No they are not using martingale strategy but they are using very detailed technical analysis and also fundamental analysis. What I observed is that they dont close losing positions in time.
In recent past I was following a signal provider and they were going good from last few months but in july they go wrong horribaly and almost destroyed their good live statistics.
I like your comment about having a mentor to save frustration because I felt this emotion in my early days and even thought to leave the forex trading but I am still attached with it and trying to improve.
I was doing my trading and improving with each day but since when I got a real job, my trading has affected badly and I am not able to trade properly. Is it possible to manage trading with real job?
Demo account cannot be used for practicing money management and it is hardly done by any trader because it needs practice for a long time and with no real profit in demo account, the trader tend to get lazy.
Some years and what if you do not find success after some years? So it is better to continue trading as part time along with your real job so you do not risk too much
It is obvious that a trader using high leverage cannot get a consistent profit because he will be over trading at times and it is not always good to make consistent profit.
The price move unexpectedly in case of news release so we have to watch the timings of major news release and avoid trading in that time. If trades are running then SL should be placed.
I have also read many such blogs and success stories but not getting the string of that magic way of success. I am putting my efforts and I hope I will find one end of that string also.
I have started to believe now that these forecasts are just formality and is only a way to get salary by a analyst and there is no real benefit to normal traders like us.
The best thing in forex that I felt is the potential to make quick money using high leverage and risk taking. This can be done on small accounts to make a decent return.
Hyips are not good for new investors because they are not reliable and the just run with your money while forex has regulated brokers and money is more safe than hyips.
Well if you are monitoring all the pair then how can you concentrate on 1-2 pairs. Monitoring means you are involved with other pairs also and it will consume time and ultimately less focus on main pair of trading.