Making a Fortune with FOREX

[Maverick69]

This thread should be moved to "best of the forum." With all the value hidden in this thread and how many lives it's changed, I feel it should be placed there.

[Ice 9]

Originally Posted by Maverick69

This thread should be moved to "best of the forum." With all the value hidden in this thread and how many lives it's changed, I feel it should be placed there.

Not just yet, IMO. I think this thread has not finished changing lives and therefore should remain active.

[Ice 9]

Do the different brokers allow for different levels of stop loss? I'm demo trading with Alpari, but often when I go to put in the stop loss that I want, it says "invalid stop loss." However, it doesn't specify what's wrong with the S/L I tried to do. I have to keep trying until it allows for it. I haven't been able to use as tight of S/Ls as I had wanted.

I also have an FXCM demo account that I haven't used yet.

[Keiju]

Originally Posted by Scorpionitic

,
Of course you could use a trailing stop such that you only risk a fraction of the 40 pips profit. But I think that looking at the price action is a great strategy in this situation. I'm still no master at PA but I have improved my skills quite much last month and it definitely makes difference in your trading. Basically, you look at what the price is doing around S/R, is it still going up(on long for example here), then collect all the pips, if it has some trouble breaking to a certain price level (like S/R, trend lines, daily high/low), you could step out or set a small stop so that you still get some profit if it breaks and only get a slightly less profit than the 40 pips if it reverse.

Also, most of the times you set the TP at a S/R, which are not actual lines but more like an area around that price, so if the price is 5pips away from your TP(assumed it was an S/R), it is already in the resistance area and can slow down the price.

PA is a great way of determining whether to exit the trade or not.

From a purely risk/reward perspective.
Once price reaches 5pips away from TP of 45pips, we have to reassess our situation, because in reality we can only gain 5pips more, so our risk should be at most 5pips. Thus moving the stop 5pips away from the current price for a guranteed profit of 35pips... is infinitely better than leaving the stop at 0pips(40pip risk for 5pip gain) or keeping to a trailing stop that was maybe 15pips (risking 15pips for 5pip gain).

[EnzymeX]

I am in for whatever comes next. Too bad I missed this all but I will read the entire thread.

Have been thinking of making stock exchange my job and I am going to study economics next year (that is the plan atleast). I am 19 now and I want to make money. I want to show people it is possible. I do not just want to make some money, I really want it.

People are always whining about that they will make a million bucks but no one really tries. I want to prove them wrong when they tell me I will always be middle class.

So, from this moment on, I am in for all the information I can get.

[thedude]

Originally Posted by Rodehard

This fourm is dying... the chat is dead, but in the 3 years and 170,000 threads it generated we have 3 millionaires, and one up and coming millionarie... (Mav)... Who would have thought it would go this far. Jaque will be home for the annual ski trip... so for all you who want to meet us.... TRADE LIKE MASTERS.

You forgot me. I am a multimillionaire now. So it is actually 4 millionaires.

[Keiju]

Originally Posted by thedude

You forgot me. I am a multimillionaire now. So it is actually 4 millionaires.

Nice, how long did it take you to become profitable?

[Tartan]

Can anybody help me with this one?

I'm looking to get my hands on historical data for the gbp/usd. I found 3 years worth of data here - http://www.forexpros.com/currencies/...istorical-data but I would like some more. I need data with open close high and low values.

Cheers!

[Ice 9]

Originally Posted by Tartan

Can anybody help me with this one?

I'm looking to get my hands on historical data for the gbp/usd. I found 3 years worth of data here - http://www.forexpros.com/currencies/...istorical-data but I would like some more. I need data with open close high and low values.

Cheers!

Perhaps this link will be useful to you. It's the historical data for use with the Forex Tester 2 software. Looks like it's got the data going back to 2001.

http://www.forextester.com/data/datasources.html

I'm seriously considering getting that program. If anyone has used it, I'd be very interested in your review before shelling out the bucks for it. I think the data can be used whether or not you have that program if I'm not mistaken.

[Ice 9]

Hey, Tartan. I posted a link, but it's not going to show up until it's approved by a mod.