Please Share What Motivates You to Learn Forex

[Ethan.ishere]

Trying to work on BTC these days, not an easy thing man.

[C00RR3NCYH4CKS]

@Fin_Trader

I trade the major currency pairs because of my broker’s minimal spreads. And there is enough volatility here to make money by intraday trading on them.

@Fin_Trader, please do share how you trading?

@CarlosWeis

The final goal which is financial freedom.

@CarlosWeis, and do you have it yet? what do you trade most of the time?

@Ethan.ishere

Trying to work on BTC these days, not an easy thing man.

@Ethan.ishere, what make you choose crypto?

[Fin_Trader]

@C00RR3NCYH4CKS

@Fin_Trader, please do share how you trading?

I trade intraday, during the European and American trading sessions. It is at this time that you can see good price movements and there is an opportunity to make good money. My trading is indicator-free, based on support and resistance levels, horizontal and inclined levels and channels, as well as patterns and figures of technical analysis.

[Ethan.ishere]

As volatile and unpredictable as it is, in a long term point of view there is not a lot that comes close to being as profitable as BTC is, so I figured I can make some good money out of it, and so far, although it’s tough it has not been all bad. I don’t really “Trade” on it as much as I plan to invest in it.

[Elliotrades08]

@C00RR3NCYH4CKS

Hi everyone, I want to ask you all. If we look for information in forex forums and local news, there are so many cases of fraud under the guise of forex, but you are still enthusiastic about learning to this day. Some of you may take a bolder step, deciding to become a full time trader, what motivates you to enter the world of forex (even though the image of forex is already so bad)?

It’s true what you said but it’s also true that you will hardly find any sector where is no fraudulence. When you listen to many people and watch videos on YouTube, you can differentiate between good and bad, right and wrong, justice and injustice.
I am still fond of forex trading because if you look at other freelancing jobs, you will mostly find them stressful. However, forex trading isn’t as stressful as of those considering you follow proper risk management policy and control your emotion.

[jomina]

@Phonix

Currently, I’m studying fundamental analysis for trading Gold and trying to develop a news trading + scalping on Gold during the overlap of London and New York sessions, when market has high liquidity. But that’s not my long-term investment.
My main plan is actually working with an EA. I’m studying programming, and taking courses to reach a point where I can develop my own EA based on chart analysis. Although this might sound too far fetched, I must say, I’m not in a hurry.
I’ve seen cases where people with little to zero knowledge of Forex are making constant profits using only EAs and running those EAs 24/7 on a VPS.

I like your plan. I totally agree with you because when focusing on fundamental analysis and trading during high liquidity periods it’s a smart approach for short term gain. with dedication and proper education, developing your own EA for long-term investment is ambitious but definitely achievable. I also still learning coz i believe traders found success with EA’s, must have the right strategy and perseverance. I think you’re on the right track to achieve consistent profits

[TYGMedia]

It’s nothing else but Freedom.

May I know the stats of BP’s member, how many of BP’s member has consistent profit? The more I read, it sounds most of us still on losing side. Correct me if, I’m wrong.

[Phonix]

@jomina

developing your own EA for long-term investment is ambitious but definitely achievable

Yeah well this part is a long term goal! But with the progress of technology, I strongly believe that it’s very profitable.

[Einstein_Fx]

I agree with you here. I too think developing your own EAs will take the traders a long way of success.

[TYGMedia]

@Phonix

Yeah well this part is a long term goal! But with the progress of technology, I strongly believe that it’s very profitable.

Be strong, you need strong determination to have a good one.
It took me 2 years to have a good EA framework. I take another 1 years to develop good strategies. Until now after 14 years, I’m still need to fine tune my system.

There will be a lot of problem when news comes, you need to know how to make use of throttling to reduce CPU utilization and split EA to reduce memory usage.

[Phonix]

Wow!
That is perfect man. I would really appreciate some tips. Currently, I’m using YouTube and MQL5 forum as a source of training! Can you share if you think there are other sources of information! I also signed up in GitHub but I am not familiar with how it works.
I’m so glad to see someone who has achieved the goal I have in mind and thanks for the reassurance.

[TYGMedia]

Surely you need to be persistence. Develop the framework first. Using OOP to reduce the complexity of the code. If you are using modular code, by the time it will be hard for you to enhance your system. Last time, I got 200k ++ line of code. And I got confused when there was errors.

You need to learn all indicators available. Split them into categories: equilibrium, saturation, momentum and volatility. Focus on the first 3. Do back testing to find the best profit factor, profit and drawdown. Only strategies that have big profit and big drowdown can be tuned by using volatility indicator.

Split your algorithm into at least 2 part: Indicator reading and Trading Engine. Don’t mixed them. It will help you a lot to enhance your journey to find the best indicator for an instrument. By having them separated, you only need to develop particular part and plug them together to have them run. Don’t be a fool, by rebuilt all of them every time.

I have developed hundreds, get closed to a thousand EAs till now, be open minded with every strategy available. Don’t just follow your ego to stick in a strategy. Averaging is the most profitable EA, but many are dislike it and claim to be dangerous. It is partially true in particular if you rely on EAs in the market. Once you are familiar with optimization, and have found the best methodology, you need to use buy TDS and run backtest for 10 to 15 years to validate your logic. If you want it free, you need to register an account with Dukascopy.

Since every instrument is unique, there is no single strategy available for all. Focus the development on each of them. Dedicate 1 account for each pair to get the stats. Currently I’m trading 50++ instruments, I have 50++ accounts to monitor their performance. You need to use many brokers. There is limit on the number of account in a broker. If you mix an account with few instruments, you will have difficulties to retrieve the stats of your strategy to an instrument.

The best reference will be mql5.com. You can learn the strategy from youtube, most of them are “krabby patties”. I can claim I have tested all of them, probably 98% of them, especially the one who claim get profit 80%-100% even 2000% in a day or week. They have no skill at all. I even approached few famous mentors in youtube to get their method clarify, they gave many non-sense excuses. So to have a good strategy, you can only rely on yourself or finding someone who are trading for living, and ask them to teach you if they are willing. In my case, I have to rely on my self. I learn how to trade and I got lucky to get involvement in a investment firm and then broker.

In the beginning you can learn from youtube, but they are programmer, not trader. I haven’t found any youtube channel provide a correct way to develop an EA. So it’s really rely on yours. Don’t need to use github yet, unless you have an intention to collaborate with others.

Let me show you part of code of a seriously developed EA, this is your long term goal.

[Nick1864]

@C00RR3NCYH4CKS

what motivates you to enter the world of forex (even though the image of forex is already so bad)?

The immense potential it holds.

It’s not just about the opportunity to make money; it’s about the promise of freedom and flexibility that comes with it. Forex trading offers the possibility of financial independence, allowing one to live and work on their own terms.

While it is true that forex trading is one of the highest-risk and highest-failure endeavors, the rewards for those who succeed are unparalleled. The challenge and the potential for significant financial gains drive my passion to master forex trading and achieve the freedom and lifestyle I (personally and surely many members here and traders everywhere) aspire to.

[Phils394]

Th3 most thing motivated me to learn forex trading is that you learn before starting earning and making money anywhere around the globe without being supervised.

[Amy95]

That’s a great perspective indeed.

[Phonix]

Thanks for the time you put in to write all that insight! I really appreciate it man.
I’m going slowly but steadily. Consistency is the key for me.

The long code that is cropped from the screen is an if-else statement correct? The new xString

[TYGMedia]

@Phonix

The long code that is cropped from the screen is an if-else statement correct? The new xString

Yes, it’s.
Good luck with your journey. Be patient

[jomina]

exactly ! I like the perspective

[zingTanja]

Flexibility,

Freedom to choose my own working hours and my own working place (@ home, in my room!!)

That what drove me in the first place. Lately, Because I started it I would Love to see where it takes me.,

[Fin_Trader]

Conveniently, you can buy and sell currency online, at any time on weekdays (cryptocurrency on weekends too) – and even from your mobile phone. You can select brokers, and brokers also have a choice in which currency to open an account