Like the title says, what are the best indicators or any other type of analysis that can make you profitable, is for example dailyfx.com profitable? Can you follow their signals or trade from their techincal analysis successfully?
What's the best way to be profitable in forex?
- Thread starter virmon
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I think that the way to be profitable depends on the trader and no one can be 100% sure that his way will always work. So, there isn't some holy grail that would fit all traders at any time.
look there is no such way to be profitable in forex. you can predict but you can't verdict. everything which happens in forex depends on demand and supply. currencies fluctuations happens due to the economic condition of the country. To have the better opportunity to earn return in forex you must know how to predict the market with the help of indicators.
What about trade frequency? You can have a great win:loss ratio and a great reward:risk ratio, but if your system only produces one signal every decade, then you won't be making much money. Trade frequency is often overlooked, and it is just as important as the two you mentioned.
No you can't predict the market, unless you are either psychic or have contacts in the Federal Reserve (or both).
What you can do is calculate a probability that the market will get to point A before it gets to point B. Then you can place a trade with take profit target A and stop loss B, provided that the probability and distance to A are high enough to justify your loss in case things go to B first. What you are looking for is something non-random in a highly random market (though not completely random) - an inefficiency that you can take advantage of.
I love it when traders tell me they have a system, but that it's so bad it fails all the time... I just can't believe their blindness. A system that fails ALL THE TIME is a GREAT system. All you have to do is invert it, so when it says buy, you sell, and when it says sell, you buy, and you've got a winner.
The trouble is not with systems that consistently fail. Anything that happens consistently in the market can be turned into profit. The problem is with systems that don't overcome the innate randomness of the market - ones that perform just well enough to keep you from losing consistently, but not well enough to make you win consistently. Those are the systems that one needs to run from.
Think so too, if you start to put too many hands on your money it will get messy…
I just use my broker charts and news tools and that is it.
Think so too, if you start to put too many hands on your money it will get messy…
I just use my broker charts and news tools and that is it.
Absolutely right...
All is about Resistensi and Support.. else is RR and WLR.
Understanding RS , take good RR and find the best WLR.
Evrything to be simple as it is.
Don't go too far , you will trapped by your own mind.
The key is MOVING UP the timeframe if you can't profit from the lower timeframe..
For example, you keep losing with 1HR timeframe...then go up 4HR timeframe...if you can't profit from there go up 1DAILY timeframe...
The less you trade...the more you earn...
For example, you keep losing with 1HR timeframe...then go up 4HR timeframe...if you can't profit from there go up 1DAILY timeframe...
The less you trade...the more you earn...
The best way to get profit is to do forex after enough practice experience and skill . Till then traders will be good in risk management. They will suffer low loss. You should start it with low amount in beginning so that you will not loose a lot.
The best way to be profitable is to be adventurous in the FX with a rotund sense of self-responsibility .There should literally be no gun control in the FX: client security is supposed to be personal. As for me, I can’t give my money to a broker without giving him my prying company. If I allow him take my money and help me trade, he must allow me keep my eyes with him and watch him carefully. It is a wise reciprocal FX math. A well informed client automatically ropes his dealer into personal regulation. And there is therefore no much need for NFA ( or its regulatory cousins) to supervise client-dealer FX matrimony.
I think being able to tame and use very daring leverages is a wide, profitable path to becoming an FX celebrity. Leverages are literally supposed to be FX reserves where the NFA and its likes shouldn’t be allowed to hunt. In a DEMOCRATIC FX, clients are supposed to independently ELECT their brokers after checking carefully the proposals he CAMPAIGNS. It is up to a client to accept the leverages his broker offers. Why regulate this when the client accepts it CONSCIOUSLY.
I think to gather a fat purse in the FX and get profit-bored is to get a fat (aware) head.Some traders have gone so careless all because the regulatory bodies are supposedly watching their back for them. But the only place one wouldn’t be security conscious is paradise. FX is an economic jungle; far from being garden not to talk of Eden. Each client is supposed to with awareness for needles stitch his purse heavily in the FX to avoid undue leakage to pickpocket brokers. Even a psalm 23 (Lord is my Shepherd) addict would fear some evils he walks through the FX. We just need an unregulated financial caution in the FX not necessarily regulation in the market.
I always respect your posts, very realistic. We can make things happen ourselves, just finding the way that suits us can be a jaw breaker at times.
Best way of getting profits from forex is to work hard, know this market deeply , daily make analysis before trading and manage risk and trading according to your capital. Here we can not be relax with previous analysis .Daily updates are necessary.
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