How to make money in Forex

Hello everyone,

I am a newbie in Forex and wish to get any advice Please share your strategies on how you think it will be best to trade in Forex

Thank you,

This question is so open-ended its untrue. Not your fault though!

Go through the baby-pips school, read some of the threads and pick up the common terminology and perhaps read a few books on technical charting analysis. This will give you a solid foundation. Only then will you have more specific questions which can be answered for you.

I was in a similar boat to you a few months ago, i can’t recommend the BabyPips School enough, it’s easy to understand, and laid out really well. Learn the basics of Forex trading first before you even begin to worry about this strategy or that one. Once you have a solid foundation you can work up from there :slight_smile:

Either babypips school to learn to trade manually for yourself or you could always copy other traders in zulutrade platform.

There are too many different ways to trade for any handful of answers you might get to be of any real use to you, to be honest. Some people place a lot of trades and grab a handful of pips (like, single digit pips) each time, others place so few trades in a year (targeting hundreds of pips each time) that it is debateable whether they are trading or actually just investing, with umpteen shades of opinion in between.

It can all work, but each approach bears little relation to many of the others. Then you add in the new fad for trade copying, which has almost been suggested here (and then often a debate on whether that is trading or not) and you begin to see that, as a beginner, you have asked a question where any answers you get will be of limited use.

I’d go through the school, or read books, or browse threads on here, fire up a demo account, or a small size live account, or go on a course, or whatever you want to do to increase your knowledge level, and generally through the course of doing that you will find that some approaches - and some traders - speak to you more than others. I know of contributors around here who trade most of the different approaches, some very well and some very badly, yet they can all sound confident of their ground on an anonymous discussion group, so at this point do take any advice you receive with a pinch of salt.

Sorry not to sound more constructive!

ST

You will not achieve a fraction of your desires until you go trough a lot of pain. True Story.

The best ways are study and trade, repeat it till you find the answer for your question. Certainly you will get lose, no one can avoid losing in Forex. But how much you lose and how much you earn are important.

Indeed. The best is never put in risk more than 1%

I hate to sound like some cryptic old mystic, but you will find what you need on your journey. That journey is made with research, study, experimentation, and of course risk and having the guts to put your money on the line to earn. Start studying, you have all the resources, to begin right here on this forum and on the School of Pipsology Preschool site. Good luck and be careful, but you should know that one already. Foreign Exchange, and all trading can be a full contact game.

I cannot share the details of my strategies, but it revolves around the things below.

  1. Winners should be bigger than losers. (system)
  2. Risk management (proper position sizing) (COMMON SENSE)
  3. Patience (emotions)

#2 & 3 are controllable, but #1 is what the market gives. However, if you can get a good grip of the controllable factors, you’ll have a good probability of making money.

Imo, #3 can get quite a issue when it comes to a personal level.
Sorry to say that, but i have seen quite a bunch of SPs claiming to be cool and then loosing with against he 1st/2nd/3rd big drawdown leaving trades open on the mercy of number 1 and then bursting their followers accounts.

To succeed in Forex, you must commit and work VERY hard. You must follow the news, and study the market extremely well. Also, if you lose once or twice, don’t worry… it happens sometimes… never give up and don’t be greedy

not really, there are alternatives and good one of course for those that dunno how to trade or do not have the time and the ability to indulge…its called zulutrade :wink:

The Zulutrade people have to pay you a commission…lol…jokes

dont worry i get enough fair and square off my following :wink:

Don’t be scared of losers (trades not people) It’ll happen, but if you freak out even if it’s a couple in a row, you can quickly start chasing your tail and then you’re in a downward spiral.

i doubt anybody here is, as far as the ratios ‘lossing trades < winning trades’ is kept in that order :wink:
there are many ways that I’ve found that i get to hedge providers on zulutrade, so i try to limit it ever further on;)

Seem we get a lot of questions like this. I think when someone begins to learn about Forex, they’re getting to know how to earn money with forex. Just buy and sell but you have to try a lot, earning money is never easy. If you want today you could earn $100, you might lose $1000 in the past. Please remember that and learn to trade :smiley:

That is when the most important factor in trading, in my opinion and experience, where the successful trader is separated from the rest. DISCIPLINE. All I can say is my trades (My live account) will be the judge of what kind of a trader I am.

This is SO true. :slight_smile: