How You Make Money Trading Forex

[keegan99k9]

In my desperate search for the winning wisdom in forex trading, I have spent fortunes in acquisition of knowledge from many experts on the trade, I have paid hundreds of dollars to purchase so many information, my library is loaded with brain of forex traders in black and white, some are very informative and helpful and few are so irrelevant, after several months of research and demo trading in various platforms I graduated from a novice to an upgraded forex trader and today I can say I have climbed up the ladder of forex trading faster than I thought I would, making good money and having lost some that has made me better forex trading coach and entrepreneur today. My greatest joy in online business is my ability to be able to help others mine the Internet wealth without stress.
To become a profitable and reliable forex resource expert and trader it’s very expensive and very costly. Most resource books and e-books on this trade are not too easy to come by. Please tell how can learn the forex trading that can make me rich.?

[Steve Griffiths]

Hi,

First I would suggest you downgrade your expectations, wanting to "get rich" quickly with little effort is not the correct attitude. I would suggest you focus on keeping your losses small and profits large, that will set you on the correct road to start trading profitably. But this road is not easy, it takes time, effort and discipline.

To help I would suggest signing up for my free report at: http://www.mtpredictor.com/pricing/Examples.html

Then when you are ready, give our sales Guys a call to see how we can help you.

Steve

[mattijschris]

Dear Steve,

I have been trying to papertrade with MTP eod. But I end up with a negative expectancy. Can you help me out?
I papertraded forex for the first 10 month of 2006. I only did the setups with the standard restrictions on.
I will enclose an Excel sheet of the trades.
I use Genesis EOD data.

Mattijs Christiaanse
mattijschris@yahoo.com

[davis9786]

It depends on what you want to learn like currency trading Forex trendline analysis or Forex technical trading. There are many online services provide free training on these. To name a few forexboost, babypips, tradingmarkets and others. It would be better if you select the best.
All the best.

[keegan99k9]

Thanks for the information. I found very useful information in the e-book “Trading Machine” by Avi Frister. Very informative and I think best for the beginners.
Thanks again.

[Tony Beckwith]

Mattijs

Thanks for your questions on forex trading using MTPredictor End-of-Day.

I have quickly checked your trade list and have these observations, particulalry on your EURJPY:

1. You have missed numerous trades, many of which are highly profitable
eg. 28/2/06 EURJPY TS3 Buy. +4.0x profit, on standard trade management guidelines (and GBPJPY TS3 Buy same day...)
also 17/5/06 EURJPY TS3 Buy. +2.2x profit, with std management again.

2. Some of your trades should be break-even - not a loss - because price reached 100% risk and your protective stop should then be moved to break-even.

3. In a relatively small universe such as forex, you can get additional profitable opportunities by scanning also for Advanced ABC set-ups (TS4s) eg. again early on in EURJPY, 13/1/06, +1.1x profit (it all helps).

4. No need to use the STF for forex, it's really for stock trading where 'whole market movement' can happen.

EURJPY trades during your period total +8.6R profit.

I hope this shows we care about how you guys trade and will always help as much as we can?

Thanks

Tony.

[ericd2281]

The one item I noticed is that there were 24 trades in the sample, which is a small sample.

As a general statement, the more data points you have in a sample, the more representative your statistics will be of actual results.

Hope that helps :)

[jswin]

Mattijs

Thanks for your questions on forex trading using MTPredictor End-of-Day.

I have quickly checked your trade list and have these observations, particulalry on your EURJPY:

1. You have missed numerous trades, many of which are highly profitable
eg. 28/2/06 EURJPY TS3 Buy. +4.0x profit, on standard trade management guidelines (and GBPJPY TS3 Buy same day...)
also 17/5/06 EURJPY TS3 Buy. +2.2x profit, with std management again.

2. Some of your trades should be break-even - not a loss - because price reached 100% risk and your protective stop should then be moved to break-even.

3. In a relatively small universe such as forex, you can get additional profitable opportunities by scanning also for Advanced ABC set-ups (TS4s) eg. again early on in EURJPY, 13/1/06, +1.1x profit (it all helps).

4. No need to use the STF for forex, it's really for stock trading where 'whole market movement' can happen.

EURJPY trades during your period total +8.6R profit.

I hope this shows we care about how you guys trade and will always help as much as we can?

Thanks

Tony.

Hi Tony, you mention that the STF is not necessary for Forex trading as, unlike the stock market, you are not concerned about whole market movement. But wouldn't you still use the STF on individual pairs like you would on individual stocks to determine trend on a micro level?

[Tony Beckwith]

Hi jswin

You can do (for the weekly trend of the forex pair), however I think there are better results if you don't with forex. It isn't cast in stone, this one, and is very much a case of personal preference/comfort zone!

Thanks

Tony.

[mattijschris]

Hi Tony,

Thanks for the replys and feedback.
I will check on it and see how I can improve my results and why I missed some good trades.
Indeed it shows that you care about us, thanks.

Hi Eric,

Thank you too.
I got dissappointed and didn't want to go on to test the rest of the year.

Mattijs