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What helped you the most to be profitable?

  • #161
  • Aug 1, 2015 10:38am Aug 1, 2015 10:38am
Quoting pharley
Another major turning point was my move away from market maker (MM) brokers to and ECN broker (Electronic Communications Networks). Once you realise how MM brokers make money, it's surprising anyone trades with them. Having said that, I used to as well until I kept getting stop loss hunted. Let's be clear on this - a Market Maker broker (CMC, Go Markets, etc) makes money when you lose. And they lose money when you win. That's because when you trade with a MM, you might think you're trading in the forex market but you're not. You're trading with...
+1
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #162
  • Aug 1, 2015 4:39pm Aug 1, 2015 4:39pm
Quoting dejcire13
The concepts that helped change my trading are the following and they are SO simple: 1. Trade the 4H or 1D charts and NOT those in minutes. 2. Have a defined TP and SL such that TP>SL and dont adjust it no matter what. 3. Lot size should be such that a trade will not cause you to lose 10% of your Balance. 4. Avoid trading during NFP, unemployment and interest rate announcements, and FOMC. 5. Live your life without the worries and thoughts brought by trading. I only think of and do trading for about 10 minutes each market day and the rest is all...
Spot on
  • #163
  • Aug 1, 2015 8:00pm Aug 1, 2015 8:00pm
1.Learn to be a trader not an economist.. Don't form your opinions on every small data release.. It will drive you nuts and you will be wrong most of the time and end up doing stupid stuff like chasing a price move and being that guy who bought the very top tick of the day as price crashes back to earth.
2. Independent thinking is very important part of trading, never take others signals.
3. Be very carful who you listen to... Seek out a profitable mentor, who can show you a track record of over 1 years worth of trades. Don't trust people you don't know from some msg board.
The only system that will work is one designed by and for yourself.
  • #164
  • Aug 2, 2015 12:19am Aug 2, 2015 12:19am
i am still losing ,i wonder why they made me top 2% trader

all have a nice day
focus while relaxed to see better
  • #165
  • Aug 18, 2015 1:40am Aug 18, 2015 1:40am
patient and discipline
patience is a virtue
  • #166
  • Aug 18, 2015 2:01am Aug 18, 2015 2:01am
Drinking, drugs and loose women.
  • #167
  • Aug 18, 2015 6:56am Aug 18, 2015 6:56am
Reducing my account leverage.
  • #168
  • Aug 18, 2015 1:48pm Aug 18, 2015 1:48pm
Quoting orabi
i am still losing ,i wonder why they made me top 2% trader all have a nice day
because you have as a FF member one of the most subscribers to your profile.
more then 98% of the rest of the members... well that still doesnt make you profitble...
quality comes before quantity
  • #169
  • Aug 18, 2015 2:02pm Aug 18, 2015 2:02pm
in my opinion you really have to know why/how price is moving that is the most important thing.

and you have to think a really smart system around that with some filters to filter bad trades.

goodluck, tk
quality comes before quantity
  • #170
  • Aug 18, 2015 4:06pm Aug 18, 2015 4:06pm
Hi scalper,

May you share the scalper indicator?

Thanks,




Quoting scalper007
Speed entering the market and speed exiting the market was my biggest hurdle. Metatrader is a great program but not if you're fumble fingered. This tiny little interface has enable my trading to turn the corner and become consistently profitable. I just point and click and follow the market. It really is that easy. Of course hundreds and hundreds of hours of chart time prior to this has also assisted me to not only follow the market but also when to expect a turn. {image}
  • #171
  • Aug 18, 2015 10:58pm Aug 18, 2015 10:58pm
What turned me from a losing trader to a winning trader was trading multiple pairs (i trade fifteen currency pairs now instead of just one) and moving to the 4H charts.
When I first started out live trading I was only trading the AUDUSD on the 1M and 5M charts. Gosh, what was I thinking... complete disaster that was haha

Another turning point was learning to use Big E's "TMS - Trading Made Simple" strategy. This is now my main strategy and I use it for all my trades on the 4H charts.
  • #172
  • Aug 19, 2015 5:54am Aug 19, 2015 5:54am
there are 3 types of trades:

trader a - Only Buys
trader b - Only Sells
and trader c - who buys and sells, in my opinion if you cant win being trader a or b you wont win being trader C.

Im trader B, what type of trader are you ?

This was the way i started to become profitable, and of course keeping out of lower time frames, i define trend on 1d charts aswell with support and resistance,
and use 1hchart for my entry points
  • #173
  • Aug 19, 2015 12:23pm Aug 19, 2015 12:23pm
Select a pair that has no red news for that day. Start trading at 8 a.m., jump on whatever trend is going on and ride it till 1 p.m. GBP/EUR/USD/CAD pairs only.
  • #174
  • Aug 19, 2015 3:20pm Aug 19, 2015 3:20pm
what help me a lot I realize now is my old calculator.
Attached Image (click to enlarge)
Click to Enlarge Name: 20150820_025600.jpg Size: 1.1 MB
we don't predict, we only ride
  • #175
  • Aug 20, 2015 3:17am Aug 20, 2015 3:17am
when you can remove subjectivity and being objective on your chart
Closer To Dream
  • #176
  • Aug 21, 2015 8:50am Aug 21, 2015 8:50am
The one thing that helped me more than anything else, and the one piece of advice I would give to anyone starting out - is to analyze currencies individually rather than in pairs. It isn't easy but if you can train your mind to see the market as individual currencies moving up and down against each other, and think like that ALL the time, the logical fallacies behind most theories slowly become apparent. My trading now is built entirely around three or four basic principles which I was never able to discredit the logic behind.
si hoc legere scis nimium eruditionis habes
  • #177
  • Aug 21, 2015 8:09pm Aug 21, 2015 8:09pm
Quoting numbnuts
The one thing that helped me more than anything else, and the one piece of advice I would give to anyone starting out - is to analyze currencies individually rather than in pairs. It isn't easy but if you can train your mind to see the market as individual currencies moving up and down against each other, and think like that ALL the time, the logical fallacies behind most theories slowly become apparent. My trading now is built entirely around three or four basic principles which I was never able to discredit the logic behind.
Hi Numbnuts,

Are you suggesting analyzing the strength/weakness of a currency compared to another one and using that information to base trading decisions on?
  • #178
  • Aug 23, 2015 5:44am Aug 23, 2015 5:44am
Quoting Chorlton
Are you suggesting analyzing the strength/weakness of a currency compared to another one and using that information to base trading decisions on?
Not really - I'm suggesting analyzing the strength/weakness of a currency compared to all the other currencies simultaneously, not just comparing it to another one.

If you are looking at the british pound, don't just look at the strength of it vs the yen - look at the strength of gbp against ALL the other currencies, and ask yourself why the pound is doing what it is doing. Otherwise your analysis will be skewed by changes in jpy.
si hoc legere scis nimium eruditionis habes
  • #179
  • Aug 24, 2015 7:45am Aug 24, 2015 7:45am
Quoting numbnuts
{quote} Not really - I'm suggesting analyzing the strength/weakness of a currency compared to all the other currencies simultaneously, not just comparing it to another one. If you are looking at the british pound, don't just look at the strength of it vs the yen - look at the strength of gbp against ALL the other currencies, and ask yourself why the pound is doing what it is doing. Otherwise your analysis will be skewed by changes in jpy.
which tools/indicators do you recommend to measure the strength of a currency?
quality comes before quantity
  • #180
  • Aug 25, 2015 3:21am Aug 25, 2015 3:21am
Quoting trading-kid
which tools/indicators do you recommend to measure the strength of a currency?
If you are interested in fundamentals, I mostly use economic indicators - GDP growth, employment, retail sales and inflation data etc. to get an idea of whether the economy is growing or contracting .... combined with central bank sentiment and looking at charts of that particular currency against the others to see what it is reacting to .... this is very difficult and takes a very long time to learn since each currency has its own personality and responds to news events in it own unique way ...

If you are more into technicals look through Hanover's posts, he has a currency strength indicator which rates each currency's recent strength relative to the others.

Or you could just eyeball the higher TF charts, there is always one currency which has fallen against all the others (the weakest) and one which has strengthened against all the others (the strongest).
si hoc legere scis nimium eruditionis habes
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