How do I trade Forex?
- Thread starter tradingacct1
- Start date
You can see how I made profit last week , using this system .Learn it , practise it in demo , and make some live calls in the journal .
Dax is volatile and trendy , a good trader can make money just trading dax.
You can see one high probability set up and if you just trade it CORRECTLY , you will easily make 40 ticks a week.
Do not trade Forex. Unless its for specific level breaking, Forex is a gamble. Everyone trades it because its the cheapest margin requirement. But you just give money away because of their institutional access ladders.
The reason is this; all banks (for example here in Australia) have a private market access. 3 major ones. Its just a few terminals that they can chat and trade positions with to do deals. Think of it like multiple other Ladders that you can never access.
The money that goes through CME's currency ladders is probably like 1% of the world volume. The other trillions get done with the banks. They ALL trade with each other and know ahead of time that they need to hedge millions or billions of notional currency, for multiple reasons with many big clients.
We have no edge. The banks are c*nts. F*ck em.
Do not trade Forex if you trade off price action, volume, anything that is short term.
If you like to punt on a level holding or breaking for longer than 6-12 hours or days.. then you can try your luck.
I can't stress this enough. Banks are c*nts. Stay away from Forex. You worked hard for your money.. don't give it to them so easily.
Let them compete with each other for money!
Some Russian oligarch with an FX shop in Cyprus is waiting for you to pay for his yacht fuel for next trip to Monte Carlo.
Some one posted the other day trading is not a competition, that's all it is. You can't beat the market, you can't beat the institutions, but you can do incredibly well being on the same side as the market leaders, which means taking the other side of the trade including going against most in these forums.
Making money is all about efficiency, get everyone else to do the work, and then move it to stronger hands using no-fault methodologies. If the masses are given the tools to offload 95-99% of the analysis work, it turns out they are still too blank to make use of them, tested that one these past weeks.
There is a fundamental reason why there is a systemic shift in the markets, everything is being positioned to strip the marginal gain traders, the majority, who overworked to generate their returns. It's incredibly simple and the only option is to walk away, but they can't because of the ripple effects, so they continue fighting with increasing effort for less gain eating away at capital until an event causes refunding, just the way the markets like it.
If you don't have the tools and/or insight to see what's going on, and most in these forums don't, they pay for lunch at Café de Paris, which is very nice. Forex is no different from Stocks, Bonds, Futures, it's just that it is more direct, less regulated, and therefore more visible.
Making money is all about efficiency, get everyone else to do the work, and then move it to stronger hands using no-fault methodologies. If the masses are given the tools to offload 95-99% of the analysis work, it turns out they are still too blank to make use of them, tested that one these past weeks.
There is a fundamental reason why there is a systemic shift in the markets, everything is being positioned to strip the marginal gain traders, the majority, who overworked to generate their returns. It's incredibly simple and the only option is to walk away, but they can't because of the ripple effects, so they continue fighting with increasing effort for less gain eating away at capital until an event causes refunding, just the way the markets like it.
If you don't have the tools and/or insight to see what's going on, and most in these forums don't, they pay for lunch at Café de Paris, which is very nice. Forex is no different from Stocks, Bonds, Futures, it's just that it is more direct, less regulated, and therefore more visible.
Last edited:
I know a trader who call himself a master of forex trading. He has been trading for 7years. He knows nothing about risk management except for setting stop loss. He heavily relies on multiple indicators and chart patterns. He tutors his skills and raise his capital that way. Sometimes he makes money through trading five days in a row and sometimes, he doesn't post his results five days in a row, saying his is not well so he taking a break from trading.
What 2 things you can suspect? The days he did not post his results, he lost his money. Thats why he got sick.
If he knows everything about FX, why does he do tutoring? he needs to raise capital because he loses so much money sometimes. If his system is so reliable, why does not keep it secretly?
What 2 things you can learn?
Normal retail trader don't stand a chance in derivative market. Only people who carry out academic research with high frequnecy data can make money in derivative market. That's why high frequency traders dominate the drivative market.Even if you carry out some good academic research, it doesnot mean you can come up with reliable system, but if you don't then you dont stand a chance.
You better make investment in stock market, in low growth stock for regular income and high growth stock for large capital gains...
What 2 things you can suspect? The days he did not post his results, he lost his money. Thats why he got sick.
If he knows everything about FX, why does he do tutoring? he needs to raise capital because he loses so much money sometimes. If his system is so reliable, why does not keep it secretly?
What 2 things you can learn?
Normal retail trader don't stand a chance in derivative market. Only people who carry out academic research with high frequnecy data can make money in derivative market. That's why high frequency traders dominate the drivative market.Even if you carry out some good academic research, it doesnot mean you can come up with reliable system, but if you don't then you dont stand a chance.
You better make investment in stock market, in low growth stock for regular income and high growth stock for large capital gains...
To me Forex is just another market I swing trade - it trades and trends as good as anything else. The volume is not an issue since I base my entries on the final New York closing print. Sometimes I want to build a position but not want to take on the $ risk of a futures contract - so I use the spot Fx . Never felt robed, cheated, or scammed by the banks. Probably because I am not under capitalized and trying to compensate by being over leveraged - the road to ruin.
Last edited:
what is swing trade?
Does swing trade work in FX? because I remember a guy who ran a journal on ET with demo earlier this year, he said he strategy is the swing trade but his overall position was negative.
The entry signal has little to do with success - it is the risk and trade management that makes the difference. My swing losses are much smaller then my winners over time. Does that mean swing trading Fx works? I think it has a lot more to do with the trader. In the intraday period the banks have the advantage - holding for a longer time frame takes that out of the equation.The main thing is any 20 losers in a row for me is little more then a bump on the road hit ever so often on the way to new account highs, whereas so many Fx traders are a few bad trades away from blowing up - IMHO 90% of trading comes down to playing real good defense.