Hello!
Recent FX trader here. My nick is profit but with a zero. this is because of my (impossible) ideal to have zero loosing trades. It's hard for me to "take the pain".
I have traded in part time for some years now. Caught some of the great bull stock market in final nineties and after Y2K gave some back and got out with a little more than I got in...knowledge. Nowadays I don't trade stock.
I' ve been watching forex for some months now and been trying to devise a strategy. Since I have a couple of hours a day, I've decided to daytrade FX (EUR/USD only). I decided to use the most simple setup I know - RSI divergences on the 5 min charts. My SL differs 2 pips from my TP, just like the zero in the roulette is "money for the house". I hope that even if my entries are random (in the market's perspective), I still can make a buck with 50/50 win/loss rate.
I have an acct with oanda because of the spread but decide on trades based on metatrader. I'm starting with a real acct because I believe that with a demo you do not wave the "butterflies" you need to manage afterwards. However the money in that acct is very small. I win or loose peanuts but it is real money.
If all goes well I plan to progressively increase my size. The increase of the trading volume will be proportional to the P/L. My aim is to turn FX into my main source of income.
Anyone using RSI divs with success?
I've started reading the forums but it's hard to distinguish people who are really professional from people who are just interested in FX. Would some of the experienced please point me to the people who are in FX as a career so that I can screen the forums?
Recent FX trader here. My nick is profit but with a zero. this is because of my (impossible) ideal to have zero loosing trades. It's hard for me to "take the pain".
I have traded in part time for some years now. Caught some of the great bull stock market in final nineties and after Y2K gave some back and got out with a little more than I got in...knowledge. Nowadays I don't trade stock.
I' ve been watching forex for some months now and been trying to devise a strategy. Since I have a couple of hours a day, I've decided to daytrade FX (EUR/USD only). I decided to use the most simple setup I know - RSI divergences on the 5 min charts. My SL differs 2 pips from my TP, just like the zero in the roulette is "money for the house". I hope that even if my entries are random (in the market's perspective), I still can make a buck with 50/50 win/loss rate.
I have an acct with oanda because of the spread but decide on trades based on metatrader. I'm starting with a real acct because I believe that with a demo you do not wave the "butterflies" you need to manage afterwards. However the money in that acct is very small. I win or loose peanuts but it is real money.
If all goes well I plan to progressively increase my size. The increase of the trading volume will be proportional to the P/L. My aim is to turn FX into my main source of income.
Anyone using RSI divs with success?
I've started reading the forums but it's hard to distinguish people who are really professional from people who are just interested in FX. Would some of the experienced please point me to the people who are in FX as a career so that I can screen the forums?
