Hello Guys and Girls
I feel that I can ease your pain a lot, and transfer you in to a money making machine you are dreaming so hard about.
Why would I do this?
Just because I am profitable and have been so for several years now that has not always been the case! And I honestly feel the pain just by talking about it.
Lets get started:
The forex market is a very good place to be if you can't find enough liquidity in the stock market cause this market is 5-6x bigger than all the bourses combined.
Now, you have stepped in to a market with no real value, this is truly a negative sum game!
This is the biggest problem, if you want to make money over time you should look at the daily chart and larger pip reward to reduce the transaction cost. You should also look for a trend and you should compare this to not only eurusd but at least 6-7 different crosses. You should only pick one cross at the time!
This is very important cause there is time to be in eurusd (or any other cross) and not, believe me, if you are in eurusd all the time you will loose.
Now, your exit strategy are---> none.
You should start with picking 1 day in the week or month for what is the best buying opportunity.
If you back-test you're buying strategy you will probably see that it has a success rate of 60-70% and you're exit strategy have probably the same.. This results in your success rate together will only be 36-49% not including transaction costs (meaning you can't win (yes 2-3% can make strategy's that work) and you can't make a suitable exit strategy!!!).
That is the solution!
And if you make 20-50% in a year that is very good! you are then trading like a professional and this is boring but at least you are making money!!
and the worst thing is that you will probably not learn from this post :-/ I warned you!
PS stock market is 10-100x easier than forex!!
I feel that I can ease your pain a lot, and transfer you in to a money making machine you are dreaming so hard about.
Why would I do this?
Just because I am profitable and have been so for several years now that has not always been the case! And I honestly feel the pain just by talking about it.
Lets get started:
The forex market is a very good place to be if you can't find enough liquidity in the stock market cause this market is 5-6x bigger than all the bourses combined.
Now, you have stepped in to a market with no real value, this is truly a negative sum game!
This is the biggest problem, if you want to make money over time you should look at the daily chart and larger pip reward to reduce the transaction cost. You should also look for a trend and you should compare this to not only eurusd but at least 6-7 different crosses. You should only pick one cross at the time!
This is very important cause there is time to be in eurusd (or any other cross) and not, believe me, if you are in eurusd all the time you will loose.
Now, your exit strategy are---> none.
You should start with picking 1 day in the week or month for what is the best buying opportunity.
If you back-test you're buying strategy you will probably see that it has a success rate of 60-70% and you're exit strategy have probably the same.. This results in your success rate together will only be 36-49% not including transaction costs (meaning you can't win (yes 2-3% can make strategy's that work) and you can't make a suitable exit strategy!!!).
That is the solution!
And if you make 20-50% in a year that is very good! you are then trading like a professional and this is boring but at least you are making money!!
and the worst thing is that you will probably not learn from this post :-/ I warned you!
PS stock market is 10-100x easier than forex!!