Is Forex Profitable?

[blurinvestor]

1 hour into the trade. The indicator makes U turn, and price goes against my position.

Price tends to move after 11.30am for Asian Market.

 

[blurinvestor]

It translates to - 12 pips

 

[blurinvestor]

So what would you do if you are trading this pair?
When entering a trade you should have a plan -
when to take profit? when to cut loss? Where to put your stop Loss?

Usually, when I enter a trade, the first thing I would consider is how many pips I am willing to give to market. Take profit for lower time frame would be 10 - 20 pips. Never ever be greedy. Always let the plan play out. When market take your pips and you curse and get angry you are better off working in the wet market - this is serious.

So is this indicator working or not? Test it 100 times before you make conclusion. For 10 - 20 pips profit gives it 3 hrs for each test.
O yes it takes that long before you discard it or use it as your weapon.

 

[blurinvestor]

2 hrs later

 

[blurinvestor]

More than 3 hrs into the trade. This indicator fails the first test.
It could be my entrance is wrong. The entrance signal should be crossing down the 80 and not 50.

 

[Perisher]

More than 3 hrs into the trade. This indicator fails the first test.
It could be my entrance is wrong. The entrance signal should be crossing down the 80 and not 50.

Wish some TA pros can come in to discuss with you.

 

[blurinvestor]

Wish some TA pros can come in to discuss with you.

That will be good. Many hidden dragon in this forum. uncle168 is one of them, only if he willing to share.

Anyway this is to show how difficult to build a good combo of indicators.

 

[blurinvestor]

Let see London just opened, price might go back in my favour before shooting up again

 

[a&w_rootbeerz]

Halo!!!

 

[Perisher]

Halo!!!

Lurker spotted. Perhaps blurinvestor would be like uncle168 with many watching silently.

 

[blurinvestor]

Yes, spotted

Wanna vote for me - I will give every citizen S$50 daily. My working plan, I am a professional forex trader, hence I can give money everyday.

Vote for me you shall never see flood again cos I will open my mouth to suck up all the flood water.

Vote for me no more MRT rail problem for I shall lay down my body for the train to run.

Influenced by too much nonsensical rally speech

 

[blurinvestor]

27pips. That's all for today.

 

[blurinvestor]

When my prince was into computer games, this is what I created for him and convinced him that this games is cool

Not time no play this liao, maybe today can try

 

[blurinvestor]

when indicators not in agreement don't trade

same not agreeable

if you trade then you ask for it

 

[blurinvestor]

Forex is profitable if you learn the basic, have a plan, follow it through, manage your risk, don't trade the news if you don't know anything about the news, etc. Remember always start a trade by willing to give X pips or $ to the market not enter a trade and only hoping to win.

Forex is dangerous if you jump in for the money and become greedy. Forex can make you an angry and frustrated if you only thinking of wining.

 

[blurinvestor]

All my forex knowledge did not come from books in the library nor the courses I attended. I had read hundred of them, none is useful most are written by con artists. I had attended few forex courses same story.

Then I came across these 2 websites -http://www.babypips.com/ and http://www.forexfactory.com/forum.php

You must learn to pick those that are good from the noises in these websites.

 

[blurinvestor]

I don't want to reinvent the wheel but if you learn the basic and start reading positive thread like this - http://www.forexfactory.com/showthread.php?t=163972, I hope you will be on the way to gather your high probabilty indicators. I hope from here you know how to do your own research.

But remember it takes time to test and improve the indicators you gather.
When I came across an indicator I will run strategy test on MT4 platform, this reduce the amount of time that you have to test it realtime.

 

[blurinvestor]

btw the fish net is made of MA - simple moving average 10 - 160

 

[blurinvestor]

The first and last lines are a special Moving Average indicator.

and I tweaks it for my use. This tweaking take time as I don't know about programming.

 

[blurinvestor]

still trapped in the net.

I will tell my son - You ask for it