Is There Any Simplest Method To Success In Forex?

I admit that there is no shortcut to the success,
but I am sure u guys already discover a way to do it.

Study, study, study...listen to those here who have been trading for awhile and don't try to go in too fast...Read all you can regarding technical analysis, trading psychology, money management and some fundamentals. If you will search for threads started by guys like Fijitrader, Diallist, James16, Merlin, ElectricSavant and others (sorry if I left anyone out) here on forex factory, you will be enlightened many years without having to go thru a lot of the struggles they went through before you...you have definitely come to the right place and you should find most of the content here exceptional, when it comes to learning trading. The beginner's forum is a good place to start...

good luck

drjoe

There is no shortcut and trading success requires alot (gobs and gobs --the precise definition of 'gobs' is 3 whits more than you initially think) of work. However I can make some suggestion how you can do it for very little money.

1. Go to www.metaquotes.net and get a demo account. The platform is fairly easy and quite robust. The benefit is that the demo is perpetual (I've been using my account for nearly a year) and no one calls you to pump you for going live. They provide 2 years of complete tick data. With that amount of data you can properly back test and forward test (side test, retest, test west, east, north, and south) your trading strategy.
2. Learn all you can from available free ebooks, forex sites, THIS SITE, and learn about technical indicators. I like www.investopedia.com for short to the point explanations. www.fxstreet.com and www.fxcm.com have more indepth articles. Also Steve Achelis' book "Technical Analysis from A to Z" can be found online at http://www.marketscreen.com/help/AtoZ/ Another source for ebooks and reprints that I have not seen on this site yet is http://www.trading-naked.com/Articles_and_Reprints.htm
3. If you are not willing to do #2 stop reading and practice burning $100 bills. The end result will be the same and I suspect that playing firebug with greenbacks is more fun than watching your money get lost trading.
4. Decide on a strategy you like. Any strategy will do as long as you like it and you believe in it.
5. Test that strategy by practicing it on historical charts (see #1 above). This means you go back in time on the chart, 2 months, 6 months, a year, whatever. And then you move the chart left revealing one candle at a time. This part is very important. To properly test you must not look ahead. See the historical chart unfold one candle at a time. With each candle decide if you enter. If you want to enter, then write down a stop and a take profit target. Now progress one candle at a time. Keep track of your trades and results. After a couple of hundred candles you will know whether it is a viable strategy. After a couple of thousand candles you will know precisely the expected win ratio.
6. Knowing the expected win ratio, you should now demo trade in real time. If your win ratio holds true in real time (and it should and it will if you didn't cheat on #5) then prove to yourself that you can trade successfully for 13 consecutive weeks.
7. Your ready to use real money. In fact you will make real money.
8. Somewhere along the way get a mentor/coach. There is too much to learn to do it by yourself. A good teacher will steer you clear of pitfalls, focus on your individual needs, and cater instruction to meet those needs.
9. Send me $348 to make up for me violating my own rules last night. (this part is optional).

There are lots of missing parts but I wanted to add some new content for the benefit of you and everyone else.

I don't claim to be expert or particularly gifted, but what I share I believe in strongly. If you want to do the work, you can earn a great living from trading forex. I'm not to the great living stage yet but I will annouce it when I get there! I know many though who do and surprise surprise they are not all that much different from you or me. (Other than I am much better looking with my large cranium, and all. See actual photograph I use.)

Dennis J

a quick thought on trading simplicity...

e/$ - one trade/day .. 5%nav/trade
SL= 3pips above prior days high (for short)
TP= 3 pips above prior days low (for short)
Entry@ 61.8%fib R of prior days range...
Always take trade in the direction of the prior day...

SE= ((H-L).618)+L
LE= ((H-L).618)-H

would likely perform best with during times of rising 4hr adx....

anyways, just an idea.

hope everybody is enjoying a nice rest from the mkts to relax and have some fun. its back to business next week

Happy Holidays !

thank you for sharing the knowledge,..

Thanks for posting the example!

To make sure I'm interpreting your acronyms correctly, would you mind confirming:

e/$ = eur/usd
SL = Stop loss
TP = Take profit
SE = Short Entry
LE = Long Entry

Frequency of trades is once per day with profit expectancy of 5%

Everything becomes easy after a lot of hardwork, I suppose.

My Ea...muahahaha

lol jk

Trading Method
There are many trading method u can use. Here is some that u can try.

#1 : TECHNICAL ANALYSIS

a. Settings
30 min chart
WMA (5)(20)(100)
RSI (14)
STOCHASTIC (25,3,3)

b. Rules

i. Buy when wma 5 is above wma 20 & wma 100
ii. Sell when wma 5 is below wma 20 & wma 100

Note: Before placing any order please make sure RSI touches on 50 and make sure stochastic is not in overbought(when buy) or oversold (when sell) (refer attached image)

When wma 5 & wma 20 is above wma 100 = Buy territory
when wma 5 & wma 20 is below wma 100 = Sell territory

P/s: to be safe do not against the trend

Do not trade under this condition

a. When wma 2 & 20 heading to wma 100 and the gap is below 10 pips.
( let it punch through wma 100 safetly, then only place your oder. The reason is because sometime it will bounce back and against your trade)

b. Near news announcement.

c. When this three WMA is sleeping together,…that means no moves just yet,…

c. Protecting your profit
we called it pips lock,…how?
When your trade floating
with +25 move your stoploss to +5pips
with +30 move your stoploss to +10pips
with +60 move your stoploss to +20pips
u can adjust it,…

this is to avoid you from loosing your hair and put supermasive hole in your account when market suddenly go against you,..hahaha

d. Take profit
To maximize your profit trade in 3 position (3 sets)
1st Position take profit at : 10-30 pips
2nd Position take profit at : 30-50 pips
3rd Position take profit at : 50-100 pips
u can adjust it,…


e. which pair do I trade?
for beginner I suggest GBP/USD it has wide ranging. Then after u become more wiser the u can try all majors pair

#2 : FUNDAMENTAL ANALYSIS (NEWS TRADING)

a. Rules
i. Find your self a good broker (without to many slippage or spread too wide or if you have gazillion u can try open an account with EBS.com they are really good and u can play with the big boys)

ii. Must have good news server like Bloomberg / Reuters or secret news weapon. Or another alternative is try STRADLE technique. if you’re using metatrader you’re in luck because BURGERKING is kind enough to share his script with us. U can find it here : http://www.forexfactory.com/showthread.php?p=250561

iii. trade only the spike


#3 : CARRY TRADE

a. Rules
i. Must have sufficient amount

it is so sexy to watch your account growwwww and groowwww,…..


I hope this info will help u guys a bit when entering this money printing world,..that is if you’re in right side,……

i have been struggling for the last 2 years

the best advice i have learn't is...................forex and easy do not occour in the same same sentance.

everybody else has a system.........so find your own and stick with it.

make it as simple as you can

Never EVER admit to being a good trader

expect to loose a lot of money before you get it it right.

And lastly.................try not to to trade for every pip

Looks to me like your negative attitude is your biggest enemy.

Think positive, think like a winner

You mean like that scene from Eric the Viking, when the King of Atlantis refuses to believe that the island is sinking?

Great advice!

Affirmations are crap!

Ferk!

If you are going to affirm something, affirm the truth! Then look for a way out of the hole you have dug for yourself!

As Jim Rohn would say: If you are 40 and broke, that's one thing. If you are 40 and broke and single, thats another. But, if you are 40 and broke, single and ugly, man, you have some problems!

I wonder if you are still trading forex, or if you have gone on to sell self help courses or something...

When you wake up and realise how the Universe works, you will discover that the glass is neither half full, nor half empty. It just has as much in it as it has...

Affirm that!

Dude u just bumped a thread from 2 years back with a post containing, erik the viking, atlantis, jim rohn, and the workings of the universe. lol!!

Well, I'll be damned! lol!

Just in a crap mood currently... But I have ready this joker's other posts... He is hardly full of light and joy.

Maybe I need a break from FX... Let some room come back into the market.

Three solid years of looking for something has taken its toll I feel... I have a decent strategy, but the market isn't playing fair at the moment.

Hmmmm...

A break would be good!

I think I had a wife around here, somewhere... She must be under this pile of charts... Excuse me for a moment, gentlemen...

Hahah I see. I can understand the stress and frustration...what I did to overcome it was literally restarting my brain after learning everything I could, including trying the systems and bla bla, looking at naked charts only, and seeing where I went from there. Using demo as realistic as I could. When you become consistent, go live - easier said then done I know, but if I told you how I trade you'd think I'm insane lol. But what works for each of us IS personal, as much as we are told and do not want to believe. The market moves in an up-down fashion so erratically deliberate to make sure only the minority profit, so there's a helpful point lol! Or is it?? Argh

Yeah that's one of my hobbies, too, especially on a Friday. Surprises me how many people don't notice and the thread carries on as though it was only last week.
Example:

http://www.forexfactory.com/showthread.php?t=8952

what the f uck lol...that's even more trippin than viking-atlantis philosophy!

Yeah. I hear you. For the past six months or so I have had a little voice in the back of my head telling me that I need to get back to studying PA alone.

FYI, the doc has given me pills for the voice, but it hasn't helped my trading...

I hear that the James 16 thread is good, but, sheesh! Its a mammoth task to even contemplate thinking about considering postulating the possibility of maybe even making a start on it!

I am just feeling a little dry currently. I think I need to step away from the puter and reacquaint myself with my friends and family... After all, they are a key motivation for me. There is an irony here that is not lost on me...

The thing that sucks most about FX is that it is real. It takes no prisoners. If I had worked this hard in my day job for three years, and still made no progress, they would have given me a promotion by now... lol! But the markets are not that forgiving...

And yet, every available moment finds me out in the garage, in front of the screen, trying to unravel the Gordian Knot...

Excuse me as I vent my soul a little here... I appreciate that someone is out there to listen to me...

Do you know you can get $150 for this service? lol

PPP

Hahaha, pff what is money after all there's more value in helping people

Huh I'm confused the doc gave you pills for the voice in your head?? You are bipolar??

lol j16 thread, very long. As far as I know it's just normal PA?? pins/ outside bars, standard SR...its up to you

I'd recommend getting a naked EU chart, drawing obvious daily and hourly SR, trendlines, go to m15 and m5, see the formations that strike you. From there on out demo will be the tool of your expression. Chuck some self help in there too, relaxing as you say with family, you'll get there. You have the determination, it's obvious. Not too much left after that u agree?

That post is freaking hilarious!

You should be writing for Python! (They would get back together for material like that!)

Enjoyed that IMMENSELY!

Keep it up!

You need your own thread or something...

If folks can run around the planet discussing the intricacies of why you need a trading plan (and get paid for it!), then you have found your niche in FX humor!

Love it!