Wave-Expert
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If you are continuously loosing money ,read and apply this......

FX:EURUSD   Fx Euro/Dolar U.S.
PART 1

Are you tired and exhausted of finding a strategy that works, are you tired of predicting forex markets only to find out sometimes it works and sometimes it doesn't.
First of all, you have to see what are your beliefs and you need to verify if you have right beliefs. Many traders think that forex trading is not gambling and to make money from forex you just need a golden strategy that works. I can write thousands of words on how beliefs always defend itself from discomforting knowledge and people with such wrong believes end up giving their money to markets.
In simple words:
TRADING IS GAMBLING
If trading is gambling then how to make money out of it? There are many people who make consistent profit from the market. { including me :) }.
TREAT FOREX LIKE CASINO TREAT THIER GAMBLERS
Forex trading is a probability game. Corporations spend vast amounts of money, in the hundreds of millions, if not billions, of dollars, on elaborate hotels to attract people to their casinos. How do you suppose they justify spending vast sums of money on elaborate hotels and casinos, whose primary function is to generate revenue from an event that has a purely random outcome?
Here’s an interesting paradox. Casinos make consistent profits day after day and year after year, facilitating an event that has a purely random outcome. At the same time, most traders believe that the outcome of the market’s behavior is not random, yet can’t seem to produce consistent profits. Shouldn’t a consistent, non-random outcome produce consistent results and a random outcome produce random, inconsistent results?
What casino owners, experienced gamblers, and the best traders understand that the typical trader finds difficult to grasp is: Events that have probable outcomes can produce consistent results, if you can get the odds in your favor and there is a large enough sample size. The best traders treat trading like a numbers game, similar to the way in which casinos and professional gamblers approach gambling.
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Patterns, Fibonacci, indicators, support and resistance lines etc don't work
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Before you start to think i am crazy, please continute reading.
I know many pattern traders, support and resistant traders and fibo traders on this websites. They hardly predict market 50% right. Some of them are around 50-60% range. I can toss a coin and can come up with a 40-60% winning rate. Therefore if your strategy works, then my coin strategy works as well.
Technical Strategies sometimes work and sometimes don't, just like a flipping a coin. If you have a strategy which won last 9 times, does it mean it will work 100% 10th time? No ! there's still a 50-50% chance, just if 9 coin flips showed heads last 9 times, doesn't mean 10th will also be a head.
5 rules to be a consistently successful trader over the long term:
>> ANYTHING CAN HAPPEN: There are always unknown forces operating in the market at every moment. Regardless of how much time, effort, the money you have to spend in your analysis, from the market perspective, the outcome will always be random.
>> YOU DON'T NEED TO KNOW WHAT IS GOING TO HAPPEN NEXT IN ORDER TO MAKE MONEY: why? because there is a random distribution between wins and losses for any given set of variable that defines an edge. Just like a casino with random outcomes, you can make a consistent profit.
>> THERE IS A RANDOM DISTRIBUTION BETWEEN WINS AND LOOSES FOR ANY GIVEN SET OF VARIABLE THAT DEFINES AND EDGE: Every losing trade puts you one step closer to a winning trade because the outcomes of any edge are totally random. The same theory is applied by casinos if someone wins money casinos don't get scared as they knew over the long term they will win.
>> AN EDGE IS NOTHING MORE THAN INDICATION OF A HIGHER PROBABILITY OF ONE THING HAPPENING OVER ANOTHER:
If you have a strategy which gives you higher probabilities .....( limited words)..


Komen: higher probabilities in your favor then why you worry or question your strategy when you lose a trade or lose a couple of trades? Trading is not about hopping, windering or gathering evidence.
>> EVERY MONEY IN THE MARKET IS UNIQUE: "Unique" means not like anything else. There are millions of variables that can impact the outcome of your trade. It doesn't matter how good you think your setup is there is always a random outcome. You need to understand every moment is unique and thus not get emotional with trade, get worried and taking the stress. There is no way your strategy can keep track millions of variable and can always give you profit.
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SO WHAT SHOULD YOU DO TO MAKE MONEY?
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I will write a part 2 of the same topic, of how to make consistent profits. What is an edge? How can you get your edge, just like casino has its edge over gamblers? How not to get emotional? how to be a disciplined trader.? How I have made consistent profit from mid-2016 to now.. ( before that I lost money because I was being the gambler)
I will also write a short note on my history of 2 trading accounts, in one of them I was being the gambler and in other I was the casino.
Sorry for bad English
For now gotta go somewhere......

References: (books)
The intelligent investor
The psychology of trading
Trading in the zone
The disciplined trader
The Biology of Belief: Unleashing the Power of Consciousness, Matter, and Miracles
Im new to forex but the strategy u use isn't trading simple patterns?
Balas
Wave-Expert mfawadjoe
@mfawadjoe, No it's not patterned, and since you are new in this game, let me give you an advice: Technical Analysis doesn't work, patterns don't work, indicators are a joke , you can flip a coin and take buying /selling decisions and they can have the same outcome as patterns or other strategies. The way forex move is totally random, just like a flip of a coin, there's 50% chance you are right and 50% you are wrong.
Balas
Wave-Expert Wave-Expert
@Wave-Expert, I would advise you not to speculate with your money, and invest your money to get financial freedom, however, if you still want to enter the game and have some fun, use proper and strict risk management.
Balas
mfawadjoe Wave-Expert
@Wave-Expert, thank you for your help with the strategy you use what is your win percentage?
Balas
I love this post, you nailed it. I used to say if I see someone post another coffee cup, H&S or flag I will get sick! It's the overall trend that is important!
+3 Balas
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