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

naluvs01

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

#41 by naluvs01

Banzai wrote: ↑
Thu Aug 06, 2020 8:16 am

naluvs01 wrote: ↑
Thu Aug 06, 2020 12:41 am
I use a Zero Lag HMA (from this site) set to 20 (div 2.0) which determines the prevailing trend; Half-Trend because is acts a floating S/R; a MTF Hi-Lo indicator that shows the previous week Hi and Lo; a TDI-ish concept for range (RSI 10 - Ema 1, EMA 7 & BB 34/3); I use RSIx3 (indicator on this site) set to close - periods 2, 3 & 5.
Here are some indicators:

Here is the Hi Lo indicator I use. On the 4Hr (which is where I take my entries), I set it to the weekly Hi-Lo. For the Daily chart (which determines trend direction), I set it to the monthly.
Also, I've included the LFX indicator created by Mathtrader7 from FF. I hope I'm not breaking any rules by posting it here. It's the same as LiteForex, but it's missing the wicks which I don't care about anyway. In order to use EA, you need to attach it to an EURUSD chart of your selected time frame. Then select which LFX index you want the EA to create for you.
The EA will then generate the LFX index as an offline chart with the same time frame as you have attached the EA to the EURUSD chart.

MTF_HI_LOW_v1.mq4: (21.37 KiB) Downloaded 181 times

MathTrader7_LFXChartCreatorEA.ex4: (53.52 KiB) Downloaded 142 times

naluvs01

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

#42 by naluvs01

Banzai wrote: ↑
Thu Aug 06, 2020 8:16 am

naluvs01 wrote: ↑
Thu Aug 06, 2020 12:41 am
I use a Zero Lag HMA (from this site) set to 20 (div 2.0) which determines the prevailing trend; Half-Trend because is acts a floating S/R; a MTF Hi-Lo indicator that shows the previous week Hi and Lo; a TDI-ish concept for range (RSI 10 - Ema 1, EMA 7 & BB 34/3); I use RSIx3 (indicator on this site) set to close - periods 2, 3 & 5.
Here are some indicators:

Also, if you use the TDI indicator, you don't need the Bollinger Bands. I stop using the TDI indicator because in some instances, the non repaint version did repaint. So I created the TDI-ish indicator (with my own custom settings) by following the mobile instructions located here: viewtopic.php?t=8466245

QSD

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

#43 by QSD

naluvs01 wrote: ↑
Thu Aug 06, 2020 12:41 am
Hi Everyone,

I started this post and would like to say I have found a way to make constant profits every week. I'm sharing this because I promised to and for anyone in the future struggling will find their way. This is for the 4H chart, but the same concept can be used for smaller timeframes. However, their will be greater noise. Number one, I want to point out that all strategies work with this concept: MACD, ADX, 2 MA Crossover, etc. The problem with trading forex is you can't look at one pair...It's Suicide!!!!!. But you must compare all currencies against each other. And I have found no Currency Strength Meter (CSM) to reveal this consistently.

The process: I profile all currencies against each other on the daily and/or weekly (this determines trend direction). I use a Zero Lag HMA (from this site) set to 20 (div 2.0) which determines the prevailing trend; Half-Trend because is acts a floating S/R; a MTF Hi-Lo indicator that shows the previous week Hi and Lo; a TDI-ish concept for range (RSI 10 - Ema 1, EMA 7 & BB 34/3); I use RSIx3 (indicator on this site) set to close - periods 2, 3 & 5. Or you can use 3 RSIs. This reveals when the moves are being made. I also make sure I'm not buying near an S & R level. Once you compare the currencies, you get a true idea of what currencies are stronger/weaker. I also reverse the hull color when the profile currency is in second place like the JPY pairs. This keeps uniformity.

Next, I registered for a demo account with Liteforex for their index charts (you can also find a similar indicator on FF by mathtrader7 (I WISH WE HAD ONE HERE...hint, hint). This gives me a snap shot of the entire market profile on one screen. I use the HMA, TDI-ish setup and RSIx3 here as well on the 4hr and Daily. The most important thing is to ONLY trade in the direction of the daily. Your entries (on whatever strategy you choose) should be after the Daily pair OR index chart is already in place. For instance, for me, the HMA has to be white/black on the daily (remember either on the index or your main broker chart) in order for me to buy/sell. Below are examples of profiling by my main broker and index charts. I hope this helps everyone. I've been receiving 500 - 1000 pips weekly using this concept. This is a way of me giving back to F-S community. You guys have really helped me especially the coders: Mr. Tools, Jimmy, Mladen, Pacios and others. Thanks you all and may your dreams become a reality!!!

your strategy needs a thread dedicated to explain how to use it just like Xard777's System since it brings consistent profit, thank you for sharing it

Joe_5

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

#44 by Joe_5

Chen_90 wrote: ↑
Thu Jul 16, 2020 5:18 pm

Joe_5 wrote: ↑
Tue Jul 07, 2020 5:15 pm

Ofcorse you can do everything about it by enhancing your skills and for that you need a lot of practicing and reviewing. Losses are a part of trading by one has to take steps to avoid or minimise them atleast.
That's right. Keeping up the confidence and taking the necessary measures, working on risk management, can definitely help one reduce his/her losses. Sitting back and not doing anything is no way.

Yup, it doesn't work with a laid-back attitude. We have to make efforts.

nunanana

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

#45 by nunanana

That is what forex trading is all about. But at the end of the day, it all comes down to your skill, knowledge, determination and practice and so much more that you can explore once you start getting into trading.

Bente_tr

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

#46 by Bente_tr

Yes, many are making good amount of money in forex. But for that one has to have the required skills and know-how.

joy.x.d

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

#47 by joy.x.d

nunanana wrote: ↑
Wed Aug 19, 2020 4:06 pm
That is what forex trading is all about. But at the end of the day, it all comes down to your skill, knowledge, determination and practice and so much more that you can explore once you start getting into trading.

Very true. I believe that you cannot make the money without having knowledge or eveything that you mentioned.

Nbats7979

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

#48 by Nbats7979

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.

After 13 years or so of daytrading, this post and the other similar posts are dead right. My oanda account says 78% of retail traders lose money trading CFD's. The number one reason is they are getting the direction wrong. It should be easy right? It either goes up down or sideways... How can you lose 78% of the time? Well when you throw real money and the pressure of trying not to lose it into the mix, I'm surprised it's not closer to 100%. The key, as others have said, is not to try to pick the turning points but find your way of being confident in a trend direction and getting in on that during a pullback. Have the steel to stay in when your trade is out of the money, stick to your reasonable stop ( a close stop is almost always hit) and have a target where you get out (or trade multiple lots and take some off leaving the rest with a generous trailing stop).
It most definitely is possible to do this as a living.

Chen_90

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

#49 by Chen_90

Joe_5 wrote: ↑
Thu Aug 13, 2020 5:13 pm

Chen_90 wrote: ↑
Thu Jul 16, 2020 5:18 pm

That's right. Keeping up the confidence and taking the necessary measures, working on risk management, can definitely help one reduce his/her losses. Sitting back and not doing anything is no way.
Yup, it doesn't work with a laid-back attitude. We have to make efforts.

Yes! That is what forex is all about.

Bettle89

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

#50 by Bettle89

nunanana wrote: ↑
Wed Aug 19, 2020 4:06 pm
That is what forex trading is all about. But at the end of the day, it all comes down to your skill, knowledge, determination and practice and so much more that you can explore once you start getting into trading.

That's right. And those who are serious about those parts, only they get success here.