This is the holy grail!!!

[Chris Grace]

We all know that does not exist but now that I have you attention, I wanted to create a thread for members to post how they finally became profitable in forex trading.

Knowing that no one that has a winning strategy would ever share their secret, I am just looking for you to share just a basic strategy without compromising what took you years to develop!

For example do you:
>only trade one pair?
>use no indicators?
>use many indicators?
>only trade on pure price action?
>look for chart patterns?
>have a favorite time frame?

Also, who or what has been your greatest mentor or influence?

I have been trading for a couple years now and I desperately want to become profitable I appreciate any feedback!

-thread from FXStreet

[jclsfx]

I agree there is no holy grail but here is how I make money.

>only trade one pair?
I trade 6 pairs. The three highest interest paying pairs when long and the three highest interest paying pairs when short (only in the direction of the payout).

>use no indicators?
I can trade w/ price alone but use the help of indicators always.

>use many indicators?
I love indicators and I use two; the Custom Macd & True Trend (both I have customized).

>only trade on pure price action?
Indicators always price into the charts price action.

>look for chart patterns?
No, indicator readings.

>have a favorite time frame?
The daily (D1) is the best for trading Forex.

My greatest influence has always been my desire to become a successful trader, that is why I have always enjoyed the Market Wizards books that get into the attributes of traders and their desire.

I trade the Anomaly method myself. Here is today's current positions:


It's a beautiful feeling to be up over +400 pips on a pair, trust me you will enjoy it.

spam spam spam spam


My best,
Jordan

[ampris2000]

>only trade one pair?
i trade among 8 pairs. the reason being is one pair may move only 10 pips while another may move 100 pips. what if you only traded on the 10 pip pair. by splitting up my trades among 8, i still get pretty good gains. sometimes i may look at 17 pairs overall (cuz of low spreads). To me, a trend is a trend, there isn't anything magical about one pair over another EXCEPT aud/usd, nzd/usd, eur/gbp.... their pip values are double.

>use no indicators?
i use indicators. i can also trade w/o indicators.
>use many indicators?
i use three for my strategy. i will look at macd for divergences. i'm studying another indicator to use in range bound markets.
>only trade on pure price action?
no
>look for chart patterns?
i recognize them, but only pay attention to triangles since they are easier for me to place limit orders decently for a good, easy trade as well as predict when a breakout may occur.

>have a favorite time frame?
any time frame that's giving me a trading signal. from the tick chart to the monthly and all in between.

[MadisonFX]

Originally Posted by Chris Grace

We all know that does not exist but now that I have you attention, I wanted to create a thread for members to post how they finally became profitable in forex trading.

Knowing that no one that has a winning strategy would ever share their secret, I am just looking for you to share just a basic strategy without compromising what took you years to develop!

For example do you:
>only trade one pair?
>use no indicators?
>use many indicators?
NO
>only trade on pure price action?
>look for chart patterns?
>have a favorite time frame?

Also, who or what has been your greatest mentor or influence?

I have been trading for a couple years now and I desperately want to become profitable I appreciate any feedback!

-thread from FXStreet

My advice:

1) If you HAVE to trade to support yourself stop now. From my experience the best traders are the ones who do not NEED to trade to support their life styles. If you trade when you are desperate you are bound for failure.

2) If you are trading for a living make sure your capital in the account is sufficient enough to target realistic gains. For example, if you plan to turn $10K into $1M in 3 months, I think you are better off playing the lottery.

3) Discover what trading hours suite your lifestyle. Do not attempt to trade 24 hours a day with out either computer assisted trading or a trading partner.

4) The most important thing in my eyes is remembering and beleiving that losing is part of the formula to sucess. Every succussful trader is able and gladly accepts losses. When you are going through a bad stretch you need to have confidence in your strategy and remeber that in the long run you will be ok.

Well...its bed time for me now...I hope this helps...

MadisonFX

[stockbroker]

>only trade one pair?
No, I trade many.
>use no indicators?
No, I do only TA
>use many indicators?
I use 4 if you include moving average
>only trade on pure price action?
I trade the indicators
>look for chart patterns?
Not so much patterns but trends. I dont do the head and shoulders kind of reading the charts.
>have a favorite time frame?
I like daily charts the best. Trends are most defined yet volitile on these charts.

[Dr. Zogg]

There is a grail, but it has nothing to do with market prediction, which of course is what everybody tries to do.

You can trade random and make money. in fact, that's a very good idea. Try to make it work and you'll learn all the lessons you need to, to make this work.

[MickMason]

Originally Posted by Dr. Zogg

There is a grail, but it has nothing to do with market prediction, which of course is what everybody tries to do.

You can trade random and make money. in fact, that's a very good idea. Try to make it work and you'll learn all the lessons you need to, to make this work.

So if it's nothing to do with prediction tell everyone what the grail really is, don't be shy, be helpful

[TRADE]

its about having an exit strategy which is 80% accurate!!!!!!