How to make money trading the FX market

[Mr. Charts]

Here is a cable trade from a few minutes ago using the falling candle method. Eastern Time.
+45 pips

 

[hhiusa]

I have a very simple question for you. Where are you entry and exit points? Your graph do not show anything except for price movement. :innocent:

 

[Mr. Charts]

I've been trading FX for a while now using some of the dozen methods I use on trading US stocks and they are consistently profitable, with a majority of winners and strict stop loss levels to minimise the inevitable ones that don't win.

This is an example from this morning using a slightly adapted version of one of those range of methods, rising (or falling candles).
The pointer is at the entry and the screen shot at the time of exit.
The maximum stop loss was just below the low of the previous candle so with the entry at 1.4195 and maximum stop loss at 1.4192, three pips away, it was a very limited risk trade.
Profit 13 pips in a few minutes, a nice little bread and butter trade.

 

[Mr. Charts]

PS The time on the chart is US Eastern.

 

[gerryg]

PS The time on the chart is US Eastern.

I still can't figure out, are you using technical or fundamental approach in your trading. I tend to to see market through the prism of fundamental events and IMO they carry the market but the point is can we mix it with technical (use it as a confirmation etc.) What do you think?
Thanks in advance.

 

[Mr. Charts]

There was another almost identical move to this morning's trade at 13:42 and I missed what would have been a 23 pip trade by having a lunch break

 

[Pat494]

Hi Richard

Have you thought of getting your systems coded up in say MT4 and selling them ?

 

[Mr. Charts]

I still can't figure out, are you using technical or fundamental approach in your trading. I tend to to see market through the prism of fundamental events and IMO they carry the market but the point is can we mix it with technical (use it as a confirmation etc.) What do you think?
Thanks in advance.

Fundamental events sometimes do not produce the expected reaction.
Although you can trade on technicals, price action is often the confirming key.
I think you also need to be aware of the overall "fundamental" background, in other words what the military term "situational awareness".

 

[Mr. Charts]

Hi Richard

Have you thought of getting your systems coded up in say MT4 and selling them ?

Hi Pat,
I have thought of that and rejected it. Most of my income is from trading, but I do like getting out from my trading room and meeting and teaching people face to face if possible.
To be honest, I can't be bothered having everything coded up then selling it.
Richard

 

[metrader]

What broker are you using to trade FX Mr Charts?

 

[Mr. Charts]

interactivebrokers

 

[metrader]

Thanks Mr Charts

Somehow I haven't heard about many traders using IB for FX trading - I wonder why?

 

[Mr. Charts]

Thanks Mr Charts

Somehow I haven't heard about many traders using IB for FX trading - I wonder why?

I have a universal account with them so I can trade anything I like from the same account.

 

[Mr. Charts]

I opened up my charts this morning, glanced through the pairs I watch and saw this setting up and grabbed 32 pips using the particular method in this thread.
Rising candles, then stopped out by price taking out the low of the previous candle.
Pointer at time of entry and screenshot at time of exit as always.

 

[Mr. Charts]

PS Three minute candles

 

[Mr. Charts]

And another cable surge. Rising candles.
+53 pips
exited because momentum price action was weakening, so didn't wait for chart signal

 

[Mr. Charts]

That's a one minute chart

 

[achi72]

Thanks for sharing all Informations.

Where do i get my informations to the trading Room to join??


QUOTE=Mr. Charts;2719520]Hi Pat,
I have thought of that and rejected it. Most of my income is from trading, but I do like getting out from my trading room and meeting and teaching people face to face if possible.
To be honest, I can't be bothered having everything coded up then selling it.
Richard[/QUOTE]

 

[Mr. Charts]

You'll have to find that out for yourself. It's against t2w rules for me to tell you where my site is.
You're not in Munich are you.............?

 

[achi72]

I found your side but NOT a live trading Room.

MUnich? A nice City!

You'll have to find that out for yourself. It's against t2w rules for me to tell you where my site is.
You're not in Munich are you.............?