The system is giving decent returns and is simple so it takes little time to organise orders and stops. Its highly objective but there are some risk management tactics which would be open to the individual’s preferences.
Uptrend is when price made last close above 50EMA, and the 50EMA is sloping upwards. That’s it.
Entries are by pre-set order only. A long entry price would be at the high of any day in an uptrend which is lower than the previous day’s high. Stop-loss at the low of the entry day (or more conservatively entry minus 2 x ATR20).
Exit manually at either the close of any subsequent day when price makes a high lower than the previous day’s high or at the close of the 6th consecutive day with higher highs (or more conservatively the 5th).
Or exit via trailing stop once the position has got into profit.
That’s about it really.
There are built-in features which will not appeal to some traders -
the definition of trend means all charts are in either an uptrend or a downtrend except for rare occasions. So it means being long or short or have buy or sell orders on almost every forex pair at a time.
exit can be signalled at the close on a day with a lower high: but this is also an entry signal, if that day’s high is breached tomorrow: so probably many traders would prefer to ride the position another 24 hours and see what happened.
Im not sure these figures are accurate though. I started my account with $30.00 and i made 75.00 on my 30. I just paused to learn more because i basically trading blindly. Imagine if i knew more of what i was doing what i would have achieved. I also have friends who started with the same and today they have over 1000.00 in their account. and have transferred from their broker accounts. One just needs to have proper risk management and manage ones emotions. all along with a good strategy.
You need more than one and a half year to get consistency.
Just keep struggling, and eventually, you’ll reach there.
Most people lose just because they give up before they finally understand what to do and how to do it.
Pick a strategy that you like, and stick with it for a year or more and practice it every day.
Regardless if you are profitable or not, just keep doing it.
Just make sure you trade the same way every day.
You will only be consistent trading if you do the same things over and over.
You cannot be consistent if you do different things on every trade.
When you have a good history, then analyze it frequently.
Check what you can improve, what’s making you lose and what’s making you win.
Tune your strategy according to that and keep analyzing your results after that.
You’ll have days where you’ll not obey your rules, your trading plan.
On your trading history, create a simulated scenario of what would be your account curve if you would have followed the rules.
Once I did that for myself because some days I was not stopping trading when I hit my daily loss.
So I created a scenario on a spreadsheet, where I would stop trading when my daily loss was hit, like I should. This is a 7 month history graph.
After this analysis, I no longer had problems to stop trading when my daily loss was hit.
Forex is a very difficult market to trade. I personally like to trade stock market futures, and options. There a lot of options for trading. It amazes me that everyone on here is so into Forex. Why? However, like every other market, it is possible to make money in the Forex markets. This book doesn’t have anything to do with Forex, but it is a great book: Psycho Cybernetics. It is a book about changing your self image. The reality is that it is going to be difficult to become a successful trader unless you already essentially believe that you are one. Can you imagine yourself as a successful trader? What does that mean for you? Can you believe and imagine that you are talking to someone and they ask you what you do, and you say, I am a successful trader. Now, I really doubt there are all that many successful traders that solely concentrate on the Forex trading. Not having any real volume information is incredibly stupid, and a tactic used by the banks to hide information about what they are doing. Why did the banks create their own instruments for them to move around money, and be able to hide what they are doing, so you can’t see the real volume. If you trade currency futures, at least the volume means something. Why don’t you guys go get a futures account and start trading currency micro futures? One thing to note there is there are no crosses in futures. The crosses were created by the banks. They are illiquid and high risk, and I doubt any successful traders really trade them. In order to make money in trading, work on creating a trading plan. Develop it while paper trading. Get to where you can make money over many months using the plan you develop. Then, start to trade with some real money. Stick to the plan or else you will never know if your ideas are correct. Usually, trading plans you develop will have a maximum level of risk per trade, such as 1 percent. 1 percent is idea because it allows, for instance, 10 losses in a row, and you still only have 10 percent draw down. Draw down is something that beginning traders often don’t think about. If you draw down 50 percent, now, you have to make back 100 percent to break even your account. If you draw down 10 percent, now, you have to make back only 11 percent to break even your account. It is the obvious path to a smooth profit curve over time. Also, believe that your risk to reward ratio in your trading is the most important thing to your trading. Create a trading plan that allows you attain a good risk to reward ratio where your wins are at least twice the size of your losses.
Its been 6 months since I started forex trading. Before this, I have traded in stocks and CFD. My trading experience in forex has been mixed so far.
My initial forex trades mostly ended in profits. Using my limited knowledge of technical analysis and constantly updating myself on daily news, I managed a decent return of USD1000 with a USD2500 as capital.
Gradually I became more confident and started to double up on my trades, abandoning my initial strategy and plan, only to watch with horror as my trades went against me. Realising by then that I only traded out of anger (to recoup back my losses), I began realising my folly when my initial capital and profit were depleted to USD500!
I experienced the above in the space of the first 3 months.
Nowadays I would set myself a weekly profit target with daily stop loss. This is to prevent myself from overtrading and overextending my margin. The past month has been good with the exception of a few bad trades this week. Been telling myself to just keep focusing on the fundamentals ie GDP, indicators, slumping world economy etc but seems the market movers main focus now is the ‘noises’ coming from DT and white house at the moment.
This question can give rise to an endless debate. Yes, it is possible to make money in forex, provided you take care of certain facts and risks pertaining to your trade.
Risk and profit in a forex market are directly related to each other. If the risk associated with forex is high, then so is the return. Therefore, be wise when you take decisions regarding your investments. Always be clear about the agenda of how the market really works. Also, never start trading in forex without having a trading strategy. There is no right or wrong though, but strategizing according to the present market situation is really important .
The basic game is simple – buy low and sell high. To avoid major losses, make sure you use a stop loss. It is also very important to stay up-to-date with the current market news to take actions accordingly.
Contrary to what you’ve read on many websites across the web, Forex trading is not going to take your $10,000 account and turn it into $1 million. The amount we can earn is determined more by the amount of money we are risking rather than how good our strategy is BluestacksKodiLucky Patcher
It really depends what your definition of “making money in the forex market” really is.
Trading for a living? Yes, but you need a big capital and preferably a stable income source.
Investing? Yes, find reputable fund managers to trade for you.
That is the point of trading. You make profit from trading in forex market. But a gentle reminder is that it does not automatically generate you all profit. You are bound to deal with loss and profit. You will learn as you grow naturally and you will gain more and more profit along with some losses on the way.
People are showing interest in this premise even after knowing that there is a big chance of Loss. The main reason is to trade the market only because of the trading volume. Forex trading is the profitable marketplace for traders.
You can perform a two-way trade here, and it’s one of the best opportunities for FX trading. Moreover, you can get profit by selling currency as well as by buying.
This is why everyone is interested in the Forex market. Now it’s your turn to think again about it and make the best decision to make money.
If you know how to manage money and risk and, you have a solid fundamental knowledge of the market or markets that you are trading and, there is enough liquidity in those markets, you are at least giving yourself a chance.
Remember it’s to sides to a trade , try trading opposite of what your indicators are telling you, , there maybe a considerable amount of lag working against you…
Maybe the stats do speak for themselves, but we’ve all been fooled by stats at least once in our lives. Its a well known statistic that 74.76% of all statistics are made up online by a bloke with a beard on the spur of the moment.
