I am writing here to help struggling traders who have been taught to look at the market incorrectly. I have 14years trading experience and for the first 9years of that I lost money, for the last 5years I have been able to make profits regularly. Trading is difficult but you can learn only if you know some truths and stop wasting time on wiggly lines on a chart. For me it was a gradual process, I do not claim that my strategy and trading methods are better than anyone elses- I will tell you some truths to help you on your journey.
First I would ask you to read another blog post I wrote as I do not want to repeat it again https://www.mql5.com/en/blogs/post/508679
You must ask your self the logical question- what moves the price in forex. Everyone knows that forex is an auction market and prices move based on buy and sell orders, the aggressiveness, location and quantity of these orders moves prices. But what creates these orders/ what determines what price a buy or sell order is at, what determines the demand or supply of a currency (or forex cross pair). I will tell you now you will save a lot of time, effort and money if you understand that it is fundamentals- Retail traders make up a very small amount of forex transactions and almost all use indicators and wrong technicals. The big players do not use indicators on a chart to determine their entry price into a currency, they base it on the fundamentals (mainly interest rate differentials and future changes of these), why? because speculative trading only affects the price of a currency short term, in the long term it is crossborder moneyflow/ investment flow/ hedging and so on.......
The big players trade the direction with high probabilty using fundamentals, they have to because big money can not scalp- they have to build a position and hold for months/ years. What they care about is value, whats the lowest price I can buy this at? whats the highest price I can sell this at? And they do not try to time the perfect entry, they manage risk by averaging in and using low leverage.
I also want to make my view clear on robots/ EA's- I do not think that robots can be profitable long term without constant tweaking or manual intervention, this is because robots function well when they are traded in accordance with the conditions they were coded with, when market conditions change robots lose a lot of money. Robots/ EA's can be used by a manual trader who uses robots to help manage risk or as an aid to help with entries/exits in accordance with the traders manual strategy and plan.
Concentrate on fundamentals, price and low leverage and you will go along way to profitability. I will add that forex is actually one of the easier markets to trade due to the nature of what really moves them long term(and I have traded stock/ indices/ commodities as well)
feel free to message me - I trade fulltime and usually logged onto mql5
