Lets see if it is hard to make money here

Hi, I am total noob in trading forex. I started learning like month ago. One broker somehow got my phone, I do not remember if I gave them it and called me few times but I was so busy with work, that for few months I did not answer.

One day I got earlier from work and had reminder that I need to call, because they said once that they will teach me how to use platform and I could play with demo. Also they gave me 20 euros free. So now trying not to loose them deposited myself 1 eur to get that bonus.

Have now 17.71 so lost a bit.

I had been in seminar about forex and it really looked interesting besides one fact taht coach said that he listens and watches news whole day. I would hate watching news whole day. Hmm, maybe if I make serious money, maybe I that would become interesting.

WIll tell maybe more, now showing my bet which loosk promising so far

Ok, now more about me. I am a programmer, which means I can learn to program MT4 and do something good if everything good is not yet done. So thats double advantage for me.

I also am poker player, but never made huge profits. My poker balance is like 1800 eur, created from no deposit bonuses since 2009. So really not much.

And I thought forex would be interestging to try, but poker and programming already were taking tons of time, I was thinking I just cant try forex because that would be too much things to do for my short day.

But after trying the demo and saw that such noob as me after learning basics could make some wins, that started to hook me. I thought I will be so crushed by banks and robots and skilled traders who trade for years and for such noob maybe 1 out of ten bets could be succesful. But so far it does not look like this.

Also there is luck factor. As in poker, fish also has winning streaks, winnning players have long downswings. So those few bets might be just luck. I am not sure what sample size do I need to know if I beat this or not.

Like in poker if you win over like 100k hands in that limit, you can say you beat it. Of course still there can be a heater, 100k hands in poker is not super huge, some people do this in a month. But I was doing it in a year because of lack of time/motivation when I am not winnning huge and other non poker poeple keep telling me I am wasting time with poker.

Most of my wins are still from programming but I am not a boss. So thats why things like poker or forex come to my mind because I am dreaming of freedom to work how much I want, when I want, and choose my teammates more easily.

Of course forex or poker you might say does not need teammates, you can make money alone, but I am trying to find friends who I can discuss, it is lot of fun.

I also get from time to time variuos startup ideas, but I know it is hard, and I am not a business man so kind of not motivated enough to create a startup IT company. But who knows, maybe some day. I would need good partner who is hones and could do people stuff, because I do not like dealing with people and I am not good at it. I just like to have fun with relaxed people and who are most easily to talk with. But in business you face various people, lot of them annoying, or trying to cheat you, for example your workers.

Ok, so at the moment my bet is at 53 cents profit, this feels awesome to watch I feel like a gambler , but possible having an edge. I do not get how people have excitement at roulette table when you clearly know odds are against you. Now I am noob so odds might be against me still because of my knowledge, but at laest I have a hope that I made good bet and it feels much more awesome

Btw I am already not doing what I have learned. But proably 99% of traders do so. I learned that I need to practice on demo for 3-6 months and only if I make money on it, then start do on real money.

But ok, I deposited only 1 eur. Other money is free. So because of this I let myself to risk. I try to make small bets, to loose/win 1 $ if possible. It is still agressive and creates fear on that small balance, but I have no options.

And if I loose it, there are other brokers with bonuses waiting for me, so not a huge problem I guess

profit.

Good that I did not set more TP (light green line).
Or maybe later will start to fall more, it still had not hit the stop loss.

But for my low balance it will be good.

Balance 18.62 eur

Actually there were thoughts about closing when it started to move to the other side again. But also thought - I need discipline too keep it. Because I learned that people make mistakes by closing too early, there are small profits, many profitable bets, but there are big loss in less bets, which do not compensate.

There is really psychological factor, you do not want to loose money especially when you might be busted with the balance and various thoughts come. If you know for sure that you need to close earlier, then maybe its ok to close earlier. But I am not experienced, so I might make more mistakes by doing it than benefit.

Btw there are 3 bets in a row with real money which are positive. Thats unbelievable.

Also it is interesting when you go to sleep and you know that your bet is 4-5 pips away from profit you kind of really want to look at the computer and see how you take profit instead of sleeping. but managed to go to sleep on time

and actually like 7 minutes after going to sleep, profit was taken but discipline to go to sleep is also important.

Btw can someone tell how to see how many views my thread has?

I advise that you stay away from trading a live account yet. There is a lot you need to learn and know about Forex trading. You sound a bit simplistic and may ruin a live account quickly with your present outlook. You should not be thinking about making money at the onset but learning and mastering a simple, functional trading strategy with clear rules. Approach Forex trading with calmness and patience.

Yes you should learn to trade safe, survive and then prosper.

KP

Could you learn anything from this video?

KP

will need to check that video.

Now I am not patient and made a bet, because of looking good opoertunity, but really not good for my bankroll 32 pips SL.

Over H4 chart it is falling very nicely, so thats why practically I made a bet.

Also I recently had 3 positive bets and they should cover the loss of this bet.

Now I have to close my eyes and wait

watched this video. Sadly that he says 1-2 years is short term. So it means I might be not winning one even if I have profit after 2 years?

Also I think it depends on samples size too. How many bets did you make and not only how many years.

And after I made few succesful bets it looked not so hard and I thought over 1 year it should be reallt posible to be profitable.

But I might have luckboxed an maybe I will bust my capital soon but as I said its not the big issue of loosing free money. If I would not get that free money, probably I would trade on demo at least 3 months until I see at least small profit and only then deposit.

Was biggest loss - 2.96 eur. Balance 15.66

Looks like we are going up in 15 mins chart, bought. Was nice spike up, but bit lacking. Was sitting and thinking, making lines on chart, reading news for 2 hours probably. Lets see how it goes. So far looks nice.

Now need to eat, havent eaten after I am back from work because wanted to make a bet at least on demo

On demo made earlier on this chart and so it closed a candle going up, so decided need with real money as well.

Lost here 1.77 euro.
Then yesterday evening made a sell.

Then there was a signal of chart moving to the other direction - broke support line and I made a buy to hedge.

Then it turned again to oposite direction and my buy has lost 0.96 eur.

And then I made another sell which I believe was at good price - just at the start of reversed trend and plus whole day trend was going to same direction.

And too bad on weekends the forex does not work, so it was not enough time to take profit. Now will have to wait whole weekend.

Those both bets were left in green before weekend.

One bad thing is that if I loose, I might loose both. At one point one of them was in profit 0.86 eur. I was considering to take profit earlier than set. But then thought that is a fear of small capital and might be irational. Trend is going down, I bought for good price, if that keeps going then I make profit which I had decided to make.

I want to trade on weekends, I have a job on normal days and so very little time for trading I have read various threads about why it does not work on weekends and the answers did not look logical to me. So I still want to trade on weekends.

It feel like maybe I should ask in job for letting me work weekends so that I would have 2 full days for trading. But might be that it would not be most productive because no colleagues would be working on weekend who could aswer to my questions. Unless I have a task where I know everything clearly what to do and can work alone.

Lost those 2 bets also which hurts really bad my account.

Balance now - 10.75 eur.

One of bet on friday only needed 1/10 of pip to TP.

For another if SL was smth like 0.4 pip higher, then it would have been survived weekend gap. Practically the gap fucked up one of bets.

And then I went to see on demo, I had 4 similar bets on weekend - all of them survived and maybe some are already reached TP. Just because I placed them more early, and set SL at higher point. Later will see how many of them made profit.

Maybe bad luck, if I had healthy capital, that maybe would not be a problem.

Now looks like I should play only with temo for some time, to get confidence that I can win. Its now 5 bets in a row which have lost, 2 of them big to my capital 17-30 pips.

I wish I could use less than 0.01 lot for bets. Maybe there is such broker? I did not see so far.

Found really nice page explaining when SL and TP are hit, because I was confused, in my situations when it is so close and look like I should have hit TP or not hit SL:

https://www.ea-coder.com/forex-trade...comment-511523

Added screens from demo, which for learning matters a lot, if I had big enough capital and confidence, I would make such bets also on live account.

So on won on friday, and 4 eurUSD survived gap, and there is one GBPUSD with big TP/SL which does good also so far.

Lets hope soon eurusd make some more profits. I had made 5 bets for same directed, just bought at different prices, but same SL. And set diferent TP. So it mith be that lets say biggest TP will not hit, but if 4 of them hit, it might be still profit, did not make calcualtions for all.

Hi, 3 months trading mostly on demo account, but still not making it.

But I still have ideas what to try. So continuing to try and hopefully its worth my time.

Plus I already found good thing which makes money - copy trading. Invested few weeks ago into one trader and he already made a 2 %. Of course there is a risk that he might stard doing nonsense. So cannot invest all my saving into him. Here is his profile: http://www.copyfx.com/ratings/rating...ry/period/all/ And also there is a risk of broker. Even when he claims 20k euros are under insurance. I just have 100 euros in that account. But do those insurance work well I do not know yet. I do not even know insurance company.

I really like to watch this trader everyday how he makes profits. Its really surprising and nice to watch how someone can make such stable profits. Some are having profits, but they graphs are like roller coaster - huges ups, huge downs, and you do not know if this is luck or not, with those big risk takers you need much more history. But this trader when he does this stable way, looks like history is enough to invest small amount.

I watched yesterday an interview of FXViper:



And then google for him:

http://www.myfxbook.com/members/FXVi...account/616112

I had seen this profile earlir on myfxbook. Was interesting to see real man who is doing this. Also found article how to trade like him:
https://www.forexsignals.com/blog/20...like-fx-viper/ - intersting one also. Maybe could try on demo account.

I would just not want to check my charts during 45 min meal 30 times But maybe similar thing can be done with less chekcing and less news reading or listening.

I am also now playing in TMS brokes tournament, but doing bad, lost about 20 percent (demo), but for first price its 6000 eur watch. And other 10 places get 250 eur. But there are thousands of players since june 26 some are doing 600 %.

Still more fun to play in tournament with demo than just learn.

Open a weekly chart and go long when you see an up trend and short when it goes down. Use very low leverage and avoid tight stops. Forget the randomness of intraday moves and relax.

thanks, yea, sometimes I think about it.

I read also that its good idea to open few timeframes and if all match trends, the bet on it. Like normaly using D1 chart, if trend is up on D1, W1 and MN - buy.

And here is fun video about lotteries:

and if I use big SL, then do I have to use big TP?

I am now experimenting using big SL, but with trailing stops. And tight TP. Like SL:TP ratio is 5:1 and I see lot of people say it is bad.

THat is because till I reach TP, the trend might turn around. Of course with trailing stops, I could set SL:TP 1:1 or 1:10 even if I want, but trailing stop will hit if trend turns around. And not sure then if it does still count as 1:1 if trailing stop hit earlier.

But some people do not even use SL. WHich means their SL:TP ratio is infinty:1

So my experiment is similar as no SL, but still for the safe side - setting wide SL, in case of completely missed trend.

Plus I am moving SL up a bit as time goes. Since if the trend goes up, the lower SL should not be needed anymore. And also if trailing stop does not hit - move TP up also.

I am trying to set SL near resistanc level once reached, because price might bounce back from resistance level. But the problem is I am not sure how tight should I do it. Because in case it breaks the resistance, I might miss some profit due to tight SL near resistance.

I want to let price move little bit, but also not to lose if it goes back to lets say daily open once rised over day.

Btw just watched very interesting video:



its sick how bastards governments can be. We hate our governments. But if we see this, then lot of us probably can think we live in good countries.

I am just jelous that they have so cheap fuel. But even in my country about 1 eur for litter diesel is affordable, so can't complain too much when having posibility to be safe and earn.

Ok, about my progress - I started to meassure again since july 26, after the forex demo chempionship ended.

I am around breakeven, but currently after bad USD news my GBPUSD and GBPJPY possitions might make big loss which will be hard to recover. But if they rebounce and go down, they also might make big win.

https://www.myfxbook.com/portfolio/demo/2153263

But why I remembered this thread - I wanted to share a vidoe from robert Kyosaki - it reminds us that we have to buy assets and not liabilities if we want to improve financial situation.

I am also trying to do this. It is hard to know what assets to buy. Looks like good thing would be to buy some flat and rent while loans are cheap. But also while loans are cheap - flats are expensive.

So thats hard to know what to do. Maybe there will be financial crash because everythign is going good and prices will go down. But then will be big fear to buy, because loans might get expensive and you will not know if you want to take that risk, you might lose job.

Of courrse best is to have saved money and buy from your money as much as possible. But saving money - who knows when will be that crash. It should be near acoording to cycles, but we cannot see it yet. Of course its not bad, because it is now easier to earn money in jobs.

I could earn and save cash in my bank accoutn, but I hate that there is inflation, and my cash might not buy much in few years, maybe prices of flats go higher.

Hi,

today I am lazy, bit ill and so not doing that much serious stuff, but watching youtube and similar things.

I found one interesting video:




My trading goes still bad.

One of biggest now losing trades is oil wti, when I had pending order to buy at 48.37 level which had to be key level according to economies.com.

And on friday it was boughtm but went down. Why?

Sice it closed below this line, I will have to close and take loss I guess. But I will be sleeping whgen markets will open, so it mighgt go up again. If it will not be over 48.37 after I wake up, I guess I will have to close it. I also have a SL at 47.08, in case it moves down even more.

I hate that trend changes out of nothwere. Did not read news why this happened. Going to watch another youtube video

Hello,

I am still here, not lost the hope to make profit and actually past few days it started going better after I done a change in my strategy - I started using bettter risk reward ratios. But lets see how it goes.

I also took bonus at admiralmarketsm which you cannot withdraw, but can bet for one month and only can widdraw profit not bigger than 200.
So currently my equity is about 220, which means 20 eur profit

On demo 50k account things also started go better. I was down like 20 %, and at that moment I had no idea what to fix, things are going bad but reading dailypriceaction.com he often says that he uses risk reward 3. I decided to also use not less than one, better 2, often even 3, and sometimes even like 9.

Very short period since doing this but since also a coach says so, probably there is a chance that its the right thing to do.

One more interesting thing I have just read, which I was not understanding whole my life:

https://dailypriceaction.com/free-fo...nical-analysis

Quote

Disliked

While its inner-workings are somewhat of a mystery, one thing we do know is that it relies on market perception. A pattern or level that stands out as obvious to one experienced trader is likely obvious to many other experienced traders. Through this idea of perceived value, technical analysis just “works”.

I was always thinking - why price cases about those technical levels. Price works by supply and demand. If there is the demand for gold, why it should care about resistance level? It did not make any sense for me.

Probably it works something like that: there is a demand, but tehcnical traders see a resistance and start selling. They sell sell sell, but because of demand, price is not going down. At some point they believe that it is impossible for price to drop and then it crushes the resistance level.

But I am in the mode now - weird, I am trying this for like half year. Thats too good to be true that I have learned this thing in such short period of time which can change my whole life quality.

MIrracles does not happen. I know one guy who also made 2 positive months and thought he is good and even quit a job and then lost all his savings in forex and after 2 years had to find a job again. So always need to be careful about self confidence in forex skill.

Good. Don't listen to any advice. If you really are new to trading, and you want to see how easy it is to make money, then just do it, and good luck. You'll soon find out.