Consistently Profitable Trading. BUT HOW?

Jan 12, 2019
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#1
So I've witnessed a few people who do manage to make consistent gains in the Forex market day in and out.... it's mindblowing, and I'm not just saying this out of seeing short term success... I'm talking about people who have managed to do it day in and out all the time. One guy I've talked to online is a multi millionaire who says he has a hit rate of 90%, and I think it's true because whenever I ask him what trades he's taken he'll show me them. I also have a friend in person who is working towards being a fulltime trader... he plugged one of his old trading accounts into MYFXBOOK.... and it was a slow and consistently profitable gain of 500%....

So my point is, do I believe it's possible to be consistently profitable in the Forex Market... Yes, people are doing it.
Do I know how to do that? No.

Today I asked the millionaire dude, What trades did you take today? He responded with GN Buy, AU Buy and EU sell. Here's a screenshot he sent me.

So my question is... are any of you guys able to consistently and accurately extract profits from the market? and if anybody would care to help and guide me towards that I would appreciate it.

1547279768768.png
 

NVP

Well-known member
Jun 21, 2004
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west sussex, UK
fxcorrelator.com
#2
Hi Sharpi

and welcome to T2win .....can you let us know a little about your background and if you have used other Forums .....

will help the guys here to help you

PS - dont believe too much the hype on what other traders tell you .....anyone can fake results ...trust me

thanks

N
 
Jan 12, 2019
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#4
Hi Sharpi

and welcome to T2win .....can you let us know a little about your background and if you have used other Forums .....

will help the guys here to help you

PS - dont believe too much the hype on what other traders tell you .....anyone can fake results ...trust me

thanks

N
That's the thing though. Wasn't fake, my friend who got MYFXBOOK... I actually plugged his account in for him because he had no clue of how to even use myfxbook.... No fake results here.
 
Sep 29, 2016
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Hi, Sharpie. As you have already mentioned, it is certainly possible to become consistently profitable and in my case, I found that the best way to do this was by focussing on the fundamentals rather than the technicals. If you are looking to day trade FX, then I would say that you need to put up some money for a live squawk so that you can get information at the same time as institutions but if you are looking to swing trade, I would start of just by reading various currency related articles on websites like Bloomberg. The fundamental allow me to decide what currency I want to trade and in which direction I will trade it and then I will look at the technicals to determine my entry.

The second most important thing is risk management. Do not overuse leverage and do not aim for unrealistic returns. A good target on an account without leverage is around 2% a month. Of course, you won't hit this every month so do not go chasing it, but it is what you should be looking to average. Then with a bit of leverage, the targets increase proportionally, ie 2:1 leverage means you should be aiming to average 4%.

Two traders I would recommend you take a look at are Jarratt Davis and Chris Mathis. Both of them have tremendous experience in FX and provide some valuable content (free and paid).

For an idea of how I analyse the markets, feel free to take a look at my website where I post weekly previews and frequent analysis: www.londontradingcommunity.com
 
Likes: sharpiemomo
Aug 15, 2018
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#7
For sure, the ability to understand charts is very important for each trader, just as an ability to make own decisions based on fundamental information.
There are two directions of trading improvement:
1. Technical issues and strategy: chart understanding practice, generation of ideas, back testing (testing strategies on historical data with the help of special software like Tradingview or Forex Tester), creating own collection of chart patterns.
2. Psychological issues: formation of proper trading mindset, improvement of trading discipline.

These are two ways to become a consistently profitable traders.
By the way, try to focus not on the profit, but on progress. It is much more important.