Can anyone make a thread about: 'how to make profit' + proof?

I personally believe becoming a consistently profitable trader is even more difficult than your worst thoughts! I know this may sound a bit discouraging, but it's a pure fact and I, very concisely, tell you why I think so.

There are three factors to define whether or not you're going to make consistent profit or not:

1. Win Rate: what percentage of all your trades are profitable in the long-term.
2. Reward to Risk: money-wise, what is the proportion of your profits to your losses.
3. Win-Lose sequence: how you losses and wins are lined up.

Before I start, allow me to show you something interesting. Attached, you can find three charts drawing in blue lines. Guess what time frame they are drawn in and try to identify key levels only by looking at them with naked eyes.

OK, don't go any further. They are NOT charts at all. They are RANDOM numbers produced by spread sheet applications; absolutely random. Still, some of you may call some levels as resistance/support, some others may identify some Fibonacci levels on it and guess what? You can draw trend lines, moving averages, channels, ... on it and then begin to analyse it!!! But one thing still persists: these are RANDOM numbers and nothing else.

So, are we, traders, really flipping a coin and expecting consistent profit? Not actually! Forex is a bit better than a toss game because the numbers are procured by humans and not machines and we humans know each other, don't we?

What I am trying to say is we don't have ANY control/knowledge of the next move of the market. We just possess some "Edges" to guess when a market may act in a certain direction. But when it acts, how long this reaction will last? we don't know. In other words, we may guess more than 50% of the time when and where a market may behave in certain ways, but we absolutely have no idea of the destination (i.e. take profit points). We also have no clear idea of when to admit we've been wrong (i.e. stop loss points).

Here, the challenge shows. more than 80% of the time (in my estimate) traders are discussing about a good strategy to find the best reversal/continuation points to enter into a position. BUT where's the TP/SL? If you have no pre-determined, statistically winner strategy, you're loss is only a matter of time. YOU WILL LOSE sooner or later. I personally hate things like trailing stops, next zone targets etc because they don't offer a clear method to measure your Reward to Risk ratio or Win Rate. Some the next zone is 45 pips away from you and other times 150 pips.

I personally have already back-tested many many strategies by either fully or partially computerised methods and most of them don't offer a win rate of 50%-55% at most. But is 50% a good rate? It completely depends on your Reward to Risk ratio. Can trailing stops and next-zone methods be a reliable method to gauge this ratio? absolutely not.

You may think I am over-analysing things, maybe so, but unless I have found a robust, reliable, back-tested strategy I am not going to put a million dollar on my account

By the way, the next time you see someone talking about his achievements, take a look at the pictures I've attached to this post. Even a blind computer producing blind number can be in profit for considerable amounts of time. But is this reliable? I doubt it...

A)
Thank you so much for your reply. I like your concept of reward to risk ration. Does this include the following?:
- scalping 5 pips VS position trading 150 pips (where the difference is: more random, higher reward-spread (commission/slippage) ratio
- trading in the wrong market time (freezes, big requotes)
- can you complete this list? What other aspects can you name?

B)
Forgot third graph, photos.

C)
I like your concept regarding randomness in the market (Random Walk Theory). Could you go more in depth regarding Random Walk Theory on forex charts?

D)
I agree, pay attention to ratios. How do you avoid deadzones?

Yes, you're right, I forgot the third pic! But unfortunately I deleted my spread sheet and honestly I'm not in the mood to create another one again, sorry! However, the concept remains the same: we're facing a semi-random sequences of numbers and the good part for us, traders, lies in the word "semi-"! Yes, I didn't say completely random because we all know that's not true. Why Forex is NOT completely random? Because:

 

1. Currencies exchange rate are based on supply-demand equation and however we see it, this supply-demand is constantly affected by many factors. For example, if we turn on our TV and hear OPEC is very serious in rising oil price, we can be sure CADJPY is going to have a very strong tendency towards going north. Is our spread sheet program affected by this piece of news too? Of course not.
2. The decision making machine behind all the changes we see in Forex is human, and whether or not we like it, we're all the same when it comes to emotional factors. For example we all feel very cautious when we are too close to a swing-high which has not been broken for a long time. Is a computer program affected by these kinds of phenomena? Does it feel anything at all? Again NOT.

As you can see, the "random walk theory" can not be used to describe Forex movements because according to that theory the direction of each step has NOTHING to do with the previous step which, like I said, is not true in a human-driven markets. Forget about that theory.

The undeniable fact is we're facing a lot of uncertainty. For example, when we've come a long way and now we're on an important resistance level, a lot of questions comes to our mind:

 

1. Will we manage to break through this level and continue our previous path? If yes, how far the move is going to continue after that break-out?
2. Is the chart going to bounce off the level and reverse the current move? If yes, how far the new move is going to continue?
3. What if we first see a break-out, but after a very short distance, the chart reverses the move and starts to go the other direction? I'm talking about a so called false break-out?
4. How long does it take for any of the above scenarios to form?

OK, enough! Can anyone suggest a solution to address all of the above issues? Have we missed anything? please share with us, the forexfactory members, your thoughts

Nice explanation!

I agree, I also believe that the market is semi-random. I believe gaining a mindset of 'supply and demand' is required to become a professional trader:
- I'm hinting at horizontal lines. Trendlines even, but I believe horizontal lines have a stronger tendency in a SD mindset.
- Naturally the degree (slope) of a swing is crucial. A few indicators (wyckoff, other wave indi's and band indi's) show the degree.
- Enough about indi's, an SD mindset focuses, I believe, most of the time on Price Action: swings, waves, main trend and higher time frames. Most crucial aspect I believe is: higher highs/lows and ..... (sorry I forgot).

Professional traders are sitting with the problem:
- when is the market ranged or in a trend?
- how to recognize the end and start of a ranged or trend market?
And what you wrote down:
- Momentum, range, continuation, reversal
- How to deal with false breakouts?
- How long does it take for above scenarios to form?

________________________________________________________________________
To answer your question, we have to Agree or Bust that which surrounds us: forex Myths

- Myth #1: 90% of the time the market in forex charts is a ranged market (10% is a trend market). Agree or Bust?
- Myth #2: EUR/USD retraces to 50%, 90% of the time. Agree or Bust?
- Myth #3: 90% of the time price reverses, if price reaches 61 to 100 fib fast. Agree or Bust?
- Myth #4: 90% of the time, many wicks means a false breakout. Agree or Bust?
- Myth #5: 90% of the time, a big candle breaking thru S/R means strong trend. Agree or Bust?

My opinion: (from experience)
- Myth #1: Agree
- Myth #2: Agree
- Myth #3: Bust
- Myth #4: Bust
- Myth #5: Bust (conclusion: this needs to be completely researched and results published here)


What is your opinion? (I encourage every reader here, to reply) If you'd like you can use below layout:

Your opinion:
- Myth #1:
- Myth #2:
- Myth #3:
- Myth #4:
- Myth #5:

Methods that make a trader profitable are: Price Action (PA), pattern recognition, statistical analyses and S&D thinking. What about indicators?

Indicators do not make a trader profitable. Should we stop using indicators? That is what we will discuss here. I ask everyone (every reader in here) to join this thread. Please join, because it is really interesting.

So, do indicators work?
After 9 months of trying to actively trade instead of investing, and being mildly down on my capital, I figure that my methods so far are pretty much throw a dart at the dartboard and hope for the best. The only bright side I have is that I'm down less than the market overall - but not by much.
There are things I have learned, mostly to do with trading discipline, but I think my methodology needs a serious overhaul.
I first started using a 10 Day EMA as my "fast moving" indicator, and a 26/12/9 MACD as my slow moving indicator, and when both agreed, I went in. The theory was that having a fast and slow moving indicator means I could get most of the movement, but miss the volatile whipsaws.
Obviously, since they're both moving average based, I decided this was bad, and started playing around with RSI - 5 day and 14 day Wilder. However, my feel is that RSI is still a moving averages based indicator, just with a different formula.

So, my question is, do indicators work?
My overall trading strategy is divide my capital into five, and spread them out across spread bets, no two being in the same sector. At any time, one or more of those five parcels can be in cash rather than in a spread bet, and positions can be long or short. Obviously a high risk investment strategy, but it's not my retirement money I'm playing with here. Just a spare 20k I have.

A: Technical indicators and charting are by no means a guarantee but you ignore them at your peril. They are equally a valid strategy as any other.
One of the strengths of charting and technical analysis is that it uses an objective set of figures - price activity - which are readily available to everybody interested in the market. How individual traders choose to apply and interpret those techniques is a matter of subjectivity. Just as charts provide a visual representation of the trading activity, indicators can help you visualize the underlying price action, and support and resistance levels resulting from it.

It's not rocket science either as most indicators are based on 'price' and 'volume'. Just understand that a particular setup that works when the market is trending will probably not work so well when it is not.

If you want to be in the market all the time, then you have to have a setup for each type of market condition, and recognise when market conditions change.
Depending on the timeframe used, a stock can be in an uptrend on one, downtrend on another and range trading on yet another - so you may have to use timeframe analysis to decide if or not to take a trade.

If you find a setup that you have 'faith' in - remember that the setup will occur across ALL timeframes - the higher the timeframe used - the easier it is to trade (less noise, giving clearer signals), the lower the timeframe, the more "expert" you have to be to make use of it.

If you can't make money trading say a weekly chart - then don't even consider trading a lower timeframe. It takes a lot of experience to be consistently profitable using a daily chart (anyone telling you differently is only kidding themselves).

Indicators work, EW works, pattern trading works...etc. Don't be put off by other people's opinions - they are only opinions - as is this message.
Do realise, however, that as a rule of thumb price based indicators lag price action. Can you base today's buying/selling on last week's data? Another problem with them is that they try to pick tops and bottoms (oscillators). You will get killed if the trend is strong (i.e. someting staying in oversold territory for months) or when its chopping. Do learn to read price action, volume, trend lines and maybe some other stuff.

At the end of the day, indicators, EW etc are just tools, in the hands of a good tradesman... Technical analysis tools such as the SMA/EMA used to spot trends and provide you with a moving stop loss when combined with indicators (MACD, RSI, Momentum) can show sentiment of the market and likely direction.
The key with technical analysis is to wait for a confirmation on any buy signal (whether it be a chart formation, support line, resistance line, wedge, ascending triangle...etc) If you do not wait for the confirmation of the buy signal and a confirmation is not forthcoming then it ceases to be a buy signal and if you jump the gun you will most likely get burned.
Which Indicators to Use?
There are many technical indicators you can follow - they work in combination but one of the most important ones is the 'Volume Indicator'. If the price is rising but the volume is diving, or vice versa, then you might want to consider stopping your position (safest) or reversing it completely.
Some indicators such as moving averages, work best in trending markets where the security is moving either higher or lower. Oscillators, on the other hand, such as stochastic, are best suited to a more range-boundor or choppy trading environment..
Also there is nothing wrong in trading from say, the monthly or weekly charts!! - there is serious money to be made there for comparatively less work , and it gives you a life outside of trading.

When market conditions become more favourable, I'll probably include trading from the monthly or weekly charts, easy to trade. Trading from the longer term charts is a much more relaxed style of trading, but still offers a very good potential return!

Longer timeframe trading cuts the stress/excitement level drastically and allows you to refine your setups without undue stress, Once you have refined your setups and gained trading experience you might want to consider trading a lower time frame, you will have the opportunity of more trades to choose from, which ultimately should result in a larger $ return each year.

For what it's worth, I use both indicators and price/volume/time analysis - and indicators play an important role in my trading although I don't rely purely on indicators for an entry or exit trigger but use them to confirm my overall bias. This is because even indicators can be wrong sometimes and while they may work for a time, when the market shifts, strategies built upon indicators alone will begin to fail unless major adjustments are made.
For me, one of the most important aspect of trading, from a technical analysis point of view - is understanding the various forms of Support/Resistance levels and the use of multi-timeframes coupled with pure price and volume action.

And be your own man - do not take anything you read or hear as gospel - check it out first.
And since you mentioned placing trades in different sectors - an understanding of inter-market and sector relationships may help as well.
The best advice for the inexperienced has to be control risk and preserve capital...Just don't give up - there's money to be made in the market when the conditions are correct.

Note: Some technicals like Bollinger bands, operate on the placebo effect, if enough people believe in them, and act upon them, then they can become self fullfilling. Personally, I'm more of a trend follower than a chartist...

Q. What are positive and negative divergences?
A: An indicator is the mathematical derivative of the price action and while the price action and the indicators move in tandem there are times when the two do not match which results in a divergence.
Positive Divergence
When the price action shows price 'low' is lower than the previous closing price, but the indicator does not dip below the previous dip in the graph, this indicates a positive divergence.
Negative Divergence
When the price action shows closing price higher than the previous closing price but the indicator peak does not cross the previous peak on the graph, this indicates a negative divergence.
Resistance

Q. I heard someone saying that he uses 45 indicators. Can these all be useful?
A: Anyone with access to a £300 laptop these days can now number crunch with hundreds of different indicators. I think people get afraid of technical analysis because there's always someone round the next corner with another idea/setting etc..., and it can be very 'stressing' trying to figure out who is right. However, the fact is that the use of these indicators has been greatly diluted over the years and it will come up as a relief for those starting from scratch to know that there are many professional traders who have proven results over the years without using many indicators. In fact, there are some traders who just use one single indicator to trade (for instance CCI or 200 moving average), while others may use a combination of simple indicators and techniques like support and resistance or moving averages.

The trouble with indicators is that there are too many of them and a number are just duplicates of each other. Just to mention a few -: Relative strength index, Bollinger Bands, Head and Shoulders, Double Tops and Bottoms, Trendlines, Candlesticks, MACD, Moving Averages, Momentum, Support and Resistance, Coppock, Breakout, Average True Range, Accumulation index, Fibonacci levels and Pivot Points...you could of course also go the exotic route and have Gann's square of nine, Murray Math or even Pryapoint or Grid lines using square root of price...phew there's just an awful lot...
No doubt an increasing number of traders are learning about technical indicators and will use them to make trading decisions. Indeed some people will spend hours and hours trying to find that holy grail combination of indicators that will help them find the road to fortune. The fact is that no technical analysis tool by itself will give you reliable buy or sell signals. There is no magic blackbox and the fact is there are few indicators more appealing than a simple plain price and volume chart; try to focus on the shape of the graph - does it look bullish/bearish and are there any key levels of support/resistance coming up? Sure, some other indicators coupled with these might give you a heads up where something might happen but the price action with a bit of volume analysis will tell you what is happening. Combining this with discipline and adequate trading capital has been the road to success for many traders.
Jim Slater's Zulu principle can be applied to technical analysis - just set out to know a lot about a little and accept that there's lots more out there that you're not gonna know. Once I accepted that, the analysis paralysis disappeared and I could see the wood for the trees. I will always look at something new but only from someone who has convinced me they are making money using whatever it is. No proof, no look...makes life so much simpler.
So, when you have time, go and look at your portfolio on a simple chart with the 100 day moving average on it. Then report back on whether that indicator would have worked in getting you out at a point which would have made sense. If it doesn't then we'll move onto something else. Simple is better and I find there's no one tool which does the lot. Each tool is a voice adding to the sentiment, and if most of the voices are saying the same thing, that's as good as you get.
Modern life has introduced a new problem - that of information overload. It is very easy to expend all your efforts on researching indicators and trading systems and making it all way too complicated. In fact, what you really need is to keep it dead simple, such that you see your way forward.
Let's call the 'information overload' problem the 'cheddar cheese syndrome'... Have you ever looked at the varieties of pre-packed cheeses available at Tesco for instance? Take away the few exotics and you are basically left with cheddar cheese - plenty of flavours but still cheddar cheese. Last time I looked I counted more than 25 types (sad I know) - and that's only cheddar cheese, not trading indicators.

What I found with learning to trade is that you have to go through the overload process before you get the realisation that you must simplify everything. Even then, the computer and its inherent power is always pushing you to make it overly complex. Although I have a proper trading plan I found (and still do) it very useful to jot down the essence of my trading rules and philosophy on a postcard (suppose it would have been the back of a fag packet in the old days). If you can't do that then I believe it's not clear in your mind.

FTSE 100: An example of keeping your analysis simple.
In the above example we have a classic example of keeping your analysis simple.
Here, we only asked two key questions: 1) Is it trending - Yes/No? 2) What is the direction of the trend - Up, Down or sideways?
Up - look to buy it,
Down - look to sell it,
Sideways - do nothing

Next, look for support and resistance areas, trend lines and make a decision.
We have a candle chart of the FTSE100 and two lines on it - a simple horizontal support and resistance line and a simple trend line. However from these two lines we were presented with at least 5 diff erent trading opportunities. All would have been buying opportunities with only one of them failing. In each case except one, a buy order with a stop loss below the sloping trend line would have yielded a profit.

Q. Do you absolutely need to use technical indicators to trade successfully?
A: No, in fact there are some big money traders (managing in excess $10M accounts) out there who rely mainly on gut feel whilst others use very simple charts yet are still hugely successful. And some traders simply rely on price and price alone as the main indicator.
For the rest of us who aren't so fortunate I'd say it is best to stick to a few signals and also to try to choose the signals that suit your personality. It is okay to only follow one or two signals or indicators but it is important to get to know them thoroughly. You only get confused and mixed signals using multiple signals. For instance I know one trader who uses MACD and spots things most of us wouldn't see. I do the same with CCI. Even another trader mainly uses point and figure while quite a few FTSE index traders use stochastic. You can make money on any of them. Even moving averages - look for the bigger picture as the moving average snakes across the chart it makes more than just turning points. It also forms cycles with higher highs or lower highs and higher lows or lower lows. You've got to fully understand whatever indicator you decide on and stick with it. They all work up to a point and none are best in all market conditions. Flexibility is needed. You have to find what's working today and even more important what works for you.
source: http://www.financial-spread-betting....tors-work.html

That's it about indicators. What about patterns? Do they work?

In addition to all the factors we discussed above, we also need to briefly touch on the topic of high frequency trading. 20+ years ago, technical analysis worked somewhat reliably. Many retail traders would read up on their favorite chart pattern and a good portion of the time, things would play out as intended.
Stocks would easily hit their targets for formations such as head and shoulders pattern or ascending triangles.

Well, fast forward to today and we now have machines placing millions of buy and sell orders every minute. This in essence makes reading the tape and price action more difficult than ever.

Have you ever noticed how right when you place your order to sell short on a breakdown, the stock will inevitably reverse and go higher? Even though the formation on the chart was perfect?

This is the reality of the world within which we live now and until our government’s do something about it, it will be the norm for the foreseeable future.



______________________________________________
Let's discuss: do indicators really work? Now the purpose of this thread is to read below articles. Get one or more interesting sentences and post it in this thread. I really appreciate your effort!

https://www.forexfactory.com/showthread.php?t=359847
Why do indicators not work/work? Why is Forex not truly random?

https://www.forexfactory.com/showthread.php?t=332686
Indicators CAN work!

https://www.forexfactory.com/news.php?do=news&id=570746
Indicators work. But you just don’t know how to use them

https://www.forexfactory.com/showthread.php?t=435149
How to use technical indicators properly!

Dear michaellobry,

Here is what my understanding is:
My opinion: (from experience)
- Myth #1: Bust (Depending on the period looked at it varies, need definition of range. For example, when price doesn't trade on same level for x periods = trend, so I looked at weekly and it was less than 90%)
- Myth #2: Bust (same as above, period and time frame?)
- Myth #3: Bust
- Myth #4: Bust
- Myth #5: Bust

Thank you for your reply. I agree with 3,4 and 5. You are right, the timeframe (TF) is important to know, although the H1 is the same as the D1, it is just zoomed in.

Just now I made a printscreen of an EUR/USD chart. I think if the slope of the channel is over 45 degrees then it's a ranged market (aka uptrend ranged market).

Boucher says: (source: https://www.desiretotrade.com/the-70...ple-of-trading)

The 70/20 Principle Of Trading – What It Means For Your You

Ever wonder why you get into a trade and the market seem to stop moving? What about getting to your trading desk and realize that price goes nowhere for the next hours?
Well, if you’re wondering why that happens, you aren’t taking advantage of the 70/20 Principle of trading.
According to Mark Boucher, the #1 money manager ranked by “Nelson’s World’s Best Money Managers”, about 70% of the moves in a given market occur 20% of the time.
This has very important implication in trading and I think it is crucial to be aware of those.
1) You Do Not Need To Be In Front Of The Screen At All Times
Think about it. If 70% of the moves of a currency pair take place in only 20% of the time, there’s no need for you to watch the chart all day, right?
If you want to catch the biggest chunk of the moves, you only really need to be focused on the market for a small portion of the time. This means that if you are looking to day trade, you’ll have to take a look at the major Forex market sessions. In fact, some sessions bring much more volatility and are likely to produce big moves in the market.
2) Price Isn’t Constantly Trending In A Trend
While the first implication of the 70/20 Principle has to do with Forex day traders, there’s also something to be learned for swing traders (those trading larger time frames).
By looking at a high time frame chart (Daily chart & above), swing traders can often identify a clear trend. However, a trend of a certain time frame doesn’t mean that price will move in the same way on lower time frames.
See this Daily chart:

It shows a clear downtrend on the USD/CAD. Let’s see what that looks like on a 1-Hour chart:

Except for a few big drops in the USD/CAD exchange rate, the pair has been moving sideways. The few drops identified by arrows were responsible for the whole downtrend.
Interesting, isn’t it?
Here’s what that means…
Since only big moves in one direction occur about 20% of the time, it is essential for you to enter trades at the right time. This is why I love so much multi-timeframe analysis. You get to figure out where the market is likely to move quickly and you can catch those moves in the larger picture.
But the key here is to enter the market at the right place. If you enter a trade at the bottom of a range, you are likely to be surprised. The price can very well go back up. In short, once you’ve identified a downtrend, start looking for retracement.
Your Turn
The 70/20 Principle of trading should reduce the pressure you have to be in front of a trading screen at all times. You can catch the biggest part of the moves in only a small fraction of the time.
Additionally, make sure that you do not enter a trade on a smaller time frame solely based on a higher timeframe trend. The location of your entry matters more than you think.


Other interesting sources:
- https://forums.babypips.com/t/what-o...-trend/32776/6
- https://www.forexfactory.com/showthread.php?t=215994

Dear Michaellobry,

This is an interesting effort. However, the time you have spent on this does not reflect its quality. As my friend once put it (and he is now a full professor at Berkeley): "In United States you are cool if you show how much you work, and your office window is still illuminated at 9 pm. In France you are cool if you are who you are and you leave at 6 pm".... Do you leave at 6 pm, Michaellobry?... Also:

1] Forex is a 0-sum game. So linking 50 threads from all kinds of FOREX personalities and creatures makes your thread 0-sum. For example, your linked thread "Still losing" is just that: "Still losing". Your thread on Kalman filtering does not really talk about Kalman filtering, if you read it carefully... I thought, your original intention was to be a kind of a filter, was it not?

2] I noticed you link an unusual amount of very old threads, like this one: https://www.forexfactory.com/showthread.php?t=29333. Funny that the correlation discussion comes from the Great Recession days, when most of the correlations were quite different. In fact, in the recent years this has become a popular topic in empirical finance journals: how correlations in extreme periods like the Great Recession are non-representative of the correlations of today....... To us now, the threads of 2007 - 2010 are reminiscent of soap operas of 80-s, like Dynasty or Santa Barbara. They are no Breaking Bad or Westworld of today. Maybe we should make a separate nostalgie thread "Santa Barbara of Forex".

Please keep this thread alive. Anyone posting more suggestions?

Thank you for suggesting on improving. This goes in regards to the new OP, unless you'd like to step in and take its role.

Important Rules I have gathered along the years and experience from watching and interacting with great consistent profitable traders such as @fxbeckz (instagram) etc

1. You must dedicate yourself to a whole lot of screen time, i'm talking about more than a 2-3 years for newbies, there is no get rich quick scheme here. This is one of the best ways to understand price movement and visually see certain price patterns occur over and over again without having to draw a damn thing or put an indicator on your charts.

2. Always try to at least back up your technical analysis with some fundamentals. Because Fundamentals move the markets, and banks, hedge funds etc trade according to fundamentals, technicals are for entry and exits etc.

3. Price Action and naked charts are key. Keeping it simple is always the best way.

4. You never stop learning. Invest in yourself. Self Education is key, there is a lot of free good sources out there, also there is a ton of nonsense out there to, you must learn to filter this out. There is no harm in trial and error until you find an edge.

5. You will never be a profitable trader if you do not know how to to accept losses. Self control, psychology, greed plays a major part in deciding if one can make it in this industry. This is a whole different topic on its own.

6. Master the act of Risk/Money management. This is KEY.

These are the few of many inputs I can remember to share now. I wish everyone the best.

The real problem people face is the desire to predict what the market might do next. Every game has rules, and so does trading. The rules are clear and as true 100 years as today.

1. Buy what's going up, sell what going down.
2. Cut your losses
3. Ride your winners

Does it get more complicated than this probably not.cheers

Thank you!

Thank you so much.

Thank you so much. Market profile as simplicity is key.

Attached you will find interesting research papers regarding EUR/USD. Let your eye catch a glimmer at the statistics that may benefit your trading.

In your honest opinion, would you prefer using ranged or a breakout system? As a breakout method lets winners ride but the move happens 30%, would you then rather prefer the which happens 70% of the time, ranged system?

Subs. Thanks and
Regards

Thank you! If you'd like, could you answer the first question in the #1st post https://www.forexfactory.com/showthread.php?t=784994. I'm very interested in your opinion. I appreciate it a lot. Have a nice day.

How can traders make profit and what is the best way to learn forex trading?

The best way is by forex trading yourself. Nothing can beat years of experience and hard work on strategy. However, there are definitely good habits on the road to being a profitable trader. Since you are already reading websites and blogs on some of the most popular forex websites, I’ll recommend some other tools for you to become a better trader.

TOOLS:
1.NEWS
2.SOFTWARE/APPLICATIONS

News
Although you are a frequent visitor of forex websites, it is still important to keep up on other types of news as well. For world economic news, I would recommend Bloomberg or WSJ. These are both excellent unbiased websites that provide live news and analysis from experienced analysts. It is also a good idea to use Yahoo finance to look at detailed financial information and market trends.

Software/Application:
It is important to have a reliable providers for a day trader to look at charts and the fluctuations of the market. More importantly, it needs to have accurate stats and suggestions for the trader.

Bettertrader: I use this website to analyze scheduled news releases. It’s extremely beneficial with the backtester that lets you view how the market reacted to the release of live events (i.e unemployment rate).

For example, the image below shows how the S&P 500 reacted to a below expected unemployment rate. Statistically, 8/9 times the S&P 500 has gone up since that release.

This website is relatively cheap and can be used for free. It has excellent charts with various tools to help you analyze trends and reversals in the market. These charts can be your best friend when you are looking at multiple currency pairs or stocks at once.

Tradingview:
Tradeview has a simple and free interactive chart for traders. Although you have to upgrade in order to view multiple charts at once, Tradeview is nonetheless great for amateur day traders to use since it is simple and provides all the necessary functions. The platform has headline news for the selected market in the corner which is great for traders to renew their knowledge of the stock or currency.

In addition to having a simple interactive chart, Tradeview also provides "pro" traders who advise traders through articles on the FX, futures and stock markets. The site also has live economic statistics and market summaries for traders in a rush. Tradeview is great for beginners to start day trading with.

Conclusion:
Since practice always makes perfect, making a demo account and practicing is crucial before you commit a large amount of money into the market. Here is a great forex demo site that I used to help me get better.

More info: http://dynamiclevels.com reports,research tool & training for free
Quoted from: https://www.quora.com/What-is-the-be...websites-blogs

You've asked a simple yet complex question and asked someone else to take the helm. At the same time you've disliked many posts and made many very long posts of your own copying and pasting what seem to be posts of value to you but perhaps not to others. Hence your disliking of many posts perceived as unhelpful by you.

You attempt to distill something valuable from Forex Factory by asking others to post what they feel is valuable and at the same time discard what is in your opinion
unhelpful. I suggest that this path will be unfruitful.

Your last post attempts to make a conclusion.

You are likely aware that the vast majority of those who attempt to trade profitably fail. Those who manage to trade to profitably probably did not do so by asking members at FF what works for them. Trading profitably is a journey of discovery. Not unlike paying for an education to be a professional as a nurse, a lawyer or a doctor one is unlikely to acquire success in trading merely by asking members of a forum what is the best way to trade.

The search is one of locating a legitimate trading education rather than the correct combination of indicators. This is where your search to be a trader begins.

I wish you luck in your search for education but not in the search for the perfect combination of indicators.