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Re: CAN WE ACTUALLY Making Money in Forex????????

#11
shaileshm wrote:
Fri Nov 29, 2019 3:21 am
naluvs01 wrote:
Fri Nov 29, 2019 2:55 am
When I finally come up with a consistent strategy, I will share with others here. It is a real struggle to come up with a consistent strategy (IMO) because the banks can see where we hold our orders and flip price the other way at will. That's why I created this topic because I want to know if anybody here is ACTUALLY making money (consistently) for a living in forex.
Banks cannot keep flipping the prices ad infinity. At some point they need to make their own move too. And thats the point one should look to jump in with them.
You are absolutely Right. That's why I was asking for any advice from experienced trades here to help the rest of us. So far, I'm looking at 2 Adaptive MA's and 2 MTF OBV indies provided by Mladen and MrTools. I've added engulfing candle patterns to the mix and it is very, very powerful!!!! And for anyone one reading this in the future, engulfing candles is the most powerful strategy (IMO) one can learn. The secret sauce is that it DOESN"T have to be ONE candle. The pattern can be two or more candles. If you understand this, your trading will go to a WHOLE new level!!!!

The example I've attached (EurGbp, H4 chart, 11/11-29/19) consist of an EMA 12 and 55. Just understanding this simple pattern can help anyone who is struggling. To confirm the pattern, check the Close of the previous candle and Open of current. If they are the same (or off by a pipet, it's ok), it is a valid engulfing pattern. However, both (or more) candles of the pattern MUST engulf the previous candle. And if you add more confluences like volume to the mix, it's over!!! By the way, it's works on any time frame (although I recommend the 15M - Daily charts).

I'm very thankful for the for MrTools, Mladen, Coders and everyone here. My desire is to win and I think the collective efforts of individuals here with the same aspirations can help us reach our goals. I hope this info helps someone.
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Re: CAN WE ACTUALLY Making Money in Forex????????

#12
I traded on demo accounts and live accounts with micro lots for almost 5 years until I could finally make a living from FX trading. But I'm not a rich millionaire to this day :cry: . It would barely suffice to live (after 9 years of FX trading and 3 years of futures). I spent many hours studying almost every day. It took me at least half the time to understand very well how the world's major economies work. The other half of the time looking at strategies and trying to understand how the FX indicators work.
In my opinion, the issue of how economies work, their history and impact will be given too little attention. A lot of political and financial decisions made 20, 50, or even 100 years ago still have fundamental effects today.
It is possible to understand a financial calendar much better with knowledge of the largest economies in the world. Combined with MT4 / 5 indicators and market psychology (especially with my own trading psychology) helped me to make continuous profits.
But don't expect other people to share their successful strategies here. The problem is not that everyone here is selfish, but as I know, almost every successful strategy with indicators after a release doesn't have much success. As soon as a lot of people use a strategy it doesn't work. The small traders have no effect on the prices, but national banks, banks etc. (the big players) with their super computers are something completely different. And as always when everyone wants to make money, a strategy doesn't work properly. For this reason, most traders keep their strategy secret. A forum like this ( I Love forex-station <3 ) can help you get the right education and indicators, but you have to find your own way.
Everyone has their own trading psychology, time, money, etc. A strategy that works for me may not work for them.
They write that they have been learning to trade for 2 years and are not making big losses. They read books, get information online, do demo and live trading. Your path is right, but they take a lot of time and patience.
Good luck and green pips :clap: :thumbup: .
Work hard,make much Money,but always stay social and correct for all living things.

Re: CAN WE ACTUALLY Making Money in Forex????????

#13
Yes, BUT......................
Make all of your mistakes on demo, create a great system without having to risk any of your hard-earned trading capital, then once you know you have something great, transfer that system onto a real money account, and watch it grow.

Re: CAN WE ACTUALLY Making Money in Forex????????

#14
Definitely yes, but it takes a lot of time to get there. Six months to a year practicing every day until you are consistent enough to pull a regular income from the market. Learning never ends, as long as you keep researching on new things, you learn more. While you spend a good amount of time in learning and try to create your strategy, apply them in demo accounts to understand your market readiness.

Re: CAN WE ACTUALLY Making Money in Forex????????

#15
The OP asks if anyone is making money, in EU and UK and soon to be in Oz brokers are obliged to reveal their retail client winner/loser stats and basically about 75% of retail clients loss money with any provider.

Also in the OP is a chart that basically shows why that is. It's from the dailyfx site and looks at retail net short/long positions placed on a price chart, they have been doing this for over 10 years and currently use IG broker data, before they used FXCM.

Not sure what the chart is or when but it doesn't matter, nothing has changed with regards to retail client positioning in 10 years.
I've drawn the point on the left hand side of the chart where price starts to fall which crosses the point where retail clients start to go long, retail stay net long though the whole price drop (date not shown but probably a month or two). Then, on the right hand side of the chart as price starts to rise retail decides it's time to go net short.

You can see why this was developed as a contrarian indicator, whatever the majority of retail clients are doing do the opposite.

Why do retail do this, because they are forever trying to predict turning points in the market and forever getting it wrong.

Best advice, learn to follow price action rather than trying to second guess where the turning points might be.
net1.png


Re: CAN WE ACTUALLY Making Money in Forex????????

#17
Another look at retail client sentiment (positioning) and as to why most don't make money, here is the current chart showing the broker FXCM retail client positioning for the last 3 month. Retail have been trying to 'pick the top' and going short on the S&P 500 and getting stopped out continuously for the last 3 months.

Most new retail clients blow their account within 3 months, there's the reason right there.
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Re: CAN WE ACTUALLY Making Money in Forex????????

#18
Ogee wrote:
Fri Jan 24, 2020 7:54 pm
Another look at retail client sentiment (positioning) and as to why most don't make money, here is the current chart showing the broker FXCM retail client positioning for the last 3 month. Retail have been trying to 'pick the top' and going short on the S&P 500 and getting stopped out continuously for the last 3 months.

Most new retail clients blow their account within 3 months, there's the reason right there.
When fxcm started to release its clients net position called it SSI. the other brokers did the same like easyforex (now easymarket) oanda and Dukas. i remember traders made an average using the brokers data. ( as no centralized data is possible on the spot fx) but I find the below site that make an average by brokers data.)

https://fxssi.com/tools/current-ratio

Sample
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Re: CAN WE ACTUALLY Making Money in Forex????????

#19
I just hope traders who are into forex are not entirely focused on making money because if that is your mindset, then it will be difficult to make money that way. With forex trading, you will gain skills in disciple, money management, risk management, patience and many more. Experienced traders tend to do well but without telling much because they do not show off their profit but they will be gladly to help to you on how to get better with trading, but that's just my thinking.

Re: CAN WE ACTUALLY Making Money in Forex????????

#20
Vince Dunajski wrote:
Fri Jan 17, 2020 2:20 am
Yes, BUT......................
Make all of your mistakes on demo, create a great system without having to risk any of your hard-earned trading capital, then once you know you have something great, transfer that system onto a real money account, and watch it grow.
That's the best advice. I don't think one should start straight away with a real account. A demo account is the first step. practice for long and then only go live.


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