Hello guys,
I am trying to make some profit out of Forex, but no luck.
I’ve tried EA, but still no luck. Now, I know it is no about luck but about information used the right moment.
And because of that I welcome any suggestion or guidance I can get.
Why do I need and extra income? you didn’t make that question, LOL well I am a father of two children, and my wife cannot work. health reasons. My salary got to be a joke because anytime I think about how I made it to the next month, I lough!
I live in Cyprus, coming from Venezuela.
Thank for reading.
Hey Hy, I will assume you are a real person. Having friends of mine who are from Venezuela, I am willing to help.
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You will need at least $500 or Eur, or Goats or whatever they use as currency in Cyprus.
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You will need at least 5 years to become profitable
3 You will have had to have been genetically hardwired to do this
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Then you can start at BP’s school
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Read Alexander Elders new book
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Start a journal here
The Ever Helpful VIPER
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Sorry, but in my limited experience as a very simple minded trader this is the worst motivation for commencing forex trading.
Ok, trading is about making profits, but it is not, perhaps paradoxically, about focusing on the profits.
If you are starting trading because you need to make some extra money it means that losses are going to be overwhelmingly emotional, too emotional- and that means you are going to be loss-oriented rather than overall business-oriented. And losses are an integral, inevitable, part of trading, whatever one is trading.
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Well my friend it is too soon for you with such little known about me, to say losses will be overwhelming. I have one simple rule for trading: I do not trade with money I cannot afford to lose. So when I open a position, I focus on the analysis I made to do so, and is the result which will tell me if it was good or bad, so losing is an indicator of more practice needed, and nothing more
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Have a look at the London opening range strategy. Its well known and works. Main advantages for new traders are that it is simple, and many people use it for just one trade per day. Practice this on a demo and then run it 100 times with small capital risked, but always set a stop-loss when you go in.
One can only respond to the information that you provide - which now appears different to what you said in the first place. I did not say that your losses would be overwhelming but that your emotions would be, if you are trading to fill a gap in your income (which was the impression you gave in your OP)
If you are really trading according to the analytical process you mention in your above quote - and still overall losing money then it suggests either your trade strategy is not working or that your risk/reward and money management parameters are unsuitable.
One does not need to have a >50% win rate to make a profit overall if risk/money management is tailored to the trading strategy. But if your strategy simply does not produce sufficiently well then no risk/management policy is going to help.
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I do not trade for a living, just for an extra income, which is not representing my wished main source of income. Now how can you separate overwhelming losses from overwhelming emotions? I dont understand that, since is me either way. about the rest, I am not a Pro, just trying something for some extra cash. for me it would me be more helpful from you, to teach me than just arguing. My stand is clear, I am not a full time trader, I know few about this, I am looking for extra cash, if I dont find it through trading may be trading is not for me, but a little help, and motivation I will appreciate, for criticism I have my mother in law. LOL. thanks for your words anyway.
[quote=“HYCM1973, post:7, topic:121612, full:true”]
I do not trade for a living, just for an extra income,[/quote]
which you are not getting, which is why you came here.
[quote=“HYCM1973, post:7, topic:121612, full:true”]
Now how can you separate overwhelming losses from overwhelming emotions? I dont understand that, since is me either way.,[/quote]
there is a very big difference. Overwhelming losses means they have wiped out your entire account.
Overwhelming emotions means that you are prone to put stops too close , close out profits too soon, hesitate to enter trades, hang on to losing trades in the hope they come right, etc, etc,
This means your trading is dominated by your emotions rather than your trading rules. This happens when one is too dependent on making profits to patch a hole in one’s income - which was the impression you gave in the first place.
[quote=“HYCM1973, post:7, topic:121612, full:true”]
I am not a Pro, just trying something for some extra cash. for me it would me be more helpful from you, to teach me than just arguing…,[/quote]
I don’t see how you can describe me as arguing!! 
If you think that “just trying something for extra cash” means not having to bother with risk and money management (which I mentioned as helpful advice) as part of your trading, and that is only for the pros, then you are certainly destined for failure. This market is littered with failed traders trying to make excessive profits from a small balance.
If you only realised it, that is exactly what I have given you, but you seem to think you know better already…I suspect your mother in law is actually a wise person and maybe you should listen to her?
Forex is not a simple money machine where you bung in a few dollars and pull out a thousand. This site is constantly frequented by Newbies looking for a freebie “guaranteed” income-maker that requires no work and study. If you want a consistent and worthwhile income then you are going to have to roll up your sleeves and work at it. It is not my habit to encourage people to trade who are most likely to end up broke and bitter (like so many do!).
That is both advice and encouragement, but not, of course, what you want to hear! So I will leave you here and wish you well and every success! 
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This is good but you do need to accept that losses will occur. There are 2 types of loss though. Firstly, losses occur because all strategies are less than 100% efficient. Even if you apply all the rules correctly and your technical analysis is of the best standard, nevertheless, sometimes the market will do the less probable thing and you will be stopped out. Do not worry too much about these losses, they are an unavoidable business overhead. Just use your stop-loss and position sizing to ensure you are not wiped out. These are nobody’s mistakes, they will just happen and there is nothing you can do to eliminate them 100%.
The second type of loss arises from your mistakes - buy when you meant to sell, revenge trading, position size too large, doubling down, following tips and hunches and news instead of your strategy’s rules, not using a stop-loss, widening your stop so it will not be hit etc. etc. These will kill your account. These are your mistakes; recognise them in your strategy’s planning and avoid them in its execution. Traders cause losses, not the market.
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I like this line of conversation, for which I learned. The “Overwhelming” explanation was new for me, I guess this is a language I need to get used to. Thanks for the coaching!
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There are interesting things going on in Venezuela right now with the state debt re-structuring going on with Russia? It has been very sad to follow the situation there …and very hard to understand! It seems the problems started with an “overwhelming” ( ) desire to achieve some superb, well-intended, social provisions objectives based on a high level of oil-based revenues before oil prices collapsed?
As I understand it, Venezuela is sitting on the biggest oil reserves in the world and yet its oil industry is falling apart from lack of maintenance and development? That is such a sad and frustrating situation for a nation.