Can you really make a living from FX ?

[mwbro]

Originally Posted by ampris2000

i don't understand why people say a small account can't trade longer time frames. my account started small and is growing each week and that's all i use are the longer time frames.

i am guessing you're putting more on the pip value than you should...???

Though I'm at 50 leverage, i use a 50 pip stop loss. if the stop loss is hit (which rarely happens) it will equal 2% of my account balance. This will be followed whether my account is $20.00 or $100,000.

I suck big time at intraday trading, but the 4 hour,daily,weekly,monthly i am able to do rather well.

"You're not paid for your methods, you're paid for your results." -quote from richard marcinko

thanks for the comment above im transitioning to longer time frames (4hour and weekly) i too suck big time with intraday and scalping losing money fast lol i look forward to learning from the longer frames and hopefully seeing my account grow once again

[Trader01]

Originally Posted by ampris2000

i don't understand why people say a small account can't trade longer time frames. my account started small and is growing each week and that's all i use are the longer time frames.

i am guessing you're putting more on the pip value than you should...???

Though I'm at 50 leverage, i use a 50 pip stop loss. if the stop loss is hit (which rarely happens) it will equal 2% of my account balance. This will be followed whether my account is $20.00 or $100,000.

I suck big time at intraday trading, but the 4 hour,daily,weekly,monthly i am able to do rather well.

"You're not paid for your methods, you're paid for your results." -quote from richard marcinko

Rocky, 50 leverage? I'm assuming you mean 50:1.

[Trader01]

Originally Posted by Trader01

Yeah, I played it!

Now go back and check out the move that started @ 03:15 on Eur/Usd @ the intraday 1.1642 low on 15-min. chart.

Then follow the move from 09:15 as it rocketed upward.

Then check out the magnificent trendline with at least 6 contact, confirming points.

Add a Macd, including the histogram; then sit back and revel in the magic.

I think we have one more push up toward the general 1.1770 area. If she gets down to the 200-period moving average on 15-min., that could generate the final rocketblast up to the 1770 area.

Then down to retest the 1600 area once again.

No dice @ the 200-pd; instead a quick return to the 1600s.

Bye.

[tstmarkt]

Hello all, the market is moving nice right now from 1.1667 and just jumped to 1.1736 and still going !!!

[barnii]

Originally Posted by ampris2000

i don't understand why people say a small account can't trade longer time frames. my account started small and is growing each week and that's all i use are the longer time frames.

I dont say it is impossible, i also spend much more time now by staring into 3 Hr and 1 day timeframe graph for possible intraday inputs. I just say that each trader should also trade some time intraday, because you can test your system and psychology more quickly on intraday base. Possible move to bigger trade timeframe is good when you exactly know what to do and how. And you can trade more by fundamentals also. But i know that when i start trading and let trade run by days it grow nice, but after few big corrections it was back in red after 3 months. Then i moved to intraday and found that this ride has much more speed of my education and also more adrenaline in my blood. Of course each one must find best conditions for himself, and thats all i want to say. Each true is true for some people or in some conditions, but for other it may by just wasting a time.

[rockinride]

I think one of the most useful pieces of information I have read in these forums is the advice from nonpiker. He is at least saying the truth. This pursuit by "experts" for 10-50 pips per day on smaller time frames shows a lack of real experience.

Most of the people either claiming to achieve or intending to achieve this fantasy are new members on this forum. A forum that anyone researching forex would have surely found years ago if they actually had any experience. Most of these "profitable" posters are only a few months old if even that.

Piker's advice is correct, leverage is the essential ingredient. Position trading is the also the only way to go. It renders the negative expectation caused by low capital and the effect of the spread on smaller pip ranges to an insignifacant level. So trade a mini over long time frames and enjoy the hobby if you choose. But to jump in with 10K and expect to get rich by trading at $10 per pip or so is dreaming. You should only be risking 100 bucks a trade at that level and that is just not adequate. Even if you get lucky at that level you will eventually be swept to a bust of your account by excessive exposure.

Many systems will work when you slow price movement down to a monthly, weekly, or daily time frame. It is like trying to shoot a slow moving elaphant in an open plane with a cannon as opposed to swatting a mosquito in a tornado. You would be amazed how well a simple average cross or MACD with Support and resistance level breaks can work when looking at things on a monthly level. Catch is of course, you would need massive amounts of money to play at these levels. This defeats the allure of the forex, because that kind of money trusted to a forex brokerage would be better spent devolping legit businesses or real estate in my opinion.

Forex requires so much capital to get on top of the situation and climb above the crooked price sweeping, that it should scare you to death to trust any brokerages out there with it. You almost need to be wealthy to trade it, and trade it through reputable banks, not these online casinos er I mean retail forex brokerages.

[benfaid]

Originally Posted by Trader01

Then add this further exotic simplicity, but awesome in power, to your toolkit:

Originally Posted by Trader01

#1: On any timeframe, as the trend progresses, draw additional trendlines to follow the increased slope of Price -- quite often there will be 3 or 4, or more of these lines for steep sub-trends. Try this out for a few weeks and revel in the magic.

#2: Eur/Usd (or any other pair) ..... get a chart with data back to 1980 or thereabouts. Pick out the congestions and try to gauge the "center of gravity" aka the axis of these beasts -- eyeballing them is adequate; keep it simple -- no fancy calculations required. Mark these lines prominently on your weekly/monthly and daily charts.

The next time the market arrives in the vicinity, watch for the elasticity to "fire" -- you will know it when you see it; it is unmistakeable; it is much akin to a woman giving you that "look" -- you know she's going to "fire"

Dexterity with just these two basic, sublime skills will bring you a hefty return monthly.

Make it your business to master them to the extent of your skill becoming ART.

You'll be singing a different tune in 6 months!

Hi Trader01
Thank you for the valuable information you have provided to this thread. Can you explain with the aid of charts those two simple (yet effective) strategies!
Thank you

[bnight]

It`s Not so hard to make tradeing for a living form FX . All you have to do is to have profitable system that you can trade and a proprier MM that make you secure. If you trade 1% of your acc on every trade the market has to go 100 figurs back of your position to loss your acc. Is it posible to get out after 100 figurs move ? You have a lot of space in your acc. If you trade vith 2% of your acc 50 - figurs. If you trade vith 50% of your acc only 2 figurs and you are shut down. My point is that with proprier MM every acc can grow if your risk/rewerd ratio is 1:1 and you win in 60% of a time.