Making money in forex trading

Jim433 said:
Quick update for everyone, im up 160 pips today and 350pips last week(still on demo account)
My strategy is trading on brakes and retests, first time i heard of it from missionfx on youtube(the bald guy), then i've been looking more into it and i gathered a lot of information to help me trade
My rr is 1:1 when im up 20 pips i move the sl to brake even. Tomorrow i will be depositing to my live account and trying the strategy for real
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Were you able to learn the strategy from his Youtube videos alone. His course is expensive.
 
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I was 'playing' with forex for a little while years ago. On one night I even tripled my investment, but eventually lost everything. I know some of you have a different opinion, but it's gambling and I would stay away from it and focus on learning traffic generation instead and focus on paid traffic as you can get it within minutes, unlike free traffic or SEO when you wait months for results. Just my 2 cents...
 
@Jim433 umm why do people recommend you fixed lot sizes? That's not really how you go about risk management. Now, this is the way I had done it in the past, and from I've seen online is probably the best way. I'm in no way an expert.

First you calculate 2% or whatever percentage from your total balance that you want to risk in $. Then you calculate how many pips you've allowed for the stop loss, something which TradingView easily tells you when you set a long/short position on the chart. The stop loss you put it based on Technical Analysis + whatever else you know that at this level your trade and thinking of how it should go is invalidated - and NOT to fit a specific R:R or risk. It needs to be clearly defined and not randomly set to fit your preferred risk amount. Then you find a Forex Pip Calculator. Just type that in google and the first site that pops up is the one you should use. There you just choose the pair you're wanting to trade, input the stop loss and risk amount - and that will show you the correct lot size you should use. There's not SET LOT SIZE you need to use. There's only a SET RISK AMOUNT - 2%, 4% whatever you choose. Every pair is different. 0.03 on XAUUSD is a lot bigger than 0.03 on AUDNZD for example.

Here's a good easy video I learned from in the past on how to calculate risk that outlines this exact method I wrote above. Served me well ever since.

How's your P/L for the past few months? Also where exactly did you learn from? Any courses or specific resources?
 
Jim433 said:
Hello everyone, i've tried a strategy today which found on youtube and i've made 116EUR on a demo account. I will keep trying this strategy until the market closes to see if it is consistent.
I believe the losses i had today were my fault and that i can improve the win/loss ratio.

View attachment 129824
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Can you mention the strategy and the video mate ?
 
You can go for the challenge like this dude
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. Streaming live 24/7 trading with a 50k Funded Forex account .
 
Jim433 said:
Hello,

I would like to know if anyone here is making good $$$ trading forex. There are a lot of people that just want you to buy their program but i want to get started without buying anything. Is it possible to do? I can invest up-to 500$

I don't plan on buying lambos or anything, making double the average wage here in Greece for me would be enough.

Would love hearing more about this.
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Use Think Or Swim and practice with their on-demand and real money.
 
YujinTan said:
well, that is true. They want to cover up their losses or add more funds to their account to trade.
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This is exactly true 1000 percent! They used their affiliate sales to fund their trading account or cover losses
 
jeff1985 said:
This is exactly true 1000 percent! They used their affiliate sales to fund their trading account or cover losses
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I know one quite establish guy on forex, now he into MLM intergrated his stuff with other so call guru like him
now even come out own forex broker exchange

I don't wish to comment but i feel is either they become more greedy want more from their so call clients base or " fund their trading account "
Means tactically they are using FREE money to trade, even lose is ok, is not their money is from Client
 
Forex is hard you need understand how money flow and works in the large scale. And it is a fact that there are countries that bankrupt thx to forex. BTW if you test demo with 3k than you need to do real trade with 3k. Otherwise it is different, dont forget the extra cost on real forex. Swap comision etc
 
YujinTan said:
I know one quite establish guy on forex, now he into MLM intergrated his stuff with other so call guru like him
now even come out own forex broker exchange

I don't wish to comment but i feel is either they become more greedy want more from their so call clients base or " fund their trading account "
Means tactically they are using FREE money to trade, even lose is ok, is not their money is from Client
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That is their key to success. I found at least 3 different so called Forex experts on Youtube with 100K-250K Subscribers who are selling access or keys to success course which is mind boggling since who would really willingly give you the secret for 500 dollar course?

These courses are provided by a corporate company who provides generic forex information / concepts for traders to use and they are selling it as a glorified affiliate marketer. Some Youtube stars do streaming lives with their "flock" but in reality the earnings from the courses they sell to their sheep allows them to fund their trading brokers account with free money and rank in the big bucks if they actually know how to trade.

Forex is full time job for the talented ones or people who perfected the concept. I do forex trading but i suggest tons of research before dumping money into something u dont know how to do.
 
Elvlin said:
Forex is hard you need understand how money flow and works in the large scale. And it is a fact that there are countries that bankrupt thx to forex. BTW if you test demo with 3k than you need to do real trade with 3k. Otherwise it is different, dont forget the extra cost on real forex. Swap comision etc
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Test/Demo accounts results truly don't prepared you for the real results. Test/Demo accounts are set up so you don't totally fail.

If your willing to gamble 3k as a new trader i highly do not recommend that. Start small with 300-500 and get used to it before you start spending thousands.
 
jeff1985 said:
That is their key to success. I found at least 3 different so called Forex experts on Youtube with 100K-250K Subscribers who are selling access or keys to success course which is mind boggling since who would really willingly give you the secret for 500 dollar course?

These courses are provided by a corporate company who provides generic forex information / concepts for traders to use and they are selling it as a glorified affiliate marketer. Some Youtube stars do streaming lives with their "flock" but in reality the earnings from the courses they sell to their sheep allows them to fund their trading brokers account with free money and rank in the big bucks if they actually know how to trade.

Forex is full time job for the talented ones or people who perfected the concept. I do forex trading but i suggest tons of research before dumping money into something u dont know how to do.
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One thing for sure, if you question those so call " guru " they will claim Yes those information is FREE online you can literally go find out yourself but hey " look we gather the info and come out so call our version " sure win ways " " yea

Summary to be honest, Forex used to be " Ok " in the sense , Straight forward, sell u their " so call their ways of trading " bonus include so call Signals alert u when you trade

BUT is recently years they integrate with MLM stuffs make it kinda " sucky " already show you some of them want more greedy for more

I don't know is those tie with MLM stuffs is does make forex a bad name.
 
JayMay said:
Haha sorry but no, 20% is waaaaaaaaaaaaaaay too high, that's immensely high. He'd need to stay in the 1-5% of total equity risk per trade. A good strategy that works is staying at a baseline level, of like 3% or 5%. Then, from here you need to make up your own rules. If you get a streak of, let's say, 3-4 losses back to back, you half down the risk per trade to 1.5-2%. If you get ANOTHER streak of loses you half it down again, going to even 0.5%. This is very important as it is actually very likely, depending on your win rate and strategy, to see back-to-back loses. So by minimizing your risk after every streak you can survive and stay in the game. If you have a strategy where you have high risk:reward ratio setups but have a lower win rate, think about it: you only need to have a winning trade out of one of every couple of trades, to be profitable. Never revenge trade and increase risk to make back all that you lost. Rarely you might win, but most likely you'll be filled with emotions, make a bad trade and lose it all. So discipline and a strict trading plan are what will allow you to succeed. Check out Cryptocred's risk management video in the technical analysis series. He explains it VERY well, best basics on risk management explained on YT imo.

Also, the only way you prove what other people say here that go like "Forex=scam or gambling", is when you trade without knowledge, that's it. The first and foremost question you have to honestly ask yourself to see if you're gambling is: Do I have a REASON for entering this trade, a thesis? If not, then you're just gambling your money away, and believe me the market won't give a shit and take your money right away. When you acquire real and practical knowledge, only then can you distinguish gambling from making your money work for you in the foreign exchange market.

About brokers, yes there's scam brokers out there that can fuck you over, manipulate the prices and even not let you withdraw. So do your research and find the most reliable one out there based on where you live. Check every broker's reviews on forexpeacearmy . com.
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Looking for training videos, Market Trading Institute , forex, Im missing 3 lessons...they are old but very good
 
I once got lucky for a few nights in a row by making money in forex
Eventually, though, I lost everything
I know some folks don't agree with this
 
BabaLoos said:
Looking for training videos, Market Trading Institute , forex, Im missing 3 lessons...they are old but very good
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Best Training is Risk and Money Management. Start out on paper just to learn the Ordering and Pip Risk. Risk $1 to $10 per trade until you can consistently make $5($1-Risk) or $50($10-Risk) a month for 3 months. If you lose $3($1-Risk) to $30($10-Risk) in a day quit for day and switch to paper trading until the next day.
 
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