Hi there,
My name is shaban,im a tanzanian
I’m a forex trader for about a year but my stories starts back then in december,2018 when one of my friends introduced me in the forex . But for real a had never benefited from this industry so i want you guys to give me tips to gain money in this forex market
Thank fam
For beginners -
- Only buy when price is rising in an uptrend.
- Always set a stop-loss to limit your loss if price falls.
- Exit when price slows down or pulls back and keep watching for the uptrend to start again so that you can buy again.
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thanks fam
a have practiced those tips the stop loss,the uptrend,downtrend and other
but may be there other strategies that give a profit?
The basic strategy is to follow the trend. The trend is set by the international banks, funds and institutions who have billions of dollars to spend on this game. They have the best computers, the fastest newsflow, the cleverest analysts and more information than we can dream about.
Stick to the basics until you are consistently profitable in a demo account. At that point you will start to need more advanced tactics.
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Forex is not the “get rich quick” venture that the internet makes it out to be, as you’ve found out.
Like @tommor suggested, follow the long-term trends. Check the weekly charts, if the trend is down, look for opportunities to sell (short) on the shorter time frames, like Daily or 4-hr. And vise-versa if the trend is going up.
Until you have had more experience then just keep it simple like this and you will do alright.
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…and the Central Banks and the multinational companies… 
Learn how to detach your mindset from money. Until that happens, you will not succeed. Just trade in percentages instead.
The rationale is to accept emotional responses to your live trades as being the norm. Fear of missing out a profit on a winning trade and avoidance of pain by letting losing trades run in the hope they would revert back in your favour,
To avoid being emotionally affected always strictly follow the process for your profitable method. Place your S/L and T/P then enter your trade and leave it be. Turn on your computer at hourly intervals. or leave to run overnight.
Once money wins or losses has no effect on your mindset, you can up your game to maximise your winning trades and minimise your losing trades. That takes time, maybe months if you put your mind to it. It’s never going to happen overnight.
I use this technique as my emotional responses have taken me a long time to accept what will be will be. Sometimes I get lucky and sometimes I don’t, but all in all my method is profitable.
The key, IMO is to trade trends and I set up my T/P on a bullish market underneath a S & R zone (or S & D) below where the losers would close their positions and/or get stopped out. And place my S/L similarly below that to cater for minimal retracements on route. Opposite for bearish trends.
IMO, the key is always where you place your T/P (which makes RRR redundant as it’s a hit and miss) unless you’re a pro trader who would add to winning positions. That’s for the future.
Best of luck.
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This one’s really tough. Especially for newbies who want forex to be another source of $$
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Yes it is tough, and why the failure rate is in the 80% range. Because losing traders react to emotional responses. Once a live trade is in process you cannot control what the market will throw at you, so instead of closing losing trades early, and managing winning trades by scalping 50% profit and letting the balance run with a trailing S/L they do the opposite.
For the life of me I cannot understand why any trader would be prepared to let a losing trade run in the expectation it could reverse back in their favour, unless they have a $$ mindset. I hate losing, but I hate losing big more so. There’s always another trade awaiting.
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I cannot understand this as well… yet I’ve done it. It’s when you’re trading on pure hope and just gambling that it happens IMO.