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How to make money out of forex

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Let's take one step forward. Let's take one step straight ahead...for any reason you have (and I have mine) you wanna trade Forex.

What we need at this step is a trading strategy which statistically wins.

but how? This is what our trading strategy supposed to answer
 

For god sake!!! PLEASE take a step by all means. Something
 

Here's a mechancial trading system that anyone can use to trade.

Yes I know.... those that trade trade.... those that can't, sell trading systems..

Once in a while you come across something that does actually make you money... not my system either...

http://www.fivetictrading.com/forex/Fxlivetrade/Fxlivetrade.html
 
A Forex strategy to be complete should concern about these all :

- Which currency pairs to trade?

- When to trade and when not to trade?

- Entry point

- Exit point ( profit or loss )

- Trade size (versus balance)

- Withdrawal order

- Attitude
 
fapturbo said:
Here's a mechancial trading system that anyone can use to trade.

Once in a while you come across something that does actually make you money... not my system either...
Click to expand...

Ya sure about that? A breakout system with an initial stop greater than the target. Don't know what tricks this dude has but in my book that's a recipe for losses.
 

Yes same link.

I am allowed to post links to sites that require you to pay to learn the trading system right?

If you are going to learn to trade you might as well start with something that is proven to work...
 
Trembling Hand said:
Ya sure about that? A breakout system with an initial stop greater than the target. Don't know what tricks this dude has but in my book that's a recipe for losses.
Click to expand...

Take two positions.

Take one position off at roughly 2/3 ATR. Trail the second position...
 
tbh, the best systems ive come across anywhere are on the forex factory forum.

there is a bit of chaff in amongst the wheat. but over there is a great start. and best of all you get (mostly) honest opinions and views.

all my ideas have had their genesis from that forum.
 
Attitude


I start with atitude cause I see most of people in this around are angry.
Atitude is most important thing in trading and remember if you going to trade with same feeling you are a loser.

Be happy
This is the best job in the world and if you know how to do it all your dreams come into reality.

Trading is 5% analysis, 5% instinct, and 90% emotion management. For good traders this statement holds true, but for majority of the traders its 90% emotion and no management! Being able to manage your emotions, which are inevitably going to play a role in your trading, is the key to being successful.

Too often than not, traders, when they are making money, will think they are invincible. That over confidence leads to them letting their guards down, opening themselves to a potential disaster. That's one end of the spectrum. On the other end are traders who after a couple of losing trades become trigger shy and cannot take advantage of the opportunities in front of them. Losing positions happen. No trader can make money on all trades. The currency market is the biggest in the world; you should give it the respect it deserves. This does not mean you should be scared to trade, just the opposite but you should always have discipline and treat it like a business. The key is to manage your emotions so that you remain close to an even keel. Don't let it get out of hand in either direction or you risk losing more than just your discipline.
 
Come on Felix,

Joe has to pay for all the wasted space, quit posting cut and paste stuff.

If you want to learn then read over at Forex Factory, it really is a gold mine.

Also you might consider the fact that there are guys on this forum that are actually trading successfully.

The only thing they are angry about is that newbies may read some of the stuff you have pasted and think that it is right.

Traders who actually trade successfully are the people to learn from and we have some right here.
 
I have just had another read of Go Markets conditions and it seems to me that your losses are NOT limited to the balance of your account

http://www.gomarketsaus.com/legal_documentation

So do we have access to an MT4 broker here in Oz that will limit our losses to our account balance ?

I know that quite a few OS do limit losses to balance hopefully I can accses one of them from here.
 
Stormin_Norman said:
the problem is your too angry. youll never succeed with that attitude.
Click to expand...

Well his making me angry!!

Felix you are WRONG.
Trading is 5% analysis, 5% instinct, and 90% emotion management
Click to expand...

What a Joke. Its 90% skills like friggin everything else in the world. This is a classic. Some dude who hasn't a clue regurgitating cliched rubbish and no doubt actual believing himself. Which is fine after all its a zero sum game and we need LOTs of jokers like this.

Hey Mr profound when you coming over to the futures market. We won't hurt your emotions over there. :
 

gomarkets limit your losses to the account balance. the PDS is stating that they dont promise that however. bit of double dutch there. but theyre just covering themselves in the event of a drastic market i believe.
 
Stormin_Norman said:
gomarkets limit your losses to the account balance. the PDS is stating that they dont promise that however. bit of double dutch there. but theyre just covering themselves in the event of a drastic market i believe.
Click to expand...

Yep I think most of them have that in their PDS. So if the :fan they are covered. Typical fine print.
 
lol @


im pretty sure oanda guarantee you loss @ account balance. i dont think IBFX does though.

but like u said, its a pretty standard clause.

one has to always remember that brokers are in the business to make money, not to trade on your behalf.
 
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