Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

asiaforexmentor

How to Be Consistently Profitable in Forex Trading.

Recommended Posts

Forex Trading Strategies – How to be consistently profitable in forex trading

 

FOREX TRADING STRATEGIES

 

I always get the same questions from forex traders around the world:

“Ezekiel, I can’t seem to be consistently profitable in forex trading”

then they may follow on by “I know my forex trading strategy works.. but i just can’t get profits month after month..”

These are the questions that i get frequently. And this is my general answer to them.

I will usually ask them back:

“So, are you keeping track of your trades?”

You see, to be consistently profitable. You cannot forgo this important step.

That is TRACKING.

All successful businessman tracks their own and their company’s performance.

This also applies to successful forex traders.

You must have a proper and systematic way to track your trades and your success.

So that you can see if you are on the right track to success or if you are not even on the track..

Forex Trading Strategies – How to be consistently profitable in forex trading

 

Here are some simple ways to track your forex trades:

Firstly, you have to just focus on just 1 forex trading strategy at 1 time.

You cannot trade different forex trading strategies together at 1 time, at 1 account.

If you do that -

My question to you is:

How do you know which forex trading strategy is working for you? And which is not working?

Therefore, start trading 1 strategy at 1 time.

Be specific on the strategy and do not deviate or change random stuffs.

Eg. changing the way you enter, exit trades etc.

It has to be consistent all the way.

So run this strategy trades for 20 trades.

At the end of the test, what is your account status?

Are you profitable, breakeven or negative?

Then ask yourself, did you change anything along the way, among the different trades?

eg. the lot size is different, or you should not have entered a certain trade, but you entered anyway.

If there is a deviation – a change,

then you have to restart the entire test.

By using this method of tracking, you will be able to clearly see whether the forex trading strategy you are using is working for you.

Forex Trading Strategies – How to be consistently profitable in forex trading

 

Besides, i will recommend you to take screen shots of the trades you entered.

This way, you can review all the 20 trades you have entered once the test is completed.

And you can clearly see what are the mistakes you have made on some trades and what are the things you did right on certain forex trades.

This method will prevent you from repeating the same mistakes again.

Ezekiel Chew

Share this post


Link to post
Share on other sites

Yes thanks "Ezekiel"....is that really your name? if so, your family (obviously Asian converted to christianity long years ago and having to deal with the communists policy toward western religion, decided to move you to the west....) is that the short version...I think so..

 

As to the question of how to be consistently profitable in Forex...the first step is to NOT TRADE FOREX.....

 

Everybody with me so far....excellent...then you pick an excchange traded currency and learn that market....choose one of several simple systems (volatility, moving average, oscillators, price action, etc) and learn it top to bottom....

 

Step 2....backtest systems unitl you find one that fits your temperment, account size...and provides the kind of (realistic) performance you require.

 

Step 3....Find a decent broker and put your account together with the appropriate amount of capital. Find decent order execution software and learn to use it (NinjaTrader is one example).

 

Step 4....learn to recognize (and execute) your system's signals with discipline

 

Step 5....learn to manage risk

 

Step 6....start trading

 

Step 7....keep good records

 

Step 8 ....review your results every week, month, quarter and year and make the appropriate adjustments so that your system remains profitable

 

Step 9....send me a check for putting you on the right road so long ago..

 

Step 10...live happily ever after....like in the movies.

 

You're welcome

 

Edit....of course this is oversimplfied and somewhat tongue-in-cheek....it would actually work....if one were into "work", "dedication to reaching a goal", and other very important character issues....for those into successful scenarios....have at it.....one thing is certain...you have much better odds of succeeding using that scenario than you would have trading forex.

Edited by steve46

Share this post


Link to post
Share on other sites

Each trader want consistently profit in forex trading including me as well. I hope, your shared tips will help to go on this path. Even most of the experienced traders suggest "NOT TRADE FOREX".

 

Is it real first step?

Share this post


Link to post
Share on other sites

the hardest thing is to find something that really work,

something that wins more than it looses, something you can depend on,

I think thats the main reason most traders jumping from one system to another,

I know it because I do it my self,

I need to find something that works and I need to see it work,

then I will believe it and then I will never use anything else.

I promise!

Share this post


Link to post
Share on other sites

No one can constantly win the markets. You have to accept the fact that the losses will come along the way and you have to know how to learn from them. From my point of view, a trader has to have 65% of wining of 1:1.5 RR (Risk-Rewards: ratio between losses and wins). In order to get there, beside a good forex trading strategy, you need to have excellent money management skills, which I believe, is the most important element of successful trading. Good Luck!

Share this post


Link to post
Share on other sites

Getting profit consistently in forex is not an impossible thing. If we want to try, make effort, learn and make more practice, we can make it true. It's depends on our effort and hard work.

Share this post


Link to post
Share on other sites

good tips above. but if you want consistent profits- that's i always suggest is just aim small. you dont have to target 50-100 pips in each trade. 10-20 pips is just sufficient. but make sure not to overtrade. its not that hard to get 20 pips and you'll be amaze that you might get a lot more than you expected.

Share this post


Link to post
Share on other sites

if you want consistent profit then you will need to have consistent system to trade otherwise if you trade with a poor system then you will be able to make tons of losses and no profits

 

:haha:

Share this post


Link to post
Share on other sites

One way or another you'll have losses at the beginning. But once you learn how to close out emotions and think with a clear mind that's where the game begins. You need to find the most efficient and comfy tools to trade with and your sources that help you make decisions.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date: 29th March 2024. GBPUSD Analysis: The Pound Trades Higher But For How Long? The global Stocks Markets are closed due to Easter Friday (Good Friday). The NASDAQ continued to follow the sideways trend while other indices again rose. The SNP500 reaches an all-time high, but the NASDAQ remains under pressure from Tesla, Meta and Apple. The Euro continues to trade lower against all major currencies including the US Dollar, Euro and Japanese Yen. The British Pound is the best performing currency during this morning’s Asian session. However, investors are largely fixing their attention on this afternoon’s Core PCE Price Index. GBPUSD – The Pound Trades Higher but For How Long? The GBPUSD is slightly higher than the day’s open and is primary due to the Pound’s strong performance. At the moment, the British Pound is increasing in value against all major currencies. However, the US Dollar Index is also trading 0.10% higher and for this reason there is a slight conflict here. If investors wish to avoid this conflict, the EURUSD is a better option. This is because, the Euro depreciating against the whole currency market avoiding the “tug-of-war” scenario. The GBPUSD is trading slightly lower than the 2-month’s average price and is trading at 49.10 on the RSI. For this reason, the price of the exchange is at a “neutral” level and is signalling neither a buy nor a sell. The day’s price action and future signals are possibly likely to be triggered by this afternoon’s Core PCE Price Index. Analysts expect the Core PCE Price Index to read 0.3% which is slightly lower than the previous month but will result in the annual figure remaining at 2.85%. The PCE rate is different to the inflation rate and the Fed aims for a rate between 1.5% to 2.00%. Therefore, even if the annual rate remains at 2.85%, as analysts expect, it would be too high for the Fed. If the rate increases, even if only slightly, the US Dollar can again renew bullish momentum and the stock market can come under pressure. This includes the SNP500. Investors are focused on the publication of data on the UK’s gross domestic product (GDP) for the last quarter of 2023: the quarterly figures decreased by 0.3%, and 0.2% over the past 12-months. This confirms the state of a shallow recession and the need for stimulation. The data, combined with a cooling labor market and a steady decline in inflation, increase the likelihood that the Bank of England will soon begin interest rate cuts. In the latest meeting the Bank of England representatives did not see any members vote for a hike. USA500 – The SNP500 Rises to New Highs, But Cannot Hold Onto Gains! The price of the SNP500 rises to an all-time high, before correcting 0.33% and ending the day slightly lower than the open price. Nonetheless, the index performs better than the NASDAQ which came under pressure from Tesla, Meta and Apple which hold a higher weight compared to the SNP500. For the SNP500, these 3 stocks hold a weight of 9.25%, whereas the 3 stocks make up 14.63% of the NASDAQ. The SNP500 is also supported by ExxonMobil’s gains due to higher energy prices. The market will remain closed on Friday due to Easter. However, the market will reopen on Monday for the US and investors can expect high volatility. Investors will also need to take into consideration how the PCE Price Index and the changed value of the US Dollar is likely to affect the stock market next week. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • MT4 is good and will be good until their parent company keep updating the software, later mt4 users will have to switch to mt5.
    • $SOUN SoundHound AI stock at 5.91 support area , see https://stockconsultant.com/?SOUN
    • $ELEV Elevation Oncology stock bull flag breakout watch , see https://stockconsultant.com/?ELEV
    • $AVDX AvidXchange stock narrow range breakout watch above 13.32 , see https://stockconsultant.com/?AVDX
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.