Become a Profitable Forex Trader in 5 Easy Steps

This will decrease your odds again. In the world of trading human emotion is a detriment that can impact even the best forex traders. I have two demo accounts n have read info on it. Alex July 13, Do you mind sharing more details? What you just need is dealing with a reputable broker, which can make difference between you making gains or counting losses.

The Basics of a Forex Trader by AlexaAlex July 8, No Comments Most countries have their own currency, but in Forex there are not so many currencies that are traded actively.

Before You Start Learning Forex

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! Even though I have not earned much yet we know that we are on the right path thanks to you. What you are doing is something invaluable. You make us what we wanna be. I feel like I owe you so much Chris. Best thing I can do to repay you is guiding fellow traders for nothing in return. Which Uditha and I have done recently.

Sharing your wisdom enlightens people chris. Bless you and your co. Thank you for your kindness. I am glad you like what we do here. Still there are a lot to come.

Make sure to read our new e-book: Truly thankful to you! But I will never give up. I promise you that If me and my friend achieve what we are after we ill come and see you in person and thank you guys! Sir, I really look forward to join your proven strategy.

As soon as i get out of it and as soon as i make enough money to invest in your team, I definitely will. I wish you and our fellow team guys all the guts and nuts to chase what you are after. We will join forces! The link to download the e-book is broken, opening https: For example, all the candlestick articles can be found here: Before you learn the trading techniques, there are two very important things that you have to note: This eBook shows you the shortest way to acheive Financial Freedom: Just before you go, did you check This System?

Make sure to do it now, otherwise you will regret. A Forex Trading Plan: Is It worth to Become a Forex Trader? How to Become a Professional Forex Trader? Article by LuckScout Team. September 23, at 9: August 28, at 8: September 23, at On the other hand, choosing weekly charts indicates a comfort with overnight risk and a willingness to see some days go contrary to your position. In addition, decide if you have the time and willingness to sit in front of a screen all day or if you would prefer to do your research over the weekend and then make a trading decision for the week ahead based on your analysis.

Remember that the opportunity to make substantial money in the forex markets requires time. Short-term scalping , by definition, means small profits or losses. In this case, you will have to trade more frequently. See also " Forex Walkthrough. Once you choose a timeframe, find a consistent methodology. For example, some traders like to buy support and sell resistance. Others prefer buying or selling breakouts. Once you choose a system or methodology, test it to see if it works on a consistent basis and provides an edge.

It also helps to backtest your system and discover every time trading on a signal and your profits were more than your losses, although this method is not an entirely reliable indicator of future success. Test a few strategies, and when you find one that delivers a consistently positive outcome, stay with it and test it with a variety of instruments and various timeframes. You will find that certain instruments trade much more orderly than others.

Erratic trading instruments make it difficult to produce a winning system. Therefore, it is necessary to test your system on multiple instruments to determine that your system's "personality" matches with the instrument being traded.

See also " Taking the Magic out of Fibonacci Numbers. Behavior is an integral part of the trading process, and thus your attitude and mindset should reflect the following four attributes:.

Once you know what to expect from your system, have the patience to wait for the price to reach the levels that your system indicates for either the point of entry or exit. If your system indicates an entry at a certain level but the market never reaches it, then move on to the next opportunity. There will always be another trade. Sometimes, the price action won't reach your anticipated price point. At this time, you must have the discipline to believe in your system and not to second-guess it.

Discipline is also the ability to pull the trigger when your system indicates to do so. This is especially true for stop losses. Select the trade's currency pair from the list. Current exchange rates are shown. Choose the action the type of trade, buy or sell. Type the number of units in the trade. Type a hypothetical closing rate for the currency pair for example, a future value you speculate the pair might reach.

Alternatively, type the current rate into this field and then change the pre-filled value to a previous rate.

For Options and Futures Investors

Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading. The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time. Once you have the right attitude, good risk management and a strategy that works for you, you will be closer to making profits in Forex. How to Profit from Forex Trading in Answering a question about Forex trading profits is rather simple. To trade Forex and . Adam Khoo is a professional stock & Forex trader and award-winning financial educator. A self-made millionaire by age 26, he is the founder of the Piranha Profits™ online trading school. As a trusted trading mentor, Adam has clocked close to 5 million views on his video tutorials.