Is it realy possible to make money by forex day trading, what time frame better to use? It’s milions of people trading…how can you know the next step of the market…I think it is randomly…
What do you know about FXCM? Any issues ?
Of course it is, but constantly making money on the long term is hard.
According to me, you cannot know the ‘‘next step of the market’’, but you can react to present price action.
I disliked FXCM mainly because of their platform, but I only stayed with them a couple of weeks, so I cannot give you an accurate review.
Can you please explain, what do you mean?
How can you react to present price action?
simply put, when a formation occurs or a combination of factors ( a simple pullback in a strong trend for example ) you can react to it by buying at the pull back when it is currently occuring. You cannot know if your position will end in gain or loss, you do not know if trend will continue sufficiently for the given strategy… You only know that a % of time the trend will continue or not and your risk management will make the big difference for will it be a loss or win. English is not my native tongue, so… trying to be as clear as possible.
If you have any questions, don’t hesitate
Cheers
thank you for your help.
you prefer active market time or quiet?
Not too quiet, trades will be longer and profit might be shorter.
Not too active : I have to be able to trade without recurring requotes. And I have to have my limits triggered well.
I do have some strategies that work best during particular times (and volatility) though and/or work terribly during a certain time.
Yes it is possible but it is not as easy as it looks. One problem is there is so much stuff that does not work. You have to sort the wheat from the chaff. You do not need to know the next step of the market. You need to ask TOUGH QUESTIONS:
TOUGH QUESTIONS aka
TRADING METHOD B.S. DETECTORWhat is the expectancy of this system or method?
What is the average number of wins percentage?
What is the average win size?
What is the average number of losses percentage?
What is the average loss size?
What was the biggest win?
What was the biggest loss?
What was the longest win streak?
What was the longest loss streak?
How many trades were used to obtain the answers to the above questions?
Were the trades executed with real money?
When did you personally start trading this system or method?
Please copy/paste these questions in each and every thread that you read that puts forth a system or method.
Feel free to ask your own TOUGH QUESTIONS.
Yes it’s possible to make money in forex. However, if you think it’s luck or gambling, then you’re right. However, I would advise you to change your mindset to think otherwise. Catch me here… that’s the relative nature of the market. It is what you make of it.
Dive in and figure out what’s best for you. Try to mimic others until you get a personal sense in the market. One day you’ll fully understand what I mean by that.