When did the penny drop for you?

[davidjss]

All of us who have flirted with the forex market have at some time or other been disgusted at the market always going in the opposite direction to our desire.
There comes a day when you begin to realise that all the beautiful colourful lines and systems on the chart look impressive, but dont assist one iota to understand the market, on the contrary, some are in fact hinderences to sucess.
I am sure that those of us who understand that price itself is the ultimate indicator are by and large profitable traders.

There was the time when I was convinced I would make it as I had yet again bought one or other fantastic - and expensive - system.

Now to answer my own question - the day my penny dropped and my profit reign began was the day that I realised that - I did not know that I dont know! -
This realisation made me search anew for the real essentials I needed to make me sucessful. No rocket science required.
I discovered that this market is like any other market , regulated by supply and demand. All I needed to understand is that traders working the market create action, or if they stay out of the market, a lack thereof, this action drives the price - can only go one of two ways - aha! this gives me a 50 - 50 chance.
I needed to find a way to turn the advantage in my favour - perhaps 70 -30 - if I could establish the potential direction.
I wrote my own system and ever since I have been succesfull.
When did your penny drop?

 

[budado]

I just want to add one thing. In our world their was in invisible force that keeps every thing on the ground and that we called gravity. Now in forex theirs also gravity. Just like what happen in eur/usd. Even though since monday theirs already a forecast of price will go down its still goes up until wenesday morning or depends on what timeline you are in. The reason why eur/usd goes up even though the forecast is its going down simply because theirs a volume of buyers. Once that buyers are all fill gravity sets in and the price goes down. Theirs no need for seller to take over the only reason why the price goes higher because of the buyers remove the buyers then price goes down.

 

[kasual]

when first time we see the chart and observe the market movement, we will never know how to act in such volatile market. we are to scary to make decision because we don't have proper knowledge about the market. then we start to search a guidance. the guidance is trading system and we tried it one by one. now, we feel more confidence to entry the market but looks like we still not get the result that previously expected. and then we know that actually we still miss many important point. this is the real start our trading journey begin.

 

[budado]

Its seems I'm earning in penny but I'm losing in dollars right now. lols. I guess its means that we really need to give something in our account. forex trading is very hard to achieve especially if our money is not that much to speak of. I have hard time earning in forex and I'm really not satisfied with my performance right now. Although I still do believe that I can manage to earn in here this month some how. But I don't want to stick into 1.85 dollars profit this month only compare to 24 dollars I earn last month.

 

[kalpeshmkm]

Yes there is no doubt that market can go with your favored just you need to go with them i want to say surrender your self to the market than market with than market can not be go against you.

 

[budado]

Now its falling penny! I guess forex is like a piggy bank. The more you trade the more your capital grow and before you know it you are already earning good. I'm happy that some how I'm earning good and earning well. I'm just wondering though how much I'm going to invest and for how long before I can say I'm earning good money.

 

[rexway]

I dont think so what I really think is that the more you trade without knowledge you stand a good chance to loss but when your skills meet up with the trade you as well stand a good chance to earn so the major thing is to have the knowledge first before proceed to do some other thing.

 

[martyn]

I did the penny drop when I see the market is forming resistance. because when the market will form a resistance, usually the market will be volatile for a while. When will the market turmoil, we must get ready to place an order, and we also often have to get ready to close the order in a very short time.

 

[eddiej]

I don't know about you but I've been making consistent profits using charts and graphs and have been going at it for quite some time now. I wish you all the best for whatever method works for you but I'm sticking to what im comfortable with.

 

[UMOFX IB]

Market has no fix time to drop or go high It works like waves some times high or low. Some times are smooth for higher trend and some times they are very quick in fluctuation.You had equal chance to drop your amount in forex trading or get more amount from this market to grow their capital. It is your ability and money management which saves you from loss.

 

[Daisy]

The market is volatile all the time. The fundamentals help but only the real timing chart is the real deal no matter what you think it will do. So I just go with the chart and trade and I look at all the chart. I know the price is volatile but it will get stable after a period of time due to some fundamentals concept. I think if we are experienced then we will have no problems guessing the movement.

 

[gkintl]

Forex trading is simply a business of probability. The success lies in turning the odd in our favor. A lot of practice in a demo account would certainly ensure that we have a successful strategy in place. Only then should we trade in a real account. I understand that very clearly on the first day itself partly because of my experience in stock market investing. So, I developed a concrete strategy before trading on a real account. Similar to any other market, price discovery mechanism in a forex market is very much dependent on the forces of supply and demand. All liquid markets will certainly be structured only in that manner.

 

[Faal]

Well, I don’t close my trade positions manually, I always wait for the final result I mean for SL and TP! Yes, I use these 2 technical tools permanently because of my capital security and better trading result.

 

[Lee Mark]

I don't know about you but I've been making consistent profits using charts and graphs and have been going at it for quite some time now. I wish you all the best for whatever method works for you but I'm sticking to what im comfortable with.

Nice to know that you are making regular money here! By the way, can you please share your myfxbook like here; thus we can understand your consistency?

 

[Svetlana Loboda]

Nice to know that you are making regular money here! By the way, can you please share your myfxbook like here; thus we can understand your consistency?

I guess; this type of account link is not available option to all; even a number a number of traders are not interested to share their account links here and there.

 

[Tom Latham]

I did the penny drop when I see the market is forming resistance. because when the market will form a resistance, usually the market will be volatile for a while. When will the market turmoil, we must get ready to place an order, and we also often have to get ready to close the order in a very short time.

Good strategy! By the way; are you a trend based trading only? No interest on pullback market?

 

[Mark Dahl]

It depends on how much time or money you spent in saving that penny. It also depends on the price you put for your comfort.

 

[Benjamin Bryne]

Need to trade risk free. It will be much easier to make a profit if you can trade risk free.

 

[Gito Dinev]

This is a very confusing and I believe inherently flawed statement. It truly comes down to perception and how you apply it to achieving your financial goals.

 

[Eduardo Lucchese]

I refer newbie traders to learning first and then they should start with a demo account, which should be followed by live account trading with small investment. Selection of a good broker is necessary in all cases.