I want to pitch a forex trading machine to put into casinos. Can you imagine? I think it would catch on line wildfire.
On NFP days, the lines for the machine would be 10 deep.
who is still profitable in the forex?
- Thread starter mounafia
- Start date
I want to pitch a forex trading machine to put into casinos. Can you imagine? I think it would catch on line wildfire.
On NFP days, the lines for the machine would be 10 deep.
Quote from ATL-FXTrader:
I want to pitch a forex trading machine to put into casinos. Can you imagine? I think it would catch on line wildfire.
On NFP days, the lines for the machine would be 10 deep.
lol, great idea
Maybe ET could lay on coach trips, discount for members of course!
Quote from cabletrader:
lol, great idea
Maybe ET could lay on coach trips, discount for members of course!
Of course free drinks would be the kicker!
I'll go in half on it with you, lets get it done.
Pretty strange post...
Anyways, there will always be traders blowing up left and right. We should be GLAD that the markets are so volatile right now. No one makes money in a flat market. There is a fortune to be made in FX now, and for the next several years as the world's financial system reorganizes and repairs itself.
Quote from mounafia:
I have been trading the forex for 3 years...profitable every weeks for the last 8 months.
However for 3 weeks now, I am getting sick. I finish every day negative and I feel like I am back at the beguining.
I know that it is the market that does not fit my strategy and that I will have better time later...but I just want to know if people are able to manage gain in this type of market and what kind of strategy you are using (scalp ?)
Market structure never changes, brother.
Your system catches high range trends, and loses in range-bound/tight markets. Right?
The market goes up, down and sideways.
Its the amplitude of that movement that kills traders.
When the market consolidates into tighter and tighter ranges, the more long-term trend followers get killed.
When the market contracts, only scalpers profit. By scalper, I mean guys with 10 pip emergency stops, that go for minimum 10 pips, per trade.
Why only scalpers? Because the market trends 85%+ of the time, on lower time frames. What is chop, head-fakes, and whipsaws to long and medium-term traders are pure, clean and exploitable trends to scalpers on the 10/30 second chart.
IMO, market structure can be organized into 9 subsections, according to direction and amplitude. A successful day-trader must be able to exploit at least 7 of these conditions to profit long-term. Why? Because market amplitude expands and contracts. If a trader can't avoid losses in a tight market, they won't make a living at all.
The following description of market structure is from the vantage point of a scalper trading off a 30/10/ or 5 second chart. Where the market trends, they can profit.
1) High range, up markets = trend = profitable
2) Medium range, up markets = trend = profitable
3) Low range, up markets = trend = profitable
4) High range, down markets = trend = profitable
5) Medium range, down markets = trend = profitable
6) Low range, down markets = trend = profitable
7) High range, sideways markets = trend = profitable
8) Medium range, sideways markets = trend = profitable
9) Low range, sideways markets = NOT EASY.
Market conditions most difficult to trade are tight ranges (10-15 pips) on weak-trending/sideways markets where price action is "jumpy" (ie. price quickly jumps 3-5 pips in anticipated direction before a decent signal is generated. Doesn't sound like much, but thats 20-50% of the move, right there!)
This is actually the most difficult incarnation of #9, and happens much more often than one would think.
Monday last week during late New York Session is a good example.
I am still trying to figure out how best to profit from days like this, but its the hardest trading out there. Basically, a trader needs to focus on the higher time frame chart (5 mins) to determine direction and possible entries, than use no latency entry signals (support and resistance) or price action off low latency charts (1 or 2 second). Very little margin of error on these days...
Anyway, from the sounds of it, your system profits during #1, 2, 4 and 5. Its no wonder you're taking heavy losses as the market does #3, 6, 7, 8, and 9, and your system can't exploit those periods.
Basically, you need to change your strategy and learn how to scalp off lower time frames. Then you can profit from 80% of market movement, which will cover the losses from the other 20%. In time, that 20% can be widdled down to 10 or 5%.
thanks for your reply...I have been thinking about the situation all week end and I have come to the same conclusion.
I have been working on a 30 sec scalp strategy and will see if I can manage to make it work.
My aim is to be able to finish almost everyday positive whatever the market situation is.
Good. You're on the right track. It took me 3 years to abandon a mechanical strategy for discretionary TA. Than a few more years to get it right. Takes time. Don't be surprised if you need another year (or two), to make scalping work. Just keep at it.
The key to scalping is both entries and exits. Its possible to get entries really right. They're both important. Good luck.
Btw, a friendly tip - don't get stuck on any one time frame. Depending on market amplitude, a 1 mins, 30 second, 10 secs, 5 secs, or 1-2 secs chart may be required.
Sticking to only one time frame will lead to losses. The market doesn't operate like that. You need to think in broader terms.
Past 8 years average profit paid is +30% p.a. (without compounded interest) with over 30 years of experience for forex trading
Highest monthly profit paid is +37%. Highest monthly loss is -25% for Managed Forex Account.
Highest monthly profit paid is +37%. Highest monthly loss is -25% for Managed Forex Account.
If anybody is interested I will be happy to share information for "managed forex account" but minimum investment is $20,000. Email me.