Hey guys so basically I started to study forex sometime last year in October. I paid a little bit of cash and was referred to this site were I was indirectly told to self study this site. Safe to say I was finessed. Any who, I am trying to still learn and be profitable in forex so that I can reinvest the money from my actual job and make more money in forex.
I have yet to find success in Forex period. I started off with a demo account in MT4 and set up bollinger bands, fibonacci, and rsi indicators. I also started to try the triangle method but found myself misleading trades and pulling out too early or losing money.
Does any one have a helpful method that they would recommend me using so that is really helpful so that I may start seeing actual results?
you need to develop a strategy that you can backtest (via TradingView,easiest way to backtest in my opinion). You should be keeping track of the trades you place when backtesting also, so you can calculate your profit/loss %. I think TradingView’s data goes all the way back to 2015, so you can choose whatever period to backtest. Keep testing that same strategy without tweaking it along the way.
Because if you change it, then how will you know if your first strategy was effective? Also, make sure that you open up a demo account first (do NOT start off LIVE) and link the account to myfxbook.com. It’s an awesome site that will track your trading performance and will send you weekly analysis of your account. Every profitable trader that I have met is using a strategy, and not just trading without following any rules that they set for themselves
It’s hard to tell what you might be missing without knowing what you are already doing. You mentioned you tried various indicators. If haven’t already done so, we suggest you compare how you have been using these indicators to the lessons for each indicator in the BabyPips school.
However, even more important than learning how to use any particular indicator is learning how to apply proper risk management. We cover this in more detail in the following post: Am i on the right track?
You should also study the risk management lessons in the BabyPips school.
No one knows everything about the forex. You should have to do some research if any thing occurs which you can’t be able to understand. You should also ask for help from the expertise and the professional traders. You can also get help from the forums related to the forex.
If you don’t understand what to do on the forex market than you must have to do some research on the forex market. You can also take some advice from the expertise. You must have to read news and articles about the forex market and also beware of fake brokers.
I use Japanese Candlestick Signals to identify market direction and trade setups on the Daily and 4 Hour Charts. I think that the market is already hard enough as it is and by avoiding Complicated Indicators and Economic Data, you will have much better results.
Also, by following these 8 Steps, you will be better able to Identify, Forecast and realize consistent trading results.
Watch the videos especially the last one (EURO AUD 66 PIPS) to see how I use Candlestick Signals to identify market direction and capture trading gains ahead of market reversals.
FIrst you should get basic knowledge of forex trading if are able to understand this business and its nature then go towards experts , news and other professional level of forex . If anyone is not having learning of forex he can not do practice over it. Forums are best way to understand forex in easy way , find many solutions and suggestion that will be helpful to get your aim about forex.
