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Attachments: Does anyone make money out of Forex Trading?
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Does anyone make money out of Forex Trading?

Quoting igorc
put what ever indicator you want on 1d chart on every pair and trade it same like you trade lower timeframes. Place your trades with stop loss 100 pips at the end of us session when bar is nearly finished and turn off your computer. Check tomorrow at same time.
erm, what?run me through that one more time i have a pen and paper ready this time.
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FREEDOM IS SECURITY.
  • Post #22
  • Quote
  • Edited at 9:12pm Jun 3, 2016 9:02pm | Edited at 9:12pm
Just learn 1 method, trade 1 pair on 1 timeframe looking for 1 set up. Keep it as simple as you can.

Complicated it up as much as you want later - don't do that at the start. Simplicity is key. I can't stress that enough. E.g. learn a language - why would you want to learn all the complex stuff first instead of numbers, the alphabet and basic words? Driving a car? Those of us that do know we do that without thinking most of the time, but at first we learn how to steer, how to use the brake pedal, the gears - very basic stuff. FX trading is just like that.

Stick a horizontal line at a high point and a low point and look what happens when price gets back to that area.

Cheers
Pharley
Quoting TraderinSD
{quote} Well done Pharley TSD
No worries - email sent with very simple and clear approach. Best way is simple and clear as there's too much to wade through on here.
Cheers
Pharley
I recently started "playing" around with a demo account with $100k play money and yesterday I blew around $60k of that just doing stupid crazy stuff. I'm no way an expert, probably as far from that as you can get, but personally I made it my goal to:- NOT USE REAL MONEY until I can double my demo account at least twice. That's $100k > $200k twice (maybe even 3 times). Seeing as I'm now down to around $40k and locked in for the weekend, my task is going to be "difficult", but fun.

Even though I'm losing (heaps) and making a ton of mistakes, I'm still having fun AND learning a lot without the burden of losing REAL money.

So, if I had any advice (and if a noob's advice is even worth anything), I'd suggest you try something similar and aim for a similar outcome BEFORE risking real money on a live account. Even though it's only "play money", it still stings when you blow it and realize that your brilliant idea was totally insane or stupid, but you do learn something and the crazier your ideas and trials the better (I believe) you come to appreciate how the whole thing works and behaves.

Just my 2c worth - hope it helps.

cheers!
~Xen~
Have been here for 7 years. have blown up numerous accounts and have an angel for a wife. It's taken THAT long to create a consistent set of rules and go to a TF that mentally I can deal with. for me, H4 works EURUSD works. I use oscillators and a couple indicators. Only about 10 trades per month. Compound interest is your friend. Money management is your BFF. I read somewhere that 60% give up in less than 6 months. NOTHING great is ever achieved without some pain.
Best of luck.
Quoting atheer1
Yes, There are many people who are making money from Forex.........All of them have one important character which is having control on what they are doing to make money,otherwise you will have an endless story of loss
I agree
Libenter homines id quod volunt credunt
Quoting pharley
Just learn 1 method, trade 1 pair on 1 timeframe looking for 1 set up. Keep it as simple as you can. Complicated it up as much as you want later - don't do that at the start. Simplicity is key. I can't stress that enough. E.g. learn a language - why would you want to learn all the complex stuff first instead of numbers, the alphabet and basic words? Driving a car? Those of us that do know we do that without thinking most of the time, but at first we learn how to steer, how to use the brake pedal, the gears - very basic stuff. FX trading is just...
Sounds familiar.
We must be on the same path.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
The real answer is NO.

That is why you will see not one person post here a personal VERIFIED FX book account of >2years of consistent profits.

Now, is there a sneaky way to make some money in certain situations? yes. But if you're looking to trade profitably consistently like a job? then no. Unless you have a massive capital pool and you can hedge and/or average in ad infinitum.
Quoting feline207
{quote} I have read your analogy a few times and really dont understand what is common between trading and cockroach race could you explain a bit further , what do you find similar?
It's pretty obvious by just looking at my trading screen ;-)

NZDUSD
AUDUSD
CADUSD
EURUSD
JPYUSD
GBPUSD
CHFUSD
WTI
XAUUSD
XAGUSD
Attached Image (click to enlarge)
Click to Enlarge Name: ts.png Size: 21 KB
Quoting Soccerhed
Have been here for 7 years. have blown up numerous accounts and have an angel for a wife. It's taken THAT long to create a consistent set of rules and go to a TF that mentally I can deal with. for me, H4 works EURUSD works. I use oscillators and a couple indicators. Only about 10 trades per month. Compound interest is your friend. Money management is your BFF. I read somewhere that 60% give up in less than 6 months. NOTHING great is ever achieved without some pain. Best of luck.
Hey thats pretty inspiring, if i may ask how long did you take to achieve consistent profitability?
Quoting Rookiepip1
Hi guys, I've just started off. Still a rookie, obviously. I'm just 19. Iim handling my friends account. I made profit the first month and now I'm down, I'm reading all about price action. Can anybody please help me? Give me guidance?
Hey rookie,

there is plenty of basic information on the forum, however you will need to piece together a system with a proven edge (something that gives you an overall probabilistic win rate).

I believe you need these 3 things to profit consistently: edge, psychology & money management & the discipline to pull it off.
It you install spread of 2.70% on roulette table 99% will lose money over time.
You install 10% spread in bookie shop and 99% will lose money.

1min chart eur usd moves 5 to 7 pips up and down . After 20 trades on one pair you need 21 pips profit to break even.
1day chart eur usd moved 289 pips down for 19 days, then moved up for 2 days 200 pips, after 2 trades you need 2 pips just to break even but profit is 487 pips. Do it for 30 pairs and profit is average 300 - 700 pips daily. This friday was 3078 pips profit because of big movements with only 30 trades.

The more you use spread (high frequency trading using lower timeframes with not enough movement) equals less money in account over time.
Quoting TooSlow
{quote} Sounds familiar. We must be on the same path.
Hi TS - yes, we're always learning mate. For me, the more I learn, the more I realise the simplest approach is by far the best.

I've mentioned that to the wife and she agrees - I'm simple!! LOL

Cheers
Pharley
I trade 2 pairs AUD/USD or NZD/USD and trade in 25 lots. Friday was a no brainer. The non-farm would come in at a loss. No
"system" or any tricks to follow. JUST read what was expected. Opened at 4:50 @6843 and closed at 7:00 at 6947. Subtract the pip charge and the trade left 101 pips per lot/pair. You do the math ($$ X 25) CLOSE COMPUTER ..be greedy and stay in and I guarantee you will blow most of it. My usual advice..pick 1 0r 2 pairs and learn EVERYTHING about them. There will be a few great trades every month. Go with what YOU know and close shop until YOUR pick gets close. The rest of the time shop.
Quoting Newstart08
I trade 2 pairs AUD/USD or NZD/USD and trade in 25 lots. Friday was a no brainer. The non-farm would come in at a loss. No "system" or any tricks to follow. JUST read what was expected. Opened at 4:50 @6843 and closed at 7:00 at 6947. Subtract the pip charge and the trade left 101 pips per lot/pair. You do the math ($$ X 25) CLOSE COMPUTER ..be greedy and stay in and I guarantee you will blow most of it. My usual advice..pick 1 0r 2 pairs and learn EVERYTHING about them. There will be a few great trades every month. Go with what YOU know and...
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
Quoting Newstart08
I trade 2 pairs AUD/USD or NZD/USD and trade in 25 lots. Friday was a no brainer. The non-farm would come in at a loss.
On what did you base that?

Thursday
5:15am
USD
ADP Non-Farm Employment Change
173K

Friday
5:30am
USD
Non-Farm Employment Change
38K

Somebody must have messed with the numbers.
Thank you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
Quoting stvorka
Hi teaseerali99, First at all sorry for my English it is not on the best level. Secondly, do not give up your dreams about doing something big. Few years ago I was in same positions. Answer on your question is for me easy - YES you can make money from forex but you need some knowledge to this. It is my point of view. To not only speak about making profit, you can look at my portfolio (attached files). I am not professional but steel I can make a money. I do not trade only forex, so platform is little bit different and also you can find some shares,...
Hi Stvorka! Can you tell me what kind of broker is this?
The ones that do, have a total differently approach towards idea generation and money management. The professional traders from the Investment Banks and Hedge Funds, don't trade like the average broker tells you to do. They are on a different level.
Quoting TooSlow
{quote} On what did you base that? Thursday 5:15am USD ADP Non-Farm Employment Change 173K Friday 5:30am USD Non-Farm Employment Change 38K Somebody must have messed with the numbers. Thank you.
ADP revise 166..no change..PMI business conditions down so why would there be hiring..Consumer Confidence down..spending less means inventories not expanding ..means no hiring needed...and US construction spending down..no new stoves and the rest that goes with construction..so no real hiring push here. I didn't use the actual non farm number as I was already in the trade. However, I had a close stop so if I was wrong I would have lost 15 pips per lot and I had a new order placed at my stop for the direction the chart was showing. I would have had to make $3,819.50 to show a profit. In this case I was right but not always,hence the close stop and order. Also because I would be trading NZD this month I never bothered with information on any other pair. I can't think of a reason anyone would have changed numbers as ADP always has a revision. Non farm stays the same I think I don't really bother with a Friday number as it won't help me so I wouldn't care. So what was your Friday total? I'm up for change if I get passed.
i want to know any one making money or losing in long run till now i have lost 400$ can i continue to do
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