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

#51
naluvs01 wrote:
Sat Nov 23, 2019 2:06 am
Hi Everyone,

I've been backtesting with my Algo and decided the Daily TF is the best for me to avoid most of the banks' manipulation/foolishness. Because they can see all of retail traders' positions, they just flip the switch and take price the other way (see attached chart). When I search for successful forex trades, some names come up like Anton Krill, Jarret Davis, George Soros, Bill Lipschutz, etc. However, they were institutional traders and had access to information quickly that cost hundreds of dollars a month. So, my question is does anyone here ACTUALLY make money, full-time in the Forex market and what advice can you share to help us get there?

The reason I ask is because I'm a Realtor and own a few homes and was looking for a another way to earn passive income so when I retire from Real Estate, I can make consistent money in my golden years. But after almost two years of trading (live and demo), it seems impossible to consistently win. I have excellent money management skills and I have never blown up my original account or added money to it. However, trying to grow it seems impossible. For the record, my money management strategy is as follows: calculate your risk amount and divide it by your SL to reveal your lot size. For example, if you are willing to risk $40 (or whatever your percentage amount - I currently don't risk more than 1%) and your SL is 112 pips; divide $40 by 112 and that gives your your lot size ($.40 rounded up). So if the trade goes against you, it's $40 only. This has saved my account many times over.

If anyone is willing to show or reveal their strategy, that would be awesome! As for me, I've been using a 5EMA averages indicator, two MTF Pivots indicators one set on Daily and the other on Monthly, and Two OBV MTF histo indicators set on Weekly and Monthly (by the way, I want to thank MrTools, Mladen and coders for their extraordinary work!). I use the ATR to set targets once I enter a trade because it ensures a high probable trade. So far I'm seeing consistence results in backtesting and forward testing (somewhat), but the banks just keep switching things up regardless if there is news or not.

Also, people keep ranting that it's very hard and you have to put in hours and years to get it. I kind of disagree to a certain degree and here's why. If Michael Jordan or Steph Curry taught you their regimen on how they play basketball to be successful, you would get better over time because you have the structure and formula. Now it doesn't mean you will be them at all, but you would become a better/best you. Their instructions would save you countless hours of you trying to figure out how to play the game on your own. However, even with their instructions, you would still need to put in the work to develop your game and build up your muscles and mental capacity to compete on the court. But Forex is not that complicated in my opinion. I guess what I'm really asking for is if someone would kindly share their instructions to help us become our better selves in the Forex market. I have put in the long hours, studied tons of indicators, read forums, invested in courses (many of them are pure BS and you can find the info for free on google) and I'm not afraid to continue to work hard and study until I succeed! But, I want to make sure that I have the right regimen/instruction/formula to be successful in this market. So I'm asking for the Steph Curry's, Michael Jordan's, etc. of Forex-Station.com to help us in anyway you can!

I Thank you in Advance for your knowledge and wisdom you are willing to share...Happy Trading to all!!!!!!!!!!!
Hello i don't know if you are going to see my answear but there is a Youtube channel that put all the knowldge about Forex without BS its name NO NONSENSE FOREX
Definig the TP with the ATR is his strategy, Go chekc his channel thank me later https://www.youtube.com/channel/UCc8IRY ... baQFnd2b-A


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

#52
Bettle89 wrote:
Fri Sep 25, 2020 10:24 pm
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.
Well said. For being profitable we have to put in all in the knowledge, effort and skill.

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

#53
Bettle89 wrote:
Fri Sep 25, 2020 10:24 pm
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.
Well said. For being profitable we have to put in all in the knowledge, effort and skill.

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

#54
ForexGoat wrote:
Sun Nov 08, 2020 4:42 am
naluvs01 wrote:
Sat Nov 23, 2019 2:06 am
Hi Everyone,

I've been backtesting with my Algo and decided the Daily TF is the best for me to avoid most of the banks' manipulation/foolishness. Because they can see all of retail traders' positions, they just flip the switch and take price the other way (see attached chart). When I search for successful forex trades, some names come up like Anton Krill, Jarret Davis, George Soros, Bill Lipschutz, etc. However, they were institutional traders and had access to information quickly that cost hundreds of dollars a month. So, my question is does anyone here ACTUALLY make money, full-time in the Forex market and what advice can you share to help us get there?

The reason I ask is because I'm a Realtor and own a few homes and was looking for a another way to earn passive income so when I retire from Real Estate, I can make consistent money in my golden years. But after almost two years of trading (live and demo), it seems impossible to consistently win. I have excellent money management skills and I have never blown up my original account or added money to it. However, trying to grow it seems impossible. For the record, my money management strategy is as follows: calculate your risk amount and divide it by your SL to reveal your lot size. For example, if you are willing to risk $40 (or whatever your percentage amount - I currently don't risk more than 1%) and your SL is 112 pips; divide $40 by 112 and that gives your your lot size ($.40 rounded up). So if the trade goes against you, it's $40 only. This has saved my account many times over.

If anyone is willing to show or reveal their strategy, that would be awesome! As for me, I've been using a 5EMA averages indicator, two MTF Pivots indicators one set on Daily and the other on Monthly, and Two OBV MTF histo indicators set on Weekly and Monthly (by the way, I want to thank MrTools, Mladen and coders for their extraordinary work!). I use the ATR to set targets once I enter a trade because it ensures a high probable trade. So far I'm seeing consistence results in backtesting and forward testing (somewhat), but the banks just keep switching things up regardless if there is news or not.

Also, people keep ranting that it's very hard and you have to put in hours and years to get it. I kind of disagree to a certain degree and here's why. If Michael Jordan or Steph Curry taught you their regimen on how they play basketball to be successful, you would get better over time because you have the structure and formula. Now it doesn't mean you will be them at all, but you would become a better/best you. Their instructions would save you countless hours of you trying to figure out how to play the game on your own. However, even with their instructions, you would still need to put in the work to develop your game and build up your muscles and mental capacity to compete on the court. But Forex is not that complicated in my opinion. I guess what I'm really asking for is if someone would kindly share their instructions to help us become our better selves in the Forex market. I have put in the long hours, studied tons of indicators, read forums, invested in courses (many of them are pure BS and you can find the info for free on google) and I'm not afraid to continue to work hard and study until I succeed! But, I want to make sure that I have the right regimen/instruction/formula to be successful in this market. So I'm asking for the Steph Curry's, Michael Jordan's, etc. of Forex-Station.com to help us in anyway you can!

I Thank you in Advance for your knowledge and wisdom you are willing to share...Happy Trading to all!!!!!!!!!!!
Hello i don't know if you are going to see my answear but there is a Youtube channel that put all the knowldge about Forex without BS its name NO NONSENSE FOREX
Definig the TP with the ATR is his strategy, Go chekc his channel thank me later https://www.youtube.com/channel/UCc8IRY ... baQFnd2b-A
Yes, I've gone through all of VP's vids and I've been apart of the discord channel from the beginning.

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

#55
Frankie_tr wrote:
Wed Nov 11, 2020 5:59 pm
Bettle89 wrote:
Fri Sep 25, 2020 10:24 pm

That's right. And those who are serious about those parts, only they get success here.
Well said. For being profitable we have to put in all in the knowledge, effort and skill.
But that's my point. What knowledge effort and skill? If you want to learn to play basketball, a coach can tell you the rudiments of shooting, like lining up your elbow with the hoop and arch your shot. Also, provide the necessary foot work for a jump shot. Or in boxing you can learn how to bob and weave, check hook, etc... However, in forex there is all sorts of information (mostly wrong and unreliable) that will cause you to lose money. So far, I've been trading using indices strength and weakness. It's the only logical way to trade IMO.


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

#57
naluvs01 wrote:
Sat Nov 23, 2019 2:06 am
These discussions are a waste of time.
Could you have entered after all those higher lows this screenshot shows? Could you have stayed in the trade until price turned?
If yes, you can make money, if no, you can't
The rest is just conspiracy theory (the banks are against me etc).

XARD: 4 & 5 Days to generate 100 to 150 Pip$ that can be generated 3 times per Day on Indices.
And yes - Xard - as so often you are quite right.
XARD: The thing is, not everyone has access to Indices or Commodities so they make do with the devil that they have. Really it is a crying shame but it is what it is.
I would tell them to look for the higher moving ADR like that of GBPNZD, EURNZD and the like and trade them as they should generate greater pips more frequently than the others.
If you post the same D1 charts of GBPNZD & EURNZD for comparison you should see a big difference in their movement.
USDJPYDaily.png

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

#58
josi wrote:
Wed Nov 18, 2020 1:15 am
naluvs01 wrote:
Sat Nov 23, 2019 2:06 am
These discussions are a waste of time.
Could you have entered after all those higher lows this screenshot shows? Could you have stayed in the trade until price turned?
If yes, you can make money, if no, you can't
The rest is just conspiracy theory (the banks are against me etc).

XARD: 4 & 5 Days to generate 100 to 150 Pip$ that can be generated 3 times per Day on Indices.
And yes - Xard - as so often you are quite right.
XARD: The thing is, not everyone has access to Indices or Commodities so they make do with the devil that they have. Really it is a crying shame but it is what it is.
I would tell them to look for the higher moving ADR like that of GBPNZD, EURNZD and the like and trade them as they should generate greater pips more frequently than the others.
If you post the same D1 charts of GBPNZD & EURNZD for comparison you should see a big difference in their movement.
Thank you for your response. Maybe I wasn't clear about how I use indices. I created an account with LiteForex and created a system that alerts me when the currencies diverge. It's the only way to trade that's logical. Once I see a currency gets strong or weak at the same time, I confirm the setup on my broker chart and trade accordingly. I just make sure I'm not at a S/R level. For example, in the pic I've posted, is a 5 EMA channel (one set to Hi/Low/HLC3), ADX (2) and a MTF Hi/Low indicator. Once a channel is broken and the ADX in is place, I look to the corresponding pairs that align and place a trade.

From this, you can see that AudUsd, NzdUsd would have been profitable trades. By the way, I flipped LFXJPY (under properties) because candles going up means weakness and candles going down means strength. But the ket is to confirm on your broker's chart.

XARD: Place Borders indy on one of your charts, it will give you more screen space.
It looks nice, can you post a template to try out?
Screen Shot 2020-11-17 at 11.29.26 AM.png
Borders.mq4
(9.5 KiB) Downloaded 17 times

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

#60
And if you guys have any suggestions, please fill free to reply. I think this is the only way to trade that makes sense. I primarily use the 4HR TF because a lot of the noise is absorbed. However, you can utilize the same concept on lower TF. But from my experience and backtesting, the higher TFs are more solid.

Another concept is to wait for the Daily TFs to align, then drop down to the lower TFs and look for entries.


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