WHILE i am loath to state that there are no rules but to make profit on a “newbie” forumn, its how i trade and what i do every single day while playing this grand ole interactive monopoly game we call forex !
it hurts me beyond reason to watch people LOOSE money to stop losses and the other silly things people are SO attached to.
i ask that you simply demo an idea of mine — take an H1 chart with nothing but a 14EMA on it, ENTER in the direction of the ema direction, make sure youre following proper money management rules (ok, thats one i will accept if one does not have the luxury of a VERY large account) and DONT set a stop loss !
EXIT when the currency crosses the ema in the WRONG direction (guess that could be called a sell signal) and see if youve made a profit or not.
this method is a REALLY RUDIMENTARY one, and you lose a lot of pips at the exit because it comes LATE, but I only wish to point out how forex works and how simple it is to make profit ---- granted, there are better methods that will give you greater profits, BUT I ONLY WISH TO SHOW YOU HOW SIMPLE IT IS TO MAKE MONEY !
the enclosed chart is nothing more than a simple chart that comes up when you first open MT4, and is usually done with a 14 ema, but it clearly shows just how simple your life can be !
understand that i am NOT endorsing either this method or not using stop losses, but demo the idea, and while there are WAY better methods around, this super simple one shows you how the market moves and why MOST rules are meant to be broken !
enjoy and trade well
mp
[B][I]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !
As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !![/I][/B]