infoasian
Supreme Member
- May 12, 2011
- 1,419
- 438
I think it's less than 2% of retail investors that do make money. Most Forex trades happen as legitimate money flow without anybody attemting to profit except for banks.
Does any one have experience with Forex ? | I'm gnna try this out :)
- Thread starter blackpayman733
- Start date
I think it's less than 2% of retail investors that do make money. Most Forex trades happen as legitimate money flow without anybody attemting to profit except for banks.
wokaka
Senior Member
- Apr 1, 2010
- 995
- 269
you want consistent profit in forex? Learn price action, support & resistance, SBR, RBS, higher low, lower high, and all that. Stop using stupid and crappy indicators. I only use several MA lines and fibonacci to help my analysis.
Of course you cant win every day but yes you wont lose much even in bad days because you trade on price action near s/r area so risk is actually way less. even if you have 50-60% winning ratio it's already very good as long as your R:R ratio is more than 1:1. The key is to always follow the trend. and tbh if you only take trades near s/r area (based on PA) your chance can be way higher. Backtest it if you dont believe me. I have so far about 75-85% winning ratio with 1.5:1 R:R (reward:risk), sometimes even 2. my exit has been always based on big round number but if BRN has been tested, I usually dont put my TP. I exit depends on PA. and no, i dont hedge either. I always cut loss my position if PA reverse on me and break strong s/r
There are some good threads on babypips and forexfactory about this. You can PM me if you want me to point you to the right direction.
ofc in the end money management is also very important. oh, and also your psychology
Of course you cant win every day but yes you wont lose much even in bad days because you trade on price action near s/r area so risk is actually way less. even if you have 50-60% winning ratio it's already very good as long as your R:R ratio is more than 1:1. The key is to always follow the trend. and tbh if you only take trades near s/r area (based on PA) your chance can be way higher. Backtest it if you dont believe me. I have so far about 75-85% winning ratio with 1.5:1 R:R (reward:risk), sometimes even 2. my exit has been always based on big round number but if BRN has been tested, I usually dont put my TP. I exit depends on PA. and no, i dont hedge either. I always cut loss my position if PA reverse on me and break strong s/r
There are some good threads on babypips and forexfactory about this. You can PM me if you want me to point you to the right direction.
ofc in the end money management is also very important. oh, and also your psychology
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wokaka
Senior Member
- Apr 1, 2010
- 995
- 269
and no, you dont need to buy courses or books to be good in this. In fact all commercial books and seminars are totally shites. Believe me.
What you will ever need are 2 forums. Babypips and forexfactory. I have personal mentor in real life so i feel blessed for that but even him learned from these 2 forums lol.
The reason why most traders lose in long term is because they dont understand PA. They take trade based on stohastics, bollinger bands, whatever, it's just stupid move. Learn how price action works. It's been repeated over and over again. PA fail sometimes but i can guarantee you wont become a loser in long run once you understand all these. learning curve is not easy though.
What you will ever need are 2 forums. Babypips and forexfactory. I have personal mentor in real life so i feel blessed for that but even him learned from these 2 forums lol.
The reason why most traders lose in long term is because they dont understand PA. They take trade based on stohastics, bollinger bands, whatever, it's just stupid move. Learn how price action works. It's been repeated over and over again. PA fail sometimes but i can guarantee you wont become a loser in long run once you understand all these. learning curve is not easy though.
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wokaka
Senior Member
- Apr 1, 2010
- 995
- 269
there are people who overleverage and overtrade. These people are the ones you describe about. using 1 lot size with just $1000 capital is totally stupid. Believe me, most people have been there, including me.
another possibility is those who dont know when to cut loss (never put stop loss number) and have very small TP such as 5-10 pips. I have been there as well
the key in forex has been and will always be price action. Successful traders may have different syles and use different indicators but they always have one thing in common - which is their understanding of PA. Indicators are lagging and can't be used as primary factor in your trading decision. They are only good for reading trend, volatility, and divergence. Nothing else.
one more key is TO NEVER EVER pay attention to most news (especially if you trade in longer timeframe. I trade in H1 and H4). Most news created spike for 20-30 minutes but then PA reversed on them. There are only 5-6 news that you worth watching about. NFP and FOMC statements being 2 of them. I usually only follow news when it's been confirmed by PA. For example, there's news about Greece gets another loan then there's a good bearish engulfing bar near strong resistance area, i will certainly put my order there. I wont trade just based on news. It will kill your account in no time.
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dog-tag
BANNED
- Oct 19, 2010
- 822
- 925
Ever heard the phrase "A jack of all trades but a master of none"
I think you're better off just sticking with IM (something you know already) and continue to master and focus on it. Things like forex trading will totally split your attention and time and will make you worse off.
Simple example would be look at top business men. Donald trump made his fortune in property, he didn't dabble in stocks and then run a clothes shop for some spare cash when he was just starting out, he focused solely in real estate and created an empire.
I think you're better off just sticking with IM (something you know already) and continue to master and focus on it. Things like forex trading will totally split your attention and time and will make you worse off.
Simple example would be look at top business men. Donald trump made his fortune in property, he didn't dabble in stocks and then run a clothes shop for some spare cash when he was just starting out, he focused solely in real estate and created an empire.
wokaka
Senior Member
- Apr 1, 2010
- 995
- 269
in the first few months, yes. I wouldnt deny it. It does. Excessive learning and backtest and real trading will definitely split your attention but actually once you understand what you are doing it wont hold your IM journey anymore. Forex trading is one of the most static businesses in the world. PA always repeats itself. As long as you dont trade in crappy timeframe such as M15 you can actually do your other businesses while trading forex. I trade in H1 and H4 timeframe so i dont need to look at chart all the time. Only once every hour for a minute and that's it. I can easily do that from my phone. and as for H1, because I do intraday trading, i always close my position no matter what before i sleep. Thank god my sleeping time is after london close so most likely price doesn't change much afterward (except if there's FOMC statement which only happen once a month or breaking news). As for H4 chart, it's even way less stress. Trade it once every few days and that's it.
Conclusion is, forex trading wont hold your other businesses if you are trading in a longer timeframe. Thing is, learning curve isn't easy and will require tons of backtesting and real trading experience itself. However, once you know what you are doing, it's actually the most boring job in the world.
blackfatcat
Junior Member
- Nov 19, 2012
- 122
- 58
Forex is not get rich easy or get rich quick scheme. It is a dangerous market if you don't know what you're doing and will chew you up and spit you out the other side quicker than you can blink. 95% of traders lose their money. I lost money there and got badly burnt - Internet Marketing is a far safer bet. At least you can use applied knowledge for long-term income and profit. With Forex, any sudden news event can have a serious impact and can wipe out your account in a matter of minutes. My experience: stay away from it, stick to IM.
blogbd1
Power Member
- Apr 19, 2008
- 590
- 374
I have currently trading Forex full time, although I am learning it for long time. Its possible to make consistent profit if you can manage the risk. Find a low risk strategy that suits you and practice that. It needs time and patience to learn Forex trading.
Choosing a reliable broker is also important. I am currently trading with a FSA regulated broker and I am satisfied with them. I strictly follow my money management rule and try to control risk. So far my profit is consistent.
Choosing a reliable broker is also important. I am currently trading with a FSA regulated broker and I am satisfied with them. I strictly follow my money management rule and try to control risk. So far my profit is consistent.
Moneyman94
Junior Member
- Sep 2, 2010
- 118
- 38
Be it Forex, Currency, Options, equities, eminis, bonds, etc they are all kissing cousins. Ranking them would be equities are the easiest to learn to trade and Forex is the most difficult.
Ive traded all of the above but most of my time today is on options and eminis. Try the YM emini (the dow) or the ES (S&P 500) before forex.
Ive traded all of the above but most of my time today is on options and eminis. Try the YM emini (the dow) or the ES (S&P 500) before forex.
HipsterKitty
Newbie
- Dec 21, 2011
- 28
- 0
i've tried it, but always lost money on the demo... very difficult
forex, well I have long story with it, never traded manually, always use bots, had success with blackhat technique in forex but most brokers fix it now! but till today I still trying and coding the most complicated bots and I hope to have it some day... I really advice you to be careful when play with forex and use strategy! otherwise play live roulette, it's safer! take care!
I am working on a system that will take 1000 $ to 1 Million in 2 to 3 months. It will require 5 consecutive successful trades with prices moving more than 100 pips a day. It's not impossible
Let me know your system details
To get things straight here, you're saying that only 5% will succeed in this type of trading.. this is of course a false statement.
It all depends on how much cash you have, and you wont bet all of your deposite on one trade, you'll limit the risks by using 1-3% and stop-loss.
There is also various bots that'll do the trick for you, some with good results, others with worse.
It's a good thing to try, so my suggestion is to go in with a small amount, say around $10.000
It all depends on how much cash you have, and you wont bet all of your deposite on one trade, you'll limit the risks by using 1-3% and stop-loss.
There is also various bots that'll do the trick for you, some with good results, others with worse.
It's a good thing to try, so my suggestion is to go in with a small amount, say around $10.000
Untouchable
Supreme Member
- Mar 22, 2012
- 1,344
- 1,180
Forex is extremely risky. Save up and invest in real estate.
If you invest wisely in real estate you can see some decent returns.
If you invest wisely in real estate you can see some decent returns.