Forex and its earning

If you read, most of the books stated that using the simple trading method also can make money. The key to success in money management. But, how many of us can do that? I also don't have much patience too see my account slowly gain. Thats why so many of us taking high risk so that we can become billionaire much faster. Indeed, no one become billionaire in a short time period. haha

according to me , u just need to find a profitable strategy , rest things can be polish automatically :)

fxsc1lper posted:
according to me , u just need to find a profitable strategy , rest things can be polish automatically :)

What advice would you give about how to find such a strategy? There are many strategies out there.

for ensuring the successful trading life with certainly first of all it is more important to acquire exact trading skill by learning. On the other hand , despite of good trading knowledge that’s not possible at all to lead a comfortable trading life with certainly without having a reliable support from a credible trading platform, because the broker can affects the result of our trading with certainly.

SMA 200 also very profitable strategy bro.

mlawson71 posted:

fxsc1lper posted:
according to me , u just need to find a profitable strategy , rest things can be polish automatically :)

What advice would you give about how to find such a strategy? There are many strategies out there.

find a strategy which have 1:1 risk reward , and accuracy 70-80 %

if u want to test your strategy new or existing , back test it for long time with honesty ( With SL and with TP , proper entry rule)

atleast 500 trades test and that will tell u how much your strategy is accurate , if fail in 500 trades then move to next strategy and so on ,
2nd find a strategy with risk 1 reward 2/3 then 50 % accuracy is still considerable , and if u can find or make a strategy with 1:2 RR and can give u accuracy upto 80 % then nobody can stop u to make millionaire :)

For keeping survive in this volatile trading place confident is needed but overconfident is will harmful , sometimes because overconfident then leading trader greedy in trades, and dare to take risk in trading which actually the market very dynamic and not always after trade open trades then will directly get profit.

over confidence can kill an account in a only a few days when the market turns

Sky44 posted:
over confidence can kill an account in a only a few days when the market turns

I wholeheartedly agree. But I think that most people suffer from lack of confidence, rather than overconfidence.

The newcomers first of all have to focus on learning process before earning. Baby pips school can be a great source to learn Forex as a newcomer which always ensures exclusive educational materials with essential terms and conditions. and don’t move a live account without practicing demo account at all.

Sky44 posted:
over confidence can kill an account in a only a few days when the market turns

days? shoot can be milliseconds for some. On the under-confident side you'll get market vengeance seekers and those chasing the market. The key is to keep yourself as robotic as possible, especially when it comes to ego.

in spite of practicing trading can be useless if there is no reliable support from a credible trading broker , because the broker always can affects the result of our trading with certainly.

Mohammadi posted:
in spite of practicing trading can be useless if there is no reliable support from a credible trading broker , because the broker always can affects the result of our trading with certainly.

True. Which regulators would you recommend?

mlawson71 posted:

Mohammadi posted:
in spite of practicing trading can be useless if there is no reliable support from a credible trading broker , because the broker always can affects the result of our trading with certainly.

True. Which regulators would you recommend?

Depends where you are from, what kind of offers you want/dont want, and level of 'unknown' risks you are willing to accept. Understand how regulators work in the international environment is a big step. Some dont offer protection for citizens/residents outside the regulating country, some will only allow you to submit a case in person and you msut attend the legal preceedings (can be costly if that country is the other side of the globe, and so on. Its really a key to understand how the regulators work both for the client side and broker side to make the choice thats best for you.

Cysec and FCA check out youtube 'BBC Documentary IronFX' is a good place to start in understanding that combination of regulators.

for NFA based check out the Famous FXCM that was even listed on NYSE. https://www.zerohedge.com/news/2017-02-06/alert-largest-us-forex-broker-fxcm-shut-down-and-permanently-banned-nfa you can also check out at how their Asia business dealings differ form thsoe inside USA boarders.

What some of my experienced clients do when first registering with my broker is they test the deposit and WD systems and ask alot of specific questions that require a definite YES or NO response to reduce the 'grey area'.

With all that being said...i have clients that love running Arbi/HFT EAs with low regulated brokers (regulated from some group of islands, tax havens, etc) because they know how to use the broker's greed against them, but they do run into times they jsut flat cant WD money out. These kind of EAs typically dont work on more regulated environments so their same strategy doesn't work on all regulated brokers.

According to me, in Forex trading If you can be more disciplined from beginners level , of course within very short time the maximal result will come out and there is no way to quite Forex. Because, due to lacking of discipline by and large traders become loser form this trading place.

Discipline is important, but it is not all. The success is a complex of different approaches :)

I would say long term income could be around 5%/mo.
Short term accounts can make even 20+ % but how long will they last?

generally we think for beginners minimum $500 is more appropriate , but it can be useless if there is no money management with accurate trading strategy. so, we have to develop our trading strategies , if we want to get maximal result by means of minimum investments.

MM is very important but if too tight then making high percentage monthly gains is impossible