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Can forex trading make you rich ?

BluePanther (BluePanther)
Dec 09 2018 at 14:37
1353 poster
Jingyi posted:
Are fibs just away to make sure you are entering at a 'good price' rather than entering after a shallow pull back or trying to chase the market


Fibs are a tool. You can use it in various ways, whichever suits you. There is no 'right' or 'wrong' way if you can make money from your technique.

BluePanther (BluePanther)
Dec 10 2018 at 13:14
1353 poster
togr posted:
Trading is actually an exact science
Just compare so called tick data backtesting on mt4 and mt5 and you will see the difference


“...nailing down future price movements all the time is actually impossible. What is possible though, is your growing ability to understand market behavior, price action dynamics and using a multi-dimensional analysis approach that leaves you with maximum information to act logically all the time.”

Why Trading Isn’t an Exact Science: 3 Tips to Trading Unpredictable Futures Markets
https://optimusfutures.com/tradeblog/archives/3-tips-to-trading-unpredictable-markets/

Is Forex Trading Gambling? The Answer Might Surprise You
https://dailypriceaction.com/articles/is-forex-trading-gambling

SaltaLargo
Dec 10 2018 at 13:25
11 poster
I find fibs interesting too but can be difficult to use. I am liked your chart above but I don't understand how you worked out it would be 100% retracement. Hopefully with practice I can master them

BluePanther (BluePanther)
Dec 11 2018 at 07:32
1353 poster
SaltaLargo posted:
I find fibs interesting too but can be difficult to use. I am liked your chart above but I don't understand how you worked out it would be 100% retracement. Hopefully with practice I can master them


I worked out the 100% retracement was a serious POSSIBILITY, even PROBABILITY, because after I drew the Fib levels to match the high (as 0%) and the low (as 100%) of the spike retracement in September (see chart above), I could see the market had already exceeded the 61.8% Fib level and was looking determined to go all the way to 100% Fib level.

It is not that hard when you just draw on the chart and see correlations between the Fib levels and levels of S/R on the mid-high timeframes. There are Fibs within Fibs, so you can see what I mean if you take most (almost all) fx pairs and just draw.

Maybe it takes 'some' practice, but it really is not that hard. Don't believe the experts that tell you to buy their course because 'trading is a science', or they have worked out some secret. Trading is not really so hard. They just make it out to be to make themselves look like 'experts'.

BluePanther (BluePanther)
Dec 11 2018 at 07:33
1353 poster
SaltaLargo posted:
I find fibs interesting too but can be difficult to use. I am liked your chart above but I don't understand how you worked out it would be 100% retracement. Hopefully with practice I can master them


Here's a better chart:



The market had exceeded 61.8% Fib level and was looking determined (you can only 'guess') to reach 100%.
Fib was just a guide. The trend was down, if you drew a line you could see it was quite straight. Also, you must consider the fundamentals: TRY central bank official interest rates compared to EUR - money always seeks the highest returns. And the TRY had never before been so undervalued: 8, 7, 6 EUR = 1 TRY! It was kind of a 'no-brainer'.

Fibs work for me. See what works for you. There are so many tools (indicators) to choose from, there is no 'right' or 'wrong' way to trade - so long as it makes you money.

Bifogade filer


fxsc1lper (fxsc1lper)
Dec 11 2018 at 07:52
348 poster
I have a strategy which can make me rich , but i need some more improvement , it can make upto 400 % per month easily but need more improvement

skype id millennium.analyst
Astronautica
Dec 11 2018 at 11:27
10 poster
Thank you for your explanation of fibs. I never use fibs before but like your analysis. I will go through charts today and try adding fibs on to see if I can do the same. well done

snapdragon1970 (snapdragon1970)
Dec 11 2018 at 14:25
1944 poster
Matts work above would be the way most professionals would use Fibs ,mostly weekly and monthly time frames as another confirmation tools ,as the last part of the trade decision ,play with the settings for best fit.

Bifogade filer


"They mistook leverage with genius".
JanSzyman
Dec 11 2018 at 14:44
4 poster
I believe that it is possible to become rich in Forex. But only if you have perfect money management. Strong nerves and be cold-blooded.

BluePanther (BluePanther)
Dec 12 2018 at 07:05
1353 poster
JanSzyman posted:
I believe that it is possible to become rich in Forex. But only if you have perfect money management. Strong nerves and be cold-blooded.


What is your definition of 'perfect money management'? If you mean always only risking 2% of your account, you will take a while to become rich.

My money management is like this:
“Be fearful when others are greedy, and greedy when others are fearful.”
Warren Buffett

Or this:
4. Make good decisions even with incomplete information.
It is a good idea to gather as much information as possible before entering any single trade, but the available information will never be complete or perfect. Investors need to be trained to work on the facts, figure out what does matter, and take the right trading decisions before all others gain awareness of the situation. They then need to have the courage to put sufficient money behind the trade to achieve a meaningful outcome.

6. Don't make small investments: Amazon's stock price climbed from $38 to $820 during the last 10 years, a 2,160% rise. Had you invested $10,000 you would have a respectable $216,000 position by now. But had you invested just $100 you would have missed a potentially life-changing opportunity. After spending so much time and effort researching an asset, investors must make sure that the rewards from the money at risk are meaningful.[quote/] Michael Steinhart

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