If so, please post your indicators and set ups so we can all test and see who's got the best system and who is actually making money from using indicators and strategies from this site, or any other source.
What's the best pair to trade and at what time?
I have tested many systems here, I haven't found one that will make you money to get rich, if any money at all, all seem to fail within first month, please prove me wrong!
Get ready to duck
I hope Fred is joking. Suppose someone has an EA that makes a decent 5% a month. Why would that person post that EA here? If he/she lacks the capital, he/she can use it to start up a managed fund and make some decent money.
Is it some kind of competition that the developers of successful EAs need to post their indicators and EAs here for others to test it?
would anyone share his winning system for free I don't think so, there will be a lot saying they will but what they actually after is people to run tests for them to check thier settings.
my 2 cent :
I am more of a techinical traders, sometimes I use EAs but only after I set the EA to sell only or buy only for that day or week then after I got what I want I stop the EA and look for another chance.
Atleast it would take 3 to 4 years to start making money in FOREX..till then its all learning..what you making now is just what you will loose in the coming days..so don't give to much to winning or loosing..its not the aim..our aim right now should be to learn FOREX
So far it looks like no then, (thought so) thanks so far for your honesty everyone, keep it up.
I have tested many systems here, I haven't found one that will make you money to get rich, if any money at all, all seem to fail within first month
There are so many people sharing their recommendation and strategies in this site and other forex forum sites. The game plan is to stick to one that you feel comfortable with and paper trade it for more then a month.
The pitfall of often changing strategy is that you never will own it and make it your own. I know it's a cliche saying around here but it's true. How does a strategy proves itself? well some thread that explains how to trade it have been around for more then year. Just check the dates of the first post.
"What's the best pair to trade and at what time?"
That is a weird question. I don't really quite understand what you are trying to get from us by answering that. Usually, experience trader will tell you to pick only 1 of the majors and study it's personality. After understanding the nuances of it's different facets, you'll get comfortable with it. It really depends on your style of trading. And how can you find your trading style? well Balista says it well....it takes time...you actually never stop learning in this trade.
I make money on forex, but note :
I dont make money only because I have a good system.... which covers the 30% of the whole work to earn money in this market...
What you have to understand is something else to make money, and this is :
- your money management (I know you heard many times...but thats necessary..)
- your attitude to ACCEPT you were wrong and let your stop loss to be hit without moving it...
- the CAPACITY to follow your system without thinking of exceptions for every trade ...
- dont be afraid of loosing money..
- dont take trading too serious...otherwise you get sick. trading is like any other business.. if you open an account of 5000$ and loose it...dont worry...think that any other kind of business would have costed you much more...
- dont look too many things, like incredible analysis, 1.000.000 of indicatators, reasons, etc etc..keep it 'quite' simple
- KEEP IN MIND THAT TO MAKE LOTS OF MONEY QUICK, YOU MUST ALSO RISK LOTS OF MONEY AND COULD LOOSE IT QUICK (90% POSSIBLE)..SO DO IT SPET BY STEP... TRADING EXISTS NOT TO GIVE MONEY TO YOU..ITS A GAME TO 'TAKE AWAY' MONEY FROM YOU...AND GUESS WHO IS ON THE OTHER SITE OF THE TABLE ? - and other few things...
hope it helps, to let you understand that there is NO MAGIC SYSTEM...
I have not been able to do it consistently with any automated trading ea or indicator system. I feel it has to be based on price action. Such as the stuff Joe Ross teaches. That has been the only successful way I have found so far. But of course like everyone else I look at every new system posted here and at other boards.
Oh sure I will give it all to you for free.
Would you also like some tea and cupcakes along at bedside? Or even better, how about I trade your account and simply send you all the profit via check in the mail so you can make money sitting on your fat ass in front of the tv shoving doughnuts down your piehole all day?
For everyone that wins there has to be one or more that lose. Money is a ZERO sum gain. So if you are making money, somebody else has to lose money to do it. So, I would have to say that, yes, there are those making money, but they are probably keeping a low profile and keeping trades secrets which is what I would do if I had a good system.
Nobody is going to "give" you a profitable system. Best thing to do is through trial and error to design your own system and that will be the best thing.