I have been studying forex for the past 3 years, in paid groups, used indicators, took off indicators, mastered S&R, etc. you name it. I’ve heard of it and tried it. The only people I see that are “profitable” from forex are the individuals that sell courses of recycled strategies, S&R, trend analysis, indicators, Candlestick pattern interpretation, news, etc. I’ve learned that strategies work for a few executions here and there but in the END it’s all a losing game except for the controllers of the markets. They take advantages of wicks to destroy retail traders. You can have the best strategy perfected and they will prove you wrong nearly every time. I’ve noticed if they didn’t wick you out they just drive price past your higher time frame supports and resistance and leave you in the dust with no retest. It’s a big money making scheme imo
Yeah, it can be dispiriting at times. Best thing is to try to forget what everyone’s told you and keep on starting over. I don’t have much faith in people who get paid to teach forex trading. If they were rich from all their successful trading and truley wanted to impart knowledge for the sake of altruism, then they wouldn’t charge for their courses.
Because I’ve seen multiple times a strategy set up from the higher timeframe, gives all the green checks for go just to reverse or manipulate with long wicks just to take out retail traders…I’ve seen it happen even after price has broken and retest then wicked already…it’ll wick again even longer…it’s almost like legalized crime very close to gambling
Very true! All the YouTubers and their cherry picked videos, fake episodes and intros showing them in expensive cars…it’s all fake! If someone is a real trader they will know the market moves at ANY TIME of the day and trading can get very monotone…it’s disgusting how they glorify 15 min in and out strategies without informing less knowledgeable of risk, increased spreads, during these times. I have YET to encounter one “successful” trader that hasn’t regurgitated the same strategies and 90% traders are unsuccessful so I’m sure their just making videos for likes, subscribers all while trading from a demo account
It would pay to try and analyse your past performances , probably start from scratch again, you need to identify a strategy/Style what suits you .My advice to people who are struggling trade less ,try be more selective
I agree with your fake you-tubers point. Wider spread market manipulation? I don’t know - I mean there’s definitely insider trading but I don’t think anyone’s trying to wipe-out retail traders. We’re seriously small-fry. I just think you’re in a bad place right now and I sympathise cos I’ve been there too.
By strategy, I take it you mean technical analysis strategy? I agree with that, candlestick patterns and indicators etc are wrong a lot of the time. Also bear in mind that most indicators are only supposed to tell you what the next 1 or 2 candles will do, but they’re often expected to give a magic signal of a big move.
The best strategies follow trends. Maybe use an indicator on a 4H to get a good entry and only enter in the direction of the 1W trend.
I like the method of watching the candles at 8am UK time. Usually get a big move and just try to jump on that. Often 9am goes the opposite way, but if it doesn’t then you should have a nice move until lunch. If 1.30pm carries on then you can get huge moves, but often it reverses around this time as America gets going. No indicators whatsoever, just trying to jump in the same direction that the banks are going.
you have understood the game now
and also identified the players
next thing to do is play the game with a winning strategy
use a demo account and try any strategy that you might think is a good one
I can relate to this, the past few days have been tough for me. The BURGER/USDT pair I have been benefit from in the past weeks have just humbled me recently as the market dipped massively, loosing half of my capital. Am just gonna sit this one out with the hopes that it will pump back.
For now I am just taking advantage of the time to master some strategies outlined on the library section of my broker Forexchief, so many many interesting materials I have been missing out on that they have.
There’s no gain in going head to head on intra-day time-frames with brokers, or fighting the international banks on longer time-frames.
Follow the trends set by the big banks, your broker cannot fight or manipulate these.
Make a profit on D1. Become your enemy if you like.
The downside is trading from larger time frames such as the daily is it does not allow sweet spot entries meaning you essentially have to trade at lot sizes less than a dollar…profits wouldn’t even make trading sustainable to live in…it becomes a hobby rather than something liveable.
Yes, I agree this is a sensible strategy. My understanding is that the prior Tokyo session price action movement is regarded by institutional traders as being a target to reverse any major pair positions for one hour after London opens. They won’t bother with minor pairs, so usually you will find a trend continuation. Which is good news.
Their objective is to open their Daily major pair positions at low cost by selling upward trends and buying downwood trends, wiping out most traders S/L then carrying on at 9am with the same trend as Tokyo.
When you have servers that have tick execution speed, even a small move in price action with billions is their edge. And another reason for us to give S/L a wide breathing space even if it means reducing your lot size to keep daily open trade risk at max 5%.
As for TA price movements, they are decided by humans arguing with one another which is why so many traders lose out unless they are able to assess a positive probability of being on the right side of trade.
Keep persevering, and aim to do more of what works and less of what doesn’t. Cheers.
If you’re trading the higher time frames, they should be held for days or weeks. It’s normal for them to go against you for a period, but the win rate should be higher and bigger wins. This is the whole reason I don’t believe it’s possible to make real money without having lots of money to start off with.
It’s possible to make money on the smaller time frames, but much more difficult. If you can’t pick good moves on higher time frames, I’d stay well away. And personally, I’d ditch the indicators. S/R on the daily and open a trade after a confirmation of a retracement (don’t go against the W trend). It won’t always immediately go your way, but after a few days it will have more often than not.
This doesn’t make sense. The banks don’t see your trades, it looks like that, but your broker is the counterparty, not the market.
My guess would be that winning trades are being closed so the price spikes one way and then back as trades return to sentiment. The 3 sessions all differ on sentiment sometimes agreeing and sometimes disagreeing. Usually whatever America is doing ends up being the driver
