and big investors look to the central bank for direction, everything boils down to the economic data.

Hedge funds are hedging currency exposure…ie if its a US fund taking a European position, they need to then hedge out the currency from the trade, otherwise if the position moves 5%+ for them and the currency weakens against the euro by 5% they are net no different. Also as i said the big banks are mainly taking positions in FX markets for customers than need foreign currencies for business transactions. There as simply no big banks prop trading fx because the volatility just isnt there for them any more. They make their money in other ways now. between the two that accounts for about 80% of the volume in the fx markets.
so what you say simply isnt true. Also can you please stop taking the thread off topic just for your own egotistical reasons.

Global Macro, most retail traders would agree with you…good luck. FXMug, I can show you my strategy for nothing in return. Your only investment will be time and effort. If you’re interested, you’ll figure out a way to reach me.

yes if its profitable i’d be very interested thanks !

[QUOTE=“atrwilder;663358”]Global Macro, most retail traders would agree with you…good luck. FXMug, I can show you my strategy for nothing in return. Your only investment will be time and effort. If you’re interested, you’ll figure out a way to reach me.[/QUOTE]

No they don’t actually. Most retailers don’t want to have anything to do with fundamentals and think they can make it using price action, candlestick patterns, and indicator strategies. A quick perusal of any trading forum is more then enough evidence of that. To each their own :slight_smile:

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