How do you trade forex?

Beginner Questions
1

Glad to see everyone here. Hope everyone is doing well and stay healthy.

I’m starting to learn to trade forex. There are various ways to do so. Some copy trade. While others use telegram/WhatsApp forex signal services/group. Some use technical, fundamental or sentimental analysis.

Let me share my trading experience with you.

I have been using telegram forex signal services for the past 5 weeks or so. Losing 70% of my balance. I decided to trade on my own. Starting out 2 weeks ago,I implement a combination of three indicators. As such, I recovered my 70% of loss,start gaining small profit.

What are your thoughts on telegram /WhatsApp forex signal services? What are the pros and cons? What’s your experience using them?

Take care, talk to you soon.

Best regards,
Jason

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2

I don’t know anyfin about telegram or Whatsapp.

But what you say about using 3 indicators is interesting. What are they meant to indicate where you enter?

3

In two weeks you profited 70%?!?!

Is your total experience 7 weeks?
5 weeks of signal services, then in your first two weeks on your own, you profited 70%.

Is that right?

That’s the most amazing rookie trader story I’ve heard!!

I’d love to know what strategy you used and what your trader psychology is like.

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5

You are absolutely right by saying my trading experience is 7 weeks.

7 weeks ago. My initial balance is about 1.2k. Lose about $700 due to telegram forex signal service.

2 weeks ago, I recovered all my lose and start making small profit. My current balance is about $1,230.

The 3 indicators are supertrend, QQE MOD, Dzwine.

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6

This is amazing. I’m very impressed. Are you compounding or withdrawing profits?

7

Deposit once a month. Withdraw any amount if there is a need to settle any expenses.

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8

Cool. So, what strategy are you using with those three indicators?

9

There are some strategies available on the YouTube which use these 3 indicators. The strategy I’m using is complicated to explain in a sentence or two.

For the past 2 weeks of testing, there are total of 48 trades, 10 losing trades and 38 winning trades.

Moreever, my strategy is working for me but it may not be suitable for you.

Find a strategy that you feel comfortable using with.

Thumb of rule : Backtest/forward test it at least 100 times, count the number of winning and losing trades. Then, you will know if the strategy or indicators work for you.

10

My trading psychology is checking the market twice a day. Once set TP an SL, level, close the pc. Enjoy other things in life before checking the second time later in the day.

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11

The truth is paid telegram groups don’t have to trade as they have an income from payed members so their efforts in giving good quality signals slips they will rarely have money on the line themselves.
There are a few though and their usually free. Dont go by their advertised profits and returns … go off their consistency in giving accurate projections. Other things you’d have to bare in mind are they could give you a stop loss for example within 40 pips of entry… and then price moves 43pips, stops you out then goes in the opposite direction 120 pips… the signal wasn’t wrong after all…
Personally I dont trade other peoples signals but I’d say there has to be some degree where you would do your own due diligence and a little analysis yourself otherwise you’d be blindly following a stranger through all their success, but also through all their loss
To trade off your own back as it were you have to just knuckle down, and read alot, back test, demo test and live test, find a way thay works for you as an individual and can fit in around your day. Experience has taught me theres no one way to trade… no method or strategy that will guarantee you a return. What I find most profitable is to factor in the general psychology, and what the charts will be making the mass consensus think, I then factor in key lessons from the mm method and using certain moving averages over several time frames ill find an entry based of this. As far as indicators go there are few I use except EMAs. I’ll give the rsi and volume indicators a fleeting glance but I’m usually only looking for divergence opposed to being oversold or overbought. I find understanding a connection between the trading sessions helps too, so if slcertain things don’t happen overnight in the Asia session I expect London or the new York open to do so when liquidty is at its highest… again its what works for YOU

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12

Please feel free to use as many sentences as you want.

It’s impressive that you mastered a strategy and trading psychology in two weeks with no prior experience.

It took me two weeks just to get familiar with my broker’s platform! Haha

13

I agree here. Trading signals are good if you want to learn how that person trades that particular strategy.

But if you actually want to trade, you’re cheating yourself of the whole experience.

I imagine signals are for people who either want to learn how that strategy works, or they want to be hands off.

And if they want to be hands off, they’re better off putting their money into a fund and go about life.

But hey, whatever floats your boat.

14

I’m confused. You’re trading live AND backtesting the same strategy? What strategy are you testing?

15

Combination of using indicators such as Supertrend, QQE MOD, Dzwine. Backtesting on demo first. Once you are more comfortable dealing with losses on demo, then you go live. Control your loss, let your profit hit TP level.

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16

Combine a few indicators like this guy do. Form a strategy or system which is comfortable for you to deal with. Those telegram signal service group hardly give consistent profit over the long period. Most are selling you dreams rather than the harsh boring reality.

17

Great! So HOW do you use these indicators to determine your entry and exit?

19

[The Most Accurate Buy Sell Signal Indicator | 100% Profitable Trading Strategy On Tradingview - YouTube]

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20

How do YOU use these indicators for entry and exits?

21

I follow the video instructions

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22

Not indicators I am familiar with. I would never recommend getting signals from telegram & whatsapp. Far too many scams out there. I think the best way to trade is gain your own knowledge and find your own trading style based on what you have learnt. It has taken me years to become profitable so not sure I fully believe that it took you 2 weeks to make back $700. But would be interested to see how.

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