How You Make Money Trading Forex

[keegan99k9 10]

In my desperate search for the winning wisdom in forex trading, I have spent fortunes in acquisition of knowledge from many experts on the trade, I have paid hundreds of dollars to purchase so many information, my library is loaded with brain of forex traders in black and white, some are very informative and helpful and few are so irrelevant, after several months of research and demo trading in various platforms I graduated from a novice to an upgraded forex trader and today I can say I have climbed up the ladder of forex trading faster than I thought I would, making good money and having lost some that has made me better forex trading coach and entrepreneur today. My greatest joy in online business is my ability to be able to help others mine the Internet wealth without stress.

To become a profitable and reliable forex resource expert and trader it’s very expensive and very costly. Most resource books and e-books on this trade are not too easy to come by. Please tell how can learn the forex trading that can make me rich.?

[Guest davis9786]

It depends on what you want to learn like currency trading Forex trendline analysis or Forex technical trading. I came across a website forexboost.com that provides free training on these. Sounds interesting. It would be better that you find yourself the details of it.

All the best.

[Sniper 10]

First I believe for one to be successful in forex you should go swing trading or better position trading. Intraday is really challenging. I am not saying it can't be done. Just that it's more difficult than traders thing.

 

Secondly, I suggest you stay focus more on your strategy rather than how much you will make. Although I have a fixed profit target, I don't "squeeze" the market . I mean, nobody knows what the market is going to do next. Most of the time I reach my target but I know for a fact that one particular day market could reverse on my position and stop me out. It's a crude reality many traders won't accept and therefore they are in a constant search of a system that will spit money everytime they place a trade. It doesn't exist my friend.

 

If you have your mind of growing rich on forex or any other market, you're heading down the wrong direction. Possible? yes but don't set you mind on that. It will ruin you.

 

If you have a system in place, stick to it no matter what. If is not working out for you, better to look for advice. There's an abundance of free information on the web.

 

There's plenty of experienced players in this very forum. My suggestion is why don't you bring your strategy to the table, to see how feasible it is.

 

On what you are saying, I believe you have an "overload" of information. Sometimes we need to put that aside and get our feet on the water. Maybe you're in the"search" of a system that puts you in the profit way. I say it's possible my friend. But I think you must lower your gear a little and come down to earth. Simplify things.

 

Losing is an inherited part of this game. Sometimes you will lose. Maybe more than once in a row. But at the end of the month, you will have more winers than losers. That's the core of trading my friend, at least on my experience.

 

Let me tell you a short story

 

I got shot in the leg during the gulf war. My company commander took me out of the front and put me on the statistics division. When I got my discharge, I work for a little while running stats for a hedge fund company. After a while I visualize that I can be self-employed trading. But I realized that if I truly want to get my edge on the markets, the best I can do is to run stats , back and forth in order to look what system/strategy will be more consistent. After two years, I finally found what I was looking for.

 

Nowadays there's good people outhere willing to help at no charge. I mean, it's good to buy books and everything but I won't pay 2-3k to anyone to teach me how to trade. That's insane.

 

Another thing some traders won't accept is this: You can buy all the books, read all articles , even buy expensive seminars etc, but ultimately trading comes down to grabbing your own edge, your own unique perspective on the market, and nobody else's. Very much like a fingerprint. I mean, of course is good to read stuff about successful traders, but just in the light of shaping your system, which as I said it's your edge, your little baby. That's why I will never pay a single penny to any of these so-called "guru's"

[webman 10]

I found the forexboost site a while ago in google I think. I picked up an ebook they talked about called the forex trading machine and it was very good. It was simple to read and use. I still use one of the strategies I learned and do very well with it. I also tried swing trading but it’s not an easy thing to learn and do. You also need to set your stops pretty high and I don’t usually feel comfortable having huge stops. I just like simple easy to follow intraday trading strategies best. They seem to yield the best results for me anyway.

 

--JS

[Guest FLX]

Im going to give you the best advice on how to trade the forex. stop looking at the small time frame charts. The reason you might ask because most of the time it move way to slow. It is like being in slow traffic that never moves, except when you start reading a interesting article in the paper, which happen to me all the time.

 

Look for break of the 4 hour trend line and the dmi on the 1 hour chart to start to cross over, watch the momentem indicator to make like a small 123 push above or below the zero line ... enter above or below the channel by 5 to 6 ticks. Look for key fibonacci area or SR area, this is where you get the 100 to 200 pip runs. Don't believe me do it for yourselves, You will see one trade after another. The best place to enter is on a good pull back. Select several pairs and determine the best one to trade. Good Luck! All my chart are down so i cannot send a chart!

[walterw 10]

Keegan I actually dont trade forex at this time,I am trading futures, but always I sniff some forex sites and I did find one that has a very nice "delta type" information for forex, I dont know how they do it thought forex doesnt have volume data... but looks interesting and professional, I would give it a try... you may want to look at Forex Trading Software and Currency Broker I dont promote nothing here its just interesting some indicators they got in there... cheers Walter.

[Guest FLX]

EURCHF turned out to be a nice trade maybe go down for 30 more pip if it break support tonite! Watch out for the 60 min trend line! Good Luck!

[Guest FLX]

FOREX....I dont use volume because i scalp trADE, I DONT HAVE HOURS TO WAIT FOR A TRADE. This works better for my personality fast, quick, and easy.

Index..............

I trade only the e Russell 2000, scalp trade that as well up to 25 trade a day!

I trade the EM dow when i see a nice Hammer on the 15 Min chart.

Warning that a nice trend is about to start.

[vladv 10]

Keegan I actually dont trade forex at this time,I am trading futures, but always I sniff some forex sites and I did find one that has a very nice "delta type" information for forex, I dont know how they do it thought forex doesnt have volume data... but looks interesting and professional, I would give it a try... you may want to look at Forex Trading Software and Currency Broker I dont promote nothing here its just interesting some indicators they got in there... cheers Walter.

 

What is "delta type" information for forex market? ?

[walterw 10]

vlad... delta is the analisis of bid/ask volume.... how much buying volume vs selling volume... that site I show on previous post has some indicators that emulate synthetically (pretty well) a delta on forex... cheers Walter.

[PYenner 10]

Quote-

After a while I visualize that I can be self-employed trading. But I realized that if I truly want to get my edge on the markets, the best I can do is to run stats , back and forth in order to look what system/strategy will be more consistent. After two years, I finally found what I was looking for.

 

Comment-

Well said, I would call this "letting the market speak to you".

The market is the reality, what people say is mostly just guesses and old wives tales, myth and fairy tales. Listen to what they say but judge their words against what the market does. It is the market you need to study and understand, once you have an understanding then you have a means to trade safely and profitably. As long as you rely on just other peoples words you are at risk, risk is not knowing what either you or the market are doing.

Your thinking needs to be ahead of the market, waiting for it to come to you.

 

Quote-

You can buy all the books, read all articles , even buy expensive seminars etc, but ultimately trading comes down to grabbing your own edge, your own unique perspective on the market, and nobody else's. Very much like a fingerprint. I mean, of course is good to read stuff about successful traders, but just in the light of shaping your system, which as I said it's your edge, your little baby.

 

Comment-

Your trading strategy should aim at minimizing risk and guesswork.

You must work out your own "lever", a reasoned out thing you can rely on, facts not words or myths. No one else can reason it out for you and give it to you, you must reason it out for yourself if you are to trade safely and profitably.

 

In forex, the prices are the facts, treat them like a science in order to take the gamble out of trading. That is my aim, my "fingerprint".

It is the banks that move the prices in forex, they are actually not just one step ahead of your thinking, they are permanently about 12 steps ahead of your thinking.

They win by staying ahead of your thinking, to win do you have to get ahead of their thinking? You have to get ahead of some stage of their thinking, but you would have to be a mind reader to outwit them completely.

 

A first step is to start thinking like your enemy, banks trade in unleveraged lots, they can move the price of a pair 3,500 pips in a year.

How do they do that while keeping a minimum of their own money in the market at any time?

How many lots must be traded to move the price one pip?

How many currencies are the banks using to move the prices in the pair I am trading?

What other charts must move the same way as my chart when they use Euro based accounts, USD accounts, CHF accounts? How many must move the opposite way? The way pair prices work with and against each other gives you huge insights into what and how the banks have to do when they want to move prices in your pair.

The answers are all recorded in the charts waiting for you to seek them out.

You can treat it as a science, then you have facts, not guesses.

 

It is what you understand that gives you reliable things you can trade on, it is what you don't understand that puts you at risk, guesses. You must use your own brain to keep from shooting yourself in the wallet.

 

Asking questions like these has been paying off for me but I have a long way to go yet. There is a lot to learn but learn from the charts, the mechanics by which prices are moved, they are fact, everything else is less than fact and should be viewed with suspicion.

[MidKnight 12]

Hi Pyenner,

 

You said:

"How many lots must be traded to move the price one pip?"

 

AFAIK, the answer to that is zero. All we see on the charts is typically a moving bid and for all practical purposes, no transactions have to occur for that bid to move. Price strictly a means of advertising, and the banks like to advertise, it is how they get business

 

Best regards,

MK

[PYenner 10]

AFAIK, the answer to that is zero. All we see on the charts is typically a moving bid and for all practical purposes, no transactions have to occur for that bid to move.

 

Thanks MK

 

To me that seems more like slipping the price up rather than trading the price up. Not what I first expected in a "trading" system that is "driven by supply and demand".

 

We get to trade only at the "market" price, banks get to trade either side of the "market" price. Their thinking and tactics have to be very different from ours, it would be interesting to see all the dirty tricks they use as they compete against each other.

 

The view and the trading system we are given is very artificial and differs from the real underlying machanism, fool's paradise?

 

I suspect there is little real competition left between the banks.

My suspicion is that the Reserve Bank of Scotland (RSB or RBS?) has been the only real market mover for years, a monopoly trader fixing prices at its pleasure.

But the surveys are years out of date, wonder why?

 

Cynics United

[PYenner 10]

So its us against the trading robot in the basement of the RSB (or RBS?) in London? Human v's terminator, year 20 and counting...

[phil895 10]

I think trading Forex is like you as water on a wet dog, he will fade right and fade left untill you are dried off (and your pocket book) of his hair, only a few hard nose type such as fleas that are able to cling on for a full meal. Forex requires very much good understanding of FA and TA; you will need a lot of practice, play it small. And in order to succeed you will need to stick with your plan and don't be discourage or faded in either direction by the short term data in front of you.

 

Pips to everyone.

 

Phil