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QuestionCAN WE ACTUALLY Making Money in Forex????????

#1
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!!!!!!!!!!!
Screen Shot 2019-11-22 at 8.40.44 AM.png


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

#2
I would say that two years is a small time to get learn and get profitable, not that its impossible if you have the right guidance from the beginning.

Personally for me before i could get confidence and see a bit of results three years were already up. following steps (in a complex order) were involved to reach the present point and is still going on,
  • Learn the theoretical material from net, weed out bad info from good ones. study the charts
  • Talking to 'pros'. Again on net, decide on the fake and genuine ones and note advices from genuine ones, put it to practice
  • check out indicators, think of possible strategies, check existing strategies demo and then real
  • work on your on psychology, how to deal with losses, deciding on high frequency trading or slow ones. (This one is most time consuming)
Know Thy Setup. Know Thyself.

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

#3
shaileshm wrote:
Sat Nov 23, 2019 2:30 am
I would say that two years is a small time to get learn and get profitable, not that its impossible if you have the right guidance from the beginning.

Personally for me before i could get confidence and see a bit of results three years were already up. following steps (in a complex order) were involved to reach the present point and is still going on,
  • Learn the theoretical material from net, weed out bad info from good ones. study the charts
  • Talking to 'pros'. Again on net, decide on the fake and genuine ones and note advices from genuine ones, put it to practice
  • check out indicators, think of possible strategies, check existing strategies demo and then real
  • work on your on psychology, how to deal with losses, deciding on high frequency trading or slow ones. (This one is most time consuming)
Thank you for your advice!

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

#4
Hi, I think no one will ever say it, you don't like to show your profits on the account.
At the time of the gold diggers, few and unknown ones who found gold, many and known those who made money, selling shovels, picks, sieves, and lanterns ... etc. ..
This is just an ignorant thought about Forex, binary options etc ...
The perfect indicatoris our head ...

Too many indicators confuse the head

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

#5
pacois wrote:
Sat Nov 23, 2019 3:31 am
Hi, I think no one will ever say it, you don't like to show your profits on the account.
At the time of the gold diggers, few and unknown ones who found gold, many and known those who made money, selling shovels, picks, sieves, and lanterns ... etc. ..
This is just an ignorant thought about Forex, binary options etc ...
You're right about making money selling shovers, etc. However, I don't want to see anyone's account or show me their "gold." Think of it this way, Jerry West was at a basketball camp and was teaching the youth how to shoot a basketball more accurately. He stated, align your elbow with the rim and you will increase your odds of getting the ball in. Immediately, everyone's shooting improved exponentially. Does this mean they are going to be the next NBA star? Of course not, but that valuable advice improved everyone's game.

To be honest, I'm actually exploring the stock market because you can find a plethora of certified millionaires who have made it. It is centralized and has intrinsic value unlike Forex where the Interbank industry can manipulate prices at will with NO accountability whatsoever. Just look how banks were finned $1.2 billion for forex rigging. Are you kidding me!!!! The FX market trades over 5 trillion a day and they were fined just $1.2 billion... https://www.cnbc.com/2019/05/16/eu-regu ... gging.html

This is the buffoonery I'm referring to and it's not going to stop anytime soon. I know there is manipulation in all markets to some degree, but at least the stock market is centralized and there are more individuals you can find that are credible.


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

#6
naluvs01 wrote:
Sat Nov 23, 2019 4:00 am


You're right about making money selling shovers, etc. However, I don't want to see anyone's account or show me their "gold." Think of it this way, Jerry West was at a basketball camp and was teaching the youth how to shoot a basketball more accurately. He stated, align your elbow with the rim and you will increase your odds of getting the ball in. Immediately, everyone's shooting improved exponentially. Does this mean they are going to be the next NBA star? Of course not, but that valuable advice improved everyone's game.
But how do you know that person teaching you is indeed Jerry West?
Know Thy Setup. Know Thyself.

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

#7
shaileshm wrote:
Sat Nov 23, 2019 4:13 pm
naluvs01 wrote:
Sat Nov 23, 2019 4:00 am


You're right about making money selling shovers, etc. However, I don't want to see anyone's account or show me their "gold." Think of it this way, Jerry West was at a basketball camp and was teaching the youth how to shoot a basketball more accurately. He stated, align your elbow with the rim and you will increase your odds of getting the ball in. Immediately, everyone's shooting improved exponentially. Does this mean they are going to be the next NBA star? Of course not, but that valuable advice improved everyone's game.
But how do you know that person teaching you is indeed Jerry West?
You don't have to know here if they are accredited, but if they're advice makes sense, then it can ignite something inside or help someone see the market from a different perspective.

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

#8
naluvs01 wrote:
Sun Nov 24, 2019 11:56 am
shaileshm wrote:
Sat Nov 23, 2019 4:13 pm


But how do you know that person teaching you is indeed Jerry West?
You don't have to know here if they are accredited, but if they're advice makes sense, then it can ignite something inside or help someone see the market from a different perspective.
I AGREE. Traders should learn from each others strengths and weaknesses.
However, one should not just blindly follow what others say. Take everyone’s advises and see what needs to be followed and what ignored.

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

#9
peterso wrote:
Wed Nov 27, 2019 9:12 pm
naluvs01 wrote:
Sun Nov 24, 2019 11:56 am

You don't have to know here if they are accredited, but if they're advice makes sense, then it can ignite something inside or help someone see the market from a different perspective.
I AGREE. Traders should learn from each others strengths and weaknesses.
However, one should not just blindly follow what others say. Take everyone’s advises and see what needs to be followed and what ignored.
Exactly! Great traders, athletes, doctors, etc., have all learned from others. They learned the basics and incorporated their own flare to the profession. Wilt Chamberlin, Michael Jordan, Dr. J and Steph Curry didn't invent basketball, but their influences dramatically changed the game forever.
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.

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

#10
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.
Know Thy Setup. Know Thyself.


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