What's the best way to be profitable in forex?

[virmon]

Like the title says, what are the best indicators or any other type of analysis that can make you profitable, is for example dailyfx.com profitable? Can you follow their signals or trade from their techincal analysis successfully?

[Enivid]

I think that the way to be profitable depends on the trader and no one can be 100% sure that his way will always work. So, there isn't some holy grail that would fit all traders at any time.

[ganndos]

Just find 2 things:
- Better Risk and Reward
- Better Win Loss Rasio

[andy003]

look there is no such way to be profitable in forex. you can predict but you can't verdict. everything which happens in forex depends on demand and supply. currencies fluctuations happens due to the economic condition of the country. To have the better opportunity to earn return in forex you must know how to predict the market with the help of indicators.

[Sinnerman]

Originally Posted by ganndos

Just find 2 things:
- Better Risk and Reward
- Better Win Loss Rasio

What about trade frequency? You can have a great win:loss ratio and a great reward:risk ratio, but if your system only produces one signal every decade, then you won't be making much money. Trade frequency is often overlooked, and it is just as important as the two you mentioned.

[Sinnerman]

Originally Posted by andy003

look there is no such way to be profitable in forex. you can predict but you can't verdict. everything which happens in forex depends on demand and supply. currencies fluctuations happens due to the economic condition of the country. To have the better opportunity to earn return in forex you must know how to predict the market with the help of indicators.

No you can't predict the market, unless you are either psychic or have contacts in the Federal Reserve (or both).

What you can do is calculate a probability that the market will get to point A before it gets to point B. Then you can place a trade with take profit target A and stop loss B, provided that the probability and distance to A are high enough to justify your loss in case things go to B first. What you are looking for is something non-random in a highly random market (though not completely random) - an inefficiency that you can take advantage of.

I love it when traders tell me they have a system, but that it's so bad it fails all the time... I just can't believe their blindness. A system that fails ALL THE TIME is a GREAT system. All you have to do is invert it, so when it says buy, you sell, and when it says sell, you buy, and you've got a winner.

The trouble is not with systems that consistently fail. Anything that happens consistently in the market can be turned into profit. The problem is with systems that don't overcome the innate randomness of the market - ones that perform just well enough to keep you from losing consistently, but not well enough to make you win consistently. Those are the systems that one needs to run from.

[FXexpert]

Once you develop your own unique trading techniques or master some else's, your chances of success in the market increase greatly.

[Pinalli]

Often the best traders out there don't have this complex sophisticated trading strategies because they're often ineffective. The best thing you can do is get down to the basics of this business and keep it as simple as possible.

[JEAN]

Originally Posted by Pinalli

Often the best traders out there don't have this complex sophisticated trading strategies because they're often ineffective. The best thing you can do is get down to the basics of this business and keep it as simple as possible.

Think so too, if you start to put too many hands on your money it will get messy…
I just use my broker charts and news tools and that is it.

[ganndos]

Originally Posted by JEAN

Think so too, if you start to put too many hands on your money it will get messy…
I just use my broker charts and news tools and that is it.

Absolutely right...
All is about Resistensi and Support.. else is RR and WLR.
Understanding RS , take good RR and find the best WLR.
Evrything to be simple as it is.
Don't go too far , you will trapped by your own mind.