Become a Profitable Forex Trader in 5 Easy Steps

Portfolio Backtesting Software. Optimization and Trading System validation. Monte Carlo simulation, Walk-Forward testing, Sophisticated charting and much more.

We have online brokers or Traders waiting to help with everything you need to accomplish at any time of the details please leave us a message on the following page: Would you leave it on with that size account? September 16, at 6: September 28, at

What Is the Closest Way to Become a Profitable Forex Trader?

In this Forex trading lesson, I am going to share with you three of my favorite price action trading strategies; pin bars, inside bars and gdfl.gq trading setups are simple yet very powerful, and if you learn to trade them with discipline and patience you will have a very potent Forex trading edge.

I heard of binary options. What do you think about that? Do you think I should start with binary options, or is it better? I am talking in general.

It is what I thought. Really thanks for your work. Hopefully, I will begin trading soon. However, here is the ebook you can download: Thanks again for your help. Hopefully, I will start trading soon. You follow each article from this page by clicking on the articles title link. You can download the e-book from here too: And sorry for posting the same message twice. I thought I had failed sending the first message.

Please do yourself a huge favor and do not open a live account yet. If you start with a live account without much experience, your dream may turn into a nightmare. That was before i discovered LuckScout. This is what Chris tells us again and again. It takes patience, but it can save you so much trouble. By the way, the ebook is a sort of summary of the articles here on the site. I still think it is better to learn by reading the articles use this article as a starting point and to use the book as a handy guide if you forgot something and want to look it up quickly.

Your site is not very famous among traders, but it is much better then most popular sites. So, according with your experience, do you think it is possibile to make 5 or 10 percent of the entire capital daily? If it so, how many positions do I have to take to reach this goal, without risking more than 5 percent of my capital in a day?

I just would like if you could help me to clear my confuse ideas. Indeed, it is not good to set a daily monetary or pip goal. We just wait for the too strong setups on the daily, weekly and monthly time frames. The profit is what the market has to give us. I thought it is what right to have a certain percentual to achieve daily. How can I know how many trades I need to do dayly?

And how can I recognize the strong setups? Start from here and advance step by step: Well, if you say so, I will. But, at least, can I know the best duration for a single trade, or it depens on the circumstations? You said, short timeframes are not good. How long do you usually leave your positions open? It depends on the conditions. It is impossible to say how many trade setups we will have every day or every month. Is there a minimum duration per single trade you can recommend?

We hold the positions till they either hit the stop loss or target. It is not clear to us how long it takes. This site is absolutely brilliant! I have never seen something so detailed and clear before. Hello LuckScout team, thanks a lot for this massive content of relevant information about trading. For me as a beginner the page is overwhelming. As I said it is a criticism but please it is only well meant!

I appreciate your work and if you may have time to consider it, it would make me happy. Sorry to hear that this page looks confusing to you. One way I can figure out is that you leave this page open and then right click on each of the articles titles from the beginning and open them on a new tab. You can highlight the titles, so that you know which one you have opened and read. Just please start from the beginning of this page.

There are certain words and phrases in each article, that are automatically turned into links. Take this article for example, in the first paragraph, those phrases are: I did not understand this at first and read a lot of them and like you, became overwhelmed because this site contains hundreds of articles.

And indeed there are some more numbered links in the linked articles. But if you look closely, most of them the links inside the links are also in one of the lists of this main article. The same goes for a lot of other links. No, we look for the individual trade setup that form on any of the daily, weekly or monthly time frames. You are an excellent mentor and very grounded person..

Not sure if you allow me to translation this great article into Chinese and some others maybe in the future? The copy right will be your for sure. You might have different concerns, such as the quality of the translation so it is understandable if you want to keep it in English version only.

I think it is better to have the articles in English. Any translation can hurt the real meaning of what I was trying to say. Am 2months old in trading am happy to have met Chris as my mentor.

After going through every link in https: Am using daily and Ihr times frames to follow the market. Thanks alot chris and all LuckScout contributors for such priceless information you offer for free. May the Lord bless you more. Am now at least confortable now with candlesticks and DBB strategy.

I owe YOU my successs because you have saved me and many others who were struggling to make it after blowing two live account and you increased my ambition to learn. I have done a powerpoint photo album from photos with motivational statements on trading I got from Wise Fx Traders Network.

I wanted to find out if I can share it here on LuckScout. Please contact us at https: Then you will be able to send your file. We will be more than happy to share it on LuckScout. In addition to this, you can open a topic on our forums and share your file from there too. What I am worried about is that whether those people allow us to share their photos on the site.

I think we have to ask for their permission before doing it. Thank you so much for your response. I amso happy to be back on your list. I was getting your daily Emails but could not make any comments. Well I tried emailing you to tell you, but I kept getting messages that the emails were undeliveraable to your addresses.

I bring this up because it might have happened to others. In addition to that, I would like to register for your new program which is coming up, and you discussed a few weeks ago. Thanks and glad to be back. I am almost ready to open a small live account. I realize that I need to stop pressing the button every time I find a so so trade setup. I need to trade like a predator and not be the prey…I need to be patient, control my emotions and wait for the too strong setups!

Profits will come if I do these things…!! The challenge for me is to not jump around and stay on task as I take each lesson step by step. This is really great that you have a background about and trading. You are several steps ahead of others. I suggest you to learn the strong and profitable candlestick patterns that I follow, and you are done.

I published an article about these patterns yesterday: So, there is only a few or few articles that you have to read to start trading. After that, please master these candlestick patterns through demo trading and make sure to repeat your success for six consecutive months at least.

Then you can start with a too small live account: I have always the same problem but Now I am trying to focus. Sometimes when I dont understand things I get so frustated but I dont let it be a permanent depression rather I study more. I traded for a long time. But Now i understand what is? So many great article here are enough for trader to be professional. Hi Chris, Thanks for all that you have done. I have been day-trading options and index futures for many many years but without much success.

Trading is a tough business. Thanks for showing us the right way. Abundance is indeed available to all who are ready to work and receive it. I will contribute as much as I can back to this wonderful community as I learn the 5 Steps all over again. Just a quick question: How do I determine what time in EST does a daily close as different broker uses different server time? I am currently on the CM server: As a first time visitor to your site, I find it very simple and informative. I will use as a source of information to develop my trading skill in the future.

Chris with your team. I hope I could be able to make my account grow slowly and steadily. I took a position at 1. I entered at 1. It was a 0. Can you please tell me how can I calculate my pips number? Thanks a lot, sir. Now the works is much easier for you. Just wait for the strong candlestick patterns and trade the long time frames: I felt funny that this site is so addictive. Not here on this site, but from the e-Book you guys provided us with. Much simpler and much easier to refer in case if I forgot something.

Am I missing something here? Peter adds the new articles and points to the e-book once in a while, and so the new version comes which is more complete compared to the previous one. I am a new to the LuckScout but I find it very informative and simple to trade. Great work Chris and your team. I couldnot download your ebook Please w8tn eagerly for u r ebook that would be the Holy book for me. However, I would still love to have that ebook if possible.

Chris, in any case my appreciation for you is certainly endless for sharing your knowledge with us and that for free. You can download it here: I mean where is the window to put the target profit, the stop loss, if I choose that the price goes down or up, etc..

I traded with Binary Options which you have to choose the movement of the price, up or down and the time. Do you have any videos about this or article? Please take a look at the MT4 articles here: Thank Dear Chris if can one day see you i hug you and kiss and kiss you. I can see there are many videos about Technical Analysis here. But I also see the article about Strong Trade setup, and not taking too much analysis in the chart to get confused posted by Kamel. I want to ask that what I should follow Chris, do I have to come over all those videos about Chart analysis here???

My email is …, if you can please send me your Skype ID so that I can talk to you. I always want to have a friend who is a professional trader. Could you please tell me how to download your ebook? Thank you very much. You know Chris, I am following as it is whatever you recommend here though I am a continuous trader since Now, I can understand how fool I was!

My previous trading set up was all wrong though sometimes I could achieve some but average, I became failure. You know Chris, when I got this site, for some minutes I was just thinking that how lovely and helpful buddy, Chris you are who sincerely, honestly and frankly share his knowledge by teaching on Fx which is very very important for every types of trader.

Only for you and your creative team, we are save now in this challenging market. You save us from not only our account balance become wiping out but also save us from this challenging market being removed for forever. I firmly believe;following you, just only following your method I must be succeed, indeed. Not only I simply believe it, I feel it too strongly. Im in middle of the second step I mean Learn a Trading System.

Can I start demo account? Can I start a demo account and read complementary articles as parallel? I think I have learned all articles that I have read before. I am so very happy to have found your site and thank you so much for your teaching and your time for putting all your knowledge together. I consider myself very lucky to have become one of your students. I am really thankful for all your efforts to give us such comprehensive teaching for free.

I am so happy to be part of your community. Please do keep up the fantastic work! Genuine Newbie so be gentle lol. My aim is to spend the next 1 — 2 years or however long it takes to make trading take me into and beyond my retirement, which is looming ever closer. Is this system for me? From the comments on here I get the feeling that slow and steady wins the race. Finally I have found an article that I can say is the table of contents.

I see from the list the articles I have covered are all grayed out. Now I am starting from the top and read every article, I will not repeat the ones I have read because they were so clear such that I remember everything. This is a happy Easter for me, in fact I started reading here a few days ago, with each article I read I am left with lasting knowledge on the topic discussed.

Thank you for being the great writer that you are. Every topic I have covered, was so easy to understand that I did not even need extra supporting information. You make trading so easy. I can safely say my technical analysis and the basic understanding of will boom when I am done with you. I wish you and your team all the success you desire.

What you have shared here is more than enough to almost guarantee me success, it is how I use it that will determine everything. And such a good article all about here. I learned some candle language. Do you provide any training in person? I wish to learn more. Hello Chris from few days we could not find articles category wise… like when we used to go to trading section there we could find different sub categories like money management, candlesticks etc but now we could not find them.

Hey Chris, I absolutely do not know how to thank you for everything you have taught us! Uditha directed me to your forum and that changed everything! Perfect compliment to my binary trading like you recommended! January 16, at Been using Fury for a full year every single day. It does all the trading for me.

January 16, at 2: January 9, at A tremendous tool for every trader, in any market looking for consistent returns. December 20, at 2: July 5, at October 30, at 3: Does Forex Fury settings need adjusting now that UK clocks have gone back for winter? October 26, at 3: October 11, at 1: October 17, at 7: October 18, at December 19, at 5: September 13, at 5: Did anyone suffer that big lost last week Thursday going into Friday? Also, does it always use the 29 pips stoploss or does it stop out with less?

September 13, at 7: September 16, at 6: Hi NL, I too have been using Forex Fury on a live account for some months now and can confirm its steady and profitable. February 2, at February 2, at 5: January 8, at 4: Hello John, Please can a single client purchase multiple say 3 or more licenses of Forex Fury for use with his different brokerage accounts?

January 9, at 7: Yes, this is possible. There is the Diamond version which provides 2 live licenses. January 10, at 3: September 15, at 4: September 15, at September 17, at 5: October 12, at 5: August 31, at 7: August 31, at 8: September 2, at 3: September 2, at 8: September 7, at 7: September 8, at 2: August 17, at May 26, at 2: March 21, at 6: March 14, at 5: March 14, at 6: February 19, at 8: February 19, at 3: February 20, at 5: February 21, at 4: Thanks John, I tried opening an account with Thinkforex but Nigeria was not listed under country of residence any other good forex broker with Nigeria listed and can work with ff ea?

February 21, at 8: Hi Segun, you can use any broker you like, just look for something with a low spread. February 22, at January 26, at Hi John, Are you doing anything to manage the losses this month? Have had some great months, January started strong, however has had a number of losses recently and we are now well into the negative Cheers, Ashley. January 26, at 3: January 27, at January 27, at 4: January 20, at January 20, at 2: January 21, at 4: January 21, at 8: January 23, at 5: January 23, at 3: January 18, at January 18, at 4: January 22, at 8: January 22, at 5: January 17, at 9: January 14, at 5: January 14, at 9: It is the one being used by FF in their account on their web site.

Not sure abt US residents thought but John will for sure answer to you about this. January 4, at 7: January 5, at 7: January 6, at January 6, at 4: January 18, at 5: December 19, at 2: December 19, at 3: December 16, at I was just wandering what is your Max Slippage set at? Cheers, Ashley — South Australia. December 16, at 4: Glad to hear you are doing well. December 18, at December 18, at 4: All my other settings were automatically set as default Best regards, Ashley N.

December 13, at Thanks for finding it! December 14, at 5: December 5, at 2: Hi John, First, thank you for your recommendations on FF. November 30, at 4: November 24, at 2: November 20, at 7: November 20, at 1: Any suggestions or does the high win percentage rate take care of this concern.

November 20, at 4: November 20, at 8: Wish I had it on the defaults then: November 19, at December 2, at 8: Forex Steam seems interesting Mike. Ordered a setup today and will try it. Thx for the tip. November 14, at 1: November 15, at 7: November 22, at 9: Hi John, I finally took the plunge with FF through your site: November 11, at 4: November 4, at November 5, at 3: Hi Kate, the members area videos show how to do this in under 5 minutes.

October 31, at 7: November 1, at 5: October 29, at 3: October 29, at October 23, at October 23, at 3: October 20, at 4: October 20, at 3: November 29, at 3: November 30, at October 13, at 9: October 14, at 1: October 14, at 6: Yeah I went back to the suggested settings because they are working great. October 13, at 5: October 13, at 6: October 12, at 1: October 12, at 2: October 12, at 8: October 8, at 8: October 9, at 3: October 7, at 3: Yes your results will mirror the 5K account on the thinkforex broker.

October 5, at 5: October 15, at October 16, at 3: November 10, at Hi john Beside turning Friday to false, do u have other recommended setting to change?

November 11, at 3: October 3, at 7: October 3, at 9: It works on any MT4. October 2, at 4: October 2, at September 28, at 4: September 22, at 9: September 22, at 2: September 18, at 5: Hello everybody, I use Forex Fury about 2 days now and im impressed with results.

September 18, at 2: September 17, at 6: September 11, at 1: September 11, at 4: September 28, at 1: September 21, at 1: September 10, at 2: September 10, at 4: September 8, at 3: September 5, at 2: August 31, at 3: August 30, at 5: August 31, at 2: August 25, at Hi John, I have had ForexFury running daily for over two weeks on my live account and there have been only 4 trades so far. August 25, at 3: August 24, at 2: August 21, at August 21, at 2: August 13, at 2: August 13, at 5: August 13, at 8: August 13, at Yes, lol, I chickened out and put it back to the default spread.

August 14, at 2: From to , holdings of countries' foreign exchange increased at an annual rate of At the end of , nearly half of the world's foreign exchange was conducted using the pound sterling.

In , there were just two London foreign exchange brokers. Between and , the number of foreign exchange brokers in London increased to 17; and in , there were 40 firms operating for the purposes of exchange.

By , Forex trade was integral to the financial functioning of the city. Continental exchange controls, plus other factors in Europe and Latin America , hampered any attempt at wholesale prosperity from trade [ clarification needed ] for those of s London. As a result, the Bank of Tokyo became the center of foreign exchange by September Between and , Japanese law was changed to allow foreign exchange dealings in many more Western currencies.

President, Richard Nixon is credited with ending the Bretton Woods Accord and fixed rates of exchange, eventually resulting in a free-floating currency system. In —62, the volume of foreign operations by the U. Federal Reserve was relatively low. This was abolished in March Reuters introduced computer monitors during June , replacing the telephones and telex used previously for trading quotes.

Due to the ultimate ineffectiveness of the Bretton Woods Accord and the European Joint Float, the forex markets were forced to close [ clarification needed ] sometime during and March Volume 18 , this event indicated the impossibility of the balancing of exchange stabilities by the measures of control used at the time and the monetary system and the foreign exchange markets in "West" Germany and other countries within Europe closed for two weeks during February and, or, March Exchange markets had to be closed.

March 1 " that is a large purchase occurred after the close. In developed nations, the state control of the foreign exchange trading ended in when complete floating and relatively free market conditions of modern times began. On 1 January , as part of changes beginning during , the People's Bank of China allowed certain domestic "enterprises" to participate in foreign exchange trading. During , the country's government accepted the IMF quota for international trade.

Intervention by European banks especially the Bundesbank influenced the Forex market on 27 February The United States had the second amount of places involved in trading.

During , Iran changed international agreements with some countries from oil-barter to foreign exchange. The foreign exchange market is the most liquid financial market in the world. Traders include governments and central banks, commercial banks, other institutional investors and financial institutions, currency speculators , other commercial corporations, and individuals.

In April , trading in the United Kingdom accounted for Trading in the United States accounted for So the order became: Foreign exchange futures contracts were introduced in at the Chicago Mercantile Exchange and are traded more than to most other futures contracts.

Most developed countries permit the trading of derivative products such as futures and options on futures on their exchanges. All these developed countries already have fully convertible capital accounts. Some governments of emerging markets do not allow foreign exchange derivative products on their exchanges because they have capital controls. The use of derivatives is growing in many emerging economies.

The growth of electronic execution and the diverse selection of execution venues has lowered transaction costs, increased market liquidity, and attracted greater participation from many customer types.

In particular, electronic trading via online portals has made it easier for retail traders to trade in the foreign exchange market. Retail foreign exchange traders. The biggest geographic trading center is the United Kingdom, primarily London. According to TheCityUK , it is estimated that London increased its share of global turnover in traditional transactions from Due to London's dominance in the market, a particular currency's quoted price is usually the London market price. For instance, when the International Monetary Fund calculates the value of its special drawing rights every day, they use the London market prices at noon that day.

Unlike a stock market, the foreign exchange market is divided into levels of access. At the top is the interbank foreign exchange market , which is made up of the largest commercial banks and securities dealers. Within the interbank market, spreads, which are the difference between the bid and ask prices, are razor sharp and not known to players outside the inner circle.

The difference between the bid and ask prices widens for example from 0 to 1 pip to 1—2 pips for currencies such as the EUR as you go down the levels of access. This is due to volume. If a trader can guarantee large numbers of transactions for large amounts, they can demand a smaller difference between the bid and ask price, which is referred to as a better spread.

The levels of access that make up the foreign exchange market are determined by the size of the "line" the amount of money with which they are trading. An important part of the foreign exchange market comes from the financial activities of companies seeking foreign exchange to pay for goods or services.

Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have little short-term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some multinational corporations MNCs can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants.

National central banks play an important role in the foreign exchange markets. They can use their often substantial foreign exchange reserves to stabilize the market.

Nevertheless, the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses, like other traders would. There is also no convincing evidence that they actually make a profit from trading. Foreign exchange fixing is the daily monetary exchange rate fixed by the national bank of each country. The idea is that central banks use the fixing time and exchange rate to evaluate the behavior of their currency. Fixing exchange rates reflect the real value of equilibrium in the market.

Banks, dealers and traders use fixing rates as a market trend indicator. The mere expectation or rumor of a central bank foreign exchange intervention might be enough to stabilize a currency. However, aggressive intervention might be used several times each year in countries with a dirty float currency regime. Central banks do not always achieve their objectives. The combined resources of the market can easily overwhelm any central bank.

Investment management firms who typically manage large accounts on behalf of customers such as pension funds and endowments use the foreign exchange market to facilitate transactions in foreign securities.

For example, an investment manager bearing an international equity portfolio needs to purchase and sell several pairs of foreign currencies to pay for foreign securities purchases. Some investment management firms also have more speculative specialist currency overlay operations, which manage clients' currency exposures with the aim of generating profits as well as limiting risk. While the number of this type of specialist firms is quite small, many have a large value of assets under management and can therefore generate large trades.

Individual retail speculative traders constitute a growing segment of this market. Currently, they participate indirectly through brokers or banks. Retail brokers, while largely controlled and regulated in the USA by the Commodity Futures Trading Commission and National Futures Association , have previously been subjected to periodic foreign exchange fraud.

Those NFA members that would traditionally be subject to minimum net capital requirements, FCMs and IBs, are subject to greater minimum net capital requirements if they deal in Forex.

A number of the foreign exchange brokers operate from the UK under Financial Services Authority regulations where foreign exchange trading using margin is part of the wider over-the-counter derivatives trading industry that includes contracts for difference and financial spread betting.

There are two main types of retail FX brokers offering the opportunity for speculative currency trading: Brokers serve as an agent of the customer in the broader FX market, by seeking the best price in the market for a retail order and dealing on behalf of the retail customer.

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