Somebody know a profitable interday forex system? I tested a lot of, but the most isn't profitable for a long time. 95% of traders lose money, 5% make it and less than 1% become rich at Forex. The broker not just make a profit out of spread. If you open a long position the broker will open a short becouse he know the most people lose your money and make a lot of profit on this method.
Sorry about my bad English
You might be the 5 percent, and what is your strategy ?
Sorry to be a bit harsh, but what in the world made your mind think you could just learn a simple strategy and make money in the worlds most efficient market?
To be a bit blunt: if you cant make money trading stocks, then you must be off the rocker insane to think you will manage to make money trading forex.
Making money on stocks is a cakewalk compared to making money in forex.
Im not saying it cant be done, but to be honst I think the failure rate is higher than 95% If I was to estimate it, I would think 98/99% is more like the reality.
Remeber even George Soros said he could not consitently pull money trading forex. He always ended up giving it all back.
Those who expect to find professionals giving free advice,training and strategies on some internet forum are likely to be dissapointed.If these so called professionals had made it in forex, they would be enjoying their rewards on some yacht and not wasting their time on message boards.Instead they are still looking for newbees to pay them for signals and training from pros.Fact is they have not made it and income from newbees is their only source of income
I listen to these training educators changing their system every few weeks and changing the instruments they trade every few days.One day they are in bonds,next S and P,then currencies,next day in oil and then into coffee and sugar.If they are successful why do they stop trading the instruments and change frequently
Of course there is a way to make consistently in forex and I found out which way by spending thousands of hours of my time on forex message boards by devising,testing and implementing over 50 strategies
good luck to those who can get to my levels
I agree with El Cid, i laugh at people who simply join a forum like this thinking that after a few mouse clicks they'll learn something that will make themm unlimited $$. I still believe the really successful traders are not to be found on any forum and are constantly refining their succesfull systems whilst putting in the hard work to adapt to the constant market rythm. With the exception of Aleccoh, i have not met a single forex trader trading as a fulltime professional and consistantly pulling pips outa the market. I've been there and failed, mixing all sorts of indicators with others in the hope that i'll find some unique combination (overlooked by millions) that will make me a trillionaire. I still have not got there, but listening to the likes of Aleccogh and the senior members of this forum just strengthens my resolve. I will get there but more 'school fees' are required together with a real understanding of what moves this market. OK, now for my next glass of wine...
Hi El Cid,
QUOTE:"Those who expect to find professionals giving free advice,training and strategies on some internet forum are likely to be dissapointed"..
You have given free advice and 2 strategies(Eurooily and gbpoily)that work,I know that they work because,first I already used the ACD method on which you based those strategies,and second,because I tested them(your modifications) and they worked fine..and you are a recognised professional,so,in some cases some profesionals can be found in Forums with "some" useful information...;)
In my opinion there are 3 problems for newbies to learn from a Forum,first that very few info on Forums has been reality tested,so it is very difficult for a newbie to separate useful from plainly dangerous.. second ,that even if you gave away the ATMsystem..95% of people will modify,tweak,change and adapt it until it becomes a surefire recipe for failure..and third,that people tend to believe the latest fad and do not employ their critical mind to obtain empirical evidence that supports/rejects the validity of a system
And,yes,you are right ,most(but not all) of what passes for professional mentors/websites are only commercials in disguise that do not trade at all anymore..and the unbelievable reply that some of these guys give to enquiries is that (by not trading,just "teaching") their risk/reward ratio is better...;)
Another very important point is these self professed professionals have inferior knowledge,skills and systems and newbees often pickup bad skills and training from these guys
1st off topic.
I generate a good living out of trading (and that for many years now)
I also teach people (newbies or more experienced people) every day 100% for free. I help them to speed up their learning process.
I teach how to become REAL TRADERS. Not some executers of some system then can be written in a few lines.
I do not prommise them that they can become rich in a few years. I even "prommise" them that trading is a tough business were they will have periods of not making any money even longer periods of losing money.
I give also now advanced webinars were I charge money for.
When one is asking money for this, it is not automaticly because he is not making money true trading.
I know that 95% of the people who ask money for teaching or learning or giving advice or so called profitable systems, don't make money themself true trading.
But there are still some people out there who do.
As I said before, if I would write a book about my experiences and my strategys does that mean that I have to give this book away for free ?...and if I ask money for it does that automaticly mean that I don't make money true trading ?....
2nd back to the topic.
There are plenty of strategys and methods here and on other forums that are profitable.
But it ALL depends what in your eyes is a profitable system or method...
Most people who ask this question are not only looking for a system that makes money but they have also some unrealistic expectations of a system.
-This system should make a daily profit or at least a weekly and if not absolutly a monthly profit.
-The system should produce a positieve hitrate that is higher then 50% (of course they say because flipping a coin would give me 50% hitrate) and with a stoploss that is smaller then their profit target.
-The system should not produce to many consecutive losses.
-The system should produce signals the moment that on descides to sit in front of his screen. So it doesn't matter in wich time zon they live the signals should prefarbly come when it suits the best hours in they particular time zone.
-The system should continiously produce not to many signals because one needs to be cappable of managing the positions that are taken and not to few because one doesn't want to get bored.
-The system should produce a total year profit that is many times bigger then the Maximum drawdown that one faced during that same year.
-The majority even has this expectation on a monthly base.
-The system should be cappable of tracing every important move that happens during the day and act accordingly in the correct direction.
-The system should be programmable in an EA so they don't need to watch their screens all day. So they can go out and sit in the sun and come back in the evening to collect the money.
If only 1 (one) of those points is on your list then you will not find such a system that is profitable over a longer period of time, not here nore anywhere else. Dispite what people will claim to you.
If non of those items is on your list you will find here severall systems and methods at your dispotial and that can work in your furder trading career.
Agree with you...it's so hard to find fx system that continuous give us profit with min drawdown but over all money management and reward ratio is the key for us when use such profitable fx system....
Forex Indicators Collection
It is not a matter of hard to find it is a matter of accepting that such a system does NOT exist.
To many people think if they search hard enough that they could find such a system that has most of the items that I mensioned.
Don't get me wrong. I do not say that there are no profitable systems. But EACH system that one trades over a longer period of time, will have periods that are bad, big drawdowns, a lot of consecutive losers, very low hitrate etc...
A system that has none of these elements is a Holy grail.
People then say to me, NO the system I'm looking for may have big drawdowns as long if it makes a nice profit at the end of the year. If I ask them how much is for you a big drawdown and how much is a nice profit, they answer me an overall profit of +/- 2000pips and a Maximum drawdown not more then 200pips If I try to explain then that this is a holy grail they don't understand me....
And I can tell you that a LOT of people think this way....so they keep on searching...
B-The system should produce signals the moment that on descides to sit in front of his screen. So it doesn't matter in wich time zon they live the signals should prefarbly come when it suits the best hours in they particular time zone.
I totally agree with you.
People very often don't find a succesful system because they are not able to cope with it for one of the reason you mentioned.
For instance how many people will be interested by a succesful trend following system (so having normally less than 50% positive trades) and trading once a week in average (so in average no more than 2 positive trades a month !). Not many,and even if many people would claim to be interested they will not follow it because it is too boring.
I think that is also the reason because martingale EAs are popular and many EAs sold on ebay are based on martingale: plenty of action, almost all trades are positive (at least the combination of the trades when averaging down). Almost perfect.. except that it wiped out the account from time to time...
But still people continue, they want action, not money.