here is what I suggest
1- try to understand the market and how traders react to it , that you can do by watching free videos about trading that are spread all over the web and by reading the reaction of the traders to the price movement and there are lots of posts in FF about the main pairs
2- Test as many trading methods as you can, understand the indicators and the math behind them.
3- Apply what works for you not what works for others
4- cut your trades into half, follow the price and risk what you can lose
5- always start with a small mini account , fund it only ONCE , trade that account as if its the last few dollars you have, don't hesitate and when you take a trade, its live or die so take your shot, and don't look on the web for what others have done just give your trade the time to grow
6- always think of the exit before your entry , so try not to swim against the current and keep your stops in your head , don't trail your SL only trail you profit
7- if you are still learning , then learn how to trade and read the chart before you learn how to scalp
I hope this will help you and I hope you will find a good trader to learn form , there are many good traders in US .... find someone and see how he traders " some videos also on youtube"
best of luck
You can start at Forex Trading: Online Currency Trading in the Foreign Exchange Market also lots of free info on my site at my sig
Thank you! I really appreciate that you took the time to respond to my thread! I will try what both of you have suggested. It is really nice to have this support as well.
I have another suggestion. Trade only with EA. They have no emotions and they allow you to check your strategy.
After two years of manual trading, I use this method with profit.
Please advise me: I can't seem to make a profitable EA (newbie)
I come from computer engineering background. I develop softwares for a living.
I opened a live micro account with FXCM in january 2009 after I studied trading for 5 months and made some profits in the demo account. I have studied, i think, almost everything there is no know about trading. (correct me if i'm wrong)
Unfortunately, I emptied my account with $100 twice. My main problem is that I lack emotional control and self-discipline.
I got frustrated with manual trading and decided to go for autotrading with MT4.
I have written some expert advisors. But all of them fail in the backtest from 2004 to 2009. My best EA can only break even (profits = losses). I tried tuning all the parameters but to no avail.
My best EA basically trades at EMA crossovers on H1 chart. I filter the crossover signals with a bunch of other indicators such as ADX, RSI and MACD. I set lot sizes with fixed leverage which is 5.
Is it possible to make a profitable EA by using lagging indicators only?
What i mean by profitable is just a mortal EA with gross profit at least slightly higher than gross loss over time. Is it possible? Please give me some ideas. I don't wish for an invincible holy grail type of EA though. I'm aware there is no holy grail.
Please advise me.
hi, you claim that you know programming ?
So look, I will explain you a very simple thing : Programming en EA is NOT Programming a System of trading.
A system of trading take time, and need a lot of experience.
So just do this, look for the best and more contributed system of trading in Forex TSD, they are very very simple ones; then try to make simple EA from them. If you meet some unsuccess you can still ask contribution and idea to the people who are also using the system.
Newbie ? ya ok. But don't make the mistake of trying creating something which already exist !!!
I am a forex trader that has not managed to see success yet. I do believe that it will happen with time, but I need to make that time start sooner rather then later. In other words I need to make a living out of this starting yesterday, and all I have done is lost. I am asking for some serious assistance, maybe even taking me under their wing. I live in Aventura, FL. Maybe it would be easier for a local trader.
Thank you in advance,
look when I start, it was exactly like you. I am coming over the net looking for help and I was receiving a lot of very very good advices from experienced traders.
Actually, it was too many thing to process for a newbie minds. So I start following all these advice, looking over the net and...it takes me 3 years.
Today I am happy because I know programming, I know trading, I see profit, the forex community is big and they exist a lot of good trading system over here.
I am very thanks full to all help me to reach here (particully from this forum);
But if I had someone at the time who could truely help me, certainly that I could save time, money and learn more.
So, look, if you really want trading, and you still need someone to help you directly time to time; just PM me.
90% of the traders loses...do you the number of traders in the world?...the answers is so easy,try not to be a part of 90%...LEARN N LEARN
I've personally never tested an EA written around EMAs that works a damn.
I trade live with an EA I wrote that only uses two indicators: Williams %R and moving average. I got the system from this forum. It trades the best out of all the EAs I have written or downloaded and tested, including two bought ones (one of which is FAPTurbo, which has yet to take a profit in two weeks of testing!) EAs don't have to be complex to trade well.
My advice is to study the charts first and also read the forums and look for simple systems that work. Then program the system using what you learn from studying the charts manually, not write software using the indicators and theory. There is a subtle difference.
I am slowly coming to the conclusion that the easy bit in EAs is the entry signals but the key to them is getting them to exit consistently at the right time. That's the hardest bit.
Try downloading and testing others. There are a number of fora out there that have free EAs in them.
Play it While U Trade...
Start Listening Here to NOT Fail....