How I trade forex and make a profit.

Discussion in 'Trading Journals' started by traderallen, Jun 29, 2014.

  1. traderallen

    traderallen Trader

    4
    1
    17
    Hello everyone my name is Allen, I've been trading in the stock market for 11 years and a few years ago got interested in the Forex market. And since then it has become a passion for me as is something I really enjoy. It has taken some time to create a methodology for trading the currency markets which fit my personality. Since I enjoy trading so much I talk about it all day so I'm always looking to find other traders interested in trading a similar methodology that I use. Please understand I am not selling anything nor looking to be a mentor. I'm just looking to be able to share my thoughts and ideas about trading since the more I talk about the method I use the more it reinforces my trading rules to myself. Some of you may know me from other forums. For those either don't please feel free to ask any questions you have. I will say this any negative comments will be completely ignored and will not be responded to. As I find it too much of a distraction and quite frankly not worth it. I do ask that if you are really interested in learning how I trade Forex and make a profit month over month that you go visit my website where I journal everything. wallstreet2easystreet.com This is only because I get asked a lot of the same questions over and over so I've tried to answer many of them. This by no means as necessary but it might help you in understanding how I trade. Please feel free to ask any questions you have. My goal of this forum is to share my knowledge with those aspiring traders to help them along their way is my payback to those help me. I am by no means a professional trader. However I do quite well in the Forex market and hope to improve my own trading as time goes on. I will also post some links to videos that I make in my spare time I hope you enjoy the videos as it helps to put a face to the person you're talking to. You will see from the videos that I'm no professional videomaker but I try to make them well enough to get the point across. Good trading to all, Allen
     
    artfor likes this.
  2. GoldGuru

    GoldGuru Trader

    33
    0
    22
    One way would be to not trade.. just follow a proven signal through MQL5 or something like that..

     
  3. fxapex

    fxapex Active Trader

    258
    6
    29
    There is no any straight forward answer to this , there are so many factors that effect a trade and its very difficult to pin point any one that will fetch you profit.
     
    artfor likes this.
  4. davee

    davee Newbie

    1
    1
    1
    Hi everyone

    In the forex market, you buy or sell currencies.

    Placing a trade in the foreign exchange market is simple, the mechanics of a trade are very similar to those found in other markets , so if you have any experience in trading.The object of forex trading is to exchange one currency for another in the expectation that the price will change, so that the currency you bought will increase in value compared to the one you sold.

    You need to follow some basic plans to build a winning Trading Plan.

    1. Take the Time to Find a Reputable Broker :
    Due to concerns about the safety of deposits and the overall integrity of a broker, forex traders should only open an account with a firm that is a member of the National Futures Association
    2. Use a Practice Account
    3. Keep Charts Clean
    4. Protect Your Trading Account
    5. Start Small When Going Live
    6. Use Reasonable Leverage
    7. Treat Trading As a Business


    When approached as a business, forex trading can be profitable and rewarding.
    So these are the key points that one should understand .
    I have a list of links which can be beneficial for you:

    http://www.investopedia.com/articles/trading/05/scalping.asp
    [URL Removed]
    From thses links you can get to learn better.

    [​IMG]
     
    Last edited by a moderator: Mar 4, 2016
    artfor likes this.
  5. Ally

    Ally Newbie

    23
    0
    2
    To explain Forex trading in simple terms, it is an art of performing on the basis of powerful information. The trading performance depends upon right balance of psychology and technical analysis. Yes! It is true that most of the traders spend more than 85% of time trying to find their technical solution or to find the best trading technology rather than working on their psychology. If you get to know that your brain gets more 2000 billion bits of information per second but your brain only process 0.002 bits of it. When you understand and agree to this concept then only you would see that there’s no right or wrong.

    Apart from technical and psychology, it is important that you learn risk management, prepare a well understood strategy and make a reliable plan for making money in Forex. Discipline, proper system, money management and reliable platform are some of the factors that help you become a successful trader in long run.
     
  6. myfxpt

    myfxpt Master Trader

    349
    46
    74
    In order of importance: Money Management first, tactical trading method next. Get these two elements working together in sync, and psychology takes care of itself.
     
  7. artfor

    artfor Trader

    14
    1
    8
    Hi, Allen! You and I have a lot in common, so I wish you good luck, I'll follow up on this thread!
     
  8. gilsaints88forex

    gilsaints88forex Trader

    8
    0
    11
    Thanks for your posts, I am just a noob but I see your posts and which I can do similar things soon. Can you help me with this trade of mine that I lost? I want your insight on what I did wrong below and how I can do better for a trade like below.
     

    Attached Files:

Share This Page