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.
Thanks for the reply. I’m looking for an outline of how a particular pair is selected for a trade in a particular direction at a particular point in time.
Just like any other business, trading involves a lot of risk. The trades placed can go into the wrong direction as well, which requires lot of practice and patience. If you have a clear head now, you can give it another shot, but be optimistic, when you trade and try to gather as much knowledge as possible to make the best of available opportunity.
I am not consistent but I have made more money than lost. So I’m on the good side of trading at the moment Just stick to your trading plan and you’ll be on the right path.
You are very lucky bro. I’m in the middle. I’m still losing, but hope that soon my strategy will work. To be honest I say these words for more than a month and nothing changes. I think that I just need some help. I have a friend who told me about the best mt4 ea and that it can help me to monitor my forex and that now I don’t have to worry about the perfect time when to start trading. It analyses the market and tells us when is the best time to start to make money hehe. This is incredible! I need to try it for sure. If you want I’ll tell you my results.
I started trading 8 years ago and basically broke even or made very little for 5 years!
3 years ago I had 1k, risking 10 per trade. Now 1k is my risk per trade. Anything is possible my friend but you need to understand the majority of people fail, I’m not going to say anyone can do this, infact I encourage people to really question WHY they want to do this because personally for me the first 5 years were the hardest thing I have ever done and I do hard things often. But I did it because I love it. The people I see fail are the ones who don’t have the passion to push through the hard times.
That’s an interesting post, @Trade.Ninja. And there have been many similar stories of difficulties and failings in the early years.
I would like to ask you (because it could be of great use to others here who are now in the same position as you were back then) how did you turn your situation around? Did you just improve your discipline and money control, or did you change your strategy e.g. timeframe, products, PA, indicators, etc.
It is clear that if one keeps repeating the same approach then one should expect the same overall result, what did you change that turned your trading around?
I spent the first 5 years looking for the holy grail setup, and I accumilated many good ones but I always wanted better, instead of 60% win rate I wanted 70 or 80 etc. When I shifted my attention to Psychology and Risk management everything changed and to be honest it is so much more rewarding than trying to find the perfect setup.
Excellent! I really hope many people take note of what you say and think seriously about what they are themselves doing.
I am sure many traders think that optimising their trading means trying to squeeze every last drop out of every move.
Whereas it is really more about optimising one’s own performance in terms of evaluating trade set-ups, analysing risk exposure, managing and protecting one’s equity, and working systematically and professionally with patience and discipline.
You do realize that babypips is a forex forum right?
At first I thought that the lack of volume was an issue, until I analyzed instruments in centralized markets and then I realized that the chart is quite telling. In other words, it’s not impossible. You should try it. Compare the charts with volume profile.
I just think you need to polish your skills and knowledge. Simply study a bit about the basics and try your hands first with micro trading. This way, you’ll be investing less and still get the feel of the live market. Even if you’ll lose, the amount would be something that you could afford. There are many regulated brokers that let you open an account at a mere $10.
This is of course a very old topic, but making money in the forex market is possible, but it’s important to approach it with caution and proper knowledge. Forex trading involves risks, and success depends on various factors like strategy, market understanding, and risk management.
Its very possible to make money in trading but very impossible without a consistently profitable strategy.
The strategy does not need to be totally new. It does not need to buy you a supercar or a superyacht or a private jet. You will need to let the account grow, and resist withdrawing capital to buy stuff you do not need, so you must have some other income. You do not need to work day and night and study economics for 10 years and place 10,000 trades - that is not a strategy.
Just stick to your trading plan and you’ll be on the right path.