Is Forex Profitable?

[EmptyLad]

NFP time, be careful (;

 

[philipsony]

I think time frame differs for everyone.
The steps taken by me -
1.searching for good info about forex;
2.ability to filter out bad resources - example: holy grail system, best indicator for forex; millionaires teaching you the secret to make millions in forex.
3.hundreds of hours testing system after system;
4.demo and demo and demo till you get all the basic right - what is indicators; lagging indicators; stop loss; trailing stop loss; news events; spike; spread; slippage; brokers; commodity currencies; risk on; risk off; correlation; risk management; etc.
5.don't start live trading until you can turn ten $500 accounts to $5000 consecutively.

If you start live trading and realize that it carries risk and ask basic questions then you should join the comedian forum.

Live account is a different ball games - tame your emotion; remain positive; don't be greedy; able to stomach draw down and still laugh and eat heartily. Draw down does happened when news or rumors just popped out from nowhere, regardless of how good my road map is.

I combined support and resistance; supply and demand; weekly pivot; price action, and news to create my road map (expectation and probability).

ic so how long is that whole journey to you?

i had read the basic from babypip in the past but nvr even get started in a demo account, so i am wondering how long the journey from learning to profitability can take

recently i manage to know someone that had been a fx dealer full time in banking, he had done other stuff in banking but now as he is semi retire, he simply advocate fx in current time where stock and bond are simply over valued

and so i decided that maybe i can start picking up fx since i finally know someone irl who is in fx for real and dont mind providing guidance to me once in awhile
he told me i can start str8 away with a real account by following closely, under close guidance from him i should not lose money , but i think that would defeat the purpose as after all i would want to be on my own afterawhile

 

[blurinvestor]

Avoid GBP, even my indicator give a very strong UP. avoid it at all cost, let it go up, rocket up without me. AVOID IT.

that is why AVOID IT at all cost.

Good that you have took your profit and run.

 

[blurinvestor]

One must be able to smell and sense danger. Don't ask me how, I just sense it.

 

[blurinvestor]

ic so how long is that whole journey to you?

i had read the basic from babypip in the past but nvr even get started in a demo account, so i am wondering how long the journey from learning to profitability can take

recently i manage to know someone that had been a fx dealer full time in banking, he had done other stuff in banking but now as he is semi retire, he simply advocate fx in current time where stock and bond are simply over valued

and so i decided that maybe i can start picking up fx since i finally know someone irl who is in fx for real and dont mind providing guidance to me once in awhile
he told me i can start str8 away with a real account by following closely, under close guidance from him i should not lose money , but i think that would defeat the purpose as after all i would want to be on my own afterawhile

if you have mentor who willing to guide you then it should be fine. Don't just follow him buy and sell, learn from him the WHY for each trade.

For me it took me 6 months (hundred of screen hours), trail and error to finally see the light. It looks easy for me to put on live charts to state where price will go to, it came with my stubborn determination on my part to break the curse of trading forex.

Hindsight, I should not post charts to make it look so easy and tempting.

 

[[M]aiev]

One must be able to smell and sense danger. Don't ask me how, I just sense it.

Cable pair is a downtrend since a week ago so quite lucky for this. The main concern is that it sudden reverse the direction. LOL !

 

[blurinvestor]

this GBP dived could be the work of SNB. could be? MUST BE.
sorry for my conspiracy theory again.

Would really hope that those who believe that the market is regulated by sincere, noble people please drop in and wake me up.

 

[blurinvestor]

Cable pair is a downtrend since a week ago so quite lucky for this. The main concern is that it sudden reverse the direction. LOL !

down trend, defintely, but the move is extra ordinary.

 

[[M]aiev]

#BrexitIsSibeiSeriousBusiness

 

[blurinvestor]

#BrexitIsSibeiSeriousBusiness

yes, that is why I'm selling it to parity long time ago.

 

[blurinvestor]

GBP plunge - Hollande gets the narrative prize

A sound interpretation of the move. From Mr.Eamonn Sheridan

 

[Clock]

you just started forex and you go live?
If so, maybe, you can use demo to get the basic right.

tried demo for a few months and had good results.
thats why went live.
the thing with demo is that there is no emotion at play. robotics trading. wait for it to go positive then sell.
now try the live account and all the emotions and fear factor kicks in, its different. now doing small size and get the hold of it for the taste of winning and losing trades.

Cut loss and move on

chopped and moved. sad.

 

[blurinvestor]

robotics trading. wait for it to go positive then sell.




chopped and moved. sad.

Just take it as tuition fee.

so your demo strategy is wait for it to go positive then sell via robotics trading.

All will be billionaires if this strategy can work in live account.

Do you have a system?

 

[Clock]

Just take it as tuition fee.

so your demo strategy is wait for it to go positive then sell via robotics trading.

All will be billionaires if this strategy can work in live account.

Do you have a system?

now there is 1 and i am trying it.
using the TDI indicator.


http://www.forexfactory.com/showthread.php?t=291622

still reading the thread. 5-6 years worth of things inside.

 

[blurinvestor]

now there is 1 and i am trying it.
using the TDI indicator.


http://www.forexfactory.com/showthread.php?t=291622

still reading the thread. 5-6 years worth of things inside.

whatever the indicator you use for your system. DON'T go live till you know how and when to trust the indicator.

I will look for support and resistance resources and have a deep, deep,deep, understanding of support and resistance before anything else.

 

[blurinvestor]

Also follow some news and see how price react to Support/Resistance. BUT DON'T trade news event if you don't have strong fundamental knowledge. Just observe price movement with weekly pivot.

Kathy Lien

Eamonn Sheridan and Adam Button

 

[alexchia01]

now there is 1 and i am trying it.
using the TDI indicator.


http://www.forexfactory.com/showthread.php?t=291622

still reading the thread. 5-6 years worth of things inside.

An Indicator is not a trading system.

An Indicator is just a trading technique, which is just part of your trading rules.

What is your...

1. Trading Rules (Entries and Exits)
2. Money Management (How much to trade)
3. Trade Management (How to handle different sceneros)
4. Trade Journal (Records of your trades)
5. Backtesting Result (Historical result of your strategy)
6. Risk Reward Ratio (How much risk and reward you're taking)
7. Success Rate (How many times your strategy works)

without knowing these, you are basically flying blind.

 

[philipsony]

if you have mentor who willing to guide you then it should be fine. Don't just follow him buy and sell, learn from him the WHY for each trade.

For me it took me 6 months (hundred of screen hours), trail and error to finally see the light. It looks easy for me to put on live charts to state where price will go to, it came with my stubborn determination on my part to break the curse of trading forex.

Hindsight, I should not post charts to make it look so easy and tempting.

thx for sharing
i am still as good as new anyway, just "knowing" what is forex doesnt mean i know how to trade
any absolute must read to recommend?

 

[Houtty]

Could I ask what platforms are you guys using right now?

Used to trade 4-5 years back but stopped cause my dad made a huge fuss about now.

Now that I'm working and earning my own dues, Wanne get back into the forex scene.

Hope all the masters here can teach some tips!

 

[blurinvestor]

...

Again, what is the point of showing a screenshot? Anyone can simply photoshop and again there is no added value. ....

Better not to post live charts cos it can really make forex look too simple and tempting for some.

Posting charts that is making pips should be the way, at least it leaves room for some too be seriously and genuinely doubtful